Download - Jones lang la salle nycmg 4q10 market report

DRAFT 10-13-2010

Market OverviewFourth Quarter 2010

NEW YORK CAPITAL MARKETS GROUP

2NEW YORK CAPITAL MARKETS GROUP

• Executive Summary

– Economic Overview• Global Capital Markets

• U.S. Economic Snapshot

• U.S. Capital Markets—Investment Market

• U.S. Capital Markets—Debt Market

– Manhattan Capital Markets

– Manhattan Leasing Market

– New York City Residential Market

• Addendum

MANHATTAN CAPITAL MARKETS

NEW YORK CAPITAL MARKETS GROUP

Richard BaxterVice Chairman+1 212 812 [email protected]

Jonathan Caplan Vice Chairman +1 212 812 [email protected]

Yoron CohenVice Chairman+1 212 812 [email protected]

Scott LathamVice Chairman+1 212 812 [email protected]


ECONOMIC OVERVIEW GLOBAL CAPITAL MARKETS

Snapshot

• 2010 global investment sales increased nearly 50% (vs. 2009) to $317 billion, approximately 59% below peak volume in 2007 of $759 billion

• Cap rates compressed considerably from mid-2009, and, varying by market, have stabilized at lower levels or are moving downward more slowly

• 2011 global investment sales volumes are projected to increase by an additional 20% - 25% with the Americas anticipated to show the largest increase

Global Capital Markets Overview

U.S. Economic Overview

• Lack of employment growth and an anemic housing market pose potential drag on growth entering 2011

• However, heightened “jobless recovery” and “double dip recession” anxiety has lessened during the past quarter, as GDP growth and consumer spending have improved

• Q42010 retail sales reflect an approximate 7% increase year-over-year, in non-auto, non-gasoline sales

• 4-week, moving average jobless claims dropped from 490,000 in August to 410,000 at the end of 2010

• Record corporate profits anticipated to accelerate hiring as the new year progresses

* Additional data can be found in the addenda (Slides 56-75)



Snapshot (cont’d)

U.S. Capital Markets – Investment Market Overview

U.S. Capital Markets – Debt Market Overview

• Transactions from all product types, led by office and multifamily, surged 122% (versus 2009) to $120 billion; still down 76% from 2007 peak

• Market remains highly differentiated with core Class A office and multifamily product in primary markets heavily favored by investors

• Cap rates are down as much as 200 basis points over past year for top tier product in strongest markets

• 2011 sales volume anticipated to increase significantly, with broadening market (geography and asset quality), as economy recovers

• Demand will continue to outpace supply

• De-leveraging continues to be a slow process. The “extend and pretend” strategy chosen by many lenders in 2009 and early 2010 looks like a good decision in retrospect

• 157 FDIC-insured banks failed in 2010, following 140 such failures in 2009. Closings will remain highly elevated for some time, with more than 900 “problem” institutions accounting for over $400 billion in total assets at the beginning of 2011

• Large national banks, insurance companies and international banks increased production levels as rebounding core property values, stabilizing market fundamentals and an improving economy, combined with accommodative monetary policy, sparked renewed lender interest in commercial real estate

• The CMBS market is showing new signs of life, with 2011 volume of $11.6 billion. A more recent series of larger bond issuances are underway, anticipated to be sold in early 2011


Global Commercial Real Estate Investment

Source: Jones Lang LaSalle New York Capital Markets Group

$266 $275$327

$399 $402

$219

$130 $130

$89$118

$168

$301

$357

$159

$79 $70

0

100

200

300

400

500

600

700

800

2003 2004 2005 2006 2007 2008 2009 3Q2010

Domestic Cross-border

Global Annual TotalUS$ billions

US

$ b

illio

ns

$354bn$393bn

$495bn

$700bn

$759bn

$378bn

$209bn $200bn

2009 down 72%, 2010 YTD annualized down 65% from 2007 peak.

Domestic: Refers to any investor that originates from within the country in which the relevant transactions occur. Transactions involving both “domestic” purchaser and seller are referred to as “domestic” activity. Cross-border: Refers to any purchaser, vendor or both that originates from outside the country in which the relevant transaction occurs. Categorized into Inter-regional and Intra-regional transactions.


2003-3Q10


1Q07 – 4Q10

Global Commercial Real Estate Investment

* Totals do not include multi-family salesSource: Jones Lang LaSalle New York Capital Markets Group

0

10

20

30

40

50

60

70

80

90

100

Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410

Americas EMEA Asia Pacific

Global Quarterly Total *US$ billions

$188

$206$205

$160

$137

$103

$90

$49

$40 $35

$64

$70

$65 $68

The Americas sales volume experienced the most dramatic decline from 2007 to 2009.

$759 Billion

$379 Billion

$209 Billion

$317 Billion

ECONOMIC OVERVIEWU

S$ b

illio

ns

GLOBAL CAPITAL MARKETS

$73

$111


Transaction Volume In U.S. $ Billions (Properties $10 Million And Greater)

Top Investment Markets

$10

$11

$11

$16

$17

$18

$22

$24

$42

$50NYC Metro

London Metro

Paris

SF Metro

LA Metro

DC Metro

Tokyo

Seattle

Chicago

Boston

2007

$4

$4

$4

$5

$5

$6

$10

$15

$15

$17Tokyo

NYC Metro

London Metro

Paris

Stockholm

Madrid

Seoul

DC Metro

Singapore

LA Metro

2008

$2

$2

$3

$3

$3

$4

$5

$7

$9

$13London Metro

Tokyo

Paris

Seoul

Shanghai

Hong Kong

Moscow

NYC Metro

DC Metro

Beijing

2009

$4

$5

$5

$5

$8

$8

$9

$10

$15

$16London Metro

Tokyo

Paris

SF Metro

NYC Metro

Hong Kong

DC Metro

LA Metro

Singapore

Shanghai

2010*

Source: Real Capital Analytics, Jones Lang LaSalle New York Capital Markets Group

* Represents transactions greater than $10 closed thru 3Q2010



Office Supply Pipeline (2011-2012)

Major Global Markets


Major U.S. gateway cities have almost no supply pipeline.


0 10 20 30 40 50 60

ChicagoNew York

San FranciscoLos Angeles

TorontoWashington

FrankfurtBrusselsMadridLondon

AmsterdamParis

Hong KongSydneyMoscowTokyo

SingaporeDubai

ShanghaiMumbai

2011

2012

Completions as % of existing stock


Prime Office Yields - Global Cities

Source: Jones Lang LaSalle Capital Markets Group

2%

3%

4%

5%

6%

7%

8%

Q2 2000 Q2 2001 Q2 2002 Q2 2003 Q2 2004 Q2 2005 Q2 2006 Q2 2007 Q2 2008 Q2 2009 Q4 2009 Q2 2010 Q3 2010 Q4 2010

New York Paris Frankfurt

London Tokyo

Due to differences in reporting metrics across the globe, data is not strictly comparable.

ECONOMIC OVERVIEW GLOBAL CAPITAL MARKETSC

ap

Rate


0 2 4 6 8 10

Spain

Italy

JapanFrance

United KingdomGermany

United States

CanadaSweden

AustraliaSouth Korea

Mexico

RussiaPoland

TurkeyBrazil

India

China

% GDP Change

Asia PacificEMEAAmerica

Source: Global Insight, October 2010


Projected economic growth led by China, India and Brazil

The Hierarchy of Economic Performance, 2011-2012

% % % % % %


2%

4%

6%

8%

10%

12%

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

Recessions NYC Unemployment Rate U.S. Unemployment Rate

Historical U.S. and NYC Unemployment Rates

Source: NYS Department of Labor, U.S. Department of Labor

5.6%

10.8%

5.0%

7.8%

3.9%

6.3%

4.4%

10.2%

7.9%

10.4%

4.2%

12.1%

9.0%

4.4%

10.5%10.2%

As of December 2010, New York City unemployment rate at 9.1% vs. U.S. unemployment rate at 9.4%.

ECONOMIC OVERVIEW

Unemployment Rate

U.S. ECONOMIC SNAPSHOT

9.4%

9.1%


(7)

(6)

(5)

(4)

(3)

(2)

(1)

0

1

0 5 10 15 20 25 30 35 40 45

Number of Months After Peak Employment

(Percent)

1974 1981 1990 2001 2007

Past 40 years

Current Recession’s Job Decline vs. Notable Recessions

Source: Bureau of Labor Statistics, Moody’s Economy.com, Jones Lang LaSalle

U.S. job market has formidable ground to regain; job creation has been sluggish.


Recessions:

ECONOMIC OVERVIEW


(800,000)

(600,000)

(400,000)

(200,000)

0

200,000

400,000

600,000

Feb-06

Apr-06

Jun-06

Aug-06

Oct-06

Dec-06

Feb-07

Apr-07

Jun-07

Aug-07

Oct-07

Dec-07

Feb-08

Apr-08

Jun-08

Aug-08

Oct-08

Dec-08

Feb-09

Apr-09

Jun-09

Aug-09

Oct-09

Dec-09

Feb-10

Apr-10

Jun-10

Aug-10

Oct-10

Dec-10

(Net Change in Employment)

4

5

6

7

8

9

10

11

(Percent)

Net Jobs Added Unemployment Rate

Labor Market Overview

Source: Bureau of Labor Statistics, Moody's Economy.com, Jones Lang LaSalle

* As of November 2010

Employment growth slowly returning in near-term.

ECONOMIC OVERVIEW U.S. ECONOMIC SNAPSHOT

Jan ‘06 – Dec ‘10


25

45

65

85

105

125

145

Jan-80

Jan-81

Feb-82

Mar-83

Apr-84

May-85

May-86

Jun-87

Jul-88

Aug-89

Sep-90

Sep-91

Oct-92

Nov-93

Dec-94

Jan-96

Jan-97

Feb-98

Mar-99

Apr-00

May-01

Jun-02

Jun-03

Jul-04

Aug-05

Sep-06

Oct-07

Oct-08

Nov-09

Dec-10

(198

5 = 10

0)

Consumer Confidence 30-Year Average

Consumer Confidence Levels

Source: Bloomberg, Jones Lang LaSalle


Jan ‘80 – Dec ‘10


(3)

(2)

(1)

0

1

2

3

4

5

6

7

8

9

Jul-94

Feb-95

Sep-95

Apr-96

Nov-96

Jun-97

Jan-98

Aug-98

Mar-99

Oct-99

May-00

Dec-00

Jul-01

Feb-02

Sep-02

Apr-03

Nov-03

Jun-04

Jan-05

Aug-05

Mar-06

Oct-06

May-07

Dec-07

Jul-08

Feb-09

Sep-09

Apr-10

Nov-10

(Percent)

US Personal Consumption Expenditures

Year-Over-Year Retail Sales Growth

U.S. Personal Consumption


Strong fourth quarter rebound in consumer spending.


* As of November 2010


600

700

800

900

1,000

1,100

1,200

1,300

1,400

2003Q2

2003Q3

2003Q4

2004Q1

2004Q2

2004Q3

2004Q4

2005Q1

2005Q2

2005Q3

2005Q4

2006Q1

2006Q2

2006Q3

2006Q4

2007Q1

2007Q2

2007Q3

2007Q4

2008Q1

2008Q2

2008Q3

2008Q4

2009Q1

2009Q2

2009Q3

2009Q4

2010Q1

2010Q2

2010Q3

($, b

illions)

(3)

(2)

(1)

0

1

2

3

4

5

6

7

8

9

10

(Percent)

Corporate Profits After Tax Labor Productivity

Labor Productivity and Corporate Profits


Strong corporate profits point to near-term acceleration in hiring.


