2

EXECUTIVE SUMMARY

INTRODUCTION

Holliday Fenoglio Fowler, L.P. (‘HFF”) is pleased to present 1111 Superior (the “Property”), a 559,299 RSF office tower strategically located

at “Main and Main” of Cleveland, Ohio’s central business district. The Property’s efficient floor plates, superior amenities and prime views

of Lake Erie within an urban environment combine to present a rare opportunity for investors. Expertly managed and environmentally

conscious, 1111 Superior is one of the few office buildings in downtown Cleveland to achieve the LEED Silver Certification.

Anchored by the Cleveland Metropolitan School District (“CMSD,” S&P: AA; 92,358 RSF or 15.7% of the Property), 1111 Superior is 83.4%

leased overall to a highly diverse tenant base with no single industry representing more than 24% of the leased square footage. The second

largest tenant, Asurint, moved to the Property in 2016 and has recently expanded their leased footprint to 70,364 RSF or 11.7% of the

Property. Asurint’s lease and subsequent expansions are indicative of the Property’s recent leasing activity, as over 220,000 RSF of new

and expansion leases have been executed since 2015. An investor is well positioned to capitalize on this leasing momentum in order to lease

the 41,780 RSF of contiguous high-rise vacancy on the 23rd through 25th floors, and backfill the top three (3) floors of the Property totaling

41,999 RSF once IBM gives back this space, anticipated to occur as early as 2019.

KEY PROPERTY STATISITICSProperty Address: 1111 Superior Avenue East,

Cleveland, OH 44114

Submarket: Cleveland CBD; Nine-Twelve District

Stories: 28 Stories, 350' Tall

Rentable Square Feet: 599,299 RSF

Year Built/Renovated: 1983/1995/2014

Total Percent Leased: 83.4%

Remaining W.A.L.T.: 5.3 years

Slab to Slab Ceiling Height: 10'6"

Finished Ceiling Height: 8'6"

Architect: Skidmore, Owings, & Merrill / Hatfield

Building Engineering: Jaros, Baum, and Bolles

Parking: 509 Covered Spaces (0.85 / 1,000)

Typical Floor Plate: 23,454

Walk Score: 96

Transit Score: 86

Real Estate Tax Parcel: 101-35-038

Site Area (SF): 55,665

Site Area (Acres): 1.278

Zoning: G-R-E5; General Retail Business

FAR: 11

Environmental Certification: LEED Silver

Contemporary Iconic Office Tower

Diverse Tenancy

High-Yield, Value-Add Returns

State-of-the-Art Tenant Amenities

Sought After High Rise Vacancy

Diminishing CBD Office Supply

Mark-to-Market Opportunity

Tenant Migration to the CBD

PREVIOUS TENANT LOCATIONS

INVESTMENT HIGHLIGHTS

62% 19% 14% 5%DOWNTOWN NEW

ENTRANTSUBURBS ANOTHER

METRO

SUMMARY OF PRIMARY TENANTS

TENANT INDUSTRY FLOORS RSF%

SHARE COMMENCE. EXP.CURRENT

BY RENT ESCALAT. REMAINING TERM (YRS)

Cleveland Metropolitan School District (1) Education 17-19 92,358 15.4% Aug-13 Jul-23 $16.75 $0.50 5.1

Asurint (2) Technology 20-22 70,364 11.7% Feb-16 Jan-27 $16.50 Varies 8.6

MetLife Services & Solutions Legal Services 8-9 47,529 7.9% Nov-99 Nov-28 $15.76 Varies 10.4

IBM Corporation (3) Technology 26-28 41,999 7.0% Jul-16 Sep-21 $16.50 $0.50 3.3

Plante & Moran, PLLC Accounting 12 23,781 4.0% Oct-05 Dec-22 $16.50 $0.30 4.5

Weighted Average / Total 276,031 46.1% $16.46 6.6

(1) CMSD currently pays $16.75/RSF on 76,763 RSF (1st, 14th, 17th through 19th floors) and $15.75/RSF on 12,973 RSF located on the 2nd Floor. All office space escalates $0.50/RSF annually. Tenant also leases 2,622 RSF of storage space (included in the above total RSF) at $10/RSF through LXD.

