us tour book

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Tour bookMacquarie Office

2, 3 AND 6 MAY 2005


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MACQUARIE OFFICE TRUST US PORTFOLIO OVERVIEW.................................

WACHOVIA FINANCIAL CENTER MIAMI, FL ......................................................

SUNTRUST CENTER ORLANDO, FL...................................................................

PROMENADE II ATLANTA, GA ............................................................................

PASADENA TOWERS PASADENA, CA ...............................................................

10 & 30 S WACKER DRIVE CHICAGO, IL............................................................

BANK ONE CENTER INDIANAPOLIS, IN.............................................................

ONE LIBERTY SQUARE BOSTON, MA................................................................

745 ATLANTIC AVENUE BOSTON, MA ...............................................................

700 THIRTEENTH STREET WASHINGTON, D.C. ...............................................

1 & 3 CHRISTINA CENTER WILMINGTON, DE ....................................................

PRESTON COMMONS DALLAS, TX ....................................................................

STERLING PLAZA DALLAS, TX ...........................................................................


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Portfolio

Property Location

%

Ownership NLA (sqft) Occupancy

Weighted Ave.

Lease Term 100% EqWachovia Financial Center Miami, FL 50% 1,145,000 92% 6.4 $299,00SunTrust Center Orlando, FL 75% 641,000 89% 3.6 $139,00Promenade II Atlanta, GA 50% 774,000 97% 7.2 $171,90Pasadena Towers Pasadena, CA 75% 439,000 96% 3.9 $111,0010 & 30 South Wacker Drive Chicago, IL 25% 2,003,000 86% 4.8 $505,00Bank One Center Indianapolis, IN 75% 1,058,000 94% 8.1 $166,50One Liberty Square Boston, MA 100% 148,000 91% 3.4 $35,30745 Atlantic Ave. Boston, MA 100% 170,000 100% 6.2 $59,50700 13th Street Washington, D.C. 100% 244,000 100% 5.4 $125,001 & 3 Christina Center Wilmington, DE 80% 632,797 100% 10.0 $115,40Preston Commons Dallas, TX 50% 419,000 94% 3.3 $66,00

Sterling Plaza Dallas, TX 50% 303,000 89% 2.9 $49,20Total/Weighted Average 7,976,797 92% 5.8 $1,842,80

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Preston CommonsDallas, TX

Sterling PlazaDallas, TX 7

Bank One CenterIndianapolis, IN

10 & 30 South Wacker DriveChicago, IL

SunTrust CenOrlando, FL

Wach

Pasadena TowersPasadena, CA

Promenade II

Atlanta, GA

745

700 13th StreetWashington, D.C.

1 & 3 W


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Miami

14%

Orlando

10%

Chicago

12%

Indianapolis

12%

Boston

9%

Atlanta8%

Wilmington

9%

Pasadena

8%

Washington, D.C.

12%

Dallas

6%

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q=NM=`=^==m=Gross Revenue

Lessee Market Industry US$ pa % of Total Sq


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14%

11%

7%

11%9%

2%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2005 2006 2007 2008 2009 2010

%o

fGro

ssIncome

k=NW==^==~==d=fI==~==k=OW==^==~====E=~====F=

^~=TNB==~=_~=o~=f======OMMV

^~=d=f==b=m~=f=ErpAF=2005 2006 2007 2008 2009+Wachovia $359,201 $1,273,747 $2,596,619 $1,705,512 $11,352,969

SunTrust $287,778 $1,713,943 $1,104,044 $101,577 $8,495,879

Promenade II $18,148 $1,272,580 $18,226 $49,441 $8,850,341

Pasadena Towers $29,621 $507,344 $3,016,488 $1,736,019 $4,448,936


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h=j=Property Name Wachovia Financial Center Lease Expiry Schedule (by ownership % and GrosLocation Miami, FLYear Built/Renovated 1984Ownership % 50%Acquisition Price (8-02)(1) $269,500,000Valuation (12-04)(1) $299,000,000Net Rentable Area (sqft)

Office 1,047,370Retail 98,283

1,145,653

Weighted Average Lease Term 6.4Building Occupancy 92%Market Occupancy(2) 89%Contracted Income Passing Income (US$)

Total Rental Income $21,903,042 Total Rental Income $19Total Other Income $2,844,235 Total Parking IncomeLess Outgoings Shortfall $3,200,247 Outgoings Shortfall

Net Contracted Income $19 $21,547,030 Net Passing IncomeAve. Gross Rent (3) $32Valuer's Gross Market Rent(4) $28-$38 (low, mid & high-rise differentiation)

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

Jun-05 Jun-06 Jun-07 Jun-08 Jun-09

GrossIncom

kW==^=~===rpA=~=~=j~=PNI=OMMRK==^====~===~==~I===ENF=NMMB=f=EOF=_~==~~=~===?q=`~=l=o=J=c=n~=OMMR?=EPF=l==ki^I==~==

EQF=_~==d=j~=o=~==s~~=~=NOJMQ=

==j~=q~=Tenant % NLA SqFt

Weighted Ave.

Expiry Date BusinessWachovia Bank 12% 137,913 Nov-17 Financial ServSteel Hector & Davis 8% 87,469 Nov-16 LegalBilzin Sumberg 7% 76,526 Dec-10 LegalWhite & Case LLP 6% 71,041 Nov-15 LegalMorgan Lewis & Bockius 4% 49,700 May-07 LegalBerkowitz Dick Pollack 4% 41,915 Apr-17 Financial ServErnst & Young 3% 35,335 Oct-07 Financial Serv


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`~~=_=Building Name/Address Sub-Market Class Year Built/Renovated

Bank of America Tower/100 SE 2nd St Downtown A 1987Miami Center/201 S Biscayne Blvd Downtown A 1983

701 Brickell Ave Downtown A 1986

One Brickell Sq/801 Brickell Ave Downtown A 1985Mellon Financial Center/1111 Brickell Ave Downtown A 2000

`~~=i~=Building Name/Address Date of Execution RSF Avg. Rent

Bank of America Tower/100 SE 2nd St 1/02/2005 6,868 $33.00 (GroMiami Center/201 S Biscayne Blvd 4/01/2005 2,370 $31.00 + eleMiami Center/201 S Biscayne Blvd 4/01/2005 9,348 $31.50 + ele701 Brickell Ave 11/11/2004 6,350 $34.00 (GroOne Brickell Sq/801 Brickell Ave 3/02/2005 6,954 $33.50 (GroMellon Financial Center/1111 Brickell Ave 16/12/2004 3,349 $31.00 (GroEspirito Santo Plaza/1395 Brickell Ave 31/03/2005 2,241 $33.50 (Gro

`~~=p~=Street Address Close Date Price S

350-450 Las Olas Blvd, Ft. Lauderdale, FL Nov-04 $138,000,000 468,550 Biltmore Way, Coral Gables, FL Nov-04 $35,800,000 161,1 SE 3rd Ave, Miami, FL Dec-03 $70,000,000 418,100 SE 2nd Ave, Miami, FL Jun-03 $86,250,000 600,2 Alhambra Plz, Coral Gables, FL Aug-04 $72,300,000 317,

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h=j=Property Name SunTrust Center Lease Expiry Schedule (by ownership % and GrossLocation Orlando, FLYear Built/Renovated 1988Ownership % 75%Acquisition Price (12-99)(1) $129,000,000Valuation (12-04)(1) $139,000,000Net Rentable Area

Office 639,266Retail 2,339

641,605

Weighted Average Lease Term 3.6Building Occupancy 89%Market Occupancy(2) 89%Contracted Income Passing Income

Total Rental Income

$14,367,598 Total Rental Income $22Total Other Income $2,355,446 Total Parking IncomeLess Outgoings Shortfall $5,705,924 Outgoings Shortfall

Net Contracted Income $17 $11,017,120 Net Passing IncomeAve. Gross Rent (3) $27Valuer's Gross Market Rent(4) $24-$25.50

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000


GrossIncom




Weighted Ave.

