two sugar creek - loopnet€¦ · sales / office (24.5%) households % of pop married couples with...

E X E C U T I V E S U M M A R Y

T W O S U G A R C R E E K 7 7 S U G A R C R E E K C E N T E R B O U L E V A R D • S U G A R L A N D , T E X A S

HFF is pleased to offer for sale Two Sugar Creek, an institutionally owned office building featuring 143,410 square feet of Class A office space located in one of Houston’s most sought-after suburbs. Situated on a spacious 7.55 acres, the six-story property is 84.7% leased, featuring high-quality construction and structured parking with a 3.41 per 1,000 square foot ratio. Built in 1999, the Property is in excellent physical condition and features an attractive lobby with granite and wood finishes paired with floor-to-ceiling windows. Two Sugar Creek is a highly desirable Class A office asset in a business-friendly, affluent location with an immediate value-add component through lease-up of vacant space.

I N V E S T M E N T H I G H L I G H T S

W E S T W A Y P L A Z A

IMMEDIATE UPSIDE POTENTIAL WITH ATTRACTIVE BASISTwo Sugar Creek’s location within Houston’s most business-friendly suburb, combined with an efficient rectangular center core design make it attractive to both large and small tenants. Available space includes 20,000 square feet on the top floor in a submarket with limited full floor opportunities providing investors with immediate upside potential. In addition, potential investors have an opportunity to create significant value over the short term as in-place rental rates are 4.3% below market. Sugar Land’s office market fundamentals continue to improve, and with an attractive basis new ownership will be able to position the Property for quick stabilization.

QUALITY CONSTRUCTION, EFFICIENT DESIGNDesigned by Kirksey Architecture and developed by Transwestern in 1999, Two Sugar Creek features flexible and efficient rectangular floor plates of approximately 24,000 square feet, dual pane glass, an energy management system and a number of other modern features that position it as one of the top buildings in the Sugar Land market. A two-level parking garage is connected to the Property via a covered walkway, which provides 240 covered spaces in addition to the Property’s 250 surface parking spaces, for a combined ratio of 3.4 spaces per 1,000 square feet. The Property is 100% sprinklered and features ADA compliant restrooms, on-site conferencing facilities, a grab and go deli, and property management and a cardkey access system.

OUTSTANDING ACCESS AND VISIBILITYJust one block from Dairy Ashford Road, and less than a mile from the intersection of Interstate 69 and U.S. 90, Two Sugar Creek’s location provides tenants and visitors convenient access to several other primary transportation arteries of the Houston MSA, including Beltway 8, Westpark Tollway and Grand Parkway. The Property also provides unique accessibility to Sugar Land’s residential communities which are consistently on the list of national ‘best places to live’ surveys and include First Colony, Greatwood, New Territory, River Park, and Imperial.

PROPERTY SUMMARYAddress: 77 Sugar Creek Center Blvd., Sugar Land, TX, 77478

Rentable Area: 143,410 SF

Year Built: 1999

Number of Floors: 6

Percent Leased: 84.7%

Site: 7.55 acres (Includes approx. 1.5 acres of developable land)

Parking: 3.41 : 1,000 SF

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T W O S U G A R C R E E K

DOMINANT CORPORATE HUB Sugar Land is home to numerous high-profile regional and international corporations housed in over 23 million square feet of commercial space, including Fluor Corporation (2,800 employees), Tramontina USA, Inc. (800 employees) and Texas Instruments (368 employees). Additionally, a growing list of global corporations are thriving in Sugar Land and many others are relocating there. Among them are First Data TeleCheck Services Inc., a global technology leader in the financial services industry (600 new jobs), UnitedHealthcare, the most diversified health care company in the United States (800+ new jobs), and Schlumberger, the world’s largest oilfield services company, which is relocating its national headquarters to Sugar Land (2300 jobs). The University of Houston Sugar Land is also undertaking new initiatives. A $54 million new facility, which will primarily house the College of Technology, is under construction and expected to be complete in 2019. Sugar Land’s favorable tax climate, community infrastructure, unsurpassed quality of life, strong workforce and international corporate relocations all contribute to a superior business environment.