(2) Asurint will expand into 16,000 RSF effective 5/1/18; and 7,454 RSF effective 2/1/19. Tenant’s rent shall increase to $18.00/RSF on 2/1/22 with no further escalations.(3) IBM’s contractual LXD is 9/30/21, but analysis assumes Tenant exercises their termination option effective 9/30/19, which requires 9 months notice and Termination Fee of $780,775.29.

EXECUTIVE SUMMARY

3

The Property has attracted office users from a

multitude of sources including competitive and

non-competitive CBD properties (approximately

62% of recent new tenants), new businesses

(19%), adjacent suburbs and submarkets (14%),

and even other states who considered the entire

downtown office market before selecting 1111

Superior (5%). Many of these companies seek

efficient space, which positions 1111 Superior as

the office building of choice with its 20’6” column

spacing, optimum bay depth and 10 potential

corner offices per floor. The upsurge of adaptive

reuse activity has also displaced Class B and C

office tenants into Class A space. 1111 Superior

provides upside for an investor through the lease

up of the 99,747 RSF (16.6% of the Property) of

existing vacancy, and the ability to mark leases

to market upon renewal, thereby enhancing NOI

over the hold period.

EXECUTIVE SUMMARY

4

P R O P E R T Y

599,299 RSF, 28-Story Class A trophy office tower

One of the few LEED Silver certified buildings in downtown Cleveland

Designed by world-renowned Architect Skidmore, Owings and Merrill

L O C A T I O N

“Main & Main”, epicenter of downtown Cleveland

Central location in the Nine-Twelve Financial District

Gateway to the Theater District and Playhouse Square Center

A M E N I T I E S & F E A T U R E SVibrant, recently renovated lobby with modern floor-to-ceiling LED illuminated wall

The lobby also features marble floors, marble columns, and 18’ ceilings

Unimpeded views of Lake Erie, City of Cleveland, and surrounding parks

Brand-new conferencing facilities with multiple video screens, break-out rooms, and lounge

Brand-new, state-of-the-art fitness facility features weights, cardio equipment, showers, exposed ceilings, and Lake Erie views

Separate yoga room that is adjacent to the fitness facility

T E N A N C YOver 220,000 RSF of new/expansion leases have been executed since 2015; occupancy increased from 50% in 2014 to 83.4% today

30.3% of the Property is leased to Investment Grade tenancy

Diverse tenant base with no one industry representing more than 24% of building

Attracts tenants from the CBD, suburbs, and out-of-state

M A R K E TOver 5 million SF in adaptive reuse projects drastically improved Cleveland office fundamentals

New multi-housing supply supports the live-work-play lifestyle downtown

M A R K T O M A R K E T O P P O R T U N I T Y W I T H B E L O W M A R K E T R E N T S1111 Superior presents an ideal opportunity to increase rents, bridging the gap between in-place rents and the current market rents for

the Property, which are currently $17.50/RSF for the low-rise floors (Floors 1-15) and $19.00/RSF for the high-rise floors (Floors 16-28). The

weighted average in-place rental rate at the Property is currently $16.41/RSF which is $1.00 to $2.50 less than the Property’s market rents.

Significant opportunity lies within the 23 tenants, totaling 181,209 RSF or 30.2% of the Property, that roll between 2018 and 2022. These

tenants together have an in-place rental rate of $16.31/RSF and upon expiration will be 12.3% below market. This includes IBM who leases the

top three floors of the building totaling 41,999 RSF, which represents a prime mark to market opportunity as Tenant’s rent will be more than

13% below market, whether they exercise their termination option (effective 9/30/19) or hold the space through lease maturity (9/30/21). 1111

Superior’s rollover profile and current vacancy will allow an investor to increase future revenues by marking leases to market upon renewal,

thereby substantially enhancing the Property’s revenues and value throughout the investment period.