Expiry Date BusinessSunTrust Bank 41% 262,129 Aug-08 Financial ServHolland & Knight 12% 74,658 Apr-09 LegalBaker & Hostetler 9% 57,955 Nov-13 LegalOrange County 8% 49,307 Oct-06 GovernmeCNL Real Estate Services 5% 29,462 Oct-05 Real Estat

74% 473,511


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Lincoln Plaza/300 S Orange Ave Downtown A 2000

Bank of America/390 N Orange Ave Downtown A 1988

Capital Plaza II/301 E Pine St. Downtown A 2000

Regions Plaza/201 S Orange St Downtown A 1982

`~~=i~=Building Name/Address Date of Execution RSF Avg. Ren

Bank of America/390 N Orange Ave 1/02/2005 6,106 $22.00 (Gro

Regions Plaza/201 S Orange Ave 14/12/2004 7,448 $25.00 (Gro

Lincoln Plaza/300 S Orange Ave 18/11/2004 5,954 $26.00 (Gro

Capital Plaza II/301 E Pine St 1/02/2005 4,690 $25.50 (Gro


350-450 Las Olas Blvd, Ft. Lauderdale, FL Nov-04 $138,000,000 468,550 Biltmore Way, Coral Gables, FL Nov-04 $35,800,000 161,401 E Jackson St, Tampa, FL Feb-04 $73,586,000 527,1 SE 3rd Ave, Miami, FL Dec-03 $70,000,000 418,

100 SE 2nd Ave, Miami, FL Jun-03 $86,250,000 600,

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h=j=Property Name Promenade II Lease Expiry Schedule (by % Ownership and Gros

Location Atlanta, GA

Year Built/Renovated 1990

Ownership % 50%

Acquisition Price (12-99)(1)

$156,500,000

Valuation (12-04)(1) $171,900,000

Net Rentable Area


774,392

Weighted Average Lease Term 7.2

Building Occupancy 97%

Market Occupancy(2) 81%

Contracted Income Passing Income


Net Contracted Income $19 $14,876,733 Net Passing Income

Ave. Gross Rent(3)

$27

Valuer's Gross Market Rent(4)

$25

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000


GrossIncome




Weighted Ave.

Expiry Date BusinessAT&T 60% 465,233 Jun-10 TelecomSmith Gambrell 20% 156,636 Jun-21 LegalThompson Ventulett (TVS&A) 12% 91,915 Jun-21 Business Serv

92% 713,784

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Proscenium/1170 Peachtree St. Midtown A 20011100 Peachtree St. Midtown A 1990

Campanile/1155 Peachtree St. Midtown A 1987

Atlantic Center Plaza/1180 W. Peachtree St. Midtown A 2001One Atlantic Center/1201 W. Peachtree St. Midtown A 1987


1100 Peachtree St NE 25/10/2004 21,241 $19.00 (Ne

Campanile/1155 Peachtree St NE 25/02/2005 8,848 $30.00 (GroThe Proscenium/1170 Peachtree St 3/01/2005 25,393 $28.50 (Gro

One Midtown Plaza/1360 Peachtree St NE 1/02/2005 1,219 $18.00 (Gro

`~~=p~=Street Address Close Date Price SF

Pershing Park Plaza Sep-04 $41,300,000 159,Pinnacle Bldg Aug-04 $145,000,000 424,The Seibel Bldg Jun-04 $81,875,000 352,

One Capital City Plaza Apr-04 $78,600,000 410,Atlantic Center Plaza Jan-04 $121,819,000 501,The Proscenium Dec-03 $118,000,000 527,3200 Windy Hill Rd SE Oct-04 $125,000,000 693,

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h=j=Property Name Pasadena Towers Lease Expiry Schedule (by % Ownership and Gros

Location Pasadena, CA

Year Built/Renovated 1990, 1991

Ownership % 75%

Acquisition Price (12-99)(1) $92,000,000

Valuation (12-04)(1) $111,000,000

Net Rentable Area


438,560



Market Occupancy(2)

89%




Ave. Gross Rent(3)

$32


$30

0

1,000,000

2,000,000

3,000,000

4,000,000


GrossIncome




Weighted Ave.

Expiry Date BusinessAON 18% 77,428 Jan-07 InsuranceTokio Marine 13% 57,588 Nov-09 InsuranceMorgan Stanley 6% 24,155 Jun-12 Financial ServFirst Quadrant 5% 22,564 May-12 Financial ServBank of America 5% 22,296 Jan-08 Financial ServGSA Hearings & Appeals 4% 19,299 Dec-14 GovernmeCountrywide Home Loans 3% 14,876 May-08 Financial Serv


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300 North Lake Ave. Pasadena A 1989301 North Lake Ave. Pasadena A 1989

Knoll Center Pasadena/1055 E. Colorado Blvd Pasadena A 2001Plaza Las Fuentes I and II/135 N. Los Robles

Ave/385 E. Colorado Pasadena A

I = 1990;II = 2004


Koll Center/1055 E Colorado Blvd 11/03/2005 1,633 $30.00 (Gro

Gateway Plaza/300 N Lake Blvd 22/11/2004 2,499 $30.00 (Gro

Lake Corson Bldg/301 N Lake Blvd 16/02/2005 1,247 $28.20 (GroLake Corson Bldg/301 N Lake Blvd 16/02/2005 6,538 $28.20 (Gro

`~~=p~=Street Address Close Date Price S21271-81 Burbank Blvd

5820 Canoga Ave,

Warner Center, CA Jan-05 $155,000,000 449,

200 S Los Robles, Pasadena, CA Dec-04 $34,240,000 124,6301 - 6305 Owensmouth Ave

Woodland Hills, CA Dec-04

$132,000,000

(leasehold) 517,

21300 Victory Blvd, Woodland Hills, CA Oct-04 $64,500,000 253,

2040 Main St., Irvine, CA Oct-04 $106,500,000 307,

777 S Figueroa St. Jun-04 $250,000,000 1,004

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h=j=Property Name 10 & 30 South Wacker Drive Lease Expiry Schedule (by % Ownership and Gros

Location Chicago, IL

Year Built/Renovated 1983/1987

Ownership % 25%

Acquisition Price (12-99)* $490,000,000

Valuation (06-04)(1)

$505,000,000Net Rentable Area


2,003,564



Market Occupancy(2)

83%

Contracted Income Passing IncomeTotal Rental Income $36,253,035 Total Rental Income $18

Total Other Income $2,215,698 Total Other IncomeLess Outgoings Shortfall $6,332,612 Less Outgoings Shortfall

Net Contracted Income $16 $32,136,121 Net Contracted Income

Ave. Gross Rent(3)

$37Gross Market Rent $35-$37

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

Jun-05 Jun-06 Jun-07 Jun-08 Jun-

GrossIncome



Weighted Ave.

Expiry Date Business

Chicago Mercantile Exchange 23% 458,610 Oct-08 Financial ServWilliam Mercer (Mercer Human Resources) 7% 135,379 Feb-09 ConsultingSachnoff Weaver 6% 120,925 Feb-20 LegalAM & G 4% 88,368 Nov-09 Financial ServNavigant Consulting 4% 81,218 May-17 ConsultingRefco 4% 72,913 Nov-08 Financial ServDykema Gossett 3% 67,514 Apr-15 LegalSmith Barney 3% 51,823 Mar-08 Financial Serv


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Citicorp Center/500 W Madison St. West-Loop A 1987500 W Monroe St. West-Loop A 1991525 W Monroe St. West-Loop A 1983100 N Riverside Plz West-Loop A 1990UBS Tower/1 N Wacker Dr West-Loop A 2001Sears Tower/233 S Wacker Dr West-Loop A 1973/1993


Citicorp Center/500 W Madison St 6/01/2005 21,450 $19.00 (Ne

525 W Monroe St 14/01/2005 2,207 $16.00 (Ne

525 W Monroe St 14/01/2005 3,751 $15.00 (NeUBS Tower/1 N Wacker Dr 10/02/2005 1,475 $26.00 (Ne

Sears Tower/233 S Wacker Dr 1/11/2004 10,900 $18.50 (Gro

Sears Tower/233 S Wacker Dr 1/03/2005 11,849 $26.00 (Ne


233 S Wacker Dr Apr-04 $840,000,000 3,810

555 W Monroe St Nov-04 $115,000,000 420,333 W Wacker Dr Aug-04 $208,000,000 867,

191 N Wacker Dr Sep-04 $222,000,000 732,

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h=j=Property Name Bank One Center Lease Expiry Schedule (by % Ownership and Gros

Location Indianapolis, IN


Ownership % 75%





1,057,877



Market Occupancy(2)

87%


Total Other Income $2,043,840 Total Parking IncomeLess Outgoings Shortfall $5,582,009 Outgoings Shortfall


Ave. Gross Rent(3)

$23Gross Market Rent $19

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

Jun-05 Jun-06 Jun-07 Jun-08 Jun

GrossIncome



Weighted Ave.


