Market Insights Dallas/Fort Worth 1Q 2021 - OFFICE

Bradford Commercial Real Estate Services 3100 McKinnon Street, Suite 400 Dallas, Texas 75201 DALLAS-FORT WORTH OFFICE MARKET INSIGHTS 4Q2019 Table of Contents

BRADFORD DALLAS-FORT WORTH OFFICE TEAM 1

DALLAS - FORT WORTH OVERALL MARKET INSIGHT 2

SUBMARKET EXPERTISE • Central Expressway • Dallas CBD • Fort Worth CBD 3 • Far North Dallas • White Rock/East Dallas • Las Colinas • LBJ Freeway • Mid Cities • Preston Center • Stemmons • Richardson/Plano • Uptown-Turtle Creek

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 1 DFW OFFICE COVERAGE BinformedOFFICE MARKET EXPERTS

Melanie Hughes Richmond Collinsworth Erik Blais Jared Laake Senior Vice President First Vice President First Vice President Vice President 972.776.7046 972.776.7041 817.921.8179 972.776.7045 Dallas Dallas Fort Worth Dallas

Susan Singer, CCIM Paul Richter Shane Benner Executive Vice President Vice President Vice President Brokerage Services 972.776.7036 817.921.8174 972.776.7043 Dallas Fort Worth Dallas

• Bradford Corporate Office

• Bradford Field Offices Bret Cooper Elizabeth Robertson Kyle Espie Market Director Market Director Senior Associate 972.776.7035 972.776.7199 972.776.7070 Dallas Dallas Dallas

2 3 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Central Expressway Office Vacancy Central Expressway Office Net Absorption Construction 25.0% 2017 Q4 95 11,715,997 1,460,232 12.5% (62,474) 0 0 0 0 $23.80 150,000 2018 Q1 95 11,715,997 1,691,523 14.4% (231,291) 0 0 0 0 $24.62 100,000 2018 Q2 95 11,715,997 1,636,233 14.0% 55,290 0 0 0 0 $24.21 20.0% Existing Inventory Vacancy Delivered Inventory Under Construction 50,000 2018 Q3 95 11,715,997 1,747,191 14.9% (110,958) 0 0 0 Quoted 0 $24.64 Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Central Expressway Office Vacancy Central Expressway Office0 Net Absorption 2018 Q4 95 11,715,997 1,752,961 15.0% (5,770) 0 0 Construction0 0 $24.56 15.0% 25.0% (50,000) 20172019 Q4 Q1 9595 11,715,99711,715,9971,460,2321,611,02912.5% 13.8%(62,474) 141,932 0 0 0 0 0 0 $23.80 0 $24.19 150,000 2018 Q1 95 11,715,997 1,691,523 14.4% (231,291) 0 0 0 0 $24.62 (100,000) 2019 Q2 95 11,715,997 1,644,301 14.0% (33,272) 0 0 0 0 $24.87 10.0% 100,000 2018 Q2 95 11,715,997 1,636,233 14.0% 55,290 0 0 0 0 $24.21 20.0% 2019 Q3 95 11,715,997 1,718,370 14.7% (74,069) 0 0 0 0 $25.28 50,000 (150,000) CENTRAL EXPRESSWAY2018 Q3 95 11,715,997 1,747,191 14.9% (110,958) 0 0 0 0 $24.64 2019 Q4 95 11,715,997 1,735,143 14.8% (16,773) 0 0 1 30,000 $25.28 0 (200,000) 2018 Q4 95 11,715,997 1,752,961 15.0% (5,770) 0 0 0 0 $24.56 15.0% 5.0% (50,000) OFFICE OVERALL MARKET INSIGHTS 20192020 Q1 Q1 9595 11,715,99711,715,9971,611,0291,800,25613.8% 15.4%141,932 (65,113)0 0 0 0 0 1 $24.1930,000 $25.05 (250,000) SUBMARKET20192020 Q2 Q2 9595 11,715,99711,715,9971,644,3011,881,59814.0% 16.1%(33,272) (81,342)0 0 0 0 0 2 $24.87143,600 $24.70 (100,000) (300,000) 10.0% 0.0% 20192020 Q3 Q3 9595 11,715,99711,715,9971,718,3702,157,50814.7% 18.4%(74,069) (275,910)0 0 0 0 0 2 $25.28143,600 $24.60 (150,000) 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 (same criterias as prior market reports) 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 Q4 95 11,715,997 1,735,143 14.8% (16,773) 0 0 1 30,000 $25.28 (200,000) DFW Office Markets (A, B, C) Binformed 2020 Q4 95 11,715,997 2,220,066 18.9% (62,558) 0 0 2 143,600 $24.645.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (250,000) 20202021 Q1 Q1 9596 11,715,99711,829,5971,800,2562,334,25415.4% 19.7%(65,113) (588) 0 01 113,6001 30,0001 $25.0530,000 $24.39 Existing Inventory Vacancy Delivered Inventory Under Construction 2020 Q2 95 11,715,997 1,881,598 16.1% (81,342) 0 0 2 143,600 $24.70 (300,000) Net Quoted 0.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Period Under Overall DFW Office Vacancy Overall DFW Office Net Absorption 2020 Q3 95 11,715,997 2,157,508 18.4% (275,910) 0 0 2 143,600 $24.60 # Bldgs Total RBA Vacant SF Vacant % Absorption # Bldg Delivered # Bldgs Rates 2017 2018 2018 2018 2018 2019Central2019 2019 2019Expressway2020 2020 2020 2020Office2021 Quoted RatesQ4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4CentralQ1 Q2 Q3ExpresswayQ4 Q1 Office Construction Construction Central Expressway Overview 2020 Q4 95 11,715,997 2,220,066 18.9% (62,558) 0 0 2 143,600 $24.64 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017 Q4 2,743 265,365,495 49,625,540 18.7% 504,227 16 1,680,864 36 7,541,195 $20.89 25.0% 2,000,000 The Central Expressway Submarket 2021 Q1Absorption96 11,829,597vs Previous2,334,254 Qtr 19.7% vs 12(588) Months Ago 1 113,600 1 30,000 $24.39 $25.50 2018 Q1 2,752 267,411,514 49,960,740 18.7% 1,725,459 9 2,046,019 31 6,035,401 $20.98 1,500,000 stretches along the North Central 8,000,000 2018 Q2 2,763 269,106,205 51,545,880 19.2% (456,842) 9 1,622,598 26 4,784,048 $21.01 20.0% (588) -62,558 -65,113 1,000,000 Expressway, with its southernmost Central Expressway Office Quoted Rates Central Expressway Office Construction 2018 Q3 2,771 270,100,982 52,026,878 19.3% 517,035 8 994,777 22 4,077,594 $21.21 500,000 Vacancy vs Previous Qtr vs 12 Months Ago 7,000,000 2018 Q4 2,773 270,556,439 52,471,367 19.4% 10,968 2 455,457 24 3,979,708 $21.25 15.0% 0 point starting at the Dallas CBD and its Absorption vs Previous Qtr vs 12 Months Ago $25.50 $25.00 19.7% 18.9% 15.4% 8,000,000 6,000,000 2019 Q1 2,781 271,723,094 52,178,338 19.2% 1,459,684 8 1,166,655 22 3,239,436 $21.23 northernmost point ending at the LBJ (588) -62,558 -65,113 (500,000) U/C SF vs Previous Qtr vs 12 Months Ago 2019 Q2 2,787 272,082,227 51,794,656 19.0% 737,755 6 359,133 23 3,276,378 $21.37 Vacancy 7,000,000 10.0% (same criterias as prior market reports) (1,000,000) Freeway. Virtually all of the submarket’s vs Previous Qtr vs 12 Months Ago 5,000,000 2019 Q3 2,791 272,594,030 53,303,123 19.6% (996,664) 4 511,803 25 3,446,466 $21.55 (1,500,000) 30,000 143,600 30,000 $25.00 inventory runs along US 75. The submarket 19.7% 18.9% 15.4% $24.50 6,000,000 2019 Q4 2,796 274,041,548 53,643,123 19.6% 1,107,518 5 1,447,518 23 2,566,562 $21.38 Delivered SF 5.0% DFW Office Markets (A, B, C) (2,000,000) U/C SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 4,000,000 2020 Q1 2,800 274,162,899 54,491,670 19.9% (727,196) 4 121,351 21 2,675,359 $21.68 has a heavy concentration of financial 5,000,000 (2,500,000) 30,000113,600 143,600 0 30,000 0 2020 Q2 2,802 274,584,857 55,815,912 20.3% (902,284) 2 421,958 25 2,772,526 $21.66 (3,000,000) services, telecom, and tech firms. As $24.50 3,000,000 0.0% Existing Inventory Vacancy 2017 2018 2018 2018 2018Delivered2019 2019 2019 Inventory2019 2020 2020 2020 2020Under2021 Construction DeliveredQuoted Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago $24.00 4,000,000 2020 Q3 2,810 275,205,248 59,027,571 21.4% (2,591,268) 8 620,391 18 2,173,735 $21.74 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Net a whole,Quoted it offers a large amount of Period Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Under Overall DFW113,600 Office Vacancy 0 0 Overall DFW Office Net Absorption 2,000,000 2020 Q4 2,814 275,389,315 60,280,294 21.9% (1,068,656) 4 184,067 14 1,989,668 $21.95 # Bldgs Total RBA Vacant SF Vacant % Absorption # Bldg Delivered # Bldgs investment-gradeRates property—about half of 24 25 25 3,000,000 Quoted Rates $24.00 2021 Q1 2,817 275,587,536 63,343,362 23.0% (2,864,847) 3 198,221 15 2,438,449 $21.94 Construction vs Previous Qtr vs 12 Months Ago the submarket’s RBA is rated25.0% as 4 & 5 Star. 2,000,000 1,000,000 2017 Q4 2,743 265,365,495 49,625,540 18.7% 504,227 16 1,680,864 36 7,541,195 $20.89 24 25 25 2,000,000 $23.50 2018 Q1 2,752 267,411,514 49,960,740 18.7% 1,725,459Overall DFW Office9 Construction2,046,019 31 6,035,401 $20.98 Central Expressway Vital Statistics 1,000,000 0 Overall DFW Office Quoted Rental Rates 1,500,000 $23.50 DFW Office Statistics by Market 2018 Q2 2,763 269,106,205 51,545,880 19.2% (456,842) 9 1,622,598 26 4,784,048 Though$21.01 vacancies in Central20.0% Expressway 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 $22.20 8,000,000 200,000 Central Expressway Vital Statistics1,000,000 25.0% 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Existing Vacancy Net Under Quoted have risen in recent quarters, at 16.5% they $23.00 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Market Deliveries $22.00 2018 Q3 2,771 270,100,982 52,026,878 19.3% 517,035 8 994,777 22 4,077,594 $21.21 150,000 Inventory Absorption Const SF Rates 7,000,000 200,000 500,000 25.