03Q1 – 10Q3


Total Debt Outstanding Relative to GDP

Total U.S. debt is almost 360 percent of GDP.

ECONOMIC OVERVIEW

Source: Federal Reserve Board of Governors, Jones Lang LaSalle

60Q1 – 10Q3


25

75

125

175

225

275

325

375

1960Q1

1961Q2

1962Q3

1963Q4

1965Q1

1966Q2

1967Q3

1968Q4

1970Q1

1971Q2

1972Q3

1973Q4

1975Q1

1976Q2

1977Q3

1978Q4

1980Q1

1981Q2

1982Q3

1983Q4

1985Q1

1986Q2

1987Q3

1988Q4

1990Q1

1991Q2

1992Q3

1993Q4

1995Q1

1996Q2

1997Q3

1998Q4

2000Q1

2001Q2

2002Q3

2003Q4

2005Q1

2006Q2

2007Q3

2008Q4

2010Q1

(Percent)

Household Debt Business Debt State, Local, & Federal Gov. Debt Financial Sector Debt Foreign Debt


$82

$103

$127

$224

$310

$362

$514

$146

$54

$120

50

100

150

200

250

300

350

400

450

500

550

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

($, billions)

Commercial Property Sales

U.S. Historical Investment Sales Volume


Transaction volume up 122% in 2010 versus 2009. 2010 volume down 76% vs. 2007 peak.

*2010 total sales volume is preliminary and includes property sales greater than $2.5 million

ECONOMIC OVERVIEW U.S. CAPITAL MARKETS – INVESTMENT MARKET

2001 – 2010*


500

1,500

2,500

3,500

4,500

5,500

6,500

7,500

8,500

DC & DC Suburbs

New

York C

ity

Los Angeles

Houston

Boston

Chicago

Orange C

ounty

Dallas

Atlanta

San D

iego

No. N

ew Jersey

San F

rancisco

San Jose

Denver

Phoenix

($, m

illions)

Full Year 2009 Through Nov 2010

2009 and 2010 YTD*

U.S. Investment Sales Volume – Major Markets


*As of November 2010.

ECONOMIC OVERVIEW

‘Gateway’ markets, office, and multifamily sectors leading recovery in sales activity.

U.S. CAPITAL MARKETS – INVESTMENT MARKET


5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

Jul-01

Nov-01

Mar-02

Jul-02

Nov-02

Mar-03

Jul-03

Nov-03

Mar-04

Jul-04

Nov-04

Mar-05

Jul-05

Nov-05

Mar-06

Jul-06

Nov-06

Mar-07

Jul-07

Nov-07

Mar-08

Jul-08

Nov-08

Mar-09

Jul-09

Nov-09

Mar-10

Jul-10

Nov-10(Percent)

Multifamily Industrial Office Retail

National Cap Rates




6-Month Moving Average


REIT Prices Vs Overall Commercial Property Values

Pricing Trends



Moody’s Property Index down 42% since 2007 peak. NAREIT Equity REIT Index down 41% over same period.

*As of December 2010.

50

75

100

125

150

175

200

225

Dec-00

May-01

Nov-01

May-02

Nov-02

May-03

Nov-03

May-04

Nov-04

May-05

Nov-05

May-06

Oct-06

Apr-07

Oct-07

Apr-08

Oct-08

Apr-09

Oct-09

Apr-10

Oct-10

(Dec '00 = 10

0)

Moody's Property Index NAREIT Equity REIT Index


All Other

8%

REITs

1%

Finance Co's

2%

State, Local & Federal

Government

5%

Agency & GSE

Portfolios

10%

Life Co's

9%

CMBS, CDO,

other ABS

20%

Commercial &

Savings

Banks

45%

Real Estate Debt Outstanding

Source: Mortgage Bankers Association, Federal Reserve Board of Governors, Jones Lang LaSalle

Banks and ABS make up 65% of outstanding Real Estate Debt

ECONOMIC OVERVIEW U.S. CAPITAL MARKETS – DEBT MARKET

Commercial and Multifamily

Lender Type $Billions

Commercial & Savings Banks $1,428,069

CMBS, CDO, other ABS $639,944

Life Co's $298,646Agency & GSE Portfolios $317,206

State, Local & Federal Government $168,677

Finance Co's $69,915REITs $31,622

All Other $248,447

Total $3,202,526

*As of Q3 2010.


CMBS Maturities

Source: Wells Fargo, Intex, Trepp, Jones Lang LaSalle

$72

$52

$40

$53

$98

$134$139

$7$3

$0

$20

$40

$60

$80

$100

$120

$140

$160

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

CMBS (Fixed and Floating Rate)

US$ billions Cumulative CMBS Debt Maturities

Thru 2020 - $605 Billion

CMBS: $563.1 Billion Fixed-Rate loans due to mature by 2020.


CMBS Maturity Schedule 2011-2020

$7


Distressed Property Levels

Source: Real Capital Analytics, Jones Lang LaSalle

Resolutions increasing, offset by additional troubled assets

Distressed Property’s include only properties or portfolios $5M or greater that are in foreclosure, bankruptcy, restructured/modified status.


Jan ‘08 – Dec ‘10

0

25

50

75

100

125

150

175

200

225

250

275

Jan-08

Mar-08

May-08

Jul-08

Sep-08

Nov-08

Jan-09

Mar-09

May-09

Jul-09

Sep-09

Nov-09

Jan-10

Mar-10

May-10

Jul-10

Sep-10

Nov-10

($, billions)

Troubled REO Restructured


(200)

(150)

(100)

(50)

0

50

100

150

200

250

300

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010Q1

2010Q2

2010Q3

($, billions)

Multifamily Commercial

Net Borrowing

Deleveraging of Commercial Real Estate Industry

Source: Federal Reserve Board of Governors, Jones Lang LaSalle

Debt market correction still impacted by prevalence of loan extensions.

Deleveraging: Amount of commercial mortgage debt paid back exceeds new borrowing.



Treasury and 1-Month LIBOR Yields


Ten-Year Treasury trading near 3.4% in December, up about 75 basis points since September.


Jan ‘90 – Dec ‘10

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

Sep-90

Jun-91

Mar-92

Dec-92

Sep-93

Jun-94

Mar-95

Dec-95

Sep-96

Jun-97

Mar-98

Dec-98

Sep-99

Jun-00

Mar-01

Dec-01

Sep-02

Jun-03

Mar-04

Dec-04

Sep-05

Jun-06

Mar-07

Dec-07

Sep-08

Jun-09

Mar-10

Dec-10

(Yield, percent)

5-Year Treasury 7-Year Treasury 10-Year Treasury 1-Month LIBOR










• Addendum



Overview

• 2010 witnessed much greater than anticipated improvements in debt liquidity, equity liquidity and New York City employment and office market fundamentals.

• This has led to a surge in domestic and foreign capital seeking New York City real estate, accompanied by cap rate compression and more optimistic underwriting.

• 2010 sales volume (transactions valued over $10 million) totaled $12.43 billion, more than three times the 2009 annual total of $3.5 billion. However, 2010 sales volume still 50% lower than 2004-2008 average.

• 2009 saw only seven sales above $100 million, most reflecting some form of distress. In 2010, 35 transactions over $100 million closed.

• Pricing for core properties approaching 2006 levels, with sub 5% cap rates in certain cases.

• A recent example of the quickly rebounding investment sales market was the recapitalization of 1540 Broadway, a 49% interest sale based on a price of approximately $586 per square foot, a 50% premium over the prior sale price of $392 per square foot when the building traded just over a year earlier.

* Additional data can be found in the addenda (Slides 76-81).



Unemployment Rate – US/NYC MSA/Manhattan

3.5

4.5

5.5

6.5

7.5

8.5

9.5

10.5

2006Q

1

2006Q

2

2006Q

3

2006Q

4

2007Q

1

2007Q

2

2007Q

3

2007Q

4

2008Q

1

2008Q

2

2008Q

3

2008Q

4

2009Q

1

2009Q

2

2009Q

3

2009Q

4

2010Q

1

2010Q

2

2010Q

3

2010Q

4

% U

nem

plo

ym

en

t

United States NYC Metropolitan Statistical Area Manhattan

US

NYC MSA

Manhattan

Source: Moody’s Economy.com


9.4%

8.6%

7.5%


70.7

61.8

58.4

10.0

21.1

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

1960s 1970s 1980s 1990s 2000s

Sq

uare

Feet

(Mil

lio

ns)

Average = 63.6 MSF per decade

Average = 15.6 MSF per decade

Net addition to supply over past 2 decades = 6.1 MSF. Long term, NYC faces space supply shortage, which will be magnified by lack of recent, modern building stock.

New Office Building Construction by Decade

New York Market Perspective

Inventory reduced by 25 MSF due to World Trade Center (15 MSF) and residential conversions (10 MSF)

270 Park Ave - 1,132,460

1285 Aven of the Ame - 1,473,950

643 West 43rd St - 1,128,000

1 Chase Manhattan Plz - 1,898,158

399 Park Ave - 1,250,000

60 Broad St - 1,014,041

200 Park Ave - 2,254,274

1290 Ave of the Ame - 1,987,328

277 Park Ave - 1,529,945

1301 Ave of the Ame - 1,764,411

59 Maiden Ln - 1,043,007

245 Park Ave - 1,611,046

26 Federal Plz - 1,109,969

140 Broadway - 1,200,000

909 Third Ave - 1,125,000

767 Fifth Ave - 1,637,379

1345 Ave of the Ame - 1,640,000

2 Penn Plz - 1,500,000

1 NY Plz -2,103,750

345 Park Ave - 1,600,519

450 West 33rd St - 1,500,000

153 East 53rd St - 1,492,860

1166 Ave of the Ame - 1,430,000

1211 Ave of the Ame - 1,734,105

1 Bankers Trust Plz - 1,363,334

1633 Broadway - 2,240,000

1 Penn Plz - 2,072,136

1 Liberty Plz - 2,121,437

55 Water St - 3,600,000

9 West 57th St - 1,500,000

1114 Ave of the Ame - 1,310,000

1185 Ave of the Ame - 1,000,000

1221 Ave of the Ame - 2,200,000

1251 Ave of the Ame - 1,893,652

1515 Broadway - 1,417,450

1 WTC - 3,958,091

2 WTC - 3,958,091

2 NY Plz - 1,345,919

237 Park Ave - 1,142,196

55 East 52nd St - 1,050,000

101 Park Ave - 1,137,000

590 Madison Ave - 1,016,413

335 Madison Ave - 1,046,984

85 Broad St - 1,040,000

101 Barclay St - 1,140,000

787 Seventh Ave - 1,429,610

1 WFC - 1,461,365

3 WFC - 2,300,000

4 WFC - 1,600,000

2 WFC - 2,200,000

7 WTC - 1,855,000

Financial Sqr - 1,000,301

825 Eighth Ave - 1,550,212

388 Greenwich St - 1,600,000

60 Wall St - 1,587,849 1585 Broadway - 1,220,732

4 Times Square - 1,477,631

383 Madison Ave - 1,200,000745 Seventh Ave - 1,036,7415 Times Square - 1,062,203Columbus Center - 1,016,000 731 Lexington Avenue – 1,300,000300 Madison Ave - 1,200,0007 Times Square - 1,000,000 7 WTC - 1,700,000 1101 Ave of the Ame - 2,100,000 620 Eighth Ave - 1,500,000

Note: Total construction SF includes all new office buildings above 100,000 SF.