ONE OF AMERICA’S BEST PLACES TO LIVESugar Land has been on the list of numerous best places to live surveys, an achievement further validated by a population growth rate of 41.3% from 2010 to 2016. Also contributing to Sugar Land’s high ranking is an unemployment rate of 2.8% and a highly regarded school system, consistently ranked among the best in the nation by the Washington Post and U.S. News and World Report. Sugar Land has also received Nerdwallet’s highest grade of “most safe” when it comes to crime risk. In 2015, 97% of residents in Sugar Land rated their quality of life as “excellent or good.”

LO C AT I O N O V E R V I E W

SUGAR LAND KEY DEVELOPMENT AREAS AND PUBLIC / PRIVATE PARTNERSHIPS

Smart Financial Centre at Sugar LandSmart Financial Centre at Sugar Land

Hotel Conference Center / Telfair Mixed UseHotel Conference Center / Telfair Mixed UseUniversity of Houston Sugar Land

University of Houston Sugar Land

Houston Museum of Natural Science

at Sugar Land

Houston Museum of Natural Science

at Sugar Land

Sugar Land Town SquareSugar Land Town Square

Lake Pointe VillageLake Pointe Village

The Crossing at Tel FairThe Crossing at Tel FairCentral UnitCentral Unit

Sugar Land Regional Airport

Sugar Land Regional Airport

Constellation FieldConstellation Field

Imperial Redevelopment DistrictImperial Redevelopment District

90TEXAS

6

TEXAS6

TWO SUGAR CREEK

69

Constellation Field

Sugar Land Town Square

Sugar Land WoodlandsPOPULATION

Population90,628 114,384

Age Distribution 25.1% (19 years or younger); 59.6% (21-64

years old); 15.3% (65+ years old)29.7% (19 years or younger); 57.4% (20-64

years); 12.9% (65+ years)Median Age (Females)

44 Years old 41 Years oldMedian Age (Males)

40 Years old 38 Years oldMarried vs. Single

63.8% Married; 36.2% Single 85.8% Married; 14.2% SingleProjected Annual Population Growth (2017-2022)

9.28% 8.60%Est. Population Density

3,625 per square mile 2,608 per square mile ECONOMY

Avg. Household Income$154,518 $149,666

Avg. Travel Times to Work44% (30-59 mins); 30.8% (15-29 mins); 17.3%

(Under 14 mins)30.6% (30-59 mins); 30.1% (15-29 mins); 23%

(Under 14 mins)Total Number of Businesses

11,648 9,329Unemployment Rate

3.0% 2.9%Top 3 Professions

Professional/Related (32.8%); Sales/Office (25.3%); Management/Business/Financial

Operations (24.8%)

Professional / Related (27.3%); Management / Business / Financial Operations (25.4%);

Sales / Office (24.5%)HOUSEHOLDS

% of Pop Married Couples with Children83.3% 82.1%

Avg. Family Household Size2.9 2.7

Own vs. Rent81.2% Own / 18.7% Rent 74.3% Own / 25.7% Rent

Median Household Income$112,537 $106,924

Owner-Occupied Median Home Value$305,378 $344,470

Renter-Occupied Median Home Value$1,155 $1,076


LARGE BLOCKS - FULL FLOORS

Current Floors: 30Current Floors: 30

Current Floors: 1Current Floors: 1

Future Floors: 6Future Floors: 6

Sublease Floors: 7Sublease Floors: 7

Sublease Floors: 7Sublease Floors: 7

0

5

10

15

20

25

30

35

40

THE WOODLANDS SUGAR LAND

Future Floors: 1Future Floors: 1

LARGE BLOCKS - TOTAL SQUARE FOOTAGE

823,121 SF823,121 SF

25,800 SF25,800 SF

23,242 SF23,242 SF

160,240 SF160,240 SF

175,867 SF175,867 SF

0 SF

200,000 SF

400,000 SF

600,000 SF

800,000 SF

1,000,000 SF

1,200,000 SF

THE WOODLANDS SUGAR LAND

THE WOODLANDS TOTALS:30 current floors 823,121 SF1 future floor 23,242 SF7 sublease floors 175,867 SF38 total floors 1,022,230 SF

SUGAR LAND TOTALS:1 current floors 25,800 SF6 future floors* 160,240 SF1 Sublease Floor 26,1338 total floors 212,173 SF

* This includes Imperial Market a mixed-use development, that contains a proposed boutique office component containing 110,350 square feet. This deal has not been capitalized.