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 # Blds Total RBA Direct SF Total SF continue to trend below the Dallas-Fort $23.00 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 $21.80 2018 Q4 2,773 270,556,439 52,471,367 19.4% 10,968 2 455,457 24 3,979,708 $21.25 15.0% 150,000100,000 20.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction Central Expressway 96 11,829,597 2,334,254 19.7% -588 113,600 30,000 $24.39 6,000,000 Worth average. Due to pandemic-driven 0 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 $21.60 100,000 20.0% Delivered Under Construction Dallas CBD 80 28,744,605 8,663,795 30.1% -449,245 0 0 $21.06 2019 Q1 2,781 271,723,094 52,178,338 19.2%5,000,000 1,459,684 8 1,166,655 22 3,239,436 $21.23 50,000 (500,000) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 $21.40 recession, rent growth has slowed and 50,000 East Dallas 169 7,254,042 1,425,057 19.6% 47,945 68,614 684,116 $22.69 2019 Q2 2,787 272,082,227 51,794,656 19.0%4,000,000 737,755 6 359,133 23 3,276,378 $21.37 10.0% 0 (1,000,000) 15.0% entered cut territory through 21Q1. The 0 15.0% Far North Dallas 454 51,363,683 13,788,074 26.8% -1,459,582 0 434,161 $25.14 $21.20 3,000,000 (50,000) 2019 Q3 2,791 272,594,030 53,303,123 19.6% (996,664) 4 511,803 25 3,446,466 $21.55 (50,000) (1,500,000) Ft Worth CBD 51 8,276,316 1,724,102 20.8% -31,511 0 0 $25.94 $21.00 2,000,000 submarket is usually heavily traded, though (100,000) 10.0% 2019 Q4 2,796 274,041,548 53,643,123 19.6% 1,107,518 5 1,447,518 23 2,566,562 $21.38 (100,000) 10.0% Las Colinas 285 36,306,363 8,160,129 22.5% -416,220 0 96,592 $20.81 $20.80 1,000,000 the number of office assets5.0% traded in 2020 (2,000,000) (150,000) LBJ Freeway 161 21,119,338 4,928,397 23.3% -74,008 0 0 $20.60 $20.60 2020 Q1 2,800 274,162,899 54,491,670 19.9% (727,196) 4 121,351 21 2,675,359 $21.68 (2,500,000) 0 fell compared to pre-pandemic levels. (200,000) 5.0% 5.0% Lewisville/Denton 152 7,124,806 998,952 14.0% -30,071 0 0 $18.44 $20.40 2020 Q2 2,802 274,584,857 55,815,912 20.3% 2017(902,284)2018 2018 2018 2018 20192 2019 2019421,9582019 2020 2020 2020252020 2021 2,772,526 $21.66 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (250,000) (3,000,000) 0.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Mid-Cities 387 22,496,090 5,322,690 23.7% 120,713 0 0 $18.59 $20.20 2020 Q3 2,810 275,205,248 59,027,571 21.4% (2,591,268) 8 620,391 18 2,173,735 $21.74 (300,000) 0.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Leasing 2017 2018 2018 2018 2018(300,000)2019 2019 2019 2019 2020 2020 2020 2020 2021 0.0% North Fort Worth 43 2,421,770 160,731 6.6% 3,352 0 48,000 $21.11 Delivered Under Construction 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q4 2020Q1 Q2Q4 Q3 Q4 Q12,814Q2 Q3 275,389,315Q4 Q1 Q2 Q360,280,294Q4 Q1 21.9% (1,068,656) 4 184,067 14 1,989,668 $21.95 Q4 Q1 Q2 Q3 Q4 Q1 Q22017Q32018Q42018Q12018Q22018Q32019Q42019Q12019 2019 2020 2020 2020 2020 2021 Northeast Ft Worth 47 3,504,527 555,630 15.9% 51,283 0 0 $17.35 Fundamentals in Central Expressway Q4Q4 Q1Q1Q2 Q2Q3 Q3Q4 Q4Q1 Q2Q1 Q3Q2 Q4Q3Q1 Q4Q2 Q1Q3 Q2Q4 Q1Q3 Q4 Q1 2021 Q1 2,817 275,587,536 63,343,362 23.0% (2,864,847) 3 198,221 15 2,438,449 $21.94 Net Absorption Delivered Vacant % Preston Center 52 4,888,025 676,303 13.8% -23,349 0 0 $29.35 are holding steady. At 16.5%, vacancies Net Absorption Delivered Vacant % Richardson/Plano 363 30,592,096 6,758,897 22.1% -519,541 16,007 128,892 $18.60 have trended well below both the metro South Ft Worth 196 10,578,033 1,533,744 14.5% -18,029 0 0 $22.59 average and the submarket’s historicalOverall DFW Office Quoted Rental Rates Overall DFW Office Construction Southwest Dallas 78 3,414,944 328,353 9.6% -16,697 0 0 $16.12 average for a few years due to a lack of new Stemmons Freeway 110 12,451,063 3,403,999 27.3% -58,259 0 0 $17.06 DFW Office Statistics by Market $22.20 8,000,000 Uptown/Turtle Creek 93 13,222,238 2,610,326 19.7% -50,024 0 1,016,688 $31.29 Existing Vacancy Net Under Quoted supply and generally steady absorption Market Deliveries $22.00 Totals 2,817 275,587,536 63,373,433 23.0% -2,923,831 198,221 2,438,449 $21.83 Inventory# Blds Total RBA Direct SF Total SF Absorption Const SF Rates in existing stock. In early 2020, the 11 story ACS building was demolished to make way for a massive $2.57,000,000 billion mixed-use development. $21.80 Central Expressway 96 11,829,597 2,334,254 19.7% -588 113,600 30,000 $24.39 6,000,000 $21.60 Dallas CBD 80 28,744,605 8,663,795 30.1% -449,245 0 0 $21.06 5,000,000 Leasing activity remained stable$21.40 through 2020, though move-outs in the submarket have yielded negative net-absorption for East Dallas 169 7,254,042 1,425,057 19.6% 47,945 68,614 684,116 $22.69 4,000,000 * Lewisville Denton doesn't have a tab the year. The submarket reported 146 new leases totaling 349,000 SF in 2020. There have been two leases of over 10,000 SF. $21.20 3,000,000 Far North Dallas 454 51,363,683 13,788,074 26.8% -1,459,582 0 434,161 $25.14 The largest being a 22,500 SF lease in Rambler Park the second largest was a 10,700 SF lease signed in August at The Hill. Ft Worth CBD 51 8,276,316 1,724,102 20.8% -31,511 0 0 $25.94 $21.00 2,000,000 $20.80 Las Colinas 285 36,306,363 8,160,129 22.5% -416,220 0 96,592 $20.81 One large move out/bankruptcy contributed to the lion’s share of negative net absorption in 2019, driving1,000,000 vacancy rates LBJ Freeway 161 21,119,338 4,928,397 23.3% -74,008 0 0 $20.60 higher. The 199,000 SF Walnut$20.60 Hill Medical Center, when it opened, was among the nation’s most upscale hospitals,0 featuring Lewisville/Denton 152 7,124,806 998,952 14.0% -30,071 0 0 $18.44 $20.40 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 chef-cooked meals, private rooms, and state-of-the-art technology for doctors. Through 21Q1, the building was stillQ4 100%Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Mid-Cities 387 22,496,090 5,322,690 23.7% 120,713 0 0 $18.59 vacant. Excluding that “shock”$20.20 to the market, the area overall has been moving in the right direction. With supply-side North Fort Worth 43 2,421,770 160,731 6.6% 3,352 0 48,000 $21.11 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Delivered Under Construction pressure unlikely, the biggest risk forQ4 thisQ1 submarketQ2 Q3 Q4is theQ1 prospectQ2 Q3 ofQ4 tenantsQ1 Q2jumpingQ3 Q4shipQ1 for properties in premier urban Northeast Ft Worth 47 3,504,527 555,630 15.9% 51,283 0 0 $17.35 submarkets like Uptown/Turtle Creek and Preston Center or suburban submarkets like Upper Tollway/West Plano. Of the 14.5 Preston Center 52 4,888,025 676,303 13.8% -23,349 0 0 $29.35 millionSF in the submarket 7.4 million SF is considered 4 and 5 Star assets. The largest being the 1.3 million SF, 43-story, Richardson/Plano 363 30,592,096 6,758,897 22.1% -519,541 16,007 128,892 $18.60 Cityplace Tower. South Ft Worth 196 10,578,033 1,533,744 14.5% -18,029 0 0 $22.59 Southwest Dallas 78 3,414,944 328,353 9.6% -16,697 0 0 $16.12 Movers & Shakers Largest Vacancies: Stemmons Freeway 110 12,451,063 3,403,999 27.3% -58,259 0 0 $17.06 Tenant SF Building Cityplace Tower – 279,316 sf 8750 North Park Central – 160,317 sf Uptown/Turtle Creek 93 13,222,238 2,610,326 19.7% -50,024 0 1,016,688 $31.29 Texas A&M 25,891 8750 N Central Expressway Drive Shack 20,205 10670 N Central Expressway One Energy Square – 103,597 sf Totals 2,817 275,587,536 63,373,433 23.0% -2,923,831 198,221 2,438,449 $21.83 Lincoln Harris 17,465 8140 W Walnut Hill Land Two Energy Square – 101,328 sf