Source: Jones Lang LaSalle Research



$590

$335

$941

$875

$749

$549

$434$475

$443$421

$340$308$336

$253

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

$40.0

$45.0

$50.0

$55.0

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

Total Midtown and Midtown South Downtown Weighted Average Midtown Class A Office Price PSF

Sales Activity (Billions) Price PSF

Annual Investment Sales Activity

(2)

(1) 2008 Average price PSF excluding GM Building: $832 PSF(2) Based on the only two MT Class A sales in 2009

$12.4B

(1)

346259 66170# of Deals 83 16558155128 173 111 78 191 136




Investment Sales by Investor Profile



Based on 2008 Total Sales of $19.8 Billion

Based on 2007 Total Sales of $48.5 Billion

Based on 2010 Total Sales of$12.4 Billion

Pension Fund

4%

Corporate / User

1%

Foreign

13%

REIT

18%

Private

Capital

56%

Other

3%

Corporate / User

6% REIT

11%

Private

Capital

33%

Foreign

39%

Pension Fund

10%

Other

1%

Pension

Fund

33%

Foreign

10%

Private

Capital

39%

Other

2%Corporate / User

16%

Google’s purchase of 111 Eighth Avenue for $1.77 billion represents 14% of the total 2010 sales volume.

Based on 2009 Total Sales of$3.5 Billion

Pension

Fund

15%

Foreign

5%

Private

Capital

45%

Other

4%

REIT

17%

Corporate / User 14%


7.91%

7.30%7.58%

7.34%

6.34%

4.93%4.64%

4.04%3.55%

4.45%

5.85%

5.24%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

Cap Rate

Weighted Overall Cap Rates, 1999 – 2010

Cap rates in New York City are lower than most US markets.Some Class A assets selling at sub 5% cap rates.

Midtown - Class A Cap Rates




Notable Manhattan Transactions 2010

600 Lexington Avenue

• Office• 303,515 s.f.• Closed: May 2010• Seller: Hines US Core Fund• Buyer: SL Green• $193,000,000• $636 per s.f.

452 Fifth Avenue

• Office• 896,102 s.f.• Closed: April 2010 (arranged in late 2009)

• Seller: HSBC• Buyer: Midtown Equities & IDB Holding Corporation

• $330,000,000• $368 per s.f.

HSBC leasing floors 12-29 (290,000 s.f.) for 1 year and floors 1-11 (550,000 s.f.) for 10 years.

299 Park Avenue(49.5% Interest)

• Office• 1,084,890 s.f.• Closed: Jan 2010 (arranged in late 2009)

• Seller: UBS• Buyer: Rockpoint• $310,000,000• $572 per s.f. (imputed value)

Rockpoint paid $150 million cash and assumed a portion of the $310 million mortgage that matures in 2025. UBS lease in-place through 2018, currently paying $115 per s.f.

1221 Avenue of the Americas(45% Interest)

• Office• 2,500,000 s.f.• Closed: May 2010• Seller: SL Green• Buyer: Canada Pension Plan Investment Board

• $576,000,000• $512 per s.f. (imputed value)

Sale of a non-controlling interest.

340 Madison Avenue(49% Interest)

• Office• 750,00 s.f. • Closed: May 2010• Seller: DE Shaw• Buyer: RXR• $279,300,000• $760 per s.f. (imputed value)

Sale represents a 5.3% cap rate. Property is currently 93.6% occupied, with 54% of the space expiring over the next 3 years.

Sale represents a 6.2% cap rate. Property is currently 92% occupied.




693 Fifth AvenueTakashimaya

• Office / Retail• 100,000 s.f.• Closed: July 2010• Seller: Takashimaya• Buyer: Thor Equities• $142,000,000• $1,420 per s.f.

Property delivered with Takashimaya space vacant (through 8th floor). Ground floor retail market rents > $2,000 PSF.

55 East 52nd Street Park Avenue Plaza(49.9% interest)

• Office• 1,137,452 s.f. • Closed: July 2010• Seller: Fisher Brothers• Buyer: Rockpoint• $335,000,000• $590 per s.f. (imputed value)

Recapitalization of property.

680 Madison Avenue (Carlton House)

• Hotel / Residential Redevelopment

• 220,000 s.f.• Closed June 2010• Seller: Helmsley Trust• Buyer: Extell & Angelo Gordon• $170,000,000• $773 per s.f.

Residential conversion to coops planned (leasehold interest). Property contains 14,667 s.f. of prime retail space on Madison Avenue.

6 Times Square (Knickerbocker Hotel)

• Office (vacant)• 257,461 s.f.• Closed June 2010• Seller: Istithmar• Buyer: Ashkenazy, Stanley Chera & Highgate Holdings

• $170,500,000• $662 per s.f.

Property includes an adjacent lot. Property to be redeveloped into hotel and retail.

1540 Broadway (49% Interest)

• Office• 905,533 s.f. • Closed: September 2010• Seller: CBRE Investors• Buyer: Edge Fund Advisors (HSBC)

• $259,700,000 (49%)• $586 per s.f.

Sale of a 49% interest in the office condominium portion. Represents a 5.5% cap rate on in-place income. Property is 90% leased




510 Madison Avenue

• Office• 330,400 s.f.• Closed: September 2010• Seller: Harry Macklowe• Buyer: Boston Properties• $274,419,609• $831 per s.f.

Newly constructed, boutique, Class A trophy, 100% vacant. Lease-up costs including TIs and commissions estimated at $150-$200 PSF.

660 Madison Avenue

• Office• 254,000 s.f.• Closed: November 2010• Seller: Risanamento SpA• Buyer: Safra Bank• $285,000,000• $1,122 per s.f.

Sale of the office condominium above Barneys Department Store.

111 Eighth Avenue

• Office• 2,961,071 s.f.• Closed December 2010• Seller: Taconic Partners, Jamestown and NY State Common Retirement Fund

• Buyer: Google• $1,770,000,000• $598 per s.f.

Property is 99% leased and sale price represents a 5.5% cap rate on in-place income.

1330 Avenue of the Americas

• Office• 534,222 s.f.• Closed November 2010• Seller: Caisse Depot• Buyer: RXR• $400,000,000• $749 per s.f.

Sale price represents a 3.4% cap rate. RXR partnered with Edmund Safra and PSP a Canadian Pension Fund. Property requires approximately $50 in additional capital to lease remaining vacant space.











• Addendum

MANHATTAN LEASING MARKET


Overview

Source: Economy.com/JLL Research Services



New York City’s Economy

• New York City has outpaced the national economy during the recovery. In 2010, employment rose in every major industry, including the vital financial services sector.

• Manhattan unemployment rate was 7.5% in November 2010, down from 9.2% in October 2009.

• The outlook for employment, while positive, remains tepid. Growth has slowed in office-using employment since mid-year. The most recent forecasts do not call for a return to sustained employment growth until mid-to-late 2011.

Real Estate Trends

• Although vacancy fell steadily throughout the year, average asking rents have been mostly flat and will finish the year at levels similar to that of January 2010. Midtown Class A asking rents moved slightly higher at year end, finishing at $65.81 per square foot, up from $65.00 in September.

• Pricing among Midtown Class A properties peaked back in May 2008 and have declined by more than 30%. Net effective rents (NER), which are taking rents inclusive of landlord concessions, have declined approximately 40 – 50% since the peak.

• At the highest end of the market, rents have increased. Pricing for trophy space in Midtown moved higher to $77.65 per square foot, up from $72.11 in the first quarter of 2010.

• Downtown Class A vacancy rates are still lower than Midtown but have crept up steadily since the beginning of summer. Even though the amount of available space has risen, Downtown rates remain below the 15-20% predictions of last year.

• Leasing activity in Manhattan increased from 24 million square feet in 2009 to almost 35 million in 2010, a 46% increase.


Current Office Market StatisticsFourth Quarter 2010

$47.168.7%14,764,836Midtown South Class A

$41.639.2%46,489,144Midtown South Class B

$52.18

$43.01

$38.22

$34.91

$40.95

$59.14

$47.32

$65.81

ASKING RENT

9.1%61,253,980Midtown South Overall

11.9%427,658,764MANHATTAN OVERALL

12.8%96,350,773Downtown Overall

12.2%270,054,011Midtown Overall

11.9%106,647,194Midtown Class B

12.3%163,406,817Midtown Class A

16.3%35,069,104Downtown Class B

10.9%61,281,669Downtown Class A

VACANCYINVENTORY (R.S.F.)MARKET SEGMENT



Yearly Comparison by Major Market

11.3

%

7.1

%

7.7

% 10.1

%

14.7

%

11.3

%

8.6

%

12.9

%

12.3

%

8.7

% 10.9

%

11.7

%

0%

2%

4%

6%

8%

10%

12%

14%

16%

Midtown Midtown South Downtown Manhattan

4Q08 4Q09 4Q10

Manhattan Class A Vacancy Rates$90.0

4

$65.1

5

$52.9

4

$81.6

1

$65.1

9

$46.5

4

$40.3

2

$60.1

7

$65.8

1

$47.1

6

$40.9

5 $59.0

0

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100


4Q08 4Q09 4Q10

Manhattan Class A Asking Rents

11.3

%

7.1

%

7.7

% 10.1

%

14.3

%

11.2

%

10.9

% 13.1

%

12.2

%

9.1

%

12.8

%

11.9

%

0%

2%

4%

6%

8%

10%

12%

14%

16%


4Q08 4Q09 4Q10

$80.5

8

$55.1

9

$47.3

7

$70.1

9

$59.4

8

$43.1

8

$37.8

9 $53.6

4

$59.1

4

$43.0

1

$38.2

2 $52.1

8

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90


4Q08 4Q09 4Q10

Manhattan Overall Vacancy Rates

Manhattan Overall Asking Rents

PSF PSF



Landlord Concessions by Year

Tenant Improvements Free Rent

CLASS

B

CLASS

A

5.2

3.1

6.5

6.2

5.4

3.8

6.36

.8

0

1

2

3

4

5

6

7

8

4Q07 4Q08 4Q09 4Q10

Midtown Downtown

$3

3.3

5

$2

3.4

1

$4

4.8

0

$4

1.6

3

$3

6.3

3

$2

6.0

0

$2

4.6

8

$3

5.0

0

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

4Q07 4Q08 4Q09 4Q10

Midtown Downtown

$2

1.2

5

$3

7.5

0

$5

1.4

3

$4

0.0

0

$6

0.0

3

$3

7.5

0

$2

1.6

7 $3

2.5

0

$3

3.1

3

$1

6.5

9

$2

3.1

9

$1

7.5

0

$0

$10

$20

$30

$40

$50

$60

$70

4Q07 4Q08 4Q09 4Q10

Midtown Downtown Midtown South

3.8

5.0

10

.2

5.2

6.3

5.8

2.5

4.4

4.3

4.3

8.0

3.2

0

2

4

6

8

10

12

4Q07 4Q08 4Q09 4Q10

Midtown Downtown Midtown South

PSF

PSFMonths

Months


*

* Note: Downtown Class A free rent is skewed due to two large leases with outsized free rent periods.