SUGAR LAND VS. THE WOODLANDSSince their inception, Sugar Land and The Woodlands have consistently been the most sought-after suburban markets for businesses and residents alike. Comparing facts related to the locations, economies, demographics and fundamentals between the two submarkets, Sugar Land proves to be the more favorable submarket in nearly every category.

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T W O S U G A R C R E E KT W O S U G A R C R E E K

HISTORICAL OCCUPANCY & RENTAL RATES SUGAR LAND OFFICE SUBMARKET - 10 YEAR HISTORY

$20.00

$21.00

$22.00

$23.00

$24.00

$25.00

$26.00

$27.00

$28.00

$29.00

$30.00

50.0%

55.0%

60.0%

65.0%

70.0%

75.0%

80.0%

85.0%

90.0%

95.0%

100.0%

2007 Q2 2008 Q1 2008 Q4 2009 Q3 2010 Q2 2011 Q1 2011 Q4 2012 Q3 2013 Q2 2014 Q1 2014 Q4 2015 Q3 2016 Q2 2017 Q1

NN

N R

enta

l Rat

e ($

)

Occ

upan

cy %

Occupancy (%) Avg. Occupancy (Past 5 Yrs) Rental Rates ($)

STABLE OFFICE SUBMARKET WITH HIGH GROWTH POTENTIALThe Sugar Land office submarket is consistently listed at the top of major Houston submarkets in terms of occupancy, with a Q1 2017 rate of 90.6% which ranks 1st among major Houston submarkets. With no deliveries in the last year and very little under construction, that rate is expected to stay well above the 10-year average of 85.8%. Rental rates have increased 7.7% over the last 5 years due to healthy leasing momentum as the submarket saw almost 30,000 square feet of net absorption over the last twelve months. The Sugar Land office submarket will continue to attract corporations due to its highly educated workforce and quality of life.

Submarket

Total Rentable

Sq. Ft.

Percent Occupied

Overall

Total Net Absorption

T12 Mos.

Sq. Ft. Under

Construction

Sq. Ft. Delivered 1Q 2017

Total Deliveries T12 Mo.

Avg. Gross Rents

Overall Houston 254,033,054 82.7% (1,669,676) 1,974,176 1,774,831 5,694,368 $28.51

Class A 140,545,365 81.3% (488,960) 1,630,926 1,674,831 5,382,858 $32.96

Class B 100,164,328 83.4% (1,253,798) 343,250 100,000 311,510 $21.64

Class C 13,323,361 92.4% 73,082 0 0 0 $16.84

Fort Bend/Sugar Land 6,402,302 90.6% 28,791 187,200 0 0 $26.48

Class A 3,773,331 90.7% (13,842) 94,200 0 0 $28.65

Class B 2,513,736 90.3% 46,063 93,000 0 0 $24.01

Class C 115,235 94.8% (3,430) 0 0 0 $25.26



5 YEAR POPULATION GROWTH FORECAST NET WORTH RANK BY ZIP CODE

69

69

#1477406

AHI: $151,880NW: $1,171,616EST. POP. 38,526

#2077494

AHI: $146,614NW: $977,311

EST. POP. 98,986

#2177450

AHI: $134,877NW: $1,013,227

EST. POP.73,713

#177094

AHI: $204,727NW: $2,299,994

EST. POP.9,322

#1277079

AHI: $136,090NW: $1,434,212EST. POP.33,590

#677441

AHI: $120,241NW: $1,484,994

EST. POP. 7,109

#1177478

AHI: $129,603NW: $1,544,723

EST. POP.27,435

#877479

AHI: $162,762NW: $1,507,379

EST. POP.84,211

TWO SUGAR CREEK

#1577459

AHI: $137,603NW: $1,153,263EST. POP.67,448

7,435

GA

AHI: Average Household Income

NW: Net Worth

EST. POP.: Estimated Population

69

610

TWO SUGAR CREEK

0-3%

Population Growth Forecast

4-6%

7-9%

10-12%

13-15%

Source: Houston Business Journal - “Wealthiest Houston-Area Zip Codes”