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 4 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 5 * Lewisville Denton doesn't have a tab

Central Expressway

Central Expressway

DFW Overall Office

DFW Overall Office Existing Inventory Vacancy Delivered Inventory ExistingUnder Inventory Construction Vacancy Delivered Inventory Under Construction Quoted Quoted Period Net Absorption Period Under Net Absorption Under Fort Worth CBD Office Net Absorption # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs# Bldgs Total RBA Vacant RatesSF Vacant % # Bldg DallasDelivered CBD Office# Bldgs Vacancy Rates DallasFort CBD Worth Office CBD Net Office Absorption Vacancy Construction Construction 2017 Q4 50 7,961,437 1,072,145 13.5% 1,56431.0% 0 0 1 314,879 $25.71 25.0% 2017 Q4 78 28,378,949 7,714,343 27.2% (108,526) 0 0 2 365,656 $ 21.00 300,000 200,000 2018 Q1 79 28,640,486 7,709,510 26.9% 266,370 1 2018261,537 Q1 50 1 7,961,437104,119 1,105,185$ 21.3213.9% (33,040) 0 0 1 314,879 $25.50 30.0% 200,000 150,000 2018 Q2 79 28,640,486 7,707,841 26.9% 1,669 0 2018 Q20 51 1 8,276,316104,119 1,222,598$ 21.0514.8% 197,466 1 314,879 0 0 $27.49 20.0% Existing Inventory Vacancy Delivered Inventory Under ConstructionExisting Inventory Vacancy 29.0%Delivered Inventory Under Construction 100,000 100,000 2018 Q3 79 28,640,486 7,616,873 26.6% 90,968 0 2018 Q30 51 1 8,276,316Quoted104,119 1,372,578$ 20.6316.6% (149,980) 0 0 0 Quoted 0 $27.87 Period Net Absorption Period Under Net Absorption Under Dallas CBD Office Net Absorption Fort Worth CBD Office Net Absorption # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs # Bldgs Total RatesRBA Vacant SF Vacant % Dallas28.0%# BldgCBD OfficeDelivered Vacancy# Bldgs Rates Fort Worth0 CBD Office Vacancy 2018 Q4 79 28,640,486 7,317,666 25.6% 299,207 0 2018 Q40 Construction51 1 8,276,316104,119 1,424,462$ 20.6917.2% (51,884) 0 0 Construction0 0 $26.73 15.0% 50,000 2017 Q4 78 28,378,949 7,714,343 27.2% (108,526) 0 0 2 365,656 $ 21.00 31.0% 25.0% (100,000) 2019 Q1 80 28,744,605 7,444,580 25.9% (22,795) 1 20192017104,119 Q4Q1 5051 0 7,961,4378,276,31601,072,1451,526,466$ 13.5%20.1118.4% 1,564 (102,004)27.0%0 0 1 0 314,8790 $25.71 0 300,000 $26.52 200,000 0 2018 Q1 79 28,640,486 7,709,510 26.9% 266,370 1 261,537 20181 Q1 104,11950 7,961,437$ 21.321,105,185 13.9%30.0% (33,040) 0 0 1 314,879 $25.50 (200,000) 2019 Q2 80 28,744,605 7,469,642 26.0% (25,062) 0 2019 Q20 51 0 8,276,3160 1,400,969$ 20.5916.9% 125,497 0 0 0 0 200,000 $26.24 10.0% 150,000 2018 Q2 79 28,640,486 7,707,841 26.9% 1,669 0 0 20181 Q2 104,11951 8,276,316$ 21.051,222,598 14.8% 197,466 26.0%1 314,879 0 0 $27.49 20.0% (50,000) 2019 Q3 80 28,744,605 7,500,996 26.1% (31,354) 0 2019 Q30 51 0 8,276,3160 1,496,352$ 20.9129.0%18.1% (95,383) 0 0 0 0 100,000 $26.07 (300,000) DALLAS CBD2018 Q3 79 28,640,486DISTRICT7,616,873 26.6% 90,968 0 0 20181 Q3 104,11951 FORT8,276,316$ 20.631,372,578 16.6% WORTH(149,980) 0 0 CBD0 0 $27.87 100,000 (100,000) 2019 Q4 80 28,744,605 7,484,613 26.0% 16,383 0 2019 Q40 51 0 8,276,3160 1,470,049$ 20.6828.0%17.8% 26,30325.0% 0 0 0 0 0 $26.22 (400,000) 2018 Q4 79 28,640,486 7,317,666 25.6% 299,207 0 0 20181 Q4 104,11951 8,276,316$ 20.691,424,462 17.2% (51,884) 0 0 0 0 $26.73 15.0% 5.0% 50,000 2020 Q1 51 8,276,316 1,406,813 17.0% 63,236 0 0 0 0 (100,000) $26.49 (500,000) (150,000) 20192020 Q1 Q1 80 80 28,744,60528,744,6057,444,5807,921,51625.9% 27.6%(22,795) (436,903)1 104,1190 20190 Q10 51 0 0 8,276,316$ 20.1101,526,466 $ 18.4%21.1927.0% (102,004) 24.0%0 0 0 0 $26.52 0 SUBMARKET SUBMARKET (200,000) 20192020 Q2 Q2 80 80 28,744,60528,744,6057,469,6427,701,52626.0% 26.8%(25,062) 219,9900 00 202020190 Q2Q20 51510 0 8,276,3168,276,316$ 20.5901,400,9691,476,663$ 16.9%21.1817.8%125,497 (69,850)0 0 0 0 0 0 $26.24 0 $26.33 (600,000) (200,000) 10.0% (50,000) 26.0% 23.0% (300,000) 0.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 20192020 Q3 Q3 80 80 28,744,60528,744,6057,500,9968,227,87126.1% 28.6%(31,354) (526,345)0 00 202020190 Q3Q30 51510 0 8,276,3168,276,316$ 20.9101,496,3521,643,632$ 18.1%21.1519.9% (95,383) (166,969)0 0 0 0 0 0 $26.07 0 $25.95 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2(100,000)Q3 Q4 Q1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 Q4 80 28,744,605 7,484,613 26.0% 16,383 0 0 20190 Q4 51 0 8,276,316$ 20.681,470,049 17.8%25.0% 26,303 0 0 0 0 $26.22 (400,000) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 Q4 80 28,744,605 8,214,550 28.6% 13,321 0 2020 Q40 51 0 8,276,3160 1,692,591$ 21.0920.5% (48,959) Q4 Q10 Q2 Q3 0Q4 Q1 Q20 Q3 Q4 0Q1 Q2 Q3$25.31Q45.0% Q1 2020 Q1 80 28,744,605 7,921,516 27.6% (436,903) 0 0 0 0 $ 21.19 (500,000) (150,000) 2021 Q1 80 28,744,605 8,663,795 30.1% (449,245) 0 20212020 Q1Q10 5151 0 8,276,3168,276,31601,406,8131,724,102$ 17.0%21.0624.0%20.8% 63,236 (31,511)0 0 0 0 0 0 $26.49 0 $25.94 2020 Q2 80 28,744,605 7,701,526 26.8% 219,990 0 0 20200 Q2 51 0 8,276,316$ 21.181,476,663 17.8% (69,850) 0 0 0 0 $26.33 (600,000) (200,000) Dallas CBD District 23.0% Fort Worth CBD Overview 2017 20180.0%2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2020 Q3 80 28,744,605 8,227,871 28.6% (526,345) 0 0 20200 Q3 51 0 8,276,316$ 21.151,643,632 19.9% (166,969) 0 0 0 0 $25.95 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2017 2018 2018 2018 2018 2019 2019 2019DallasThe2019 Fort2020 CBD Worth2020 Office2020 CBD2020 is 2021Quotedhome to aRates heavy Q4 Q1 Q2 2017Q3 2018Q4 2018Q1 Q22018 Q32018Q42019Q12019FortDallasQ22019Q3 Worth2019Q4 CBD2020Q1 CBD2020 Office2020 Office2020 Construction2021 Quoted Rates Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1FortQ2 WorthQ3 Q4 Q1CBD Office Construction The Dallas CBD is the metro’s primary office 2020 Q4 80 28,744,605 8,214,550 28.6% 13,321 0 0 20200 Q4 51 0 8,276,316$ 21.091,692,591 20.5% Q4 (48,959)Q1 Q2 Q3 Q40 Q1 Q2 0 Q3 Q4 Q10 Q2 Q3 0 Q4 Q1 $25.31 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 node, but the submarket has struggled for 2021 Q1Absorption80 28,744,605vs Previous8,663,795 Qtr 30.1% vs(449,245) 12 Months Ago 0 0 20210 Q1Absorption51 0 8,276,316$ 21.06vs Previous1,724,102 Qtr 20.8% vs (31,511)12 Months Ago $21.600 0 concentration0 of energy0 companies,$25.94 leaving $28.50 8,000,000 8,000,000 over the last few years. Its vacancy rate (449,245) 13,321 -436,903 (31,511) -48,959 63,236 it exposed to the effects of energy price Dallas $21.40 CBD Office Quotedswings. Rates The good news is that at 16.3%, Dallas CBDFort Office Worth$28.00 Construction CBD Office Quoted Rates Fort Worth CBD Office Construction of 25.6% has been among the highest in Vacancy vs Previous Qtr vs 12 Months Ago Vacancy vs Previous Qtr vs 12 Months Ago 7,000,000 7,000,000 $21.20 the metroplex for decades. The submarket Absorption vs Previous Qtr vs 12 Months Ago Absorption vs Previous Qtr $21.60vs 12 Months Ago vacancies are below the metro average and $28.50 30.1% 28.6% 27.6% 20.8% 20.5% 17.0% 8,000,000 6,000,000$27.50 8,000,000 6,000,000 contains a significant percentage of (449,245) 13,321 -436,903 (31,511) -48,959 $21.4063,236 $21.00 have remained relatively stable. Also, the U/C SF vs Previous Qtr vs 12 Months Ago U/C SF vs Previous Qtr vs 12 Months Ago $28.00 older towers that are not competitive Vacancy vs Previous Qtr vs 12 Months Ago Vacancy vs Previous Qtr vs 12 Months Ago newest delivery, the 280,000-SF Frost7,000,000 Tower, 5,000,000$27.00 7,000,000 5,000,000 0 0 0 0 0 $21.20 0 $20.80 with new assets in other prominent 30.1% 28.6% 27.6% 20.8% 20.5% 17.0% which opened in early 2018, was about6,000,000 75% $27.50 6,000,000 Delivered SF Delivered SF $21.00 4,000,000$26.50 4,000,000 U/C SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago U/C SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago $20.60 office submarkets, such as Uptown/Turtle leased in early 2021. The building boasts the $27.00 0 0 $20.80 0 5,000,000 5,000,000 Creek and Upper Tollway/West Plano. 0 0 0 0 0 0 0 0 0 $20.40 highest rents in downtown Fort Worth at 3,000,000$26.00 3,000,000 DeliveredQuoted RatesSF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr $20.60vs 12 Monthsvs 12 Ago Months Ago 4,000,000 $26.50 4,000,000 However, the submarket’s low rents, transit $20.20 $40/SF, and there are very few buildings in 0 0 0 0 0 0 2,000,000$25.50 2,000,000 amenities, and central location have helped 21 21 21 26 25 $20.40 26 the submarket that are close to this3,000,000 mark. $26.00 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago Quoted Rates vs Previous Qtr vs 12 Months Ago $20.00 keep a core group of tenants rooted here, $20.20 While rent growth has slowed compared2,000,000 to a 1,000,000$25.00 1,000,000 21 21 21 26 25 26 $25.50 2,000,000 and fundamentals have improved in recent Dallas CBD Vital Statistics Fort Worth CBD Vital $20.00 Statistics $19.80 decade ago, rents have remained negative at 1,000,000 $25.00 $24.500 1,000,000 0 years. Dallas CBD Vital Statistics 400,000 Fort Worth CBD Vital Statistics $19.80 $19.60 25.0%-0.1%. Weak rent growth may persist in the 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 400,000 31.0% 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q30 Q4 Q1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 $19.60 coming months, as the submarket deals with2017 $24.502018 2018 2018 2018 2019 2019$24.002019 2019 2020 2020 2020 2020 2021 400,000300,000 31.0% 400,000 $19.4025.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 30.0% 300,000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q42017Q12018Q2 2018Q3 Q42018Q12018 2019 2019 2019 2019 2020 2020 2020 2020 2021 About a decade ago, developers began to $19.40 201720.0%2018the2018 economic2018 2018 and2019 social2019 2019 fallout2019 stemming2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 300,000200,000 30.0% $24.00 Delivered Under Construction Delivered Under Construction 29.0% 300,000 2017 2018 2018 2018 2018 2019Q4 2019Q12019Q22019Q32020 Q42020 2020Q1 2020Q2 2021Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 reboot millions of square feet of obsolete 200,000100,000 20.0% from the recession and office users re- 2017Delivered2018 2018Under2018 Construction2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 29.0% 200,000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction inventory into alternative uses, such as 100,000 0 28.0% 200,000 15.0%evaluating their space. 28.0% 15.0% multifamily, hotel, and retail projects. (100,000)0 27.0% 100,000 (100,000) 27.0% 100,000 These conversions not only buoyed CBD (200,000) 10.0%Major transactions are rare, but trades (200,000) 26.0% 0 10.0% office fundamentals but also helped the (300,000) 26.0% 0 picked up, as XTO sold some substantial (300,000) 25.0% (400,000) 25.0% 5.0% submarket take steps to become a real (400,000) (100,000) 5.0% assets in conjunction with its move to live/work/play environment. Furthermore, (500,000)(500,000) 24.0% 24.0% Houston. While it had nothing to with XTO, (200,000) 0.0% many older assets in the CBD have either (600,000)(600,000) 23.0% 23.0% (200,000) 0.0% The Tower, a 37-story, 526,900-SF property 2017201720182018201820182018 20182018 2019201820192019201920192019201920202019202020202020 2020 20212020 2020 2021 201720172018201820182018201820182018 20182019 2019201920192019201920192020201920202020202020202020 20202021 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 undergone or are undergoing major Q4Q4Q1 Q1Q2 Q2Q3 Q3Q4 Q1Q4 Q2Q1 Q3Q2Q4Q3Q1 Q4Q2 Q1Q3 Q2Q4 Q1Q3 Q4 Q1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 located at 500 Throckmorton, was the largest Net Absorption Delivered Vacant % Net Absorption Delivered Vacant % renovations and are adding amenities like Net Absorption Delivered Vacant % Net Absorption Delivered Vacant % single asset to trade hands recently. The parking to remain competitive with newer building, which comprises 288 residential properties in the Arts District and Uptown. units and 37,000 SF of office space, sold for an undisclosed price as part of a two- Leasing property portfolio deal in mid-2019. Sales Business services and financial firms have been migrating north into nearby Uptown/Turtle Creek for years, but the CBD activity was tapered in 2020. has recently recaptured some momentum. Goldman Sachs consolidated its D-FW operations in 175,000 SF at the Trammell Crow Center in early 2018, moving from Las Colinas. After previously agreeing to move to The Union in Uptown, law firm Leasing Vinson & Elkins decided instead to remain at the Trammell Crow Center. Meanwhile, 1900 Pearl lease-up quickly with asking Though Fort Worth has greater exposure to the energy industry than Dallas does, fundamentals have stayed intact. rents reaching above $40/NNN, among the highest asking rents in the urban core. Vacancies have remained stable at 16.3%, below the metro average of 18.0% . While XTO Energy’s move from Fort Worth CBD Houston (a net loss of 1,600 employees) was expected to open up a large chunk of office space in the submarket, the The area has reported 113 new/direct leases signed since the beginning of 2020, the largest being a 95,500 SF lease at 717 supply glut has been somewhat mitigated. The 120,000-SF W.T. Waggoner building and 195,000-SF 714 Main will both be Harwood. Financial services firm Hilltop Securities took four floors of the 844,000 SF building in July. They are expected redeveloped into hotels. Furthermore, the 93,800-SF Petroleum Building is already being marketed for lease by its new to move in on May 2021. Law firm Sheppard, Mullin, Richter & Hampton signed a 51,000 SF lease in early 2020 at 2200 owner, Sundance Square. Ross Ave. While leasing activity may have slowed in 2020, 2021 got off to a strong start with Factory Six03 in the West End landing a 25,000 SF lease in January. Leasing activity got off to a great start when Oncore Electric signed a 200,000 SF lease for 777 Main in January, one of the largest leases in the metroplex of 2020. The new office will take up seven floors and will cost more than $8.5 million to build Movers & Shakers Largest Vacancies: out. The new office will replace the utility’s longtime Ft Worth location at West 7th Street. They moved into the space in late Tenant SF Building Fountain Place – 851,690 SF 2020. Xebec 5,134 2100 Ross Avenue 1700 Pacific – 801,637 SF Access Physicians 4,646 1717 Main Street Bryan Tower – 623,558 sf Renaissance Tower – 612,174 SF Movers & Shakers Largest Vacancies: Comerica Bank Tower – 582,806 sf Tenant SF Building 115 W 7th Street – 201,354 sf Bank of America Plaza – 555,466 SF Bighorn 10,738 777 Main Street 777 Main – 198,302 sf Oil & Gas/Star Telegram – 182,187 sf Burnett Plaza – 179,654 sf Bank of America Tower – 159,589 sf