0%

2%

4%

6%

8%

10%

12%

$13.00

$14.00

$15.00

$16.00

$17.00

$18.00

$19.00

$20.00

$21.00

$22.00

2018 2019* 2020 2021 2022%

RSF

Exp

iring

Rent

/ RS

F

$16.10$16.10

$17.55$17.55

$14.79$14.79

$17.47$17.47 $17.52$17.52

$18.25$18.80

$19.36

$19.94

$20.54

% RSF Expiring Weighted Average Rent/RSF Upon LXD Average Market Rent/RSF

CONTRACT RENTS UPON EXPIRATION VS. MARKET RENT GROWTH (2018-2022)

* Includes IBM

EXECUTIVE SUMMARY

5

LOCAL AMENITIES

RESTAURANTS RETAIL➊ Oasis Café ➊ PNC Bank

➋ Urban Farmer ➋ CVS Pharmacy

➌ Pho Thang Café ➌ Rocket Fizz

➍ Captain Tony's Pizza ➍ The Tea Lab

➎ Tomaydo Tomahhdo ➎ The Restock CLE

➏ Guys Pizza Co. ➏ Surroundings Home Décor

➐ Porcelli's Bistro ➐ Nick's Sports Corner

➑ Tea House Noodles ➑ Peterson Nut

➒ Potbelly Sandwich Shop ➒ U.S. Bank

➓ Anna in the Raw ➓ Budget Car Rental

⓫ Winking Lizard ⓫ West Marine

⓬ Asia Kitchen ⓬ Heinen's

⓭ 45h Street Bar and Grill ⓭ FedEx Office

⓮ Pickwick & Frolic ⓮ Victoria's Secret & PINK

⓯ Butcher and the Brewer ⓯ Brooks Brothers

⓰ Zocalo Mexican Grill & Tequileria ⓰ Payless ShoeSource

⓱ Society Lounge ⓱ Claire's

⓲ Red, the Steakhouse ⓲ GameStop

⓳ Chinato ⓳ The Children's Place

⓴ Barrio ⓴ Papyrus

21 Sushi 86 21 Bath & Body Works

22 Helio Terra Vegan Café 22 FirstMerit Bank

23 Flannery's Pub

24 Lola ATTRACTIONS25 Pizzafire ➊ Convention Center of Cleveland

26 Noodlecat ➋ Cleveland City Hall

27 Pura Vida by Brandt Evans ➌ First Energy Standium

28 Mirch Masala ➍ Great Lakes Science Center

29 Tilted Kilt ➎ Rock and Roll Hall of Fame and Museum

30 Lincoln Tap House ➏ Voinovich Bicentennial Park

31 Hyde Park Prime Steakhouse ➐ The Cathedral of St. John the Evangelist

32 Hard Rock Café ➑ Cleveland Public Library

33 Morton's The Steakhouse ➒ House Blues Cleveland

34 Muse Restaurant ➓ Hilarities

35 Take 5 Rhythm and Jazz Tapas ⓫ Quicken Loans Arena

36 Johnny's Little Bar ⓬ Progressive Field

37 Johnny's Downtown ⓭ Cleveland Grays Armory Museum

38 Taza Lebanese Grill ⓮ Hanna Theatre

39 Drop Bar ⓯ Connor Palace

40 Nauti Mermaid ⓰ State Theatre

41 Bar Louie ⓱ Ohio Theater

42 Blue Point Grille ⓲ Allen Theatre

43 Cleveland Chop ⓳ Ambassador Bowling Lanes

44 Panini's Bar & Grill ⓴ FBI

45 Harry Buffalo 21 JACK Casino

46 City Tap Cleveland 22 The Bonfoey Gallery

47 The Clevelander Bar & Grill 23 Tower City Cinemas

48 Brickstone 24 Dive Bar

49 HotSpot Café 25 Tequila Ranch

50 Becky's

51 Barristers Delit Restaurant HOTELS52 Otto Moser's Restaurant ➊ The Westin Cleveland

53 Cibreo Cleveland ➋ Hampton Inn

54 Green Rooster Farms ➌ Hyatt Regency

55 Dunkin' Donuts ➍ Marriott Downtown

56 Barley House ➎ Hilton Cleveland

57 XO Prime Steaks ➏ Holiday Inn Express

58 Inn of the Barristers ➐ the Kimpton Schofield Hotel

➑ Metrpolitan Hotel

COFFEE ➒ Wyndam Cleveland

➊ Starbucks ➓ Radisson Hotel

➋ Rising Star Coffee Roasters ⓫ Renaissance Hotel

➌ Erie Island Coffee Co. ⓬ The Ritz-Carlton

➍ Ontario Street Café ⓭ Hilton Garden Inn

➎ Phoenix Coffee Co. ⓮ Residence Inn

EXECUTIVE SUMMARY

6

A C O N T E M P O R A R Y, I C O N I C O F F I C E T O W E R1111 Superior has been successfully repositioned as a top-tier office tower

amidst a Cleveland office market in which over 5 million square feet of office

space has been redeveloped into residential and hospitality uses over the last

six years. At 28 stories and 599,299 RSF, the Property offers an encyclopedic

amenity package in an irreplaceable live-work-play location. Tremendous

leasing success followed the 2014 renovation, evidenced by over 220,000