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HIGHWAY 90

HIGHWAY 90

HOUSTON CBDHOUSTON CBDGALLERIAGALLERIA

ICONNOBLE

MERRIL LYNCHMAZDA TEAM, INC

ICONNOBLE

MERRIL LYNCHMAZDA TEAM, INC

AETNAREGUSAETNAREGUS

COMERICA BANKCOMERICA BANK

DRURY INN & SUITESDRURY INN & SUITES

HOLIDAY INNEXPRESS

HOLIDAY INNEXPRESS

THE FOUNTAINSSHOPPING CENTER

THE FOUNTAINSSHOPPING CENTER

EXTENDED STAYEXTENDED STAY

SPRING HILL SUITESSPRING HILL SUITES

SCHLUMBERGERSCHLUMBERGER

IH 69 | SOUTHWEST FREEW

AY

IH 69 | SOUTHWEST FREEW

AY

SAM HOUSTON TOLLWAY (BELTWAY 8)SAM HOUSTON TOLLWAY (BELTWAY 8)

DAIRY ASHFORD RD

DAIRY ASHFORD RD

69

CENTURY SQUARE BLVDCENTURY SQUARE BLVD

COMMERCE GREEN BLVDCOMMERCE GREEN BLVDSU

GAR CREEK CENTER BLVD

SUGAR C

REEK CENTER BLVD

IH 69

| SOUTH

WEST FREEWAY

IH 69

| SOUTH

WEST FREEWAY

DAIRY ASHFORD RD

DAIRY ASHFORD RD

COMMERCE GREEN BLVD

COMMERCE GREEN BLVD

SUGAR CREEK CENTER BLVD


CENTURY SQUARE BLVD

CENTURY SQUARE BLVD

69

SUGAR LAND TOWN SQUARESUGAR LAND TOWN SQUARE

SUGAR CREEKSUGAR CREEK

PARADISE POINTPARADISE POINT

MINUTE MAIDAMICA

MINUTE MAIDAMICA

FLUORFLUOR

HEALIXSTEWART TITLE

HEALIXSTEWART TITLE

FISERVFISERV

UNITED HEALTHCAREFIRST DATA


IH 69

| SOUTH

WEST FREEWAY

IH 69

| SOUTH

WEST FREEWAY

DAIRY ASHFORD RD

DAIRY ASHFORD RD

COMMERCE GREEN BLVD

COMMERCE GREEN BLVD



CENTURY SQUARE BLVD

CENTURY SQUARE BLVD

69

SUGAR LAND TOWN SQUARESUGAR LAND TOWN SQUARE

SUGAR CREEKSUGAR CREEK

PARADISE POINTPARADISE POINT

MINUTE MAIDAMICA

MINUTE MAIDAMICA

FLUORFLUOR

HEALIXSTEWART TITLE

HEALIXSTEWART TITLE

FISERVFISERV



PRO

PERTY

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L O C A T I O N M A P S

LakeHouston

San Jacinto

Bay

SheldonReservoir

GalvestonBay

BayportTerminal

Barbour’s CutTerminal

SmithersLake

ClearLake

George BushPark

LakeHouston

State Park

ArmandBayouPark

WilliamP. HobbyAirport

George BushIntercontinentalAirport

HARRISCOUNTY

LIBERTYCOUNTY

FORT BENDCOUNTY

MONTGOMERYCOUNTY

BRAZORIACOUNTY

GALVESTONCOUNTY

Downtown

EnergyCorridor

The GalleriaWestchase

Greenspoint

The Woodlands

TexasMedical Center

69

69

69

Westpark Tollway

Katy Frwy

Southwest F

rwy

Northwest Frwy

North Frwy

Hardy Toll R

oad

East

ex F

rwy

NorthLoop

LoopSouth

Wes

t Loo

p

East

Loo

p

Sam Houston Tollway

Sam Houston Pkwy

ExxonMobilCorporate Headquarters

Pasadena Frwy

Baytown East Frwy

Sout

h Fr

wy

Fort

Pkwy

Gulf Frwy

Proposed

GrandPkwy

Proposed Grand Pkwy

Westheimer Rd

Beaumont Hwy

Ben

d

Grand Pkwy

TWO SUGAR CREEK

59

59

90

90

90

90

90

59

59

59

59

TEXAS99

TEXAS99

TEXAS6

TEXAS6

TEXAS6

TEXAS6

TEXAS6

TEXAS99

TEXAS99

TOLL ROAD

SAM H OU STO N

MU

RPHY RD

MU

RPHY RD

GRAND PKW

Y

GRAND PKW

Y

HARLEM

RDH

ARLEM RD

HA

RLEM RD

HA

RLEM RD

HA

RLEM RD

HA

RLEM RD

W AIRPORT BLVDW AIRPORT BLVD

OB

RIEN RD

OB

RIEN RD

CLODIN

E RDCLOD

INE RD

W BELLFORT STW BELLFORT ST

BISSONNET STBISSONNET ST

FARM TO M

ARKET 1464

FARM TO M

ARKET 1464

GRAND PKW

Y

GRAND PKW

Y

FARM

TO

MA

RKET

146

4FA

RM T

O M

ARK

ET 1

464

GRAN

D PK

WY

GRAN

D PK

WY HOMEWARD WAY

HOMEWARD WAY

NEW TERRITORY BLVDNEW TERRITORY BLVD

HOM

EWARD WAY

HOM

EWARD WAY U

