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1400 EYE STREET, NW Memorandum Washington, Dc OFFERING 1400 EYE STREET, NW MEMORANDUM WASHINGTON, DC DEAL CONTACTS Gerald P. Trainor Executive Managing Director 202.775.7091 [email protected] James V. Cardellicchio Managing Director 202.775.7094 [email protected] Paul H. Korns Financial Analyst 202.775.7038 [email protected] CAPITAL MARKETS Patricia A. Earnest Managing Director 202.775.7055 [email protected] COMMERCIAL LEASING Mark S. Richardson Senior Vice President 202.775.7006 [email protected] Institutional Commercial Group www.Transwestern-ICG.net Gerald P. Trainor 202.775.7091 James V. Cardellicchio 202.775.7094 Robert J. Filley 202.775.7045 Patricia A. Earnest 202.775.7055 Paul H. Korns 202.775.7038 I. Executive Summary Executive Overview ................................................................... 2 Summary of Terms..................................................................... 2 Market Snapshot ....................................................................... 4 II. Property Overview Building Specifications ............................................................... 5 Site Plan .................................................................................... 10 Floor Plans ................................................................................ 11 III. Tenancy Stacking Plan ............................................................................. 20 Expiration Schedule ................................................................... 21 Tenant Overviews ...................................................................... 22 Rent Roll Summary ................................................................... 24 IV. Financial Analysis Cash Flow Summary ................................................................. 28 Argus Assumptions ................................................................... 30 Historical Operating Expenses .................................................. 30 Loan Summary .......................................................................... 31 Ground Lease Abstract .............................................................. 31 Sale & Lease Comparables ....................................................... 32 Supporting Documents on Disc Lease Abstracts Tax Summary Washington Area Economy District of Columbia Office Market Argus Model EXECUTIVE overview Transwestern’s Institutional Commercial Group, as exclusive representative for the Owner, is pleased to present this investment offering for the leasehold interest in 1400 Eye Street, NW, a free standing 12-story multi-tenant office building totaling 175,127 square feet (the “Property”). Situated in the East End at the corner of 14th and Eye Streets, just four blocks from the White House, this first class office building is 81% leased. This is a unique opportunity to own an office building on one of the best corner locations in the city at a basis that is below replacement costs. Furthermore, the property provides stable cash flow with upside through the lease-up of the remaining vacancy. CLASS “A+” Location 1400 Eye Street sits above the McPherson Square Metrorail Station in the heart of Washington, DC on scenic Franklin Park. This prime corner location provides tenants with incredible park views, direct access to the Orange/Blue lines at McPherson Square, and on-site parking. The combination of park views, enclosed Metrorail access, corner frontage along a major arterial (14th Street), and underground parking gives 1400 Eye a competitive advantage in the extremely sought after East End submarket. LEASE-UP & capitaL IMPROVEMENTS The owner has repositioned the Property through an extensive capital improvement and lease-up program since they acquired the Property in 2006. A plaza renovation was completed in 2008 which included the expansion and repositioning of the building’s retail area, a new front entrance and entrance to the lower level. The entrance to the lower level makes it accessible from street level and has resulted in it being leased as retail space. Other capital improvements include: a renovated lobby, a new tenant fitness center, enhancements to the common areas and restrooms on several floors, and refurbishment of the elevator cabs. Additional capital has also been spent on the building systems which includes the elevator equipment and HVAC system. 1400 EYE STREET AT A GLANCE SUmmary OF TERMS Year Built: 1983 Interest Offered: Leasehold Interest Year Renovated: 1995, 2009 Asking Price: No asking price Stories: 12 above grade Offer Due Date: January 20, 2011 4 below grade - retail, garage, and McPherson Square Metrorail concourse Square Feet: 175,127 net rentable square feet Typical Floor Size: 14,100 – 15,500 net rentable square feet On-Site Parking Approx. 