Bank One 36% 376,597 Nov-19 Financial ServGuidant Corp 7% 69,512 Sep-07 Financial ServWoodard Emhardt 6% 60,569 Jun-08 HealthcarErnst & Young 6% 58,628 Jun-13 LegalSommer & Barnard 3% 34,536 Aug-05 Business Serv

57% 599,842


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AUL Tower/1 American Sq Downtown A 1982Capital Center South/201 N Illinois St Downtown A 1986Fifth Third North Tower/251 N Illinois St Downtown A 1986Market Tower/10 W Market St Downtown A 1988300 N Meridian St Downtown A 1989First Indiana Plaza/135 N Pennsylvania St Downtown A 1988


Capital Center South/201 N Illinios St 14/02/2005 2,418 $20.50 (GroMarket Tower/10 W Market St 1/03/2005 37,674 $22.68 (Gro

300 N Meridian St 8/03/2005 7,875 $19.75 (GroFirst Indiana Plaza/135 N Pennsylvania St 31/03/2005 4,621 $19.50 (Gro


10 West Market Street Jan-04 $77,500,000 508,

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h=j=Property Name One Liberty Square Lease Expiry Schedule (by % Ownership and Gros

Location Boston, MA


Ownership % 100%


Valuation (12-04)

(1)



148,185



Market Occupancy(2)

86%


Total Other Income $0 Total Parking IncomeLess Outgoings Shortfall $1,754,928 Outgoings Shortfall


Ave. Gross Rent(3)

$44


$28

0

500,000

1,000,000

1,500,000

2,000,000


GrossIncome

kW==^=~===rpA=~=~=j~=PNI=OMMRK==^====~===~==~I===ENF=NMMB=f=EOF=_~==~~=~===?q=`~=l=o=J=c=n~=OMMR?=EPF=l==ki^I==~==EQF=_~==d=j~=o=~==s~~=~=NOJMQ=


Weighted Ave.


Cabot LNG (Tractebel) 16% 23,740 Dec-10 EnergyBrodeur & Partners, Inc. 8% 11,870 Sep-06 Business ServBerman, DeValerio & Pease 8% 11,826 Oct-09 LegalAccenture LLP 8% 11,826 Jul-07 Financial ServGreat Hill Partners 8% 11,826 Dec-11 Financial ServAdvisorTech Corporation 6% 9,395 Jul-05 Financial Servi

54% 80,483


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176 Federal St. CBD A 1900/198645 Milk St. CBD A 1893/198184 State St. CBD A 1903/1985One Winthrop Sq. CBD A 1873/1985


313 Congress St 30/03/2005 8,897 $25.00 (Gro280 Summer St 6/04/2005 6,660 $23.00 (Gro133 Federal St 9/02/2005 3,025 $29.50 (Gro31 Milk St 23/02/2005 1,436 $27.00 (Gro

84 State St 9/03/2005 3,625 $27.00 (Gro


10 Milk Street May-04 $56,950,000 226,343 Congress Street Aug-03 $26,850,000 111,184 High Street Jul-04 $11,500,000 50,071-77 Summer Street Jul-04 $11,700,000 59,3

99 Summer Street Sep-03 $68,250,000 269,

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h=j=Property Name 745 Atlantic Avenue Lease Expiry Schedule (by % Ownership and Gros

Location Boston, MA


Ownership % 100%


$54,650,000

Valuation (12-04)(1) $59,500,000

Net Rentable AreaOffice 168,231Retail 1,883

170,114





Total Other Income $720,064 Total Parking IncomeLess Outgoings Shortfall $2,140,576 Outgoings Shortfall


Ave. Gross Rent(3)

$42


$35

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000


GrossIncome



Weighted Ave.


Iron Mountain Info. Mgmt. 48% 81,759 Sep-13 Business ServKey Bank USA 22% 37,094 Feb-07 Financial Serv

Brown, Rudnick et al 19% 32,474 Oct-11 LegalReznick, Fedder / Iron Mountain 7% 11,095 Mar-14 Business Serv

95% 162,422


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The Rice Building/155 Federal Street South-Station B 1983695 Atlantic Ave. South-Station B 1899/1988711 Atlantic Ave. South-Station B 1890/1985The Landmark/160 Federal St. South-Station A 1929/1986


313 Congress St 30/03/2005 8,897 $25.00 (Gro280 Summer St 6/04/2005 6,660 $23.00 (Gro133 Federal St 9/02/2005 3,025 $29.50 (Gro31 Milk St 23/02/2005 1,436 $27.00 (Gro84 State St

9/03/2005 3,625 $27.00 (Gro

`~~=p~=Street Address Close Date Price S245 Summer Street, &

7 Water Street Oct-04 $322,500,000 911,

116 Huntington Ave Nov-04 $77,300,000 268,

73 Tremont Street Jul-04 $85,000,000 303,

One Beacon Street Oct-04 $340,000,000 1,100Charles Park, Cambridge, MA Feb-05 $115,500,000 365,

pW==`~==


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47/106



48/106


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f=p=q===VVB==~=~=~=~=~=~=~==

=~===t~=aK`KI=~~===~===j~~~K==q=====~=OSB=~==~==r


49/106


h=j=Property Name 700 13th Street Lease Expiry Schedule (by % Ownership and Gros

Location Washington, D.C.


Ownership % 100%



$125,000,000


243,717



Market Occupancy(2)

93%


Total Other Income $623,245 Total Parking IncomeLess Outgoings Shortfall $3,105,619 Outgoings ShortfallNet Contracted Income $33 $8,119,681 Net Passing Income

Ave. Gross Rent(3)

$48


$44-$46

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000


GrossIncome



Weighted Ave.


The Cassidy Companies 45% 109,701 Jan-12 Business ServBryan Cave LLP 20% 48,622 Mar-10 LegalHyman, Phelps, & Mcnamara 11% 27,219 Dec-05 Legal

76% 185,542

kW==t=^~=b=a~=~==B==d=f=


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900 7th St. East-End A 2004701 13th St. East-End A 2003607 14th St. East-End A 1990901 E St. East-End A 1989

1350 Eye St. East-End A 19891401 H St. East-End A 1992


1625 Eye Street 1st qtr 2005 68,598 $44.00 (Gro

1700 K Street 1st qtr 2005 19,838 $46.25 (Gro

1667 K Street 1st qtr 2005 24,748 $47.75 (Gro

975 F Street 1st qtr 2005 90,000 $43.00 (Ne

616 H Street 1st qtr 2005 53,740 $40.56 (Gro

900 7th Street 1st qtr 2005 9,882 $43.00 (Gro

1025 F Street 1st qtr 2005 52,000 $50.50 (Gro

901 New York Ave 1st qtr 2005 75,528 $35.50 (Ne

607 14th Street 1st qtr 2005 23,626 $46.00 (Gro


333 11th St. NW/Lincoln Square Mar-05 $270,000,000 404,00555 11th Street Mar-05 $241,776,000 368,00

1875 K Street Mar-05 $115,388,760 187,621001 Pennsylvania Ave NW Dec-04 $461,300,000 758,79

601 13th Street (50% interest)/Homer Bldg Apr-05 $105,200,000 448,421425 New York Ave $150,000,000 278,25

701 13th Street $240,086,280 421,20

pW==`~=


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53/106


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f=p=gm=j~=`~=C=`K=E=_~=lI=a~~F==VNB===ki^=J=~I=~=~=====~===

q==~====~=~=~====JJ~= ~= = = = = ~= = = ~= = ~K= = q=~==~=VB=~=K=


54/106


h=j=Property Name 1&3 Christina Center Lease Expiry Schedule (by % Ownership and Gro

Location Wilmington, DE

Year Built/Renovated 1988, 1990

Ownership % 80%

Acquisition Price (Dec-03)(1) $114,600,000

Valuation (07-03)(1) $115,400,000

Net Rentable Area

Office 632,134Retail 663

632,797





Total Rental Income $10,640,743 Total Rental Income $

Total Other Income $2,360,470 Total Parking IncomeLess Outgoings Shortfall $2,416,498 Outgoings Shortfall


Ave. Gross Rent(3)

$27

Gross Market Rent(4)

$27

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

Jun-05 Jun-06 Jun-07 Jun-08 Ju

GrossIncome



Weighted Ave.