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 6 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 7

Dallas CBD Fort Worth CBD

Dallas CBD Fort Worth CBD Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Far North Dallas Office Vacancy Far North Dallas Office Net Absorption Construction 30.0% 2017 Q4 432 48,109,446 9,538,937 19.8% (140,082) 3 761,900 9 2,189,473 $22.72 1,000,000 2018 Q1 435 49,484,958 10,114,732 20.4% 814,357 3 1,375,512 6 813,961 $23.10 25.0% 2018 Q2 437 49,517,617 10,369,888 20.9% (238,120) 1 17,036 6 1,055,298 $23.11 500,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2018 Q3 440 49,869,397 10,148,580 20.4% 576,344 3 351,780 5 Quoted944,540 $23.49 Period Net Absorption Under 20.0% # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Far North Dallas Office Vacancy Far North Dallas Office Net Absorption 2018 Q4 440 49,869,397 10,573,762 21.2% (425,182) 0 0 Construction8 1,010,070 $23.57 0 30.0% 20192017 Q4Q1 432442 48,109,44650,314,5429,538,93710,431,47219.8% 20.7% (140,082) 587,435 3 761,9002 445,1459 2,189,4739 $22.72720,759 $23.52 15.0% 1,000,000 2018 Q1 435 49,484,958 10,114,732 20.4% 814,357 3 1,375,512 6 813,961 $23.10 2019 Q2 443 50,329,942 10,436,237 20.7% 10,635 1 15,400 9 876,693 $23.6425.0% (500,000) 2018 Q2 437 49,517,617 10,369,888 20.9% (238,120) 1 17,036 6 1,055,298 $23.11 2019 Q3 445 50,604,757 10,735,330 21.2% (24,278) 2 274,815 9 758,926 $23.79 10.0% 500,000 FAR NORTH2018 Q3 440 49,869,397DALLAS10,148,580 20.4% 576,344 3 351,780 5 FAR944,540 $23.49 NORTH DALLAS 2019 Q4 447 50,660,409 10,801,826 21.3% (10,844) 2 55,652 7 703,274 $23.7920.0% (1,000,000) 2018 Q4 440 49,869,397 10,573,762 21.2% (425,182) 0 0 8 1,010,070 $23.57 0 2020 Q1 449 50,710,909 10,525,987 20.8% 326,339 2 50,500 5 652,774 $24.26 5.0% SUBMARKET2019 Q1 442 50,314,542 10,431,472 20.7% 587,435 2 445,145 9 720,759 $23.52 15.0% SUBMARKET 20202019 Q2 443450 50,329,94250,930,90910,436,23710,897,68620.7% 21.4% 10,635 (151,699)1 15,4001 220,0009 876,6936 $23.64594,935 $24.48 (500,000) (1,500,000) 0.0% 20202019 Q3 445452 50,604,75751,228,69110,735,33011,370,11421.2% 22.2% (24,278) (174,646)2 274,8152 297,7829 758,9264 $23.79297,153 $24.8310.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20202019 Q4 447454 50,660,40951,363,68310,801,82612,328,49221.3% 24.0% (10,844) (823,386)2 55,6522 134,9927 703,2742 $23.79162,161 $25.12 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1(1,000,000)Q2 Q3 Q4 Q1 5.0% 20212020 Q1 449454 50,710,90951,363,68310,525,98713,788,07420.8% 26.8% 326,339 (1,459,582)2 50,5000 5 0 652,7744 $24.26434,161 $25.14 2020 Q2 450 50,930,909 10,897,686 21.4% (151,699) 1 220,000 6 594,935 $24.48 (1,500,000) 0.0% Far North Dallas Overview 2020 Q3 452 51,228,691 11,370,114 22.2% (174,646) 2 297,782 4 297,153 $24.83 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FarQ1 Q2NorthQ3 Q4 DallasQ1 Office Construction Existing Inventory Vacancy Delivered Inventory Under Construction Far North Dallas Office Quoted Rates Nationally, the U.S. economy had the longest 2020 Q4 454 51,363,683 12,328,492 24.0% (823,386) 2 Quoted134,992 2 162,161 $25.12 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Period Net Absorption Under Far North Dallas Office Net Absorption expansion on record from 2009 to March # Bldgs Total RBA AbsorptionVacant SF Vacant % # Bldg Delivered # Bldgs Rates Far North Dallas Office Vacancy 2021 Q1 454 51,363,683vs Previous13,788,074 Qtr 26.8% vs(1,459,582) 12 MonthsConstruction Ago 0 0 4 434,161 $25.14 $25.50 30.0% 8,000,000 2020. Overall, the economy of Dallas-Fort2017 Q4 432 48,109,446 (1,459,582)9,538,937 19.8% (140,082)-823,386 3 761,900 9326,3392,189,473 $22.72 1,000,000 2018 Q1 435 49,484,958 10,114,732 20.4% 814,357 3 1,375,512 6 813,961 $23.10 Far North$25.00 Dallas Office Quoted Rates Far North Dallas Office Construction Worth was indicating continued growth for Vacancy vs Previous Qtr vs 12 Months Ago 25.0% 7,000,000 2018 Q2 437 49,517,617 10,369,888 20.9% (238,120) 1 17,036 6 1,055,298 $23.11 Absorption vs Previous Qtr vs 12 Months Ago $25.50 500,000 the first few months of the year. There2018 is Q3 little 440 49,869,397 10,148,58026.8% 20.4% 576,34424.0% 3 351,780 5 20.8% 944,540 $23.49 20.0% $24.50 8,000,000 6,000,000 2018 Q4 440 49,869,397 (1,459,582)10,573,762 21.2% (425,182)-823,386 0 0 326,339 8 1,010,070 $23.57 doubt the economy has felt some severe U/C SF vs Previous Qtr vs 12 Months Ago $25.00 0 2019 Q1 442 50,314,542 Vacancy10,431,472 20.7% vs Previous587,435 Qtr 2 445,145vs 12 Months 9Ago 720,759 $23.52 7,000,000 5,000,000 short-term pain. As this situation continues to 15.0% $24.00 2019 Q2 443 50,329,942 10,436,237434,161 20.7% 10,635162,161 1 15,400 9652,774876,693 $23.64 26.8% 24.0% 20.8% $24.50 (500,000) 6,000,000 Delivered SF 10.0% 4,000,000 unfold over the next few months, we2019 will Q3 have445 50,604,757 10,735,330U/C SF 21.2% vs Previous(24,278)vs Previous Qtr Qtr2 274,815vs 12 Monthsvs 12 9Ago Months758,926 Ago $23.79 2019 Q4 447 50,660,409 10,801,826 21.3% (10,844) 2 55,652 7 703,274 $23.79 $23.50 5,000,000 a greater understanding of what the long-term 434,1610 162,161134,992 652,774 50,500 $24.00 (1,000,000) 2020 Q1 449 50,710,909 10,525,987 20.8% 326,339 2 50,500 5 652,774 $24.26 5.0% 3,000,000 impact will be on the regional economy. QuotedDelivered Rates SF vs Previous Qtr vs 12 Months Ago 4,000,000 2020 Q2 450 50,930,909 10,897,686 21.4% (151,699)vs Previous Qtr1 220,000 vs 126 Months594,935 Ago $24.48 $23.00(1,500,000) 0.0% $23.50 2020 Q3 452 51,228,691 11,370,1140 22.2% (174,646)134,992 2 297,78250,500 4 297,153 $24.83 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2,000,000 25 25 24 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 3,000,000 2020 Q4 454 51,363,683Quoted12,328,492 Rates 24.0% (823,386) 2 134,992 2 162,161 $25.12 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Upper Tollway/West Plano has emerged as vs Previous Qtr vs 12 Months Ago $23.00 $22.50 1,000,000 2021 Q1 454 51,363,683 13,788,074 26.8% (1,459,582) 0 0 4 434,161 $25.14 2,000,000 one of the most dynamic office submarkets 25 Far North25 Dallas Vital Statistics24 $22.50 1,000,000 0 in Dallas-Fort Worth. The area has some Far North Dallas Office Quoted Rates $22.00 Far North Dallas Office Construction 2,000,000 Far North Dallas Vital Statistics 30.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Absorption vs Previous Qtr vs 12 Months Ago $25.50 0 of the newest office stock in the metro. It $22.00 8,000,000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (1,459,582) 1,500,0002,000,000-823,386 326,339 30.0% $21.50 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 now serves as a corporate hub for Toyota’s 25.0% $25.00 7,000,000 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020Q42020Q1 2021Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Vacancy vs1,500,000 Previous Qtr vs 12 Months Ago $21.50 Delivered Under Construction 1,000,000 25.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 North American headquarters and is a 26.8% 24.0% 20.8% 2017 2018 2018 20186,000,0002018 2019 2019 2019 2019 2020 2020 2020 2020 2021 1,000,000 20.0% $24.50 Delivered Under Construction U/C SF vs Previous500,000 Qtr vs 12 Months Ago Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 major regional location for Liberty Mutual, 20.0% 5,000,000 434,161 162,161500,000 652,774 $24.00 AmerisourceBergen, JPMorgan Chase, and 0 15.0% Delivered SF vs Previous Qtr vs 12 Months Ago 15.0% 4,000,000 0 $23.50 USAA. Companies located here have access0 (500,000)134,992 50,500 (500,000) 10.0% 3,000,000 Quoted Rates 10.0% to a deep and well-educated labor pool. vs(1,000,000) Previous Qtr vs 12 Months Ago $23.00 25 (1,000,000)25 24 2,000,000 5.0% 5.0% More than half of all adults have at least a (1,500,000)(1,500,000) $22.50 1,000,000 Far North Dallas Vital Statistics bachelor’s degree, and the Plano and Frisco (2,000,000)(2,000,000) 0.0% 0.0% $22.00 0 2,000,000 2017 2018 2018 2018 2018 2019 201930.0%2019 2019 2020 2020 2020 2020 2021 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 independent school districts are among the 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 1,500,000 Q4Q4 Q1Q1Q2 Q2Q3 Q3Q4 Q4Q1 Q2Q1 Q3Q2 Q4Q3Q1Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q4 Q1 $21.50 25.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 best in the state. Also drawing new tenants Net Absorption Delivered Vacant % Delivered Under Construction 1,000,000 Net Absorption Delivered Vacant % Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20.0% is the abundance of land suitable for large500,000 campuses and high-end retail in the area. 0 15.0% (500,000) Furthermore, both the state and the City of 10.0% (1,000,000) Plano have shown a willingness to dole out 5.0% (1,500,000) end of November. While substantial, we have to keep in mind that this is the lowest leasing activity the market has experienced generous incentives for companies looking(2,000,000) to 0.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 since 2010. relocate to or expand here. Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Net Absorption Delivered Vacant % Frisco/The Colony is a rapidly growing suburban submarket in the metroplex. In 2000, the submarket’s office inventory was less The largest lease of the year was a 60,000 SF lease in May. Global Medical Response, a medical transport firm, is taking two floors than 700,000 SF, but today it’s 8.8 million SF. Office inventory isn’t the only thing that has seen rapid growth. Frisco is consistently a the Realm at Castle Hills office building in State Highway 121 and Josey Lane. The company is relocating workers from existing ranked as one of the most desirable cities to live in by various publications and is one of the fastest-growing towns in the country. locations in Lewisville, Farmers Branch, and Denton. In one of the largest leases of 2019, San Francisco based IT firm, Splunk Inc, The submarket also features several retail and entertainment amenities: Stonebriar Centre is a 1.6-million-SF regional mall; Dr. signed an 83,700 SF lease in the Gateway at Legacy building on the Dallas North Tollway. The new office space will accommodate Pepper Ballpark is the home of the Frisco RoughRiders, the Texas Rangers’ Class AA minor league affiliate; and Toyota Stadium 450 employees. is home to FC Dallas of Major League Soccer. The majority of the submarket’s office product is located just off of the Dallas North Tollway, more than 2 million SF of which is in the 162-acre Hall Park. Hall Park is still expanding, and other projects along Although construction in the Frisco/The Colony submarket has grown in recent years, vacancies trended below the metro average the corridor could deliver up to 20 million SF of office space at full build-out. While that is years away, a significant round of during the last decade due to strong demand. Vacancies typically only rise due to supply-side pressure rather than tenant move- speculative supply has recently opened, and new buildings are attracting corporate tenants. Frisco landed a primary corporate user outs. Large blocks of space remain as elusive as ever. In early 2021 there were twenty-four existing or under-construction buildings when Keurig Dr. Pepper agreed to move from West Plano to a new facility at The Star in 2021. with more than 25,000 SF of contiguous space available.