NIVERSITY BLVD

UN

IVERSITY BLVD

UNIVERSITY BLVD

UNIVERSITY BLVD

ELKINS RD

ELKINS RD

ELKINS

RD

ELKINS

RD

COMMONWEALTH BLVDCOMMONWEALTH BLVD

PALMROYALE BLVDPALMROYALE BLVD

SWEETWATER BLVDSWEETWATER BLVD

LEXINGTON BLV

D

LEXINGTON BLV

D

AUSTIN PKW

Y

AUSTIN PKW

YWILLIA

MS

TRAC

E B

LVD

WILLIAM

S TR

ACE

BLV

D

1ST COLO

NY BLVD

1ST COLO

NY BLVD

BROO

KS STB

ROOKS ST

MAIN

STM

AIN ST

BURNEY RD

BURNEY RD

AD

DICKS-HO

WELL RD

AD

DICKS-HO

WELL RD

VOSS RDVOSS RDVOSS RDVOSS RD

OLD

RICH

MON

D R

D

OLD

RICH

MON

D R

D


OLD RICHMOND RDOLD RICHMOND RD

W BELLFORT STW BELLFORT ST

BURN

EY RDB

URNEY RD

FLORENCE RDFLORENCE RD

BELKNAP RD

BELKNAP RD

SYN

OTT

RDSY

NOT

T RD

OLD RICHMOND RDOLD RICHMOND RD

ELDRID

EG RD

ELDRID

EG RD

ALSTON RDALSTON RD

W

AIRPORT BLVD

W

AIRPORT BLVD

FARM

TO M

ARKET RD

1876FA

RM TO

MA

RKET RD 1876

GILLIN

GH

AM

LNG

ILLING

HA

M LN

GILLIN

GHA

M LN

GILLIN

GHA

M LN

ELDRIDEG

RDELD

RIDEG RD

REED RDREED RD

W BELLFORT AVEW BELLFORT AVE

S DAIRY ASHFORD RD

S DAIRY ASHFORD RD

COOK

RD

COOK

RD

KEEG

AN R

DKE

EGAN

RD


WILCREST DR

WILCREST DR

W BELLFORT ST

W BELLFORT ST

S DAIRY ASH

FORD

RDS D

AIRY ASHFO

RD RD

S KIRKWO

OD

RDS KIRKW

OO

D RD



STAFF

ORD RD

STAFF

ORD RD

MULA RDMULA RDGREENBRIAR DRGREENBRIAR DR

CASH RDCASH RD CASH RDCASH RD

FARM

TO M

ARKET 1092

FARM

TO M

ARKET 1092

S MAIN ST

S MAIN ST

DULLES B

LVDDU

LLES BLVD

AVENUE E

AVENUE E

LEXINGTON BLVDLEXINGTON BLVD

SETT

LERS

WAY

BLV

DSE

TTLE

RS W

AY B

LVD

AUSTIN PKWYAUSTIN PKWY

COM

MO

NW

EAL TH BLVD

COM

MO

NW

EAL TH BLVD

GLENN LAKES LNGLENN LAKES LN

ROBINSON

RDROBIN

SON RD

FARM TO M

ARKET 1092FARM

TO MARKET 1092

CARTWRIGHT RDCARTWRIGHT RD

MURPH

Y RDM

URPHY RD

I NDEPEN

DENCE BLVD

INDEPEN

DENCE BLVD

FARM TO MARKET RD 3345FARM TO MARKET RD 3345

PACKER LNPACKER LN

5TH ST

5TH ST

STAFFORDSHIRE RD

STAFFORDSHIRE RDMU

RPHY RDM

URPHY RD

N MAIN STN MAIN ST

PIKE RD

PIKE RD

SOUTHWEST FWY

SOUTHWEST FWY

SOUTHWEST FWY

SOUTHWEST FWY

SOUTHWEST FW

Y

SOUTHWEST FW

Y

SAM HOUSTON TOLLWAY

SAM HOUSTON TOLLWAY

SOUT

HWES

T FWY

SOUT

HWES

T FWY

CullinanPark

CullinanPark

RiverbendCountry Club

RiverbendCountry Club

Ron SlockettPark

Ron SlockettPark

Sugar MillPublic ParkSugar Mill

Public Park

Fish LakeFish Lake

PumpkinLakes

PumpkinLakes

White LakeWhite Lake

GannowayLake

GannowayLake

Frost LakeFrost Lake

EldridgeLake

EldridgeLake

Alkire LakeAlkire Lake

HorseshoeLake

HorseshoeLake

HorseshoeLake

HorseshoeLake

Sardar PatelStadium

Sardar PatelStadium

Austin HighSchool FootballField and Track

Austin HighSchool FootballField and Track

Edward MercerStadium

Edward MercerStadium

Fort BendIndependent School

District Baseball Field

Fort BendIndependent School

District Baseball Field

SouthwestIndoor Soccer

SouthwestIndoor Soccer

KempnerHigh School

KempnerHigh School

KempnerHigh School

Baseball Field

KempnerHigh School

Baseball Field

Williams TraceShopping CenterWilliams Trace

Shopping Center

Keegan’sMeadowKeegan’sMeadow

TheFountains

TheFountains

New HopeCemetery

New HopeCemetery

SweetwaterPlaza

SweetwaterPlaza

HuntingtonVillage

HuntingtonVillage