Bank One 91% 572,908 Dec-15 Financial Serv

Brandywine Asset Management 5% 30,050 Dec-10 Real Estat

Amex Credit Corp 1% 8,158 Jun-05 Financial ServNobel Ed Dynamics 1% 6,575 Jun-05 EducationMetropolitan Fibre 1% 5,932 Oct-14 Telecom

99% 623,623


55/106



City Center @ Wilmington/1000 N West St CBD A 1969/2000

Hercules Plaza/1313 N Market St CBD A 1982

Chase Manhattan Centre/1201 N Market St CBD A 1988Wilmington Trust Center/1100 N Market St CBD A 1985

300 Delaware Ave CBD A 1970/2000919 N Market St CBD A 1965/20021100 N King St CBD A 1984


824 N Market St 15/03/2005 2,888 $21.75 (Gro

1220 N Market St 2/11/2004 7,383 $24.50 (Gro

1007 Orange St 26/10/2004 20,504 $23.00 (Gro1007 Orange St 26/10/2004 32,000 $17.50 (Gro


1201 N Market St May-02 $80,500,000 438,919 N Market St Feb-02 $21,100,000 220,

824-834 N Market St Oct-03 $31,900,000 220,

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58/106


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f=p=q==~=~==~====~=~I==~===~=gm=j`K=E=_~=lI=q~F=~=t~~=pK==q==~===OSB==rpASSKM==~=~=~==~===~==


59/106


h=j=Property Name Preston Commons Lease Expiry Schedule (by % Ownership and Gros

Location Dallas, TX

Year Built/Renovated 1986(East/West), 1957 (Bank)

Ownership % 50%



$66,000,000

Net Rentable AreaOffice 421,754Retail 0

421,754



Market Occupancy(2)

80%

Contracted Income Passing IncomeTotal Rental Income $8,531,583 Total Rental Income $20Total Other Income $373,515 Total Parking IncomeLess Outgoings Shortfall $3,411,532 Outgoings Shortfall


Ave. Gross Rent(3)

$23


$22-$23

0

500,000

1,000,000

1,500,000

2,000,000


GrossIncome

kW==^=~===rpA=~=~=j~=PNI=OMMRK==^====~===~==~I===ENF=NMMB=f=EOF=_~==~~=~===?q=`~=l=o=J=c=n~=OMMR?=EPF=l==ki^I==~==EQF=_~==d=j~=o=~==s~~=~=NNJMQ=


Weighted Ave.


Bank One Texas, N.A. 14% 58,680 Sep-09 Financial ServWachovia Securities 7% 27,472 Oct-07 Financial ServAdvanced Business Technology 6% 24,169 Oct-09 Business ServSarofim Realty Advisors 5% 21,375 Sep-12 Real EstatChief Oil & Gas 5% 19,057 Sep-07 EnergyMalone Mortgage 3% 14,559 Sep-09 Financial ServRCST, Inc. 3% 14,042 May-10 Business Serv



60/106


Sherry Lane Place/5956 Sherry Ln Preston Center A 19835950 Sherry Lane Preston Center A 1999Guaranty Bank Tower/8333 Douglas Ave Preston Center A 1975/1995Preston Sherry Plaza/8201 Preston Rd Preston Center A 1987

The Berkshire at Preston Center/5950 BerkshireLn Preston Center A 1984/1998


One Preston Center/8222 Douglas Ave 11/02/2005 2,055 $20.00+ele

Commercial Tower/5944 Luther Ln 22/12/2004 2,550 $22.50 (Gro


Preston Centre Plaza/8214 Westchester Dr 26/01/2005 3,490 $23.50 (Gro


7160 Dallas Parkway, Plano, TX Sep-04 $66,350,000 360,8

8333 Douglas Ave, Dallas, TX Aug-04 $37,000,000 253,7

2100 McKinney Ave, Dallas, TX Jul-04 $85,680,000 359,

4514 Cole Ave, Dallas, TX May-04 $18,800,000 163,

2911 Turtle Creek Blvd, Dallas, TX Oct-03 $31,200,000 177,2

14185 Dallas, Dallas, TX Nov-04 $88,500,000 412,5

pW==`~==

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61/106



62/106



63/106

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f=p=p=m~~==UVB==~=~==~=~==~=~K===q==a=OMMQ==OUB==rpAQV==~=~=~==~=

K===



64/106

h=j=Property Name Sterling Plaza Lease Expiry Schedule (by % Ownership and Gros

Location Dallas, TX


Ownership % 50%


$38,500,000

Valuation (11-04)(1) $49,200,000


304,331




Contracted Income Passing IncomeTotal Rental Income $5,925,862 Total Rental Income $19Total Other Income $204,710 Total Parking Income

Less Outgoings Shortfall $2,620,366 Outgoings ShortfallNet Contracted Income $12 $3,510,205 Net Passing Income

Ave. Gross Rent(3)

$24


$23

0

200,000

400,000

600,000

800,000

1,000,000


GrossIncome

kW==^=~===rpA=~=~=j~=PNI=OMMRK==^====~===~==~I===ENF=NMMB=f=EOF=_~==~~=~===?q=`~=l=o=J=c=n~=OMMR?=EPF=l==ki^I==~==EQF=_~==d=j~=o=~==s~~=~=NNJMQ=


Weighted Ave.


Sammons Corporation 7% 20,340 Dec-12 Financial ServJohn McStay Investment 7% 19,912 Apr-11 Financial ServMcGriff, Seibel & Williams 6% 17,136 Jun-07 InsurancePoint Group, Inc. 5% 14,044 Oct-07 Business ServOlympic Commercial Realty 3% 10,225 Nov-06 Real EstatGuida, Slavich & Flores 3% 9,039 May-05 LegalBudge & Turnage, Inc. 2% 7,154 Nov-08 Financial Serv



65/106

Building Name/Address Sub-Market Class Year Built/Renovated

Sherry Lane Place/5956 Sherry Ln Preston Center A 19835950 Sherry Lane Preston Center A 1999Guaranty Bank Tower/8333 Douglas Ave Preston Center A 1975/1995Preston Sherry Plaza/8201 Preston Rd Preston Center A 1987The Berkshire at Preston Center/5950 Berkshire

Ln Preston Center A 1984/1998


One Preston Center/8222 Douglas Ave 11/02/2005 2,055 $20.00+ele



Preston Centre Plaza/8214 Westchester Dr 26/01/2005 3,490 $23.50 (Gro


7160 Dallas Parkway, Plano, TX Sep-04 $66,350,000 360,8

8333 Douglas Ave, Dallas, TX Aug-04 $37,000,000 253,7

2100 McKinney Ave, Dallas, TX Jul-04 $85,680,000 359,

4514 Cole Ave, Dallas, TX May-04 $18,800,000 163,

2911 Turtle Creek Blvd, Dallas, TX Oct-03 $31,200,000 177,2

14185 Dallas, Dallas, TX Nov-04 $88,500,000 412,5

pW==`~=

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66/106

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74/106

Atlanta O

Market

F I R S


75/106

2004 brought the Atlanta office market its first taste

of unvarnished good news in several years, with

declining vacancies and steadily improving occupancy

growth. The first quarter of 2005 offers further

evidence that Atlantas office market recovery is solidly

underway. While this is a more gradual recovery than

we have seen in past cycles, most market indicators

are very encouraging. Net absorption continues to

improve, with its strongest performance in more than

four years. Vacancy continues its decline, and the

amount of sublease space

on market has dipped by

an average of 500,000

square feet each quarter

for more than a year.

Still, the market engine

has not yet reached full

speed. While absorption

is improving, it remains

below levels seen in the late

1990s. While the vacancy

rate is sliding downward, it

remains above 20 percent,

and shows no sign of

approaching the historic

lows seen five years ago. Of course, its doubtful

whether those years can be duplicated without the

kind of economic stimulus that was led by technology

companies during those years. While sublease space

recedes, it remains a factor in some submarkets,

particularly North Fulton and Central Perimeter, where

vacancies are at their highest. And while construction

falls well below development highs of the 1990s,

the nearly 1.4 million

construction are focus

Business District, and

remains available. A pr

could pose a risk to lon

a city with more than 28

office space.

Other indicators recom

lease rates continue t

mode and moving in

Barring a new next b

economic expansion,

market experiencing

during the high tech b

2005 is already on tra

performance and prov

with its best year this de

HOT TOPICS

Absorption continues to strengthen,with best quarterly performance since2000

Vacancy continues to decline gradually

QUICK STATS

Change from last *

Current Yr. Qtr.