RSF of positive absorption in the last 3 years. 1111 Superior’s unmistakable

curtain reflective glass design is a product of the world-class architect

Skidmore, Owings, & Merrill, whose other notable projects include the Willis

Tower, the One World Trade Center, and the Burj Khalifa. The Property was

completed in 1983 as the headquarters for Eaton Corporation, extensively

renovated in 1995 and 2014, and remains one of the most iconic properties in

the Midwest region.

BURKE LAKEFRONTAIRPORT

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EXECUTIVE SUMMARY

7

EXECUTIVE SUMMARY

8

S T R A T E G I C L O C A T I O N W I T H S U P E R I O R A M E N I T Y S E TPositioned at the core of downtown Cleveland, 1111 Superior is universally accepted as being located at the “Main & Main” in the CBD

along Superior Avenue, effectively the main thoroughfare of the CBD. In addition to its prominent street address, 1111 Superior overlooks

Cleveland’s greatest asset, Lake Erie, and provides tenants with access to the recently redesigned Ralph J. Perk Plaza Park, as well as the

Theater District, bike share system and the metro light rail system. The recent park renovations include raised grassy hills, a metal pergola

with a translucent red canopy, and an acre of open space frequently used for lunch breaks, food trucks and free concerts.

In addition to its strategic location, 1111 Superior’s comprehensive amenity package includes the on-site David’s Deli, which supplies tenants

with a variety of fresh foods throughout the day including breakfast options, salads, sandwiches, homemade soups and more, along with

catering services. Furthermore, recent capital expenditures totaling $1.6 million include extensive improvements to the lobby, fitness center

and conference facilities, which have collectively repositioned 1111 Superior as one of the most desirable office towers downtown. All of these

amenities are provided to tenants at no cost, and have been instrumental in securing high quality tenancy such as Asurint, Plante Moran and

IBM. An investor may also consider the potential for a roof-top terrace on the 26th floor, which would further separate the Property from its

competitive set.

EXECUTIVE SUMMARY

9

E S T A B L I S H E D I N S T I T U T I O N A L T E N A N C Y A N D T E N A N T D I V E R S I T YThe anchor tenants at the 1111 Superior are some of the most established firms in both Cleveland and the country. MetLife Services & Solutions,

under its prior Hyatt Legal Plans arm is the country’s largest provider of legal voluntary benefits with a client base of over 3 million people in

2,000 organizations. Plante & Moran was named the “Best Accounting Firm to Work For” by Vault Guide to the Top 50 Accounting Firms for

quality of life, business outlook, culture, and worklife balance. Cleveland Metropolitan School District serves almost all of the City of Cleveland,

and represents the second largest PreK-12 district in the state of Ohio with enrollment of 38,949 students. Finally, International Business

Machines has generated the most patents of any business in the last 25 years and operates in over 170 countries.

The tenant mix is also well-diversified representing a range of industries including legal services, technology, education, F.I.R.E., business

services and more, with no single sector accounting for more than 24% of the total tenant base. Tenants range from start-ups to well-

established firms, international and locally based law firms, financial and insurance companies, and two (2) major Fortune 500 companies

(MetLife and IBM).

