United States SKYLINE | 2016 | JLL | 24 RA(.. 9,9 668,333 497,798 RBA (s.f.) leased Percent rent Direct renovated Year built/ are currently on the market. the on currently are 5th, 901 and Plaza as such properties, as several premier to continue $1.1 nearly expected is totaling Westand 8th activity sales Signifcant billion. Center Columbia of the prevalent last 12 transactions the in the with months, been has Investment set. activity feet of Trophy Skyline to the space 1.5 adding square Centre million Madison and Mark The CBD, with Seattle the in construction feet under square million over 2.2 currently are There packages. amenity of state-of-the-art availability the and transportation to public of access ease the for primarily area to expand the in not hesitated by have rates 7.9rental have tenants increased years, last two the in percent Although recession. the since points 13.6 down vacancy percentage Skyline push CBD, helping the in of space blocks large down taken have recently Apple and Dropbox Groupon, like DocuSign, Companies tenants. technology from coming activity leasing strong with to dwindle continues Top-tier space rates vacancy Skyline of decline the to Technology tenants are embracing the CBD and contributing Seattle Seattle 10 20 30 40 50 70 60 et8h11 ihhCnuySur ..Bn eteTwo U.S. Bank Centre Century Square 1918 Eighth West 8th $46.00 97.7% 2009 $46.00 99.4% 2009 661,640 $37.00 97.8% 1986 1989/1994 943,575 $45.75 91.6% Skyline leverage ,3,5 659,168 1,132,554 $45.50 94.1% 2018 2017 2016 1989 Landlord-favorable market Neutral market Tenant-favorable market Future available Occupied One Union Square $39.00 92.9% 1981 Russell Investments Russell Investments 886,000 $49.50 Retail Center ietvcn Sublease vacant Direct vacant 97.3% 2006 Skyline analysis CONSTRUCTION S.F. UNDER 2,227,875 RENT ($ P.S.F.) DIRECT AVERAGE ASKING $43.42 DIRECT VACANT 11.0%

21Tid999 Third 1201 Third ,2,7 8,0 ,8,3 3,2 0,2 631,040 902,423 538,529 1,680,937 983,600 1,128,575 4.0$36.00 $40.00 75 97.4% 87.5% 9818/9418/0517 9920 1980/2013 1969/2007 1977 1985/2005 1983/1994 1988 Parking, other use 2015 NET ABSORPTION SALES VOLUME ($) 2015 ASKING RENT (% OF INVENTORY) $35.00 91.0% $1.1b the highest sales price in Seattle. consistently garner rents higher than $35.00 full-service gross and achieve levels are the key inclusion; current threshold requires that buildings in the most prominent, highly desired locations. Rent levels and/or value square feet, all buildings included offer Class A space and are situated to their size, quality of space or iconic status. Averaging more than 800,000 The Seattle Skyline is defned as assets that have a signifcant impact due 7.3% 2.2% 2015 & 2016 GROWTH 3.5$40 $36.50 $34.00 $33.75 59 94.6% 95.9%

Safeco Plaza 10.0% 15.0% 20.0% 25.0% 30.0% Direct vacancy (%) vs. direct average asking rent ($ p.s.f.) 0.0% 5.0% 0520 0720 0921 0121 0321 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 1111 Third 81.8% orh&Mdsn91FfhTeMr The Mark 901 Fifth Fourth & Madison 845,533 $44.50 90.2% 2002 Research Manager Alex Muir Skyline direct vacancy % Skyline direct average asking rent 9320 2017 1973/2007 4,8 766,779 540,589 3.0$55.00 $38.00 72 36.9% 87.2% Vice President Joe Gowan 2016 Managing Director JJ Shepard Q1 746,000 $46.50 5.4% 2017 $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 $45.00 $50.00