$65.81

$53.04

$95.08

$93.66

$40

$50

$60

$70

$80

$90

$100

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

Asking Rent Net Effective Rent (NER)

$40.95

$26.56

$55.16

$50.83

$20

$25

$30

$35

$40

$45

$50

$55

$60

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

Asking Rent Net Effective Rent (NER)

Asking Rent vs. Net Effective RentPeak 2Q08 to Present (Direct/Renewal/Expansion)

Net Effective Rent (-48%)

Asking Rent

(-26% )

Downtown - Class A

Asking Rent

(-31% )

Net Effective Rent

(-43%)

Midtown - Class A



Historical Absorption and Leasing Activity

3.807.71

11.87 10.42

6.32

-19.45

3.386.70

9.467.06

1.96

-13.46-10.05

4.14

-2.03-1.14

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Millio

n Squ

are

Fee

t

29

35

41

4742

4540

36 34

4340

36

2629

24

35

0

5

10

15

20

25

30

35

40

45

50

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Million Squ

are Fee

t


Absorption (MSF) Leasing Activity (MSF)


$65.81

$90.57

$53.74

$86.13

$67.94

$50

$55

$60

$65

$70

$75

$80

$85

$90

$95

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Recorded Asking Rent CPI Adjusted 2000 Rent

Midtown Class A Asking Rent


Adjusted for Inflation (CPI)

2010 asking rents 25% below 2000 inflation adjusted rents


Midtown and Downtown - Class A Asking Rents

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Midtown Downtown

1997-2000 rent increaseMidtown 67%Downtown 42%

2004-2007 rent increaseMidtown 57%Downtown 54%

2008-2009 rent decreaseMidtown -28%Downtown -24%

$49.14 $70.282006$32.67$59.712005$33.09$57.582004$35.36$53.742003$39.32$57.922002

DowntownMidtownCLASS A ASKING RENTS

$44.20 $65.252001

$51.21 $90.572007$52.94 $90.042008$40.17 $65.192009$40.95 $65.812010



2025 23 22 20 22

2

27

16 1626 20

0

10

20

30

40

50

60

2005 2006 2007 2008 2009 2010

Number of Deals

New Renewals

22

52

39 38

46

36%

32%

18%

8%

7%

Manhattan Deals Greater Than 100,000 SFNew and Renewal Transactions

Total 2010 Leasing Activity By Block SizeNew and Renewal Transactions (# of deals)

42

Leasing Activity by Block Size


Less than 10,000 (36%)

10,000-24,999 sf (32%)

25,000-49,999 sf (18%)

50,000-99,999 sf (8%)

100,000 + sf (7%)


14

35

57

8069

1726

14

18

50

8191

14

12

0

20

40

60

80

100

120

140

160

180

2004 2005 2006 2007 2008 2009 2010

Nu

mb

er

of

Deals

$100 and Greater

$80 to $99

Top-Tier TransactionsNumber of Deals with Starting Rents Greater Than $80

$1849,777712 Fifth Ave.Westgate Capital$19032,0009 W 57th St.Silver Lake Partners $19532,8009 W 57th St.Apollo Management$2038,0009 W 57th St.Mousse Partners$20531,0009 W 57th St.Providence Equity Partners

2008$1101,500375 Park Ave.Banco de Bogotá S.A.$11010,800390 Park Ave.Wellspring$11014,4301095 A.O.A.China Construction Bank$11310,752405 Lexington Ave.New Holland Capital$13324,629767 Fifth Ave.Banco Itau

2009$11317,589375 Park Ave.Aviva Investors$12018,190375 Park Ave.Star Financial Bank$1205,891510 Madison Ave.Chieftain Capital$12010,700390 Park Ave. Fashion Concepts$1253,052590 Madison Ave.Kokomo Trading

Starting Rent

S.F.AddressTenant / 2010

Top 5 Leases 2008-2010











• Addendum

NEW YORK CITY RESIDENTIAL MARKET


4949

• 2010 Sales activity outperformed 2009 as positive economic indicators reinforced New York City’s strengthening economy

– Sales volume 35% greater than the previous year

– Inventory modestly declined as new building permits reached lowest levels in decades

– Average days for units on market sharply declined from 4Q09. 39% Decline for Co-ops and 21.8% less for Condos

– Financing more readily available than the previous two years

• Shift towards larger units drove median sales price: up 4.3% from the same period last year

• As economic and financial benchmarks continue to improve, further rental growth is expected

– 2010 rents rose for all unit types from 4Q09

– Rental Concessions have sharply declined. Last year, approximately 60% of transactions included a concession. By December 2010, transactions with concessions were down to 22%.

– From 2009, rental vacancy contracted 39.9%

• The 2010 residential market showed stabilization and growth, but still off peak levels

– Condo sale price is 11.07% below peak values of 2008

– Sales volume is 25.1% below 2007 peak

Overview




4Q10

$1,198

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

$1,800,000

$2,000,000

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

Average Unit Price Average Price Per Square Foot

5050

$ Per Unit $ PSF

Source: Miller Samuel, Inc.

1998 – 4Q2010

Average unit pricing increased 9.3% since 4Q09, and has risen 3.8% over the prior quarter.

Condo Sale Prices



5151

$ Per Unit $ PSF

4Q10

$928

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400



1998 – 4Q2010

Co-op Sale Prices

Average Co-op unit pricing is up 23.1% since the same period last year, but has decreased 4.1% since the prior quarter.



5252

$ Per Unit $ PSF

1998 – 4Q2010


Note: Luxury market accounts for top 10% of all Condo and Co-op Sales

Luxury unit pricing is up 26.3% over the prior year to $6.14 million, with price per square foot up 18.8% over the last quarter to $2,101.

4Q10

$2,101

$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

$7,000,000

$8,000,000

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000


Luxury Residential Condo and Co-op Sale Prices



5353

Volume of Condominium and Co-op Sales


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Condos Co-ops

2010 sales volume is 35% greater than all of 2009.


1998 – 4Q2010


5454

Volume of Luxury Condominium and Co-op Sales


1998 – 4Q2010

Note: Luxury market accounts for top 10% of all Condo and Co-Op Sales

0 200 400 600 800 1,000 1,200 1,400 1,600

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2010 sales volume of luxury units up 11% over prior year.



5555

Residential Unit Permits Issued

Source: U.S. Department of Housing and Urban Development

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2010 permits issued have dropped by 83% from 2008 peak, the lowest level since 1992.




– Economic Overview - Addendum• Global Capital Markets







• Addendum

ADDENDUM

ADDENDUM


4Q10

Office Vacancy Rates in Major Markets

0%

5%

10%

15%

20%

25%

Toronto

New

York

Washington DC

San Francisco

Los Angeles

Chicago

London

Paris

Madrid

Brussels

Frankfurt

Moscow

Amsterdam

Dubai CBD

Hong Kong

Mum

bai

Singapore

Tokyo

Shanghai

Sydney

Source: Jones Lang LaSalle, January 2011

Europe10.2%

Asia Pacific11.4%

Regional vacancy rates based on 34 markets in North America, 24 markets in Europe and 24 markets in Asia Pacific

North America17.5%


ADDENDUM


-300 -250 -200 -150 -100 -50 0

Bp change

Prime Office Markets - Yield Shift

Europe


AmsterdamBrusselsFrankfurtLondonMadridMoscowParis

ChicagoLos AngelesNew YorkSan FranciscoTorontoWashington DC

Hong KongMumbaiShanghaiSingaporeSydneyTokyo

Sharp trophy market cap rate compression in N. American gateway cities in 2010.

4Q09 – 4Q10

ECONOMIC OVERVIEW

North America

Asia Pacific


ADDENDUM


Rental Clock

ECONOMIC OVERVIEW

Prime Offices


ADDENDUM

Note

• This diagram illustrates where Jones Lang LaSalle estimates each prime office market is within its individual rental cycle as at end of December 2009

• Markets can move around the clock at different speeds and in different directions

• The diagram is a convenient method of comparing the relative position of markets in their rental cycle

• Their position is not necessarily representative of investment or development market prospects.

• Their position refers to Prime Face Rental Values

Source: Jones Lang LaSalle IP, December 2009 Source: Jones Lang LaSalle IP, December 2010

Note

• This diagram illustrates where Jones Lang LaSalle estimate each prime office market is within its individual rental cycle as at end of December 2010

• Markets can move around the clock at different speeds and directions

• The diagram is a convenient method of comparing the relative position of markets in their rental cycle

• Their position is not necessarily representative of investment or development market prospects.

• Their position refers to Prime Face Rental Values

SingaporeWashington DC

Hong Kong

Shanghai

Q4 2010As of Q4 2010

The Jones Lang LaSalle Property Clocks SM

Shanghai

Rental Value growth slowing

Rental Value growth

accelerating

Rental Values bottoming out

Rental Values falling

London, Sao Paulo Hong Kong, Sydney

Singapore

Chicago, Los Angeles

Mumbai

Amsterdam, Brussels Frankfurt, Madrid

Toronto

Tokyo

Q4 2009

New York, San Francisco Rental Value growth slowing

Rental Value growth

accelerating

Rental Values bottoming out

Rental Values falling

Moscow

ParisWashington DC

Dubai

AmericasEMEAAsia Pacific

TokyoMumbaiParis

Sydney

Dubai

ChicagoLos Angeles

New York, AmsterdamSan Francisco

London

Madrid

Brussels

Toronto, Frankfurt

Moscow

Sao Paulo


-35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 25 30 35

DubaiMadrid

Los Angeles

FrankfurtTokyo

AmsterdamNew York

ChicagoMumbaiSydney

TorontoParis

Washington DC

San FranciscoBrusselsLondon

Shanghai

MoscowSingaporeHong Kong

% change

Asia Pacific Europe AmericasSource: Jones Lang LaSalle, January 2011

Prime Class A Office - Rental Change4Q09 – 4Q10


ADDENDUM



Prime Office – Rental Rate Trends 2007-2010

70

80

90

100

110

120

130

140

Q1

2007

Q2

2007

Q3

2007

Q4

2007

Q1

2008

Q2

2008

Q3

2008

Q4

2008

Q1

2009

Q2

2009

Q3

2009

Q4

2009

Q1

2010

Q2

2010

Q3

2010

Q4

2010

Asia Pacific

North America

Europe

North America – average of 6 markets; Asia Pacific – average of 5 markets: Europe – weighted average of 24 markets

Rental Index (Q1 2007 = 100)


ADDENDUM


Properties of at least $5 millionSource: Jones Lang LaSalle, Real Capital Analytics

Transaction Volume Market Share By Investor Type


ADDENDUM

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

0.45

0.50

2004 2005 2006 2007 2008 2009 2010Q2 2010Q3 2010Q4

% M

arket Share

Foreign Fund Institution Private REIT User/Other


(5)

(4)

(3)

(2)

(1)

0

1

2

3

4

5

6

7

8

1980Q1

1980Q3

1981Q1

1981Q3

1982Q1

1982Q3

1983Q1

1983Q3

1984Q1

1984Q3

1985Q1

1985Q3

1986Q1

1986Q3

1987Q1

1987Q3

1988Q1

1988Q3

1989Q1

1989Q3

1990Q1

1990Q3

1991Q1

1991Q3

1992Q1

1992Q3

1993Q1

1993Q3

1994Q1

1994Q3

1995Q1

1995Q3

1996Q1

1996Q3

1997Q1

1997Q3

1998Q1

1998Q3

1999Q1

1999Q3

2000Q1

2000Q3

2001Q1

2001Q3

2002Q1

2002Q3

2003Q1

2003Q3

2004Q1

2004Q3

2005Q1

2005Q3

2006Q1

2006Q3

2007Q1

2007Q3

2008Q1

2008Q3

2009Q1

2009Q3

2010Q1

2010Q3

(Percent)

Real GDP Growth Employment Growth

Source: Bureau of Economic Analysis, Bureau of Labor Statistics, Jones Lang LaSalle

Historical GDP and Employment Growth

ECONOMIC OVERVIEW

Declines in GDP and Employment turned in 2010.