CREDIT QUALITY INSTITUTIONAL TENANCYMOODY'S S&P FITCH RSF % FLOORS COMMENCEMENT EXPIRATION TOTAL TERM

Cleveland Metropolitan School District A2 AA A- 92,358 15.4% LL, 1-2; 17-19 Aug-13 Jul-23 10.0 YrsMetLife A3 A- A 47,529 7.9% 8-9 Oct-99 Nov-28 29.2 YrsIBM (1) A1 A+ A+ 41,999 7.0% 26-28 Jul-16 Sep-21 5.3 YrsChicago Title Insurance A3 A A 12,382 2.1% 6 Jul-13 Feb-19 5.7 YrsTotal / Weighted Average 194,268 32.4% 13.4 Yrs

(1) IBM's contractual LXD is 9/30/21, however analysis assumes tenant exercises their termination option effective 9/30/19, which requires 9 months notice and termination fee of $780,755.29.

EXECUTIVE SUMMARY

10

A D A P T I V E R E U S E C A T A LY Z E S C L E V E L A N D ’ S R E N A I S S A N C EOver 5 million square feet has been redeveloped from office to

residential and hospitality over the last six years in Cleveland.

This trend has improved overall office fundamentals by reducing

the existing supply and simultaneously increasing the demand

and occupancy of CBD office. The apartment unit conversions

accommodated the burgeoning downtown population that

has grown 79% since 2000 (which includes a 77% increase

in millennial residents), as the residential occupancy stayed

consistent at 95% year over year. A larger downtown population

was met with an increase of homegrown and new to market

retailers. The hospitality sector also added 1,000 rooms, further

displacing more office product. The ongoing adaptive reuse

activity that Cleveland is experiencing will continue to improve

the ongoing desirability of 1111 Superior.

The surge in apartment construction has also made the

downtown area a more vibrant and livable employment hub. In

2016, a total of $2.3 billion was invested into re-purposing and

developing office, hotel, residential, and public infrastructure

in downtown Cleveland, which has activated the CBD as a live-

work-play destination. The Cleveland labor market is seeing

improvement as May 2017 experienced an increase in 6,300

jobs in business services and government employment sectors

among others. As companies continue to grow, the office

market is expected to continue to experience positive trends.

This healthy employment market has forced employers to pay

more attention to their real estate decisions in order to attract

and retain talent. This is driving the migration trend to urban,

amenity-rich locations. Companies are also targeting more

centrally located buildings that offer creative and collaborative

work environments. The Cleveland office market is poised to

benefit significantly from this broader trend of urbanization

since companies no longer view office space as a commodity

but as an amenity critical to talent attraction.

C O R P O R A T E M I G R A T I O N T O T H E C B DSeeking to tap a broader talent pool and immerse themselves

in Downtown Cleveland’s renaissance, suburban tenants have

continued their unprecedented migration into the CBD, collectively

leasing over 469,000 RSF since 2015. Businesses have often cited

non-financial factors as being the driving factor behind relocating to

the CBD. The paramount contributing factor is the ability to recruit

and retain top talent from the young, growing workforce living within

the city. Downtown Cleveland’s public infrastructure, unparalleled

amenity base, vast cultural institutions and recreational activities,

and recent population growth combine to create the ideal live-work-

play environment, further contributing to the downtown migration.

Recent significant corporate relocations include Fox Sports (30,789

RSF), New York Life Insurance (107,296 RSF), Council for Economic

Opportunities (44,801 RSF), The Millennia Companies (45,072 RSF),

Fisher Phillips (16,690 RSF), Electronic Merchant Systems (45,000

RSF) and the NRP Group (41,307 RSF).

EXECUTIVE SUMMARY

11

U N S U R P A S S E D V I E W S A N D F U N C T I O N A L I T Y1111 Superior has unimpeded views of Lake Erie and 360° views of downtown Cleveland on the higher floors. The curtain glass exterior

provides an abundance of windows and natural light for its tenants. Its saw-toothed floorplate can function either as separate tenant bays or

provide up to 10 potential corner offices for a single tenant floor. This efficient floor plate design offers expansive interior space and optimum

bay depth for office planning flexibility. Additionally, future ownership has the unique opportunity to add value by creating a roof-top deck

on the 26th floor.