Vacancy 22.0%

Lease Rates $19.78

Net Absorption 622,926

Construction 1,373,110

* The arrows are trend indicators over the specified time period and do

not represent a positive or negative value. (e.g., absorption could be

negative, but still represent a positive trend over a specified period.)

VACANCY RATE VS. LEASE RATE VacancyLease R

F I R S

While this is a more

gradual recovery than we

have seen in past cycles,

most market indicators

are very encouraging.

CB Richard Ellis | Atlanta Office MarketView| 1Q 2005

Total Sublease YTD Net UInventory Vacancy Space Availability Absorption Constru

Submarket (SF) Rate % (SF) Rate % (SF)


76/106

UNEMPLOYMENT RATE

6%

7%

( ) ( ) ( )

Downtown 16,734,642 23.9% 173,922 24.4% -122,009 2

Midtown 14,468,939 18.8% 362,774 18.9% 292,550 6

Buckhead 11,547,186 18.6% 364,903 18.6% 4,216 1

Urban Totals 42,750,767 20.7% 901,599 21.0% 174,757 1,1

Northwest 20,377,601 20.3% 396,580 21.3% 111,580

I-75 / Marietta 2,231,681 13.5% 42,602 17.9% 24,372

Central Perimeter 22,995,165 26.4% 623,815 26.7% 76,823

North Fulton 16,340,406 24.4% 1,257,259 29.8% 218,150

Peachtree Corners 5,082,404 21.5% 135,830 23.6% 9,453

I-85 / Northeast 6,429,670 24.0% 321,340 27.7% 23,161 1

Northlake / Decatur 9,434,155 17.8% 105,954 18.7% -10,544 1

Airport / South Atlanta 2,341,462 22.6% 31,312 23.0% -1,553

Suburban Totals 86,206,680 22.6% 2,914,692 24.6% 448,169 2

Metro Atlanta 128,957,447 22.0% 3,816,291 23.4% 622,926 1,3

The economy continues to offer mixed signals to market watchersdoes across the nation. Unemployment rates for both Atlanta andduring first quarter; while still below the national average local

Atlanta Georgia

US

Source: Dorey Market Analysis Group

CB Richard Ellis | Atlanta Office

30 1.0

VACANCY/AVAILABILITY/NET ABSORPTION

$22

Vacancy 22.0%Availability 23.4%Absorption 622,926

AVERAGE ASKING LEASE RATES


77/106

5

10

15

20

25

-1.5

-1.0

-0.5

0.0

0.5

0.00

0.25

0.50

0.75

1.00

1.25

1.50

CONSTRUCTION ACTIVITY

$17

$18

$19

$20

$21

MARKET OUTLOOK

Atlantas office market is poised to

growth in 2005 than it has seen s

first quarters performance represe

growth seen during all of 2004. H

and sustained job growth, metro A

While absorption continues to impro

more than 28 million square feet of

worth of supply at current absorptio

%V

acancy/Availability

SquareFeetAbsorbed(MM

)

Vacancy in metro Atlantas office market, while still above twenty percent, has declined for fiveof the last six quarters, reporting a rate of 22.0% in the first quarter of 2005. Space availablefor direct lease declined over the past year, and space on the sublease market has dropped byan average of 500,000 square feet for more than a year.

Meanwhile, absorption continues its trend of improvement begun during 2003. First quartersnet absorption of 622,926 square feet is the strongest single-quarter performance in more than

four years. While Atlanta shows no sign of reaching the late 1990s absorption rates of nearlyone million square feet per quarter anytime soon, the recovery is clearly underway.

Average asking lease rates in metro Atlanta have ra year, losing an average of five cents a quarter pefive quarters; rates had dipped by more than twenquarter 2005, weighted average lease rates were qlevels seen in 2001 before the office market slide in the Class A sector this quarter, dropping twenty quoted rates have remained remarkably steady thr

were found in Class A space in Midtown and Buckhyears.

While construction activity declined to its lowest level in years during 2003, activity has

SquareFeet(MM)

Square Feet Under Construction 1,373,110

AVERAGE A

T O P A T L A N T A L E A S E T R A N S A C T I O N S

MarketView| Atlanta Office

Size (SF) Tenant Address / Building Name

237 000 SF S h l d A bill 999 P h R l/ i


78/106

Rate determ

rate for eac

the product

space with

NET LEASES

Includes all

agreed rent

and taxes fo

and/or mai

MARKET CO

Includes all

feet and gre

NET ABSOR

The change

the next.

NET RENTA

The gross bcore, flues,

stairwell are

OCCUPIED S

Building ar

UNDER CON

Buildings w

by site exca

AVAILABLE

Portion of B

may be eith

AVAILABILI

Available S

VACANT SQ

Portion of B

VACANCY RA

Vacant Buil

NORMALIZA

Due to a rec

A T L A N T A S U B M A R K E T M A P

237,000 SF Sutherland Asbill 999 Peachtree - Renewal/expansion

100,000 SF Morris, Manning & Martin Atlanta Fiancial Center - Renewal

75,000 SF Heery International 999 Peachtree - Renewal

61,000 SF Pediatric Services 310 Technology Parkway - Renewal

60,000 SF CompBenefits 100 Mansell Court - Renewal

F I R S

Los Angeles

Mark


79/106

Vacancy 12.6%

Lease Rates $2.16

Net Absorption* 730,908

Construction 1,257,059

* The arrows are trend indicators over the positive or negative

value. (e.g., absorption could be negative, but still represent apositive trend over a specified period.)

14.00%

16.00%

VACANCY RATE VS. LEASE RATE

In Downtown LA, early relocations ornegotiations by large tenants, are tak-ing place as early as 2 years before

their respective lease expirations.There is a limited supply of good sub-

lease space (over 15,000 RSF) withdecent term left.

In the San Fernando Valley, rentalrates continue to firm up, while leasingconcessions are on the decline. At

HOT TOPICS

QUICK STATS

Yr.urrent Qtr.Change from last

The Los Angeles County office market experienced

positive trends in the first quarter of 2005,

including:

Decreased vacancy Increased asking rates Increased net absorption Increased construction activity

The vacancy rate in Los Angeles County continued

its steady decline with an annual decrease of 10.7%

from 14.2% in 1Q04 to 12.6% in

1Q05. The San Gabriel Valley

experienced the most significant

annual change, a 25.5%

decrease from 8.1% in 1Q04 to

6.1% in 1Q05, followed closelyby the Tri-Cities market with a

23.3% annual decrease from

11.3% to 8.7%. The Ventura County market

experienced a 23.7% annual decrease from 11.1%

to 8.5%.

At the conclusion of the first quarter of 2005, the

San Gabriel Valley offered the lowest vacancy rate

in the County at 6.1%, while the South Bay market

offered the highest at 20.5%.

Average asking lease rates in Los Angeles County

increased $.04 compared to first quarter 2004,

from $2.12 per SF in 1Q04 to $2.16 per SF in

1Q05. The greatest annual increase was in the

Downtown LA marke

SF in 1Q04 to $2.2

asking rates in the Tr

San Fernando Valley

experienced slight an

each.

Net absorption in L

positive in the first q

s

p

S

1

f

2

D

with 208,831 SF, a

178,732 SF. Two m

experienced nega

Hollywood/Wilshire C

South Bay with -70,6

Construction activity

reached in 2004

construction. Active

County included pr

Fernando Valley and

addition to several ci

The vacancy rate in Los

Angeles County continued

its steady decline with an

annual decrease of 10.7%

from 14.2% in 1Q04 to12.6% in 1Q05.

LACounty

CB Richard E l l is | Los Ange les Of f i ce MarketV iew | 1Q 2005

Net Vacancy Net UnderRentable Area Rate Absorption Construction

Sub-market SF % SF SFTri-Cities/Glendale 24,058,489 8.7% 95,710 287,723


80/106

"The first quarter of 2005 is continuing with its momentum from 2004. Vacancy continues to decreas

increasing overall, and absorption was exceptionally strong. Most notable is the reduction in large bl

space, which will energize new development and build to suit activity in select markets. Several laggin

Downtown Los Angeles and South Bay) have bottomed out and are starting to recover. We envision t

continue to strengthen throughout 2005."