CottageLake CtCottageLake Ct

Sugar LandSugar Land

SugarLand Rgnl

SugarLand Rgnl

TWO SUGAR CREEK

CONTACT INFORMATION

H. DAN MILLER, CCIM, SIORSenior Managing DirectorT. [email protected]

TRENT AGNEW, SIORDirectorT. [email protected]

WESLEY HIGHTOWERReal Estate AnalystT. [email protected]

JOHNNY KIGHTReal Estate AnalystT. [email protected]

FOR FINANCING INQUIRIESSUSAN HILLSenior Managing DirectorT. [email protected]

HFF L.P.

9 Greenway Plaza

Suite 700

Houston, TX 77046

T. 713.852.3500

F. 713.852.3490

hfflp.com

This Offering Memorandum has been prepared by HFF for use by a limited number of recipients. All information contained herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers,

employees and agents makes any representations or warranties, expressed or implied, as to the accuracy or completeness of the information contained herein. Further, the Offering Memorandum does not constitute a representation that no change in the

business or affairs of the property or the Owner has occurred since the date of the preparation of the Offering Memorandum. All analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the recipient.

HFF and Owner and their respective officers, directors, employees, equity holders and agents expressly disclaim any and all liability that may be based upon or relate to the use of the information contained in this Offering Memorandum.

Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective investors.

Owner and HFF each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal

commitment or obligations to any recipient reviewing this Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner, a written agreement for the purchase of the property has been fully executed,

delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived.

The recipient (“Recipient”) agrees that (a) the Offering Memorandum and its contents are confidential information, except for such information contained in the Offering Memorandum, which is a matter of public record, or is provided from sources available

to the public (b) the Recipient, the Recipient’s employees, agents and consultants (collectively, the “need to know parties”) will hold and treat it in the strictest of confidence, and the Recipient and the need to know parties will not, directly or indirectly,

disclose or permit anyone else to disclose its contents to any other person, firm, or entity without the prior written authorization of HFF and the Owner, and (c) the Recipient and the need to know parties will not use or permit to be used this Offering

Memorandum or its contents in any fashion or manner detrimental to the interest of the Owner or HFF or for any purpose other than use in considering whether to purchase the property. The Recipient and the need to know parties agree to keep this Offering

Memorandum and all confidential information contained herein permanently confidential and further agree to use this Offering Memorandum for the purpose set forth above. If the Recipient has no interest in the property, or if in the future the Recipient or

owner discontinue such negotiations, the Recipient will return this Offering Memorandum to HFF.

5.17

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