T I M E L E S S , I N S T I T U T I O N A L LY M A I N T A I N E D S T R U C T U R E1111 Superior’s design, amenities, height, floor plates, and location truly make the Property a timeless asset that is exceptionally difficult to

reproduce. Limited availability of quality development sites combined with replacement cost estimates of approximately $250 per RSF make

new construction and competition highly unlikely in the CBD submarket. The Property further benefits from the depth of past institutional

ownership that has maintained the the Property’s Class A status through required capital improvements.

Over $1.6 million of total capital improvements have been invested since 2014 to sustain the first class nature of the Property. Significant

capital improvements include fitness center and equipment purchases of $525,484 and conference center expenditures of $492,446.

Furthermore, $418,000 has been invested in extensive modernizations to the lobby and other common areas. Ownership has also enhanced

the quality of the mechanical systems through consistent improvements to both the HVAC and electrical systems. These improvements are

expected to result in significant energy and operational efficiencies.

G R O U N D L E A S E The building is subject to a ground lease owned by the Bishop of the Diocese of Cleveland, which commenced on August 1st, 1980. In 2017,

the term of the ground lease was extended to December 31, 2092, resulting in 74 years of remaining term. See pages 74 & 75 for a summary

of the ground lease.

EXECUTIVE SUMMARY

12

D Y N A M I C F A S T G R O W I N G E C O N O M YCleveland is one of the nation’s most

dynamic economies and fastest

growing cities. Cleveland’s population

grew 32% between 1990 and 2000,

outpacing every other Midwest city

over the same time period. While

most secondary markets experience

a “brain drain” in which they educate

their young people before they move

to other cities, Cleveland is undergoing

the exact opposite phenomenon.

Downtown Cleveland’s population has

grown 79% since 2000, and millennials

comprise the largest demographic,

having grown by 77% over the same

time period. These urban dwellers are

highly educated and have contributed

to a 140% increase in residents who

possess at least a bachelor degree.

L A R G E C O N C E N T R A T I O N O F F O R T U N E 5 0 0 C O M P A N I E SCleveland is home to a host of Fortune 500 companies. Major employers in the

area include:

A B U N D A N T T R A N S P O R T A T I O N A M E N I T I E S1111 Superior is located in close proximity to the RTA light rail metro station which

links the Property with Cleveland’s eastern, western, and southern suburbs.

Tenants have access to the Cleveland bike share system and the free Nine

Twelve Shuttle, which stops at the corner of Superior and 12th street, immediately

adjacent to the Property. Furthermore, the garage offers two way entrances and

exits allowing convenient ingress and egress from either direction.

1111 Superior’s location along East 12th Street places it adjacent to the cities

most abundant supply of cheap surface parking. This combination of transit and

parking options makes 1111 Superior an irreplaceable location.

EXECUTIVE SUMMARY

13

Contact InformationHFF Chicago150 North Riverside | Suite 2500Chicago, IL 60606Telephone: 312.528.3650Fax: 312.528.3651

Investment ContactsJaime M. FinkSenior Managing Director312.528.3683jfink@hfflp.com

Jeffrey M. BramsonSenior Managing Director/Managing Broker312.528.3687jbramson@hfflp.com

Bryan D. RosenbergDirector312.300.7282brosenberg@hfflp.com

Patrick M. ShieldsDirector312.528.3685pshields@hfflp.com

John MerrillSenior Managing Director317.632.7503jmerrill@hfflp.com

Yoonjin ChooAnalyst312.980.3606ychoo@hfflp.com

Debt ContactJason A. BondDirector312.980.3608jbond@hfflp.com

Ohio ContactChristine Riniti203.858.3675chrisriniti@optonline.net

©2018 Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of

26 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates,

offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, advisory services, loan sales and commercial

loan servicing. For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources

other than HFF and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references

to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein

are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should

conduct their own independent investigation and rely on those results. The information contained herein is subject to change.