John McRoskey, Senior Vice President, Downtown Los An

Mike McRoskey, Senior Vice President, Downtown Los An

MARKET OUTLOOK

5%

6%

7%

8%

The unemployment rate in Greater Los Ventura counties combined) and the Sta1Q05 to 6.0% and 6.1% respectively, yet bbelow the 1Q04 rates of 6.7% and 7.0%.steady at 5.4%, down from 1Q04's 5.7%.

l N l

UNEMPLOYMENT RATE

Downtown Los Angeles 30,991,115 15.5% 208,831 -Hollywood/Wilshire Corridor 17,155,280 12.1% (77,708) -

San Fernando Valley 21,957,482 9.1% 178,732 179,336

San Gabriel Valley 12,624,341 6.1% 104,461 -

South Bay 27,545,505 20.5% (70,656) -

West Los Angeles 42,975,921 11.7% 291,538 790,000

Los Angeles County Total 177,308,133 12.6% 730,908 1,257,059

Ventura 8,344,187 8.5% 26,252 230,986Greater Los Angeles Area Total 185,652,320 12.5% 757,160 1,488,045

CB Richard El l i s | Los Ange les Of f i ce Ma

15.0%

$2.10

$2.20

Vacancy 12.6%VACANCY RATES AVERAGE ASKING LEASE RATES


81/106

12.0%

13.0%

14.0%

04Q1 04Q2 04Q3 04Q4 05Q1$1.50

$1.60

$1.70

$1.80

$1.90

$2.00

04Q1 04Q2 0

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

04Q1 04Q2 04Q3 04Q4 05Q1

Vacancy rates in Los Angeles County during the first quarter breakdown as follows:

Class A: 11.9% Class B: 15.1% Overall: 12.6%

In LA County, the Class A market is tightest in the San Gabriel Valley

at 7.4%, and greatest in South Bay at 15.6%. Class B vacancy islowest in San Gabriel Valley at 5.3% and greatest in Downtown LA at33.3%. Overall, the San Gabriel Valley has the lowest combinedvacancy at 6.1%, and South Bay the highest at 20.5%.

Average asking rates in Los Angelesbreak down as follows:

Class A: $2.31 per SF Class B: $1.75 per SF Overall: $2.16 per SF

In LA County, Class A rates are high

and lowest in the Hollywood/WilshireB rates are highest in West LA at $Hollywood/Wilshire Corridor at $1.5the highest asking rate in the CouHollywood/Wilshire Corridor has the


%V

acancy/Availability

SquareFeet(MM)

0.0

0.5

1.0

1.5

04Q1 04Q2 0

b l

NET ABSORPTIONConst ruct ion SF ( in Mi ll ii ons) 1.3

SquareFeet(MM)

$/SF/Mth

AVERAGE A

A calculate

TOP LOS ANGELES LEASE TRANSACTIONS

Location Tenant Size (Sq. Ft.)

El Segundo Mattel 160,000

Agoura Hills THQ, Inc. 103,394

Downtown LA Manufacturer's Bank 69,206

El Segundo Vendare Group 67,000

Marke tV iew | Los Ange les Of fi ce


82/106

full serviceresponding

space.

GROSS LEA

Includes al

assumes re

ating expe

MARKET C

Includes al

ects 30,000

Angeles Co

for Ventura

ical, and o

NET ABSOThe change

period to t

NET RENTA

The gross b

vator core,

conies and

OCCUPIED

NRA not co

UNDER CO

Buildings w

denced by

VACANCY R

Vacant Squ

VACANT SQ

NRA which

LOS ANGELES SUBMARKET MAP

Downtown LA Quinn Emanuel Urquhart Oliver & Hedges, LLP 45,251

Century City Lehman Brothers 43,000

Chatsworth U.S. Mortgage 37,043

LOCAL OFFICES

BEVERLY HILLS

1840 Century Park East, Suite 700Los Angeles, California 90067310.550.2500

CORONA

INDIAN WELLS

74-770 Highway 111, Suite 101Indian Wells, California 92210760.341.5273

LOS ANGELES CENTRAL

ONTARIO

4141 Inland Empire Blvd., Suite 100Ontario, California 91764909.418.2000

W. SAN FERNANDO VALLEY

SANTA BARBARA

1332 Anacapa Street, Suite 110Santa Barbara, California 93101805.963.6100

SOUTH BAY

Chicago Downt

Mark


83/106

Despite a velocityof tenants active inthe market, thetrend of rising

vacancy willcontinue untildemand improvessignificantly.

QUICK STATS

Vacancy 15.7%

Lease Rates $29.52 G

Net Absorption* (936,434)

Construction 2.32 msf

* The arrows are trend indicat ors over the specified ti me period and do not

represent a positive or negative value. (e.g., absorption could be negative,

but still represent a positive trend over a specified period.)

Change from last

Current Yr. Qtr.

HOT TOPICS The downtown vacancy

rate increased to 15.7%,the highest recorded since

1996.

Overall net absorption

was reported negative for

The Chicago downtown office market has yet

to register any signs of recovery since the

downturn in 2000, and the first quarter of

2005 was no exception. With the completion

of the Hyatt Center adding over 300,000

square feet of direct space to the overall 18.9

million square feet of direct vacant space

downtown, the quarter exhibited an increase

of 1.0 percentage point reporting an overall

vacancy rate of 15.7%. This is the highest

rate reported since 1996 and significantly

higher than the 13.4% reported during the

first quarter of 2004.

Despite a high vacancy rate, a fair amount of

leasing activity transpired during the quarter

driven mostly by early renewals and

extensions. Tenants in the 15,000 to 20,000-

square-foot range dominated the activity with

professional services firms, in particular,

among the most active. A total of 22.8 million

square feet of space, direct and sublease, was

available across Chicagos CBD.

For the seventh consecutive quarter, the

downtown market reported overall negative

net absorption of 936,434 square feet. This

is in comparison to the negative 82,635

square feet noted at fourth quarter 2004 and

negative 20,006 square feet at first quarter

2004.

Of the factors con

inability to post pos

velocity of tenants ac

signing for additiona

making lateral mov

submarket.

Demand for dowpersisted vigorously

example was Zeller

sale of the historic 2

TIC Properties pur

$71.9 million or

Buildings put on

included 550 W. Ja

225 W. Washington

There were some e

the quarter that corp

at Chicago as an

headquarters. Vern

looking to move its

Riverside Plaza and

larger downtown lo

200,000 square f

Chicago was also on

to land the corp

Freescale Semicon

Motorola spin-off an

however losing out to


15 %

CB Richard Ellis | Chicago Downtown Office | 1Q 2005

West Loop 38,886,172 16.6% (468,209) 1,470,000

MarketRentable

Area

DirectVacancyRate %

NetAbsorption

SF

UnderConstruction SF

Average Net Lease

SF/Y


84/106

Class A 25,144,695 14.6% (168,537) 1,470,000 $15-$25

Class B 9,394,268 22.5% (274,089) $7-$14

Class C 4,347,209 15.8% (25,583) $6-$12

Central Loop 40,763,262 13.7% (182,278) 850,000

Class A 15,255,623 15.3% (52,567) 850,000 $12-$23

Class B 16,627,236 11.9% (319,231) $7-$13

Class C 8,880,403 14.4% 189,520 $5-$10

East Loop 22,141,711 18.1% (326,705)

Class A 5,930,836 14.6% 71,915 $11-$21

Class B 10,082,835 21.7% (401,825) $7-$14

Class C 6,128,040 15.7% 3,205 $5-$10

North Michigan 11,909,586 11.3% 73,518 Class A 4,357,168 13.0% 55,042 $11-$21

Class B 6,685,711 11.1% 23,436 $8-$15

Class C 866,707 4.5% (4,960) $7-$13

River North 4,455,052 25.9% (32,760)

Class A 382,436 27.3% 5,101 $10-$16

Class B 2,459,111 34.6% (47,846) $8-$13Class C 1,613,505 12.3% 9,985 $6-$11

Chicago CBD 118,155,783 15.7% (936,434) 2,320,000

UNEMPLOYMENT RATE

The U.S. economy offered a mixed the nations hiring climate. Accord

Statistics, the labor market did sup

number of unemployed person

unemployment rate 5 4% nationall

Chicago 6.4%IL State 6.5%US 5.4%

* Includes Sublease Space

6 0%

7.0%

8.0%

CB Richard Ellis | Chicago Dow

VACANCY & NET ABSORPTIONAbsorpt ion sf (936,434)Vacancy 15.7% AVERAGE ASKING LEASE RATES

200.0

600.0 16.0%

$30.00


85/106

For the first quarter, overall, the CBD vacancy rate increased 1.0 percentage

point from the fourth quarter 2004, registering at 15.7%. Adding in

sublease space, that number rises to 19.3%. The addition of approximately

300,000 square feet to the CBD inventory with Hyatt Centers arrival was

the main contribution to the negative 936,434 square feet of negative net

absorption and to the 18.6 million square feet of direct office space vacantreported during the quarter.