Leasing Despite the uncertainty created by the pandemic, there were 123 new/direct leases signed in 2020, totaling 467,000 SF. The largest In the last few years, the area has been a hotbed for corporate relocations and large back-office operations. Toyota, Liberty Mutual, lease signed was Addus HomeCare signing a 74,800 SF lease. The company is relocating its headquarters to the Offices Two at and JPMorgan Chase have either relocated to (Toyota) or consolidated (Liberty Mutual and JPMorgan) operations in Legacy West, Frisco Station. bringing about 15,000 jobs to the Upper Tollway/West Plano Submarket. The three companies took more than 1 million SF each, with Toyota alone responsible for a 2.1-million-SF campus, making it the largest tenant in the submarket. Occupancy will take a hit The City of Frisco scored with Keurig Dr. Pepper, which will move from West Plano into 350,000 SF at The Star in 2021. in 2021 when Keurig Dr. Pepper moves out of roughly 300,000 SF. The firm will shift its headquarters operations north to The Star in Frisco. Despite the uncertainty created by the pandemic, the submarket experienced 1.3M square feet of leasing activity as of the

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 8 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 9

Far North Dallas

Far North Dallas

Far North Dallas Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates East Dallas Office Vacancy East Dallas Office Net Absorption Construction 2017 Q4 166 6,860,608 809,938 11.8% 9,366 1 55,012 2 324,820 $17.22 25.0% 150,000 2018 Q1 166 6,860,608 852,438 12.4% (42,500) 0 0 2 324,820 $17.62 2018 Q2 167 6,890,608 956,448 13.9% (74,010) 1 30,000 1 294,820 $20.50 20.0% 100,000 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted 2018Period Q3 167 6,890,608 990,695 14.4%Net Absorption(34,247) 0 0 1 294,820 $20.57 50,000 Under Rates East Dallas Office Vacancy East Dallas Office Net Absorption 2018 Q4 # Bldgs167 Total6,890,608 RBA Vacant987,377 SF Vacant %14.3% 3,318# Bldg Delivered0 # Bldgs0 1 294,820 $20.73 Construction 15.0% 0 2017 Q4 166 6,860,608 809,938 11.8% 9,366 1 55,012 2 324,820 $17.22 25.0% 2019 Q1 168 7,185,428 1,274,876 17.7% 7,321 1 294,820 0 0 $22.95 150,000 2018 Q1 166 6,860,608 852,438 12.4% (42,500) 0 0 2 324,820 $17.62 (50,000) 2019 Q2 168 7,185,428 1,169,865 16.3% 105,011 0 0 0 0 $20.45 10.0% 2018 Q2 167 6,890,608 956,448 13.9% (74,010) 1 30,000 1 294,820 $20.50 20.0% 100,000 WHITE ROCK/EAST2019 Q3 168 7,185,428 1,182,932 DALLAS16.5% (13,067) 0 WHITE0 0 0ROCK/EAST$20.37 DALLAS (100,000) 2018 Q3 167 6,890,608 990,695 14.4% (34,247) 0 0 1 294,820 $20.57 50,000 2019 Q4 2018 Q4 167168 6,890,6087,185,428987,3771,340,95614.3% 18.7% 3,318 (158,024)0 00 1 0 294,8202 $20.73537,614 $21.25 15.0% 5.0% 0 (150,000) 20202019 Q1 168168 7,185,4287,185,4281,274,8761,281,64717.7% 17.8% 7,321 59,309 1 294,8200 0 0 0 3 $22.95752,730 $20.76 SUBMARKET SUBMARKET (200,000) 20202019 Q2 168168 7,185,4287,185,4281,169,8651,295,25216.3% 18.0% 105,011 (13,605) 0 00 0 0 0 3 $20.45752,730 $21.33 (50,000) 10.0% 0.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2019 Q3 168 7,185,428 1,182,932 16.5% (13,067) 0 0 0 0 $20.37 (100,000) 2020 Q3 168 7,185,428 1,432,713 19.9% (137,461) 0 0 3 752,730 $18.29 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 Q4 168 7,185,428 1,340,956 18.7% (158,024) 0 0 2 537,614 $21.25 2020 Q4 168 7,185,428 1,404,388 19.5% 28,325 0 0 3 752,730 $22.355.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1(150,000)Q2 Q3 Q4 Q1 20212020 Q1 168169 7,185,4287,254,0421,281,6471,425,05717.8% 19.6% 59,309 47,945 0 10 68,6143 752,7302 $20.76684,116 $22.69 2020 Q2 168 7,185,428 1,295,252 18.0% (13,605) 0 0 3 752,730 $21.33 (200,000) East Dallas Overview 0.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Existing Inventory2020 Q3 Vacancy168 7,185,428 1,432,713Delivered19.9% Inventory (137,461)Under Construction 0 0 3 752,730 $18.29 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Garland is an inner-ring suburb located east Quoted East Dallas Office Quoted Rates Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 EastQ2 Q3 DallasQ4 Q1 Office Construction Period 2020 Q4 168 7,185,428Net Absorption1,404,388 19.5% 28,325 Under 0 0 3 752,730 $22.35 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates East Dallas Office Vacancy East Dallas Office Net Absorption of the northern path of demographic and 2021 Q1Absorption169 7,254,042vs Previous1,425,057 Qtr 19.6% vs 1247,945 MonthsConstruction Ago 1 68,614 2 684,116 $22.69 $25.00 2017 Q4 166 6,860,608 809,938 11.8% 9,366 1 55,012 2 324,820 $17.22 25.0% employment growth in Dallas. The central 150,000 8,000,000 2018 Q1 166 6,860,608 47,945852,438 12.4% (42,500)28,325 0 0 259,309 324,820 $17.62 commercial node in Garland composed of East Dallas100,000 Office Quoted Rates East Dallas Office Construction 2018 Q2 167 6,890,608 Vacancy956,448 13.9% (74,010)vs Previous Qtr1 30,000 vs 121 Months294,820 Ago $20.50 20.0% 7,000,000 industrial properties. There is only 3.32018 million Q3 167 6,890,608 Absorption990,695 14.4% (34,247) 0 0 1 294,820 $20.57 $20.0050,000 19.6% vs Previous19.5% Qtr vs 12 Months Ago17.8% $25.00 2018 Q4 167 6,890,608 987,377 14.3% 3,318 0 0 1 294,820 $20.73 8,000,000 6,000,000 SF of office inventory here, most of it being 47,945 28,325 59,309 15.0% 0 2019 Q1 168 7,185,428 1,274,876U/C SF 17.7% vs7,321 Previous Qtr1 294,820 vs 120 Months Ago0 $22.95 older and of mediocre quality. The submarket Vacancy 7,000,000 2019 Q2 vs Previous Qtr vs 12 Months Ago (50,000) 5,000,000 saw a substantial reduction in its office 168 7,185,428 1,169,865684,116 16.3% 105,011752,730 0 0 0752,730 0 $20.45 10.0% $20.00 2019 Q3 168 7,185,428 1,182,93219.6% 16.5% (13,067)19.5% 0 0 17.8% 0 0 $20.37 $15.00(100,000) 6,000,000 Delivered SF inventory in 2017 when Raytheon’s previous2019 Q4 168 7,185,428 1,340,956U/C SF 18.7% vs Previous(158,024)vs Previous Qtr Qtr0 vs 012 Monthsvs 12 2Ago Months537,614 Ago $21.25 4,000,000 5.0% (150,000) 5,000,000 campus was demolished to make way2020 for Q1 a 168 7,185,428 1,281,64768,614 17.8% 59,309 0 0 0 3 0 752,730 $20.76 684,116 752,730 752,730 $15.00 3,000,000 2020 Q2 168 7,185,428 1,295,252 18.0% (13,605) 0 0 3 752,730 $21.33 (200,000) new industrial park. QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 0.0% $10.00 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 4,000,000 2020 Q3 168 7,185,428 1,432,713 19.9% (137,461) 0 0 3 752,730 $18.29 68,614 0 0 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2,000,000 2020 Q4 168 7,185,428 1,404,38823 19.5% 28,325 22 0 0 3 21 752,730 $22.35 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago $10.00 Despite lackluster absorption, at 15.1%2021 Q1 169 7,254,042 1,425,057 19.6% 47,945 1 68,614 2 684,116 $22.69 1,000,000 vacancies have typically remained below 23 22 21 $5.00 2,000,000 East Dallas Vital Statistics East Dallas Office Quoted Rates East Dallas Office Construction the metro average of 18.0% due to a lack of 1,000,000 0 $5.00 Absorption vs Previous Qtr vs 12 Months Ago $25.00 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 supply and the demolition of some obsolete 350,000 East Dallas Vital Statistics 25.0% 8,000,000 47,945 28,325 59,309 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 300,000 $0.00 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 assets. In terms of the pipeline, there is Vacancy 350,000 25.0% 7,000,000 vs Previous Qtr vs 12 Months Ago 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020Q42020Q1 2021Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 250,000300,000 20.0% $20.00 $0.00 potential in the far southeast corner of 19.6% 19.5% 17.8% 6,000,000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction 200,000250,000 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 the submarket. In that area, the $1 billionU/C SF vs Previous Qtr vs 12 Months Ago 20.0% Delivered Under Construction 150,000200,000 Q4 Q1 Q2 Q35,000,000Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 684,116 752,730 752,730 15.0% Bayside project in Rowlett could eventually 150,000 $15.00 Delivered SF vs100,000 Previous Qtr vs 12 Months Ago 15.0% 4,000,000 100,000 include a significant office portion to go 68,614 50,0000 0 50,000 10.0% 3,000,000 along with multifamily, retail, and hospitalityQuoted Rates vs Previous0 Qtr vs 12 Months Ago 10.0% $10.00 0 2,000,000 components. However, that development is23 (50,000)(50,000)22 21 5.0% currently in limbo. Most transactions involve (100,000)(100,000) 5.0% 1,000,000 East Dallas Vital Statistics $5.00 buildings smaller than 10,000 SF, and medical (150,000)(150,000) 0 350,000 (200,000)(200,000) 25.0% 0.0% 0.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 office properties have driven sales volume300,000 of 20172017201820182018201820182018201820182019 2019 2019201920192019202020192020202020202020202020202021 2020 2021 $0.00 late. 250,000 Q4Q4 Q1Q1Q2Q2Q3 Q3Q4 Q4Q1 Q1Q2 20.0%Q3Q2 Q4Q3 Q1Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q4 Q1 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction 200,000 Net Absorption Delivered Vacant % Net Absorption Delivered Vacant % 150,000 15.0% The White Rock Submarket includes primarily100,000 50,000 residential neighborhoods in Old East Dallas0 10.0% and those surrounding White Rock Lake.(50,000) (100,000) 5.0% However, about half of the office inventory(150,000) The Epic is well underway and is expected to add 469,000 SF of inventory in 2022. The 215,000 SF Stack in Deep Ellum is underway rests in the Baylor University Medical(200,000) Center area adjacent to Deep Ellum’s nightlife and restaurant0.0% hot spot. Medical tenants 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 and is expected to be delivered in 2021. Continued supply-side pressures are expected to keep vacancy rates elevated in the near dominate that area, and vacancies are structurallyQ4 Q1 Q2low.Q3 AssetsQ4 Q1 inQ2 WhiteQ3 Q4 RockQ1 areQ2 typicallyQ3 Q4 Q1 smaller, and virtually none of the Net Absorption Delivered Vacant % term. inventory is 4 & 5 Star quality. The potential for growth in the submarket falls within Deep Ellum. Specifically, KDC completed the Epic’s office portion in the Dallas’ homegrown co-working firm Common Desk announced they were putting a 40,000 SF shared office center in the landmark western part of Deep Ellum in early 2019. The Epic added about 250,000 SF of 5 Star office space, along with multifamily and hotel Continental Gin building off Elm Street. The 70,000 SF building has undergone a 30 million dollar renovation, which was completed components. Work began on the second phase of The Epic in 2020. These new buildings are catalyzing the area as a new office hub in late 2020. More than half of the office inventory in the submarket is clustered around the medical center. Of that, nearly 2 million just removed from downtown Dallas. On the eastern edge of Deep Ellum, Baylor Scott & White has completed an office building SF is considered medical office. The medical office space in that area typically stays around 95% occupied, and there is usually that will consolidate its local operations in one facility. minimal tenant movement. Leasing Given weaker drivers for office space, vacancies in Garland generally trend below the metro average. The exception to this trend was caused by Raytheon’s move-out in 2016, though that vacancy spike was offset by the subsequent demolition of the firm’s facility in 2017. Most of the institutional-grade office product in this area of the metroplex is located in the Telecom Corridor, along Movers & Shakers Largest Vacancies: Highway 75 in Richardson. Tenant SF Building Barnett Tower – 191,546 SF Texas Advancement 10,512 2920 Motley Drive The Epic – 133,686 sf As a commuter town that was largely built out in the 1960s and ‘70s, Garland contains office stock that caters more to local Prism Health North Texas 7,220 4004 Worth Street 411 N Washington – 105,885 sf businesses, banks, and firms with an industrial presence in the area. Tenant movement is rare, and only a few tenants typically sign Showroom Remodeling 6,000 9696 Skillman Street Baylor Medical Plaza II – 40,501 sf for more than 10,000 SF in a given year. Occupancies in medical office assets have decreased since Baylor Garland hospital closed Forest Tower – 37,400 sf in early 2018. The closure affected over 700 hospital employees as well as medical office properties surrounding the hospital. Baylor Medical Plaza III – 36,605 sf Vacancies in White Rock are typically tight but jumped due to the delivery of The Epic in 2019 and remained elevated through 2020. New tenants at The Epic include Uber, which initially planned on taking around 165,000 SF of Phase One. Uber’s plans to occupy the space have been derailed. As a result, the company has added 117,000 SF to the market as sublease space. The second phase of