ADDENDUM

80Q1 – 10Q3


0

500

1,000

1,500

2,000

2,500

3,000

3,500

1929

1931

1933

1935

1937

1939

1941

1943

1945

1947

1949

1951

1953

1955

1957

1959

1961

1963

1965

1967

1969

1971

1973

1975

1977

1979

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

2010Q2

($, billions)

5

10

15

20

25

30

35

40

45

50

(Percent)Government Consumption & Expenditures Government Spending-to-GDP

U.S. Government Spending-to-GDP

Source: Bureau of Economic Analysis, Jones Lang LaSalle


ADDENDUM

1929 – 10Q3


0.60

0.65

0.70

0.75

0.80

0.85

0.90

0.95

1.00

1.05

1.10

1.15

1.20

1.25

Jan-00

Jul-00

Feb-01

Aug-01

Mar-02

Sep-02

Apr-03

Nov-03

May-04

Dec-04

Jun-05

Jan-06

Jul-06

Feb-07

Sep-07

Mar-08

Oct-08

Apr-09

Nov-09

May-10

Dec-10

Euros per US Dollar

U.S. Dollar vs. Euro


Recent Euro weakness due to the continent’s sovereign debt crisis and fiscal issues.


ADDENDUM

Jan ‘00 – Dec ‘10


100

125

150

175

200

225

Jan-00

Aug-00

Mar-01

Oct-01

May-02

Nov-02

Jun-03

Jan-04

Aug-04

Feb-05

Sep-05

Apr-06

Nov-06

Jun-07

Dec-07

Jul-08

Feb-09

Sep-09

Mar-10

Oct-10

(Jan '00 = 100)

S&P / Case-Shiller Composite 20-City Index

Home Prices

Source: S&P/Case-Shiller, Jones Lang LaSalle

Home Prices: Pricing dragging in Q4 following expiration of tax incentives.


ADDENDUM

Jan ‘00 – Oct ‘10


250

750

1,250

1,750

2,250

2,750

Jan-60

Nov-61

Aug-63

May-65

Feb-67

Nov-68

Aug-70

May-72

Feb-74

Nov-75

Aug-77

May-79

Feb-81

Nov-82

Aug-84

May-86

Feb-88

Nov-89

Aug-91

May-93

Feb-95

Nov-96

Aug-98

May-00

Feb-02

Nov-03

Aug-05

May-07

Feb-09

Nov-10(Thousands)

Privately Owned Housing Units Started 50 Year Average

New Privately Owned Housing Units Started

Housing starts remain depressed after worst performance on record.

Jan ‘60 – Nov ‘10

Source: Federal Reserve Bank of St. Louis, Jones Lang LaSalle


ADDENDUM

ECONOMIC OVERVIEW


96

98

100

102

104

106

108

110

112

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34

Number of Months After Start of Recession

(Mon

th 0 = 100

)

1973 1981 1990 2001 2007

Real Consumption

Source: Bureau of Economic Analysis, Federal Reserve Bank of St. Louis, Jones Lang LaSalle

Recovery in real consumption remains exceptionally low compared to previous recessions.


Recessions:

ADDENDUM


Consumers Are Deleveraging

Source: Bloomberg, FactSet, EcoWin, Jones Lang LaSalle

4Q09 was the first period on record where total household borrowing declined. The bulk of the declines have been in consumer credit borrowing.


ADDENDUM

53Q1 – 10Q3

(3)

0

3

6

9

12

15

18

1953Q1

1955Q3

1958Q1

1960Q3

1963Q1

1965Q3

1968Q1

1970Q3

1973Q1

1975Q3

1978Q1

1980Q3

1983Q1

1985Q3

1988Q1

1990Q3

1993Q1

1995Q3

1998Q1

2000Q3

2003Q1

2005Q3

2008Q1

2010Q3

(Percent)

YoY Change in Household Debt Outstanding


0

1

2

3

4

5

6

Feb-01

May-01

Aug-01

Nov-01

Feb-02

May-02

Aug-02

Nov-02

Feb-03

May-03

Aug-03

Nov-03

Feb-04

May-04

Aug-04

Nov-04

Feb-05

May-05

Aug-05

Nov-05

Feb-06

May-06

Aug-06

Nov-06

Feb-07

May-07

Aug-07

Nov-07

Feb-08

May-08

Aug-08

Nov-08

Feb-09

May-09

Aug-09

Nov-09

Feb-10

May-10

Aug-10

Nov-10

(Percent)

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

($, millions)

Monthly Property Sales Cap Rate to 10-Year Treasury Spread

National Cap Rates to 10-Year Treasury Spread vs.

Monthly Property Sales



ADDENDUM

Property sales have improved as cap rate to Treasury spreads have widened.



0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Jan-07

Mar-07

May-07

Jul-07

Sep-07

Nov-07

Jan-08

Mar-08

May-08

Jul-08

Sep-08

Nov-08

Jan-09

Mar-09

May-09

Jul-09

Sep-09

Nov-09

Jan-10

Mar-10

May-10

Jul-10

Sep-10

Nov-10

(Sales, $ million)

0

25,000

50,000

75,000

100,000

125,000

150,000

175,000

200,000

225,000

250,000(Troubled, $ m

illion)

Troubled Property Level Monthly Property Sales

Distressed Property Level vs. New Property Sales Jan ’07 – Dec ‘10

Source: Real Capital Analytics, Jones Lang LaSalle

Distress grew rapidly in 2009 and 2010; loss recognition coming slowly.

Distressed Property’s include only properties or portfolios $5M or greater and are in foreclosure, bankruptcy, restructured/modified status.


ADDENDUM


75

150

225

300

375

450

525

600

675

750

825

900

975

1,050

1,125

1,200

1,275

1,350

1,425

Jan-08

Mar-08

May-08

Jun-08

Aug-08

Oct-08

Dec-08

Feb-09

Apr-09

Jun-09

Aug-09

Oct-09

Dec-09

Feb-10

Apr-10

Jun-10

Aug-10

Oct-10

Dec-10

(Bps)

AAA 10-Year CMBS REIT Senior Debt Inv. Grade A 10-Year Corporate BBB 10-Year Corporate

Historical Interest Rates

Source: Bloomberg, Jones Lang LaSalle New York Capital Markets Group

Rational pricing has returned to the debt market.


ADDENDUM

Dec ’07 – Dec ‘10


0

200

400

600

800

1,000

1,200

1,400

Feb-05

Apr-05

Jun-05

Aug-05

Oct-05

Dec-05

Feb-06

Apr-06

Jun-06

Aug-06

Oct-06

Dec-06

Feb-07

Apr-07

Jun-07

Aug-07

Oct-07

Dec-07

Feb-08

Apr-08

Jun-08

Aug-08

Oct-08

Dec-08

Feb-09

Apr-09

Jun-09

Aug-09

Oct-09

Dec-09

Feb-10

Apr-10

Jun-10

Aug-10

Oct-10

Dec-10

(Bps)

AAA Spread to Swaps

CMBS Spreads


CMBS spreads inched downward in second half of 2010.

As spreads tightened, Banks are more likely to lend as originating loans is in favor of positive leverage.

U.S. CAPITAL MARKETS – DEBT MARKETECONOMIC OVERVIEW

ADDENDUM

Feb ’05 – Dec ‘10


$26,338

$36,798

$74,332

$56,571

$47,039 $67,150

$52,074 $7

8,000

$92,838

$169,507

$204,381

$233,677

$12,146

$2,104

$10,936

0

25,000

50,000

75,000

100,000

125,000

150,000

175,000

200,000

225,000

250,000

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010($, m

illions)

CMBS Issuance

CMBS Issuance Peaked in 2007 at $230 Billion

Source: Credit Suisse, JP Morgan, Jones Lang LaSalle

CMBS anticipated to grow in 2011.


ADDENDUM

1996 – 2010


$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

$70.00

Mar

-08

Apr-0

8M

ay-0

8Ju

n-08

Jul-0

8Aug

-08

Sep-0

8O

ct-0

8N

ov-0

8D

ec-0

8Ja

n-09

Feb-0

9M

ar-0

9Apr

-09

May

-09

Jun-

09Ju

l-09

Aug-0

9Sep

-09

Oct

-09

Nov

-09

Dec

-09

Jan-

10Feb

-10

Mar

-10

Apr-1

0M

ay-1

0Ju

n-10

Jul-1

0Aug

-10

Sep-1

0O

ct-1

0N

ov-1

0

CMBS Delinquency Balance

Delinquency Balance (Billions)

Source: RealPoint, Jones Lang LaSalle

Delinquency percentage finished at 8.126 at end of 2010. Between 1998 and March 2009 delinquency balance did not exceed $5 billion.

Trailing 12 Months CMBS Delinquency


ADDENDUM







– Manhattan Capital Markets - Addendum



• Addendum


ADDENDUM


Investment Sales Summary


Note: Includes commercial transactions of $10 million and higher.


ADDENDUM

Midtown Midtown South Downtown TOTAL

Closed $8,465,000,000 $3,403,000,000 $563,000,000 $12,430,000,000

Total $8,465,000,000 $3,403,000,000 $563,000,000 $12,430,000,000

Percent of Total 68% 27% 5% 100%

Summary of Manhattan Sales Activity

As of December 31, 2010

(Rounded to the nearest $1 Million)


Year-to-Year Comparison



ADDENDUM

Midtown Midtown South Downtown TOTAL % Change vs. '09

Class A Office $3,287 $1,770 $0 $5,057 332%

Other Office $1,617 $501 $369 $2,487 322%

Multifamily $1,174 $397 $62 $1,633 233%

All Other $2,386 $735 $132 $3,252 160%

TOTAL $8,464 $3,403 $563 $12,430 255%

Midtown Midtown South Downtown TOTAL

Class A Office $1,170 $0 $0 $1,170

Other Office $330 $100 $160 $590

Multifamily $437 $18 $35 $490

All Other $1,132 $117 $0 $1,249

TOTAL $3,069 $235 $195 $3,500

2010 Closed Sales, as of December 31 ($ Million)

2009 Closed Sales, as of December 31 ($ Million)


Investment Sales: By MarketClosed as of December 31, 2010 ($12.43 Billion)



ADDENDUM

Midtown

$8.465 Billion – 68%

Midtown South

$3.403 Million – 27%Downtown

$563 Million – 5%


Investment Sales: By Product TypeClosed as of December 31, 2010 ($12.43 Billion)



ADDENDUM

Land Development,

$943 - 8%

Retail

$611 Million – 5%

Hotel

$1.3 Billion – 10%

Multifamily

$1.6 Billion – 13%

Other Office

$2.5 Billion – 20%

Class A Office

$5.05 Billion – 41%

All Other

$425 Million – 3%


700

750

800

850

900

950

1,000

1,050

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

Th

ou

san

ds o

f Jo

bs

Office-Using Employment

Source: Moody’s Ecomomy.com


ADDENDUM








– Manhattan Leasing Market - Addendum


• Addendum


ADDENDUM


4.0%

7.5%

0.00

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

1Q08 4Q010

$93.15

$68.81

12.3%

7.9%

$40.00

$50.00

$60.00

$70.00

$80.00

$90.00

$100.00

1Q08 4Q10

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

13.0%

Asking Rent Vacancy

Manhattan Unemployment

Midtown Class A - Asking Rent and VacancyDowntown Class A - Asking Rent and Vacancy

Class A Large Blocks Available (50K and up)

$53.63

$40.95

10.9%

5.2%$25.00

$30.00

$35.00

$40.00

$45.00

$50.00

$55.00

$60.00

1Q08 4Q10

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

Asking Rent Vacancy

89

139

0

20

40

60

80

100

120

140

160

1Q08 4Q10

Manhattan - Peak to Present (1Q08 vs. 3Q10)


ADDENDUM


Midtown - Peak to Present by Month (Aug. 08 – Dec. 10)