Breaking the vacancy rate down by submarket, the East Loop came in with

the highest rate of 18.1%. North Michigan Avenue showed the lowest rate

decreasing to 11.3%. The North Michigan Ave submarket was the only to

post positive net absorption registering 73,518 square feet. Coinciding with

the Hyatt Centers completion, the West Loop posted the highest negative

net absorption at 468,209 square feet.

Rental rates have yet to show much increase a

submarkets. Class A lease rates vary in each

rates reported in the West Loop, the favored s

each submarket, West Loop reported $15-$25

Loop came in at $12-$23 net per square foo

$21 net per square foot; North Michigan Av

square foot; and River North came in at $1

Minimal change is demonstrated from the fo

exception of North Michigan Avenue which is

square foot.


MARKET OUTLOOK

The trend of a rising vacancy rate

throughout 2005 as the new constonline adding additional space to

both new buildings located in the Wsubmarket will experience its highequarters but should also retain its pcoveted as tenants desire premium

transportation. Additional demand companies looking to take advantamarket and capitalize on upgradin

locations.

Office landlords are anxious to see

hiring trends and while the nationamore than 81,000 jobs in Februar

the overall market in hiring. Somederived from the expansion recentprofessional services firms, but em0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

Sq.

Ft.Unde

rConstruction

(2,600.0)

(2,200.0)

(1,800.0)

(1,400.0)

(1,000.0)

(600.0)

(200.0)

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

Absorption

sf(000's)

8.0%

10.0%

12.0%

14.0%

Vacancy%

$15.00

$20.00

$25.00

2000

2001

2002

GrossAvg.

AskingRent

MarketView | Chicago Downtown Office | 1Q 2005

NET LEAS

TOP CHI CAGO LEASE TRAN SACTION S

Size (sf) Tenant Address


86/106

Includes alrent plus m

the proper

expenses.

MARKET C

Includes a

in size.

NET ABSO

The changnext.

NET RENT

The gross b

flues, pipe

OCCUPIED

Building ar

UNDER CO

Buildings w

excavation

VACANT S

Existing Bu

immediate

VACANCY

Vacant Bu

OVERALL Vacant Bui

Rentable A

162,000 Refco Group LLC 550 West Jackson Boulevard

110,155 Lehman Brothers 190 South LaSalle Street

86,000* Trading Tech 222 South Riverside Plaza

61,000 Schwartz, Cooper, et al 180 North LaSalle Street

60,000 Towers Perrin 71 South Wacker Drive

52,777 Charter One Bank 71 South Wacker Drive

48,762* National City 1 North Franklin Street

*Renewal/ Expansion

CHICAGO SUBMARKET MAP

Indianapolis DowntownMark


87/106

The Indianapolis Downtown Office Market

experienced a slight reversal from the

previous positive trend set during the fourth

quarter of 2004. The vacancy rate

increased 0.05% to 15.35%. Average

rental rates were also affected dropping

almost $0.20 a square foot to $16.81.

During the first quarter of 2005 the

Indianapolis Downtown O ffice Market

remained relatively flat with an absorption

of 5,562 square feet.

Basically, downtown office space is truly a

tenant s market, hampered by a lack of job

creation and certain infrastructure assets,

such as mass transit. Parking expenses can

add $4 to $5 a square foot on lease costs

for downtown space, but that is frequently

offset when touting amenities, including

dozens of restaurants and retail shops that

are accessible within walking distance from

most offices and the concentration of city

and state government.

The Downtown Off

increase in deman

institutions. Many

started searching f

others have upgrad

There has also bee

institutions looking

the Indianapolis m

Leasing concession

rent and above sta

most favored. Mos

buildings have upg

over the last couple

things such as new

facilities and better

stay competitive.

With all of the new

downtown the mar

upswing. Key add

the new Simon hea

new stadium and u

center and many o

projects underway.

QUICK STATS

Vacancy 15.35%

Lease Rates $16.81

Net Absorption* -5,562 SF

* The arrows are trend indicators over the specifi ed time perio d and do not

represent a positive or negative value. (e.g., absorption could be negative,but still represent a positive trend over a specified period.)

Change from last

Current Yr. Qtr.


20%

25%

HOT TOPICS

Life Sciences sector gains momentum.

Residential demand continues to thrive.

CB Richard Ellis | Indianapolis Downtown Office MarketView | 1Q 2005

MarketRentable

AreaVacancyRate %

Net

AbsorptionSF

UnderConstruction SF

Average

Lease RSF/Y


88/106

UNEMPLOYMENT RATE

Throughout 2003 and 2004 the India

was consistently below the national ave

in this quarter. As of February 2005

Indianapolis was 6 0% compared to th5.0%

6.0%

7.0%

Class A 6,607,490 13.15% 1,004 0 $19.1

Class B 2,165,770 13.47% (3,267) 0 $15.9

Class C 1,971,678 24.81% (3,298) 0 $13.5

Market Total 10,744,938 15.35% (5,562) 0 $16.8

CB Richard Ellis | Indianapolis Downtown Office

VACANCY/AVAILABILITY/NET ABSORPTION

Vacancy 15.35%Avai labi li ty 15.36%

Absorption -5,562 AVERAGE ASKING LEASE RATES Averag

20%

25%

40,000

60,000

$17 10

$17.20


89/106

The overall vacancy rate for downtown office space slightly increased to

15.35% in the first quarter of 2005, an increase of 0.05% from the

fourth quarter of 2004. The first quarter of 2005 showed a significant

decrease of 2.25% when compared to the vacancy rate of first quarter

2004. The vacancy rate for Class A space decreased to 13.15%, Class

B increased to 13.47%, while Class C buildings increased to 24.81%.

The slight increase in vacancy rate gave way to a absorption of 5,562

square feet for the Downtown Office Market during the first quarter of

2005.

Average rental rates for the Downtown Offi

quarter of 2005 dipped to $16.81 from four

$16.97.


MARKET OUTLOOK

Given the upcoming develo

Indys downtown area, the

well positioned to change. W

stadium planned and the ex

convention center, many of

downtown properties could

redevelopment opportunitieSciences and Healthcare se

to increase and there is eve

that residential developmen

0%

5%

10%

15%

20%

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

%V

acancy/Availability

(120,000)

(100,000)

(80,000)

(60,000)

(40,000)

(20,000)

0

20,000

NetAbsor

ption

$16.60

$16.70

$16.80

$16.90

$17.00

$17.10

3Q03

1Q04

2Q04

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

1Q04

2Q04

3Q04

4Q04

1Q05

SquareFeet

MarketView | Indianapolis Downtown Office

AVERAGE A

Rate determ

INDIANAPOLIS SUBMARKET MAP


90/106

Rate determeach buildin

then dividing

for all buildin

NET LEASE

Includes all l

rent plus mo

the property

expenses.

MARKET CO

Includes all

and greater

NET ABSOR

The change

next.

NET RENTA

The gross buflues, pipe s

OCCUPIED

Building area

UNDER CO

Buildings wh

excavation o

AVAILABLE

Available Buoccupied.

AVAILABIL

Available Sq

VACANT SQ

Existing Buil

immediately

VACANCY R

Vacant Build

NORMALIZDue to a rec

square foota

IN DIA N APOLIS O FFICE BROKERS

Nick Arterburn [email protected] 317.269.1028

Andy Banister [email protected] 317.269.1022

Zane Brown [email protected] 317.269.1116

Greg Carter [email protected] 317.269.1048

Crystal Houston crystal.houston @cbre.com 317.269.1099

Tim Hull [email protected] 317.269.1035

Tim OBrien [email protected] 317.269.1033

Tom Ott [email protected] 317.269.1036

Yumi Prater [email protected] 317.269.1031

Dan Richardson [email protected] 317.269.1043

R.J. Rudolph [email protected] 317.269.1026

Mar

BostoF I R S T Q U


91/106

In the first quarter of 2005, the national economy showed

further signs of stabilization and moderate incremental

growth. Paralleling the improving economy, the downtown

Boston office market saw itself revert back to positive

territory. While the fourth quarter of 2004 closed with signif-

icant negative net absorption, 2005 began with a renewed

demand for space in the Boston office market.