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 10 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 11

East Dallas East Dallas

East Dallas Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Las Colinas Office Vacancy Las Colinas Office Net Absorption Construction 25.0% 2017 Q4 274 33,607,361 5,247,581 15.6% (37,478) 0 0 6 2,122,964 $21.23 2,000,000 2018 Q1 275 33,857,361 5,091,884 15.0% 405,697 1 250,000 7 2,152,964 $20.92 2018 Q2 276 34,024,059 5,621,675 16.5% (363,093) 1 166,698 7 2,052,871 $20.90 20.0% 1,500,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2018 Q3 278 34,388,559 5,929,368 17.2% 56,807 2 364,500 5 Quoted1,688,371 $21.52 Period Net Absorption Under Las Colinas Office1,000,000 Net Absorption 2018 Q4 # Bldgs278 Total34,388,559 RBA Vacant5,878,702 SF Vacant %17.1% 50,666# Bldg Delivered0 # Bldgs0 5 Rates1,688,371 $21.79 Las15.0% Colinas Office Vacancy Construction 2019 Q1 280 34,634,959 5,815,169 16.8% 309,933 2 246,400 4 1,643,929 $21.6025.0% 2017 Q4 274 33,607,361 5,247,581 15.6% (37,478) 0 0 6 2,122,964 $21.23 2,000,000 500,000 20192018 Q2Q1 275281 33,857,36134,701,5645,091,8845,970,68615.0% 17.2% 405,697 (88,912) 1 250,0001 66,6057 2,152,9644 $20.921,604,799 $21.87 10.0% 20192018 Q3Q2 276281 34,024,05934,701,5645,621,6755,859,82716.5% 16.9% (363,093) 110,859 1 166,6980 70 2,052,8714 $20.901,604,799 $21.8120.0% 1,500,000 0 LAS 2018COLINAS Q3 278 34,388,559 5,929,368 17.2% 56,807 2 364,500 5 1,688,371 $21.52 LAS COLINAS 2019 Q4 283 36,076,930 5,580,475 15.5% 1,654,718 2 1,375,366 2 229,433 $21.21 1,000,000 2018 Q4 278 34,388,559 5,878,702 17.1% 50,666 0 0 5 1,688,371 $21.79 15.0% 5.0% (500,000) 2020 Q1 283 36,076,930 6,560,388 18.2% (979,913) 0 0 2 229,433 $21.09 2019 Q1 280 34,634,959 5,815,169 16.8% 309,933 2 246,400 4 1,643,929 $21.60 500,000 SUBMARKET2020 Q2 284 36,278,888 6,904,987 19.0% (142,641) 1 201,958 2 124,067 $21.07 SUBMARKET 2019 Q2 281 34,701,564 5,970,686 17.2% (88,912) 1 66,605 4 1,604,799 $21.87 (1,000,000) 10.0% 0.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2020 Q3 284 36,278,888 7,448,912 20.5% (543,925) 0 0 2 124,067 $20.84 0 2019 Q3 281 34,701,564 5,859,827 16.9% 110,859 0 0 4 1,604,799 $21.81 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20202019 Q4 283285 36,076,93036,306,3635,580,4757,743,90915.5% 21.3%1,654,718 (267,522)2 1,375,3661 27,4752 229,4331 $21.2196,592 $20.83 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 5.0% (500,000) 20212020 Q1 283285 36,076,93036,306,3636,560,3888,160,12918.2% 22.5% (979,913)(416,220)0 00 20 229,4331 $21.0996,592 $20.81 2020 Q2 284 36,278,888 6,904,987 19.0% (142,641) 1 201,958 2 124,067 $21.07 (1,000,000) Las Colinas Overview 0.0% 2020 Q3 284 36,278,888 7,448,912 20.5% (543,925) 0 0 2 124,067 $20.84 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 The submarket’s central location in the 2017 2018 2018 2018 2018 2019 2019Las2019 2019Colinas2020 2020 Office2020 2020 Quoted2021 Rates Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1LasQ2 Q3ColinasQ4 Q1 Office Construction Existing Inventory Vacancy Delivered Inventory Under Construction Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 Q4 285 36,306,363 7,743,909 21.3% (267,522) 1 Quoted27,475 1 96,592 $20.83 metroplex and accessibility to D/FW AirportPeriod Absorption vsNet Previous Absorption Qtr vs 12 Months AgoUnder $22.00 Las Colinas Office Net Absorption # Bldgs Total2021 RBA Q1 Vacant285 SF Vacant36,306,363 % 8,160,129 # Bldg22.5% Delivered(416,220)# Bldgs 0 Rates0 1 96,592 Las$20.81 Colinas Office Vacancy 8,000,000 has fostered a groundswell of construction Construction (416,220) -267,522 -979,913 25.0% in the past few years. Led by the 2017 Q4 274 33,607,361 5,247,581 15.6% (37,478) 0 0 6 2,122,964 $21.23 $21.802,000,000 2018 Q1 275 33,857,361Vacancy5,091,884 15.0% vs Previous405,697 Qtr 1 250,000vs 12 Months7 Ago2,152,964 $20.92 Las Colinas Office Quoted Rates Las Colinas Office7,000,000 Construction emergence of the Cypress Waters master-2018 Q2 276 34,024,059 5,621,675 16.5% (363,093) 1 166,698 7 2,052,871 $20.90 20.0% 1,500,000 Absorption22.5% vs Previous21.3% Qtr vs 12 Months Ago18.2% $22.00 $21.60 6,000,000 planned mixed-use development, since2018 Q3 278 34,388,559 5,929,368 17.2% 56,807 2 364,500 5 1,688,371 $21.52 8,000,000 (416,220)U/C SF vs-267,522 Previous Qtr -979,913vs 12 Months Ago 1,000,000 2015, developers have added 28 buildings2018 Q4 278 34,388,559 5,878,702 17.1% 50,666 0 0 5 1,688,371 $21.79 15.0% $21.80 $21.40 Vacancy vs Previous Qtr vs 12 Months Ago 7,000,000 5,000,000 totaling 3.8 million SF of inventory. 2019 Q1 280 34,634,95996,5925,815,169 16.8% 309,93396,592 2 246,400 229,4334 1,643,929 $21.60 500,000 2019 Q2 281 34,701,56422.5%5,970,686 17.2% 21.3%(88,912) 1 66,60518.2% 4 1,604,799 $21.87 $21.60 Companies like 7-Eleven, CoreLogic, Delivered SF vs Previous Qtr vs 12 Months Ago 10.0% $21.20 6,000,000 4,000,000 2019 Q3 281 34,701,564U/C5,859,827 SF 16.9% vs Previous110,859 Qtr 0 vs 12 Months0 Ago4 1,604,799 $21.81 0 $21.40 Nokia, Signet Jewelers (Zales), and Brinker2019 Q4 283 36,076,930 05,580,475 15.5% 1,654,71827,475 2 1,375,366 20 229,433 $21.21 5,000,000 96,592 96,592 229,433 5.0% $21.00(500,000) 3,000,000 2020 Q1 283 36,076,930Quoted6,560,388 Rates 18.2% (979,913) 0 0 2 229,433 $21.09 International have signed on. Even more, Delivered SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago $21.20 4,000,000 2020 Q2 284 36,278,888 6,904,987 19.0% (142,641) 1 201,958 2 124,067 $21.07 $20.80(1,000,000) 2,000,000 office space is under construction or in the 210 27,47521 0 21 0.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2020 Q3 284 36,278,888 7,448,912 20.5% (543,925) 0 0 2 124,067 $20.84 $21.00 3,000,000 planning process. In early 2020, exotic car 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 Q4 285 36,306,363Quoted7,743,909 Rates 21.3% vs Previous(267,522) Qtr 1 vs 1227,475 Months Ago1 96,592 $20.83 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 1,000,000 $20.60 2,000,000 manufacturer McLaren relocated its North2021 Q1 285 36,306,363 218,160,129 22.5% 21(416,220) 0 0 21 1 96,592 $20.81 $20.80 Las Colinas Vital Statistics 0 American office to the Coppell Business $20.40 1,000,000 Las Colinas Office Quoted $20.60Rates Las Colinas Office Construction 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Center from midtown Manhattan. The 2,000,000 25.0% Las Colinas Vital Statistics 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Absorption vs Previous Qtr vs 12 Months Ago $22.00 $20.40 $20.20 company moved into 30,000 SF, taking 8,000,000 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 (416,220) 1,500,0002,000,000-267,522 -979,913 25.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 advantage of nearby industrial inventory, 20.0% $21.80 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4DeliveredQ1 Under Construction Vacancy vs Previous Qtr vs 12 Months Ago $20.20 7,000,000Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 1,000,0001,500,000 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 as well. Since so many of the new Cypress22.5% 21.3% 18.2% $21.60 Delivered Under Construction 20.0% Q4 Q1 Q2 Q3 6,000,000Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Waters office buildings were built-to- U/C SF 1,000,000vs Previous Qtr vs 12 Months Ago 15.0% 500,000 $21.40 5,000,000 96,592 96,592 229,433 suits, vacancies have remained below the 500,000 15.0% metro average despite significant supplyDelivered SF vs Previous0 Qtr vs 12 Months Ago 10.0% $21.20 4,000,000 0 27,475 0 0 10.0% $21.00 3,000,000 additions. This trend should persist in theQuoted Rates (500,000)vs Previous Qtr vs 12 Months Ago near term, as most projects underway are (500,000) 5.0% $20.80 2,000,000 21 (1,000,000)21 21 5.0% already accounted for. Rent growth has (1,000,000) $20.60 1,000,000 (1,500,000)Las Colinas Vital Statistics 0.0% 0 slightly outpaced the metro average in (1,500,000) 0.0% $20.40 20172017201820182018201820182018201820182019 2019 2019201920192019202020192020202020202020202020202021 2020 2021 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 recent quarters, with rents in 4 & 5 Star2,000,000 25.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q4Q4 Q1Q1Q2Q2Q3 Q3Q4 Q4Q1 Q1Q2 Q3Q2 Q4Q3 Q1Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q4 Q1 $20.20 buildings leading the way. 1,500,000 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Delivered Under Construction NetNet Absorption Absorption Delivered20.0%Delivered Vacant % Vacant % Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 1,000,000 The Urban Center/Wingren submarket500,000 15.0%