Average Asking Rent & Vacancy Rate

8.6

% 9.0

%

9.7

%

10

.7% 11

.3%

13

.0%

13

.4%

13

.5%

14

.8%

15

.0%

15

.0%

14

.9%

14

.7%

14

.7%

14

.6%

14

.6%

14

.7%

14

.3%

14

.1%

13

.9%

13

.9%

13

.4%

13

.4%

13

.1%

12

.9%

12

.6%

12

.8%

12

.6%

12

.3%

7%

8%

9%

10%

11%

12%

13%

14%

15%

16%

Aug-0

8

Sep-0

8

Oct

-08

Nov-

08

Dec-

08

Jan-0

9

Feb-0

9

Mar-09

Apr-09

May-

09

Jun-0

9

Jul-0

9

Aug-0

9

Sep-0

9

Oct

-09

Nov-

09

Dec-

09

Jan-1

0

Feb-1

0

Mar-10

Apr-10

May-

10

Jun-1

0

Jul-1

0

Aug-1

0

Sep-1

0

Oct

-10

Nov-

10

Dec-

10

$60

$65

$70

$75

$80

$85

$90

$95

$100

Vacancy Asking Rent

Class A

9.0

% 9.3

% 9.7

%

10

.0%

10

.2%

10

.5%

11

.4%

11

.7%

12

.0%

12

.8%

13

.2%

13

.0%

13

.0%

13

.2%

13

.4%

13

.6%

13

.7%

13

.2%

13

.3%

13

.2%

12

.8%

12

.9%

12

.8%

12

.8%

12

.4%

12

.5%

12

.5%

12

.1%

11

.9%

7%

8%

9%

10%

11%

12%

13%

14%

15%

Aug-0

8

Sep-0

8

Oct

-08

Nov-

08

Dec-

08

Jan-0

9

Feb-0

9

Mar-09

Apr-09

May-

09

Jun-0

9

Jul-0

9

Aug-0

9

Sep-0

9

Oct

-09

Nov-

09

Dec-

09

Jan-1

0

Feb-1

0

Mar-10

Apr-10

May-

10

Jun-1

0

Jul-1

0

Aug-1

0

Sep-1

0

Oct

-10

Nov-

10

Dec-

10

$45

$50

$55

$60

$65

$70

$75

$80

$85

$90

$95

$100

Vacancy Asking Rent

Class B


ADDENDUM


Downtown - Peak to Present by Month (Aug. 08 – Dec. 10)

Average Asking Rent & Vacancy Rate

7.6

%

7.4

%7

.4% 7

.8%

7.7

%8

.2%

8.1

%

8.3

%

8.4

% 8.7

%

8.8

%

8.6

%8

.5%

8.7

%

8.9

%8

.7%

8.6

%

8.8

%8

.8%

9.6

%

9.6

%9

.4%

9.3

%

10

.9%

10

.9%

10

.8%

11

.0%

10

.8%

10

.9%

5%

6%

7%

8%

9%

10%

11%

Aug-0

8

Sep-0

8

Oct

-08

Nov-

08

Dec-

08

Jan-0

9

Feb-0

9

Mar-09

Apr-09

May-

09

Jun-0

9

Jul-0

9

Aug-0

9

Sep-0

9

Oct

-09

Nov-

09

Dec-

09

Jan-1

0

Feb-1

0

Mar-10

Apr-10

May-

10

Jun-1

0

Jul-1

0

Aug-1

0

Sep-1

0

Oct

-10

Nov-

10

Dec-

10

$35

$40

$45

$50

$55

$60

Vacancy Asking Rent

Class A

10

.5%

10

.6%

10

.7%

13

.0%

13

.2%

13

.6%

13

.8%

14

.0%

13

.7%

14

.0%

14

.3%

14

.2%

14

.4%

14

.8%

14

.8%

14

.9%

15

.1%

15

.0%

14

.8%

14

.7%

16

.5%

17

.0%

16

.9%

16

.5%

16

.1%

15

.9%

16

.5%

16

.4%

16

.3%

5%

6%

7%

8%

9%

10%

11%

12%

13%

14%

15%

16%

17%

Aug-0

8

Sep-0

8

Oct

-08

Nov-

08

Dec-

08

Jan-0

9

Feb-0

9

Mar-09

Apr-09

May-

09

Jun-0

9

Jul-0

9

Aug-0

9

Sep-0

9

Oct

-09

Nov-

09

Dec-

09

Jan-1

0

Feb-1

0

Mar-10

Apr-10

May-

10

Jun-1

0

Jul-1

0

Aug-1

0

Sep-1

0

Oct

-10

Nov-

10

Dec-

10

$33

$38

$43

$48

Vacancy Asking Rent

Class B


ADDENDUM


0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Midtown Downtown Manhattan Midtown South

The Midtown vacancy rate has increased sharply since 2007, but appears to have turned the corner. Downtown vacancy continues to climb.

Overall Vacancy Rate(1995-2010)

4.8%7.5%10.8%14.3%12.2%Midtown ManhattanDowntown

Midtown SouthYear

6.1%10.3%4.8%20067.1%7.5%4.5%200710.2%9.8%6.3%200813.1%10.9%11.2%200911.9%12.8%9.1%2010


ADDENDUM


0%

2%

4%

6%

8%

10%

12%

14%

16%

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Midtown Class A Downtown Class A Manhattan Class A Midtown South Class A

Manhattan - Class A Vacancy Rate(1995-2010)

7.7%7.2%11.3%14.7%12.3%Midtown ManhattanDowntown

Midtown SouthYear

7.9%9.15%5.3%20066.6%5.7%1.9%200710.1%7.7%7.1%200812.9%8.6%11.3%200911.7%10.9%8.7%2010


ADDENDUM


$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Midtown Class A Downtown Class A Manhattan Class A Midtown South Class A

Manhattan - Class A Asking Rent(1995-3Q10)

After falling sharply in 2008 / 2009, asking rents seem to have stabilized, particularly in Midtown.

$70.28 $90.57$90.04$65.19$65.81Midtown ManhattanDowntown

Midtown SouthYear

$60.30$49.14$41.28 2006$80.90$51.21$69.192007$81.61$52.94$65.152008$60.17$40.32$46.542009$59.00$40.95$47.162010


ADDENDUM


$10

$20

$30

$40

$50

$60

$70

$80

$90

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Midtown Overall Downtown Manhattan Midtown South

Manhattan - Overall Asking Rent(1995-2010)

$58.80$79.12$80.58$59.48$59.14Midtown ManhattanDowntown

Midtown SouthYear

$52.21$38.97$42.832006$68.87$47.72$53.362007$70.19$47.37$55.192008$53.64$37.89$43.182009$52.18$38.22$43.012010


ADDENDUM


Midtown - Overall Vacancy Rate vs. Asking Rent(1995-2010)

$31.7

3

$32.0

2

$32.7

3 $41.2

9

$47.6

1

$60.0

0

$54.4

6

$49.2

4

$47.5

7

$49.5

8

$51.4

5 $61.3

8

$79.1

2

$80.5

8

$59.4

8

$59.1

4

11.3%

4.8%

12.2%

3.6%

9.6%

14.3%

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

0%

2%

4%

6%

8%

10%

12%

14%

16%

Midtown Asking Rent Midtown Vacancy Rate


ADDENDUM


Midtown - Class A Vacancy Rate vs. Asking Rent(1995-2010)

$38.0

1

$38.2

5

$40.6

8 $50.3

8

$54.6

5

$67.9

4

$65.2

5

$57.9

2

$53.7

4

$57.5

8

$59.7

1 $70.2

8

$90.5

7

$90.0

4

$65.1

9

$65.8

110.3%

3.3%

5.6%

9.5%

14.7%

12.3%

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

0%

2%

4%

6%

8%

10%

12%

14%

16%

Midtown Class A Asking Rent Midtown Class A Vacancy Rate


ADDENDUM


Downtown - Overall Vacancy Rate vs. Asking Rent(1995-2010)

$25.6

4

$25.6

5

$27.7

7

$31.7

3

$34.9

7

$43.4

2

$41.2

3

$36.5

1

$33.5

3

$31.8

0

$31.8

1

$44.1

2

$47.7

2

$47.3

7

$37.8

4

$38.2

2

16.6%

7.5%

3.9%

15.0%

12.8%

$0

$10

$20

$30

$40

$50

$60

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Downtown Asking Rent Downtown Vacancy Rate


ADDENDUM


Downtown - Class A Vacancy Rate vs. Asking Rent(1995-2010)

$29.5

4

$29.6

7

$32.8

6

$34.7

7

$37.7

9

$46.6

6

$44.2

0

$39.3

2

$35.3

6

$33.0

9

$32.6

7

$49.1

4

$51.2

1

$52.9

4

$40.1

7

$40.9

5

13.2%

5.7%

13.2%

10.9%

2.7%

$0

$10

$20

$30

$40

$50

$60

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

0%

2%

4%

6%

8%

10%

12%

14%

Downtown Class A Asking Rent Downtown Class A Vacancy Rate


ADDENDUM


Manhattan - Leasing Activity New and Renewal Transactions Greater than 10,000 SF (2010)


ADDENDUM

Advertising/Public Relations, 7%

Apparel/Textile, 6%

Business Srvs, Consulting, 5%

Government/Public

Administration, 5%

Health Services, 4%

Real Estate, 3%

Computer & Data Processing,

3%

Membership Organization, 3%

Manufacturing, 3%

Retail, 2%

Educational Services, 2%

Architects/Engineers, 1%

Other, 1%

Legal Services, 15%

Financial Services, 24%

Comm./Media/Publishing, 14%

Insurance, 2%


Manhattan - Leasing Statistics (4Q10)


ADDENDUM

YTD

complet ion (sf) Inventory (sf)

Direct net

absorption (sf)

YTD

direct net

absorption (sf)

Total net

absorption

(sf)

YTD total net

absorption

(sf)

YTD total net

absorption

(% of stock)

Direct

vacancy (sf)

Direct

vacancy (%)

Total vacancy

(sf)

Total vacancy

(%)

Average asking

rent ($ psf)

Under

construction /

renovation (sf)

Downtown

Class A 0 61,281,669 -101,674 -1,745,706 -33,047 -1,188,191 -1.9% 5,195,560 8.5% 6,661,950 10.9% $40.95 4,400,000

Class B 0 35,069,104 -171,155 -553,379 -133,157 -443,591 -1.3% 5,094,967 14.5% 5,713,520 16.3% $34.91 0

Totals 0 96,350,773 -272,829 -2,299,085 -166,204 -1,631,782 -1.7% 10,290,527 10.7% 12,375,470 12.8% $38.22 4,400,000

Midtown

Class A 0 163,406,817 -325,333 862,654 436,793 3,373,277 2.1% 14,346,529 8.8% 20,160,613 12.3% $65.81 0

Class B 0 106,647,194 186,209 27,992 577,986 1,196,049 1.1% 10,945,633 10.3% 12,702,368 11.9% $47.32 0

Totals 0 270,054,011 -139,124 890,646 1,014,779 4,569,326 1.7% 25,292,162 9.4% 32,862,981 12.2% $59.14 0

Midtown South

Class A 135,200 14,764,836 -60,302 228,341 55,703 352,042 2.4% 949,340 6.4% 1,288,130 8.7% $47.16 0

Class B 0 46,489,144 52,755 458,262 132,382 854,841 1.8% 3,262,549 7.0% 4,263,976 9.2% $41.63 0

Totals 135,200 61,253,980 -7,547 686,603 188,085 1,206,883 2.0% 4,211,889 6.9% 5,552,106 9.1% $43.01 0