A number of notable leasing deals contributed to the overall

positive office absorption statistic: Pearson Education's

121,000 square foot lease at 501 Boylston; Babson Capital

Management's 83,000 square foot lease at 470 Atlantic;

Elkus/Manfredi Architects' new 39,000 square foot lease at

300 A Street; and FundQuest's 37,000 square foot

sublease at 125 High Street.

The first quarter's improved performance may indeed prove

a beacon of further activity. A review of the Federal Reserve's

most recent Beige Book (FRBB), which tracks business

sentiment across a variety of industries nationwide, showed

improved conditions among Boston's companies. The city's

retailers, software providers, and IT sector companies all

stated that demand met and, in many cases, continued to

exceed expectations. Unlike last year at this time, temporary

to permanent employment in technical, manufacturing,

financial and defense-related occupations

substantially increased.

On a macro level, late March

reflecting the perception that

eased and inventories are ad

demand. These factors, mirr

the equity markets, have con

upwardly adjust interest rate

time as a response to the un

The Boston office market is d

end, 216 active requirement

square feet. Growth among B

financial services companies

firms, account for over 55%

Among the larger business e

employment and real estate

Proctor & Gamble's acquisiti

Gillette's departure from BosBoston-based company to b

essentially leaving State Stre

local market.

It is important to note that e

economic activity takes hold

sustainable driver of positive

Boston office market remain

QUICK STATS

Change from last:Current Year Qtr.

Vacancy 12.5%

Lease Rates $31.97

Net Absorption* 594K

* The arrows are trend indicators over the specified time

period and do not represent a positive or negative value

(e.g., absorption could be negative, but still represent a

positive trend over a specified period).

HOT TOPICS

The downtown Boston office

market reverted back to

positive territory, posting

594,000 square feet of

net absorption.

At quarter's end, demand

remains strong: 216 active

requirements were looking for

4.3 million square feet.

The Federal Reserve's Beige

Book indicates improved busi-

ness conditions for Boston.

Since the third quarter of 2004,

sublease space as a percent of

the total available inventoryhas dropped 90 basis

points to 3.4%.


10.00%

12.00%

14.00%

16.00%

CB Richard Ellis/Whittier Partners | Boston Office MarketView | 1Q 2005

AVAILABILITY VACANCY SUBLEASE 1ST QUARMARKET RENTABLE AREA RATE (%) RATE (%) RATE (%) NET ABSORPT

Central Business District 34,754,831 SF 16.9% 12.9% 2.9% 383,571

Class A 25,010,587 SF 17.0% 12.2% 3.6% 396,803

Class B/C 9,744,244 SF 16.7% 14.8% 1.2% (13,232

B k B 13 020 270 SF 13 8% 11 6% 5 5% 304 328


92/106

ECONOMIC CONDITIONS

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

4Q03 1Q04 2Q04 3Q04 4Q04 1Q05

UnemploymentRate(%)

In January of 2005, the latest month for whichment rate in Boston was 4.9%. The 4.9% rate

points below the national rate of 5.4%. Late M

week moving average of initial jobless claims d

year ago, illustrating a slow but improving emp

pressures are building, labor is not the cause. T

ing commodity prices, especially oil. In respons

the benchmark federal funds rate, which affect

omy, to 2.75%. This move, aimed to thwart th

seventh consecutive quarter percentage point i

Back Bay 13,020,270 SF 13.8% 11.6% 5.5% 304,328

Class A 8,396,319 SF 17.9% 14.8% 8.4% 109,966

Class B/C 4,623,951 SF 6.4% 5.9% 0.2% 194,362

Charlestown/East Boston 2,848,796 SF 18.7% 18.5% 13.2% 8,787

Seaport District 4,687,072 SF 19.3% 19.0% 1.2% (95,856

Mid-Town 2,634,772 SF 4.9% 3.9% 0.0% 5,222

North Station/Waterfront 2,774,930 SF 18.7% 11.5% 0.8% 11,855South Station 1,240,839 SF 14.4% 11.5% 1.2% (56,867

Dorchester/South Boston 860,987 SF 9.7% 9.7% 0.3% 0

Allston/Brighton/Longwood Medical 1,613,936 SF 8.5% 8.5% 3.7% 22,688

Fenway/Kenmore Square 1,929,639 SF 5.4% 5.4% 0.0% 10,500

Overall Boston Office 66,366,072 SF 15.5% 12.5% 3.4% 594,228

Core Downtown 47,775,101 SF 16.1% 12.6% 3.6% 687,899

Peripheral Downtown 18,590,971 SF 13.9% 12.4% 2.9% (93,671

CB Richard Ellis/Whittier Partners | Boston Office

VACANCY VS. AVAILABILITYAvailability 15.5%Vacancy Rate 12.5%

15.00%

20.00%

AVERAGE ASKING LEASE RATES

$35.00

$40.00

$45.00

$50.00


93/106

First quarter 2005 closed with a slight decrease in Boston's office market vacan-

cy rate, which dipped roughly 70 basis points to 12.5%. Consistent with a posi-

tive absorption statistic, the office market also saw a slight decline in availability

this quarter, from 16.4% at the end of 2004, to 15.7% at the end of March

2005. Availability in the Class A high-rise market (floors 25 and above)

decreased 150 basis points to 13% at quarter close. The low-rise Class A mar-

ket (floors 1 - 15) experienced the most leasing activity over the past quarter, as

its availability fell 190 basis points to 20%. Availability and vacancy rates

remain higher in Boston's core (16.3% availability and 12.6% vacancy), than in

the peripheral regions (13.9% and 12.4%, respectively).

Average asking rents throughout the Boston office

into the first quarter of 2005. Overall, the market

$31.97, down from $33.02 in the fourth quarte

three years, average asking lease rates have decli

between the fourth and first quarters. In the core

rates experienced a decline of $1.01 to $34.72.

market saw a marginal 4-cent increase in average

often the result of cheap sublease space reverting

Th B t d t ffi k t t d i ifi t iti b ti thi A th F d l R ti t i th

0.00%

5.00%

10.00%

4Q03 1Q04 2Q04 3Q04 4Q04 1Q05

Vacancy/Availability(%)

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

4Q03 1Q04 2Q04 3

LeaseRatePerSF

($)

NET ABSORPTIONCore 687,899Peripheral (93,671)

-1,500,000

-1,000,000

-500,000

0

500,000

1,000,000

4Q03 1Q04 2Q04 3Q04 4Q04 1Q05

NetAbsorption(SF)

YIELD CURVE

1.22% 1.25%1.42%

1.80%

2.20%

2.66%2.80%

3.13%3.34%

3.75%

3.90%

1.18%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

1-Month

3-Month

6-Month

1YearTreasury

2YearTreasury

3

CB Richard Ellis/Whittier Partners | Boston Office MarketView | 1Q 2005

AVERAGRate det

rate for ethe prod

-TOP BOSTON LEASE TRANSACTIONS -

SIZE (SF) TENANT ADDRESS

354,000 Investors Bank &Trust 200 Clarendon Street 1


94/106

the prod

space w

NET LEAIncludes

agreed r

es and t

ance and

MARKET Includes

square fe

NET ABSThe cha

the next

NET RENThe gros

core, flu

stairwell

OCCUPIEBuilding

UNDER CBuildings

by site e

AVAILABAvailable

vacant o

AVAILABAvailable

VACANT Existing

immedia

VACANCYVacant B

NORMALDue to a

ber and

ters have

Availabil

have bee

150,000 Investors Bank & Trust 1 Copley Place 1

121,000 Pearson Education 501 Boylston Street

83,000 Babson Capital Management 470 Atlantic Avenue

66,000 Time Warner Book Group 3 Center Plaza 1

1

Renewal

BOSTON SUBMARKET MAP-

Central Business District

North Station/Waterfront

MidtownSouth Station Seaport District

CharlestownEast Boston

Dorchester/South Boston

Back Bay

Allston/Brighton/Longwood Medical

Fenway/Kenmore Square

Central Business District

North Station/Waterfront

MidtownSouth Station

Seaport District

Charlestown

East Boston

Dorchester/South Boston

Back Bay

Allston/Brighton/Longwood Medical

Fenway/Kenmore Square


95/106


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