is located within the City of Irving and 0 10.0% is comprised of the master-planned (500,000) 5.0% community of Las Colinas. What began(1,000,000) Leasing activity slowed significantly in 2020, the submarket reported 76 new/direct leases totaling 400,000,000 SF. Since 2010, in 1972, the area was one of the first(1,500,000) planned communities in the United States. As a result0.0% of its unique amenities, including a the submarket typically experiences just about one million square feet a year. Of the leases executed, eight are 10,000 SF or 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 monorail (Las Colinas Area Personal Transit System)Q4 Q1 Q2 andQ3 LakeQ4 Q1 Carolyn,Q2 Q3 whereQ4 Q1 Q2residentsQ3 Q4 Q1and employees can enjoy a gondola ride or greater. One of the largest leases signed was in the Mandalay Towers in February, with Nautilus Hyosung America taking 31,000 a stroll along with one of the many walkways. TheNet Absorptionarea experiencedDelivered a building boomVacant with % 9.1 million SF or 90% of the submarket SF of space. They moved into their new space in June. The Summit at Las Colinas scored a big win when the American Athletic was built during this period, with companies like Verizon, Kimberly-Clark, and several other Fortune 500 companies relocating Conference decided to move its headquarters into an 18,000 SF space in March. Vacancies in the Urban Center are now hovering headquarters or significant operations to the area. Fueled by the increased connectivity provided by D/FW International Airport, the just above the metro average at 24.1% after trending well above that mark for decades. area still boasts one of the highest concentrations of Fortune 500/1000 companies in the United States, with seven Fortune 500 and five Fortune 1000 companies calling the area home. Vacancies in the Office Center/West LBJ Submarket are back on the rise, reaching 16.5%. In particular, the Cypress Waters mixed- use development in the neighboring DFW Freeport/Coppell submarket has landed a few major corporations over the past few The Office Center/West LBJSubmarket constitutes the northern portion of Las Colinas and is a few minutes east of the D/ years, some of which were originally located in Office Center/West LBJ. The 1,000-acre development on the southern shore of FW International Airport. Due to its proximity to the airport and its highway access, this submarket has remained a popular North Lake will include over 4 million SF of office space along with apartments, retail, trails, and a lakeside town center, making destination for major corporations. The area is touted as the Metroplex’s Corner office, with 53 Fortune 500 corporations and global it an attractive option for firms in the area. For example, Signet Jewelers (Zale Corporation) was one of Office Center/West headquarters for seven Fortune 500 companies. LBJ’s largest tenants before it moved to its new headquarters in Cypress Waters in early 2018. That move opened up more than 300,000 SF of contiguous space in Office Center/West LBJ. In another big move-out, Nokia vacated its 294,000-SF facility in early Leasing 2019 and moved into a new campus at Cypress Waters. 2019 has seen activity pick up in the submarket. Exeter Financial signed a The vacancy rates in DFW Freeport/Coppell have drifted higher to 21.9% due to a series of move-outs in 2020. Over the last 12 111,800-SF lease at 2101 W John Carpenter Fwy., occupying the entire three-story building. months, the submarket has experienced -800,000. Some of the largest move-outs occurred in Royal Tech Regent (-31,866 SF), 2100 Largest Vacancies: Valey View Lane (-28,772 SF), the Intellicenter (-54,345 SF) In late 2019, the submarket experienced an up-tick in vacancy driven by Movers & Shakers Williams Square West Tower – 319,148 sf AT&T moving out of 1801 Valley View Lane, accounting for 209,000 SF. Meanwhile, a large portion of demand stems from build-to- Tenant SF Building 6000 Connection – 293,890 sf suits in Billingsley Company’s 1,000-acre, $3.5 billion Cypress Waters mixed-use development. Cypress Waters encompasses most Builders FirstSource Inc 49,992 3100 Olympus Blvd Williams Square Central Tower – 265,671 sf of the land on the southern shore of North Lake and could include up to 4.5 million SF of office space and 10,000 apartments at full FleetPride Inc 46,736 600 E Las Colinas Blvd 1801 Valley View Lane – 208,593 sf build-out. Pasha Group 45,228 222 W Las Colinas Blvd Sony 41,958 3501 Olympus Blvd Cottonwood Financial 23,861 2100-2120 W Walnut HIll

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 12 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 13