Market Totals

Class A 135,200 239,453,322 -487,309 -654,711 459,449 2,537,128 1.1% 20,491,429 8.6% 28,110,693 11.7% $59.00 4,400,000

Class B 0 188,205,442 67,809 -67,125 577,211 1,607,299 0.9% 19,303,149 10.3% 22,679,864 12.1% $42.94 0

Totals 135,200 427,658,764 -419,500 -721,836 1,036,660 4,144,427 1.0% 39,794,578 9.3% 50,790,557 11.9% $52.18 4,400,000


Downtown - Leasing Statistics (4Q10)


ADDENDUM

YTD


Direct net

absorption (sf)

YTD

direct net

absorption (sf)

Total net

absorption

(sf)

YTD total net

absorption

(sf)

YTD total net

absorption

(% of stock)

Direct

vacancy (sf)

Direct

vacancy (%)

Total vacancy

(sf)

Total vacancy

(%)

Average asking

rent ($ psf)

Under

construction /

renovation (sf)

City Hall/Insurance

Class A 0 7,653,938 17,623 8,554 57,516 128,276 1.7% 352,536 4.6% 497,498 6.5% $34.70 0

Class B 0 10,807,683 4,750 59,256 18,858 85,810 0.8% 1,105,427 10.2% 1,156,714 10.7% $33.22 0

Totals 0 18,461,621 22,373 67,810 76,374 214,086 1.2% 1,457,963 7.9% 1,654,212 9.0% $33.70 0

Financial District

Class A 0 32,938,904 -45,159 -1,523,437 -3,617 -1,242,465 -3.8% 3,983,544 12.1% 4,887,564 14.8% $39.90 0

Class B 0 9,676,488 -43,562 -644,649 -76,945 -756,398 -7.8% 1,514,221 15.6% 1,956,553 20.2% $33.23 0

Totals 0 42,615,392 -88,721 -2,168,086 -80,562 -1,998,863 -4.7% 5,497,765 12.9% 6,844,117 16.1% $38.04 0

World Trade Center

Class A 0 20,688,827 -74,138 -230,823 -86,946 -74,002 -0.4% 859,480 4.2% 1,276,888 6.2% $47.33 4,400,000

Class B 0 14,584,933 -132,343 32,014 -75,070 226,997 1.6% 2,475,319 17.0% 2,600,253 17.8% $36.82 0

Totals 0 35,273,760 -206,481 -198,809 -162,016 152,995 0.4% 3,334,799 9.5% 3,877,141 11.0% $40.32 4,400,000

Market Totals

Class A 0 61,281,669 -101,674 -1,745,706 -33,047 -1,188,191 -1.9% 5,195,560 8.5% 6,661,950 10.9% $40.95 4,400,000

Class B 0 35,069,104 -171,155 -553,379 -133,157 -443,591 -1.3% 5,094,967 14.5% 5,713,520 16.3% $34.91 0

Totals 0 96,350,773 -272,829 -2,299,085 -166,204 -1,631,782 -1.7% 10,290,527 10.7% 12,375,470 12.8% $38.22 4,400,000


Midtown - Leasing Statistics (4Q10)


ADDENDUM

YTD


Direct net

absorption (sf)

YTD

direct net

absorption (sf)

Total net

absorption

(sf)

YTD total net

absorption

(sf)

YTD total net

absorption

(% of stock)

Direct

vacancy (sf)

Direct

vacancy (%)

Total vacancy

(sf)

Total vacancy

(%)

Average asking

rent ($ psf)

Under

construction /

renovation (sf)

Columbus Circle

Class A 0 15,443,053 -183,936 -21,608 -386,168 58,457 0.4% 1,868,512 12.1% 2,779,023 18.0% $57.31 0

Class B 0 8,590,070 -28,127 41,831 -42,302 35,191 0.4% 702,367 8.2% 816,472 9.5% $52.67 0

Totals 0 24,033,123 -212,063 20,223 -428,470 93,648 0.4% 2,570,879 10.7% 3,595,495 15.0% $56.56 0

Grand Central

Class A 0 33,592,558 -129,925 -8,343 47,819 860,463 2.6% 3,233,973 9.6% 4,489,606 13.4% $58.12 0

Class B 0 34,392,306 55,427 -401,492 108,051 -182,695 -0.5% 3,595,563 10.5% 4,147,702 12.1% $46.06 0

Totals 0 67,984,864 -74,498 -409,835 155,870 677,768 1.0% 6,829,536 10.0% 8,637,308 12.7% $52.47 0

Penn Plaza/Garment

Class A 0 8,445,574 -254,599 6,625 -211,527 20,349 0.2% 602,844 7.1% 851,133 10.1% $58.03 0

Class B 0 34,111,006 132,701 -40,234 319,358 490,592 1.4% 3,749,972 11.0% 4,479,061 13.1% $44.48 0

Totals 0 42,556,580 -121,898 -33,609 107,831 510,941 1.2% 4,352,816 10.2% 5,330,194 12.5% $46.85 0

Plaza District

Class A 0 78,737,923 143,273 373,844 976,599 1,654,734 2.1% 6,811,618 8.7% 9,574,735 12.2% $71.77 0

Class B 0 19,215,897 70,371 145,605 221,939 461,113 2.4% 1,601,744 8.3% 1,802,195 9.4% $54.42 0

Totals 0 97,953,820 213,644 519,449 1,198,538 2,115,847 2.2% 8,413,362 8.6% 11,376,930 11.6% $69.53 0

Times Square

Class A 0 27,187,709 99,854 512,136 10,070 779,274 2.9% 1,829,582 6.7% 2,466,116 9.1% $69.43 0

Class B 0 10,337,915 -44,163 282,282 -29,060 391,848 3.8% 1,295,987 12.5% 1,456,938 14.1% $49.98 0

Totals 0 37,525,624 55,691 794,418 -18,990 1,171,122 3.1% 3,125,569 8.3% 3,923,054 10.5% $62.40 0

Market Totals

Class A 0 163,406,817 -325,333 862,654 436,793 3,373,277 2.1% 14,346,529 8.8% 20,160,613 12.3% $65.81 0

Class B 0 106,647,194 186,209 27,992 577,986 1,196,049 1.1% 10,945,633 10.3% 12,702,368 11.9% $47.32 0

Totals 0 270,054,011 -139,124 890,646 1,014,779 4,569,326 1.7% 25,292,162 9.4% 32,862,981 12.2% $59.14 0


Midtown South - Leasing Statistics (4Q10)


ADDENDUM

YTD


Direct net

absorption (sf)

YTD

direct net

absorption (sf)

Total net

absorption

(sf)

YTD total net

absorption

(sf)

YTD total net

absorption

(% of stock)

Direct

vacancy (sf)

Direct

vacancy (%)

Total vacancy

(sf)

Total vacancy

(%)

Average asking

rent ($ psf)

Under

construction /

renovation (sf)

Chelsea

Class A 0 5,003,734 1,421 238,263 1,421 270,613 5.4% 513,920 10.3% 669,364 13.4% $43.26 0

Class B 0 15,958,385 -15,351 257,862 70,549 509,346 3.2% 1,124,567 7.0% 1,482,134 9.3% $41.95 0

Totals 0 20,962,119 -13,930 496,125 71,970 779,959 3.7% 1,638,487 7.8% 2,151,498 10.3% $42.38 0

Gramercy Park

Class A 0 6,519,374 16,997 68,798 57,701 160,149 2.5% 12,947 0.2% 181,028 2.8% $36.73 0

Class B 0 16,142,641 95,406 67,923 115,370 147,632 0.9% 969,027 6.0% 1,310,452 8.1% $42.58 0

Totals 0 22,662,015 112,403 136,721 173,071 307,781 1.4% 981,974 4.3% 1,491,480 6.6% $41.85 0

Greenwich Village

Class A 135,200 1,382,200 -78,720 -78,720 -3,419 -78,720 -6.3% 129,979 9.4% 130,979 9.5% $68.21 0

Class B 0 3,623,302 -6,216 -55,025 -2,911 -4,870 -0.1% 360,532 10.0% 392,737 10.8% $40.63 0

Totals 135,200 5,005,502 -84,936 -133,745 -6,330 -83,590 -1.7% 490,511 9.8% 523,716 10.5% $48.10 0

Hudson Square

Class A 0 1,715,528 0 0 0 0 0.0% 292,494 17.0% 306,759 17.9% $52.16 0

Class B 0 6,268,082 31,345 130,133 19,845 128,212 2.0% 477,285 7.6% 580,725 9.3% $37.50 0

Totals 0 7,983,610 31,345 130,133 19,845 128,212 1.6% 769,779 9.6% 887,484 11.1% $42.58 0

SoHo

Class A 0 144,000 0 0 0 0 0.0% 0 0.0% 0 0.0% $0.00 0

Class B 0 4,496,734 -52,429 57,369 -70,471 74,521 1.7% 331,138 7.4% 497,928 11.1% $45.11 0

Totals 0 4,640,734 -52,429 57,369 -70,471 74,521 1.6% 331,138 7.1% 497,928 10.7% $45.11 0

Market Totals

Class A 135,200 14,764,836 -60,302 228,341 55,703 352,042 2.4% 949,340 6.4% 1,288,130 8.7% $47.16 0

Class B 0 46,489,144 52,755 458,262 132,382 854,841 1.8% 3,262,549 7.0% 4,263,976 9.2% $41.63 0

Totals 135,200 61,253,980 -7,547 686,603 188,085 1,206,883 2.0% 4,211,889 6.9% 5,552,106 9.1% $43.01 0


Penn Plz / Garment DistrictInventory 42,556,580 s.f.Vacancy Rate 12.5%Asking Rent $46.85/s.f.

Plaza DistrictInventory 97,953,820 s.f.Vacancy Rate 11.6%Asking Rent $69.53/s.f.

Times SquareInventory 37,525,624 s.f.Vacancy Rate 10.5%Asking Rent $62.40/s.f.

Grand CentralInventory 67,984,864 s.f.Vacancy Rate 12.7%Asking Rent $52.47/s.f.

Columbus CircleInventory 24,033,123 s.f. Vacancy Rate 15.0%Asking Rent $56.56/s.f.

Midtown Manhattan - Overall MarketStatistics by Submarket (Year-End 2010)


ADDENDUM


Penn Plz / Garment DistrictInventory 8,445,574 s.f.Vacancy Rate 10.1%Asking Rent $58.03/s.f.

Plaza DistrictInventory 78,737,923 s.f.Vacancy Rate 12.2%Asking Rent $71.77/s.f.

Times SquareInventory 27,187,709 s.f.Vacancy Rate 9.1%Asking Rent $69.43/s.f.

Grand CentralInventory 33,592,558 s.f.Vacancy Rate 13.4%Asking Rent $58.12/s.f.

Columbus CircleInventory 15,443,053 s.f. Vacancy Rate 18.0%Asking Rent $57.31/s.f.

Midtown Manhattan Class A Market Statistics by Submarket (Year-End 2010)


ADDENDUM


World TradeInventory 20,688,827 s.f.Vacancy Rate 6.2%Asking Rent $47.33/s.f.

Downtown Class A Manhattan MarketStatistics by Submarket (Year-End 2010)

City Hall / InsuranceInventory 7,653,938 s.f.Vacancy Rate 6.5%Asking Rent $34.70/s.f.

Financial DistrictInventory 32,938,904 s.f.Vacancy Rate 14.8% Asking Rent $39.90/s.f.


ADDENDUM


SoHoInventory 4,640,734 s.f.Vacancy Rate 10.7%Asking Rent $45.11/s.f.