100 Cars Occupancy: 81% Stabilized NOI (Yr 2) $4,291,472 2 INVESTMENT HIGHLIGHTS Core Investment: Upside in Value: » Stable rollover (no more than 11% in any of the first nine years) » Value creation through lease-up of vacancy » Diverse tenant mix » Prime space remains to be leased » Credit tenancy » In-place rents are below market » New Lobby, Front Entrance, Retail Façade, Common Areas » Opportunity to further enhance buildings image through minor upgrades » Class “A+” Location Existing Debt: Ground Lease: » Debt may be assumed or prepaid (Defeasance is $8.3 million approx.) » Ground Lease with WMATA (the Metrorail Authority) » Balance - $37 million » 68 years remain on the ground lease (maturity: August 17, 2079) » Rate - 5.942% (I/O through 6/13; then 30 yr amortization) » WMATA ’s interest is to preserve access to the station, not to own the building » Maturity: May 2016 100% 100.0% 90% 81.3% 80% 64.2% 70% 59.2% 60% 51.9% 50% 43.0% 40% 32.0% 30% 27.4% 22.9% 15.7% 20% 18.7% 4.7% 7.1% 17.1% 10% 11.0% 8.6% 4.5% 4.6% 9.0% 5.0% 2.5% 7.2% 7.3% 0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+Vacant Annual Expirations Cumulative Expirations (as a percentage of NRA per calendar year) MARKET FUndamentaLS PROPERTY HIGHLIGHTS » The East End enjoys the lowest direct vacancy rate in the city 6.3% Quality Asset with Commanding Views Over Franklin Park: » Concessions are drying up and rents have started to rise » Free-standing corner building with glass line on all four sides (extremely rare in DC) » Projected rent spikes in the near future » Excellent glass-to-floor-ratio with incredible park views » Limited ground breakings: » Prominent corner building with visibility » Over 4 million s.f. of absorption in Washington, DC in 2010 » Direct Metrorail access via McPherson Square Station » Less than 2 million s.f. under construction with 50% preleasing » Recently renovated lobby, retail plaza, select common areas and systems » Center-core building provides for functional floor plates » Existing build-outs are very nice – low TIs for re-let » New tenant-only fitness center » On-site food services: » Five Guys » Osaka Sushi Express » Below grade parking View of Franklin Park from 1400 Eye Street, NW 3 MARKET SNAPSHOT Overview: » DC sales market is very active – prices will rise with increased rents » The East End enjoys the lowest direct vacancy rate in the city 6.3% » Limited ground breakings Positive Job Growth » Just 206,000 s.f. under construction in East End Lack of Construction » Construction is down to 2 million s.f. in DC from 6 million s.f. in Sep-09 Declining Vacancy » Over 4 million s.f. of absorption in Washington, DC in 2010 + Positive Net Absorption » Market is tightening = Rent Spikes » Vacancy rates falling » Concessions are drying up » Rent spikes are in the near future East End Submarket Q3 ‘09 Q4 ‘09 Q1 ‘10 Q2 ‘10 Nov. 2010 Trend Direct Vacancy Rate 8.0% 7.6% 7.5% 7.0% 6.3% Overall Vacancy Rate 9.7% 9.2% 9.1% 8.5% 7.6% Net Absorption (qtrly) +64,000 +177,000 +44,000 +221,000 +516,000 District of Columbia Q3 ‘09 Q4 ‘09 Q1 ‘10 Q2 ‘10 Nov. 2010 Trend Direct Vacancy Rate 8.8% 9.2% 9.4% 8.8% 7.1% Overall Vacancy Rate 10.2% 10.5% 10.5% 10.0% 8.1% Net Absorption (qtrly) +202,000 +1,017,000 +714,000 +1,639,000 +1,727,000 Metro Area’s Economy: » 41,800 new jobs (12 months ending July 2010) (20-year average is 37,000 per year) » Job growth reflects a 1.4% increase; nationally just 0.1% » Unemployment is 5.8% (Oct. 2010); lowest in nation ( nationwide 9.0%) Federal Government: » 19,700 new Federal jobs (12 months ending July 2010) 1/3rd of area’s GRP » 7% increase in procurement spending for 2010 Economic Outlook: » Job growth will lead to further consumer confidence » 2011 and 2012 job growth: +37,300 and +44,300 » 5-year projected job growth: 42,900 vs. historical average of 37,000 FEDERAL PROCUREMENT SPENDING PayroLL Job Growth Washington Washington METRO AREA METRO AREA 2000 - 2014 $90 140 $80 Thousa 120 20-Year Annual Average = 5-Year Projected Average = 42,900/Year 100 37,000/Year $70 nd (A 80 nnual s s of $60 60 Ne Av w 40 erage) $50 Pa yr 20 oll Jobs $ in Billions 0 $40 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 -20 $30 -40 -60 $20 District Sub. MD No. Virginia 2000 2001 2002 2003 2004 20052006 2007 2008 2009* 2010** Source: Dr. Stephen Fuller and Delta Associates; September 2010. Source: Dr. Stephen Fuller, Delta Associates; September 2010. *Estimate; **Projected 4 Tenant Reception Area PROPERTY OVERVIEW Building Specifications Property Name and Address: 1400 Eye Street, NW, Washington, DC Year Built: 1983 and renovated in 1995 and 2009 Developer: The Lenkin Companies Site: The land area is 17,710 square feet (0.41 acres). Ownership leases the land
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