Gramercy ParkInventory 22,662,015 s.f.Vacancy Rate 6.6%Asking Rent $41.85/s.f.

Hudson SquareInventory 7,983,610 s.f.Vacancy Rate 11.1%Asking Rent $42.58/s.f.

Greenwich VillageInventory 5,005,502 s.f.Vacancy Rate 10.5%Asking Rent $48.10/s.f

ChelseaInventory 20,962,119 s.f. Vacancy Rate 10.3%Asking Rent $42.38/s.f.

Midtown South Manhattan Overall Market Statistics by Submarket (Year-End 2010)


ADDENDUM


ManhattanSublease as Percentage of Available Space & Overall Asking Rent

8.2%

6.1%6.8%

10.0%9.1%

15.3%

33.8%

31.5%

23.0% 22.5%

16.2% 15.6%

22.1%

27.8%

29.6%

21.6%

$52.18

$70.19

$41.61

$53.76

$28.16

0%

5%

10%

15%

20%

25%

30%

35%

40%

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$20

$30

$40

$50

$60

$70

$80

% Sublease Asking Rent


ADDENDUM

2010 witnessed a significant drop in sublet space


Midtown ManhattanSublease as Percentage of Available Space & Overall Asking Rent

10.9%

7.9%9.0%

14.8%

10.5%

16.7%

32.1%

35.7%

24.7%26.4%

17.0%

18.9%

24.1%

27.7%

30.2%

23.0%

$32.02

$59.14$60.00

$80.58

$47.57

0%

5%

10%

15%

20%

25%

30%

35%

40%

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$20

$30

$40

$50

$60

$70

$80

$90

% Sublease Asking Rent


ADDENDUM


Midtown Class ASublease as Percentage of Available Space & Class A Rent

15.2%

10.9%

13.3%

23.9%

15.1%

18.5%

32.9%

45.0%

28.0%

30.6%

19.7%

26.5%

29.0%

32.0%

35.1%

28.8%

$38.01

$53.74

$65.81

$90.57

$67.94

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$20

$30

$40

$50

$60

$70

$80

$90

$100

% Sublease Class A Rent


ADDENDUM


Midtown OverallPrice Difference Between Direct & Sublease

$3

.52

$3

.43

$3

.09

$9

.70

$5

.66 $6

.54

$3

.80

$8

.01

$8

.41

$8

.96

$8

.81

$8

.01

$8

.05

$7

.55

$7

.38

$7

.77

$8

.06

$7

.91

$8

.20

$8

.01

$7

.69

$8

.01

$1

1.2

9

$0

$2

$4

$6

$8

$10

$12

2000 2001 2002 2003 2004 2005 2006 2007 2008 Sep-

09

Oct-

09

Nov-

09

Dec-

09

Jan-

10

Feb-

10

Mar-

10

Apr-

10

May-

10

Jun-

10

Sep-

10

Oct-

10

Nov-

10

Dec-

10

0%

5%

10%

15%

20%

25%

30%

Dollar Difference % Difference (Discount)


ADDENDUM


Midtown Class APrice Difference Between Direct & Sublease

$2

.70

$2

.40

$7

.13

$4

.44

$3

.26

$5

.78

$6

.58

$9

.74

$1

0.7

7

$9

.80

$6

.86

$1

8.4

7

$1

9.0

8

$1

4.5

9

$1

4.9

8

$1

4.9

5

$1

4.0

9

$1

4.0

6

$1

3.7

8

$1

3.0

0

$1

3.8

7

$1

4.7

2

$1

4.6

8

$1

5.0

0

$1

4.9

9

$1

5.3

4

$1

5.7

7

$1

4.3

9

$0

$5

$10

$15

$20

$25

199519

9619

9719

9819

9920

0020

0120

0220

0320

0420

0520

0620

0720

08Se

p-09

Oct-0

9No

v-09

Dec-0

9Ja

n-10

Feb-

10Ma

r-10

Apr-1

0Ma

y-10

Jun-

10Se

p-10

Oct-1

0No

v-10

Dec-1

0

0%

5%

10%

15%

20%

25%

30%

Dollar Difference Percentage Difference


ADDENDUM


280,000200 Park AvenueWinston & Strawn*

444,000245 Park AvenueSociete Generale, SA

281,896555 West 57th StreetCBS Broadcasting Company

323,0001285 Ave of the AmericasBBDO*

140,00090 Park AvenueCapital One*

173,885345 Park AvenueNational Football League (NFL)

213,0001633 BroadwayAllianz/PIMCO

380,0001411 BroadwayJones Apparel Group

406,00011 Times SquareProskauer Rose, LLP

246,500777 Third AvenueAvon

352,000787 Seventh AvenueWillkie Farr & Gallagher*

189,000125 West 55th StreetKatz Communications/Clear Channel*

S.F.ADDRESSTENANT

Midtown Manhattan Market 2010 Top Leasing Transactions (Year-End)


ADDENDUM

* Renewal or Renewal/Expansion


112,741601 West 26th StreetMcGarry Bowen*

276,000620 Avenue of the Americas32BJ SEIU

71,302111 Eighth AvenueXO Communications*

260,994200 Fifth AvenueTiffany & Company

97,00010 Hudson SquareKrishenbaum Bond Senecal & Partners*

72,000115 Fifth AvenueMultiplan, Inc.*

104,500127 West 25th StreetBowery Residents Committee

114,605One Hudson SquareHorizon Media

S.F.ADDRESSTENANT

62,658111 Eighth AvenueGoogle

Midtown South Manhattan Market2010 Top Leasing Transactions (Year-End)


ADDENDUM



70,000199 Water StreetChapdelaine & Company*

154,595One Battery Park PlazaSeward & Kissell*

172,000100 Church StreetHealthfirst

100,0004 New York PlazaThe New York Daily News

199,240One BroadwayKenyon & Kenyon*

66,684One Whitehall StreetTopps Company

116,540110 William StreetNew York Liquidation Bureau

79,810250 BroadwayNew York City Government*

74,3802 World Financial CenterNomura Securities Holding America

81,7423 World Financial CenterRoyal Bank of Canada

106,43126 BroadwayNew York City School Construction Authority

S.F.ADDRESSTENANT

Downtown Manhattan Market2010 Top Leasing Transactions (Year-End)


ADDENDUM



$20

$30

$40

$50

$60

$70

$80

$90

$100

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

0

200

400

600

800

1000

1200

1400

1600

1800

Midtown Class A Rents S&P 500 Close

Asking Rents vs. The Stock Market

Asking rents appear to lag the stock market by approximately one year.


ADDENDUM

Source: S&P Data – Yahoo/JLL


$31.73

$32.02

$32.73 $41.29 $47.61

$60.00

$54.46

$49.24

$47.57

$49.58

$51.45

$61.38

$79.12

$80.58

$59.48

$59.14

$25.64

$25.65

$27.77

$31.73

$34.97 $43.42

$41.23

$36.51

$33.53

$31.80

$31.81

$44.12

$47.72

$47.37

$37.84

$38.22

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Midtown Overall Asking Rents Downtown Overall Asking Rents

Midtown vs. Downtown Overall Asking Rents


ADDENDUM


6.4%

23.8%

8.5%

24.3%

-4.0%

-11.2%

-7.2%

7.1%3.7%

17.7%

28.9%

-0.6%

0.1%

-27.6%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Rate of Growth - Midtown Class A Asking Rents

5.4% Average


ADDENDUM


2.2%

26.2%

15.3%

26.0%

-9.2% -9.6%

-3.4%

4.2% 3.8%

19.3%

28.9%

1.8%-0.1%

-26.2%-30%

-20%

-10%

0%

10%

20%

30%

40%

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Rate of Growth - Midtown Overall Asking Rents

6.1% Average


ADDENDUM









– New York City Residential Market - Addendum

• Addendum


ADDENDUM


116116

Percentage of Ownership to Rental Inventory

Manhattan Housing Inventory

Source: US Census BureauUpdated information to be made available 2010 New York City Housing and Vacancy Survey.

Manhattan Housing Inventory

Only 24% home ownership in Manhattan.

800,000

810,000

820,000

830,000

840,000

850,000

2004 2005 2006 2007 2008 2009

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

2004 2005 2006 2007 2008


ADDENDUM

NYC Census Bureau Survey updated every 3 years - next update year-end 2011.


Residential Housing By Type

Source: US Census BureauUpdated information to be made available in 2010 New York City Housing and Vacancy Survey.

2008

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

Conventional

Ownership

Condominium Cooperat ive M itchell-Lama Rental

.68% 5.31%

16.89%

1.19%

76.02%

Rental Residential Housing(Total # of Renter Units 579,657)

Residential Housing Breakdown*(Total # of Occupied Units 762,381)

* Excludes vacant units not available for sale or rent

Rental/Owned ratio inverse of US. Free market 32% of rental inventory; 52% stabilized.

0

0

0

0

0

1

1

Rent Controlled Stabilized M itchell-Lama Public-Housing Non-Regulated

3.6%

51.66%

2.52%

10.53%

31.7%


ADDENDUM

NYC Census Bureau Survey updated every 3 years - next update year-end 2011.


118118

Residential Rental Vacancy Rate1996 – 3Q10

3.47%

2.57%

3.86%

0.89%

0.55%

1.10%

1.42%

1.93%

1.16%

0%

1%

2%

3%

4%

5%

1996 1999 2002 2005 2006 2007 2008 2009 2010

Source: Citi Habitats


ADDENDUM


119119

Mean Rental Prices

Source: The Real Estate Group New York

December 2010

$2,481

$3,465

$5,318

$2,093

$2,794

$3,732

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

Studio One-Bedroom Two-Bedroom

Doorman Non-Doorman

$ Per Unit


ADDENDUM


$2 ,2 4 7

$3 ,2 6 2

$5,0 8 6

$1,9 2 1

$2 ,6 3 6

$3 ,6 72

$2 ,0 9 3

$2 ,79 4

$3 ,73 2

$2 ,4 8 1

$3 ,4 6 5

$5,3 18

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

Studio One-Bedroom Two-Bedroom Studio One-Bedroom Two-Bedroom

December-09 December-10

120120

Mean Manhattan Rental Prices

Source: The Real Estate Group New York

Year-Over-Year Change

Manhattan Doorman Rents Manhattan Non-Doorman Rents

8.95%

5.99%

1.63%

10.41%

6.22%

4.56%


ADDENDUM


121121

Unit Permits Issued By Borough

Source: U.S. Department of Housing and Urban Development

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Manhattan Total Units Brooklyn Total Units Queens Total Units Bronx Total Units Staten Island Total Units

Permits issuance near historic low of past 20 years (early 1990’s).


ADDENDUM


Jones Lang LaSalle

601 Lexington Avenue

New York, NY 10022

(212) 812-5700

JLL’s New York Capital Markets Group

Richard BaxterVice Chairman+1 212 812 [email protected]

Jonathan Caplan Vice Chairman +1 212 812 [email protected]

Yoron CohenVice Chairman+1 212 812 [email protected]

Scott LathamVice Chairman+1 212 812 [email protected]

No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions, imposed by our principal. No commission, finder’s fee or compensation will be due from, or payable by the Owner or Jones Lang LaSalle to a broker in connection with the negotiation of any agreement or any transaction in connection with this agency agreement. Broker must look solely to its principal for commissions, fees or compensation in connection therewith. The depiction in the above photograph of any person, entity, sign, logo or property (other than Jones Lang LaSalle's client and the property offered by Jones Lang LaSalle) is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and Jones Lang LaSalle or its client.

CONTACT INFORMATION January 25, 2011

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