Las Colinas

Las Colinas

Las Colinas Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates LBJ Freeway Office Vacancy LBJ Freeway Office Net Absorption Construction 24.0% 2017 Q4 161 21,119,338 4,569,498 21.6% (10,997) 0 0 0 0 $20.20 300,000 2018 Q1 161 21,119,338 4,523,407 21.4% 46,091 0 0 0 0 $20.09 23.5% 2018 Q2 161 21,119,338 4,669,366 22.1% (145,959) 0 0 0 0 $20.06 23.0% 200,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2018 Q3 161 21,119,338 4,742,657 22.5% (73,291) 0 0 0 Quoted0 $20.24 Period Net Absorption Under 22.5% LBJ Freeway Office100,000 Net Absorption 2018 Q4 # Bldgs161 Total21,119,338 RBA Vacant4,999,724 SF Vacant %23.7% (257,067)# Bldg Delivered0 # Bldgs0 0 Rates 0 $20.46 LBJ Freeway Office Vacancy Construction 22.0% 2019 Q1 161 21,119,338 4,969,279 23.5% 30,445 0 0 0 0 $20.4924.0% 2017 Q4 161 21,119,338 4,569,498 21.6% (10,997) 0 0 0 0 $20.20 300,000 0 20192018 Q2Q1 161161 21,119,33821,119,3384,523,4074,963,34621.4% 23.5% 46,091 5,933 0 00 00 0 0 $20.09 0 $20.3323.5% 21.5% 20192018 Q3Q2 161161 21,119,33821,119,3384,669,3664,885,70222.1% 23.1% (145,959) 77,644 0 00 00 0 0 $20.06 0 $20.4623.0% 21.0% 200,000 (100,000) LBJ FREEWAY2018 Q3 161 21,119,338 4,742,657 22.5% (73,291) 0 0 0 0 $20.24LBJ FREEWAY 2019 Q4 161 21,119,338 4,683,680 22.2% 202,022 0 0 0 0 $20.3222.5% 20.5% 100,000 2018 Q4 161 21,119,338 4,999,724 23.7% (257,067) 0 0 0 0 $20.46 (200,000) 2020 Q1 161 21,119,338 4,438,261 21.0% 245,419 0 0 0 0 $20.4222.0% 2019 Q1 161 21,119,338 4,969,279 23.5% 30,445 0 0 0 0 $20.49 20.0% 0 SUBMARKET2020 Q2 SUBMARKET 2019 Q2 161161 21,119,33821,119,3384,963,3464,597,44423.5% 21.8% 5,933 (159,183)0 00 00 0 0 $20.33 0 $20.7121.5% (300,000) 19.5% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2020 Q3 161 21,119,338 4,762,834 22.6% (165,390) 0 0 0 0 $20.41 (100,000) 2019 Q3 161 21,119,338 4,885,702 23.1% 77,644 0 0 0 0 $20.46 21.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20202019 Q4 161161 21,119,33821,119,3384,683,6804,854,38922.2% 23.0% 202,022 (91,555) 0 00 00 0 0 $20.32 0 $21.12 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20.5% (200,000) 20212020 Q1 161161 21,119,33821,119,3384,438,2614,928,39721.0% 23.3% 245,419 (74,008) 0 00 00 0 0 $20.42 0 $20.6020.0% 2020 Q2 161 21,119,338 4,597,444 21.8% (159,183) 0 0 0 0 $20.71 (300,000) 19.5% 2020 Q3 161 21,119,338 4,762,834 22.6% (165,390) 0 0 0 0 $20.41 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2017 2018 2018 2018 2018 2019 2019LBJ2019 Freeway2019 2020 2020 Office2020 2020 Quoted2021 Rates Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1LBJQ2 FreewayQ3 Q4 Q1 Office Construction LBJ Freeway Overview Existing Inventory Vacancy Delivered Inventory Under Construction 2020 Q4 161 21,119,338 4,854,389 23.0% (91,555) 0 Quoted 0 0 0 $21.12 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Healthy leasing activity prior to thePeriod Absorption Net Absorption Under LBJ Freeway Office Net Absorption # Bldgs Total2021 RBA Q1Vacant SF161Vacant 21,119,338% vs Previous4,928,397 Qtr# Bldg 23.3%Deliveredvs 12#(74,008) Bldgs Months Ago 0 Rates 0 0 0 LBJ Freeway$20.60 Office Vacancy $21.20 Construction 8,000,000 pandemic-induced recession pushed (74,008) -91,555 245,419 24.0% 2017 Q4 161 21,119,338 4,569,498 21.6% (10,997) 0 0 0 0 $20.20 $21.00300,000 vacancy rates lower in West LBJ Freeway2018 Q1 161 21,119,338 Vacancy4,523,407 21.4% vs46,091 Previous Qtr0 0 vs 12 0Months Ago0 $20.09 23.5% LBJ Freeway Office Quoted Rates LBJ Freeway Office7,000,000 Construction 2018 Q2 161 21,119,338 4,669,366 22.1% (145,959) 0 0 0 0 $20.06 200,000 throughout the last decade. However, Absorption23.3% vs Previous23.0% Qtr vs 12 Months Ago21.0% 23.0% $21.20 $20.80 2018 Q3 161 21,119,338 4,742,657 22.5% (73,291) 0 0 0 0 $20.24 8,000,000 6,000,000 at 22.5% vacancies are rising, as the (74,008)U/C SF -91,555 245,419 22.5% 100,000 2018 Q4 161 21,119,338 4,999,724 23.7% (257,067)vs Previous Qtr0 0 vs 12 0Months Ago0 $20.46 $21.00 Vacancy 22.0% $20.60 7,000,000 5,000,000 submarket has experienced -270,0002019 Q1 161 21,119,338 4,969,2790 23.5% vs Previous30,445 0Qtr 0 vs 120 Months 0Ago0 0 $20.49 0 2019 Q2 161 21,119,338 4,963,346 23.5% 5,933 0 0 0 0 $20.33 21.5% $20.80 SF of net absorption over the last 12 23.3% 23.0% 21.0% 6,000,000 Delivered SF vs Previous Qtr vs 12 Months Ago $20.40(100,000) 4,000,000 months. Anemic rent growth is being2019 Q3 felt 161 21,119,338 U/C4,885,702 SF 23.1% vs Previous77,644 Qtr 0 vs 120 Months 0Ago 0 $20.46 21.0% 2019 Q4 161 21,119,338 4,683,6800 22.2% 202,022 0 0 0 0 0 0 $20.32 $20.60 5,000,000 0 0 0 20.5% $20.20(200,000) 3,000,000 throughout the submarket, especially2020 Q1 161 21,119,338 4,438,261 21.0% 245,419 0 0 0 0 $20.42 QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago 20.0% $20.40 4,000,000 2020 Q2 161 21,119,338 4,597,444 21.8% (159,183) 0 0 0 0 $20.71 (300,000) among 3 Star buildings. However, if 19.5% $20.00 2,000,000 2020 Q3 161 21,119,338 4,762,834210 22.6% (165,390)0 21 0 0 0 0 20 0 $20.41 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 demand improves, rent growth could 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 $20.202020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 3,000,000 2020 Q4 161 21,119,338Quoted4,854,389 Rates 23.0% vs Previous(91,555) Qtr 0 vs 120 Months 0Ago 0 $21.12 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 stand to pick up once again, since the $19.80 1,000,000 2021 Q1 161 21,119,338 4,928,39721 23.3% LBJ(74,008) Freeway21 0 Vital Statistics0 20 0 0 $20.60 $20.00 2,000,000 submarket is unlikely to see new supply 0 LBJ Freeway Office Quoted Rates$19.80 $19.60 LBJ Freeway Office Construction 1,000,000 anytime soon. 300,000 LBJ Freeway Vital Statistics 24.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Absorption vs Previous Qtr vs 12 Months Ago $21.20 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 23.5% $19.60 $19.408,000,000 (74,008) 300,000-91,555 245,419 24.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 202020172020201820212018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 200,000 $21.00 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 The West LBJ Freeway Submarket hasVacancy vs Previous Qtr vs 12 Months Ago 23.5% 23.0% $19.40 7,000,000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction 200,000 $20.80 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 23.3% 100,00023.0% 21.0% 22.5% 6,000,000 seen little office development in recent 23.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction U/C SF vs Previous Qtr vs 12 Months Ago years, which is likely to remain the case, 100,000 22.5% 22.0% $20.60 5,000,000 0 0 0 0 22.0% $20.40 even with the new LBJ Express lanesDelivered SF vs Previous0 Qtr vs 12 Months Ago 21.5% 4,000,000 0 0 0 21.5% drastically relieving highway congestion in (100,000) 21.0% $20.20 3,000,000 Quoted Rates vs(100,000) Previous Qtr vs 12 Months Ago 21.0% the area. There are two major office nodes 20.5% 2,000,000 21 (200,000)21 20 20.5% $20.00 in this submarket, one at the Centre Office (200,000) 20.0% 20.0% $19.80 1,000,000 Park, and the other near the intersection LBJ(300,000) Freeway Vital Statistics 19.5% (300,000) 19.5% $19.60 0 300,000 20172017201820182018201820182018201820182019 2019201924.0%2019201920192019202020192020202020202020202020202021 2020 2021 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 of the LBJ and Stemmons freeways. The Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q4Q4 Q1Q1 Q2Q2Q3 Q3Q4 Q4Q1 Q1Q2 23.5%Q3Q2 Q4Q3 Q1Q4Q2Q1Q3 Q2Q4 Q3Q1 Q4 Q1 $19.40 majority of the inventory in the submarket200,000 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 NetNet Absorption Absorption Delivered23.0% Delivered Vacant % Vacant % Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction is 3 Star stock built in the 1980s. 100,000 22.5% 22.0% 0 The East LBJ Freeway Submarket divides 21.5% (100,000) 21.0% northern Dallas from the suburbs of 20.5% (200,000) Addison and Richardson. Although it is 20.0% Movers & Shakers Largest Vacancies: (300,000) 19.5% Pinnacle Tower – 279,310 sf one of the smallest submarkets by land area,2017 2018 it 2018is one2018 2018 of 2019the2019 densest2019 2019 2020in the2020 2020metroplex,2020 2021 ranking in the top five for total Tenant SF Building office inventory. The average building sizeQ4 inQ1 theQ2 submarketQ3 Q4 Q1 Q2 is Q3overQ4 100,000Q1 Q2 Q3 SF,Q4 theQ1 third-largest in the metro behind the Resource Commercial 4,284 4890 Alpha Rd The Crossings II – 142,867 sf Net Absorption Delivered Vacant % Dallas CBD and Urban Center/Wingren in Las Colinas. The majority of tenants here are finance, insurance, real estate Home Town Lenders 4,211 12750 Merit Drive The Hightower – 131,643 sf or business services. Although more than half the stock here is rated 4 & 5 Star, most of that stock is 80’s era inventory. Lake Highlands Tower – 130,956 sf Therefore, top-of-the-line properties are more competitive with Preston Center, Central Expressway, or Quorum/Bent Tree than the newer properties in Uptown or Upper Tollway/West Plano. This submarket has struggled for some time, with a vacancy rate of 23.5%, the submarket has been trending well above the metro average for decades. However, leasing has improved in recent years.

Leasing At 23.5%, vacancies are high in East LBJ, and have remained stable through 2020. A lack of newer properties may constrain competitiveness relative to other areas of the metroplex, as tenants have shown a preference for new product over the past decade. Just 3% of inventory here has been built since 2000, which is well below the metro average of 25%. With 110,000 SF under construction and 0 SF delivered in the past 12 months, the demand potential of this submarket is limited since there are plenty of other options for tenants in neighboring Quorum/Bent Tree, let alone premier suburban submarkets like Upper Tollway/West Plano and Frisco/The Colony.

West LBJ Freeway is a secondary office node within commuting distance of most of the affluent northern Dallas suburbs. The submarket also boasts relatively easy access to Dallas/Fort Worth International Airport via the LBJ Freeway. The tenant base in West LBJ is primarily a mix of financial services and healthcare-related companies. The IRS is the largest tenant in the submarket, occupying roughly 350,000 SF at The Centre Office Park.

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 14 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 15

LBJ Freeway

LBJ Freeway

LBJ Freeway Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Mid Cities Office Vacancy Mid Cities Office Net Absorption Construction 30.0% 2017 Q4 380 22,272,571 4,122,687 18.5% 47,076 4 108,549 1 50,000 $17.17 200,000 2018 Q1 380 22,272,571 4,012,610 18.0% 110,077 0 0 1 50,000 $17.35 25.0% 0 2018 Q2 381 22,329,041 3,948,091 17.7% 64,519 0 0 2 66,440 $17.45 (200,000) Existing Inventory Vacancy Delivered Inventory Under Construction 2018 Q3 382 22,379,041 3,917,338 17.5% 80,753 1 50,000 1 Quoted16,440 $17.51 Period Net Absorption Under 20.0% Mid Cities Office(400,000) Net Absorption 2018 Q4 # Bldgs382 Total22,379,041 RBA Vacant3,787,525 SF Vacant %16.9% 129,813# Bldg Delivered0 # Bldgs0 1 Rates16,440 $17.40 Mid Cities Office Vacancy Construction (600,000) 2019 Q1 30.0% 2017 Q4 380382 22,272,57122,379,0414,122,6873,656,04718.5% 16.3% 47,076 131,478 4 108,5490 10 50,0001 $17.1716,440 $17.40 15.0% 200,000 20192018 Q2Q1 380382 22,272,57122,379,0414,012,6103,716,30818.0% 16.6% 110,077 (60,261) 0 00 10 50,0004 $17.3597,699 $17.57 (800,000) 25.0% 0 2018 Q2 381 22,329,041 3,948,091 17.7% 64,519 0 0 2 66,440 $17.45 (1,000,000) MID-CITIES2019 Q3 383 22,395,481OFFICE5,182,121 23.1% (1,449,373) 1 16,440 MID-CITIES4 100,609 $18.49 10.0% OFFICE (200,000) 2018 Q3 382 22,379,041 3,917,338 17.5% 80,753 1 50,000 1 16,440 $17.51 2019 Q4 383 22,395,481 5,103,350 22.8% 78,771 0 0 4 100,609 $18.4620.0% (400,000) (1,200,000) 2018 Q4 382 22,379,041 3,787,525 16.9% 129,813 0 0 1 16,440 $17.40 5.0% 2020 Q1 383 22,395,481 5,064,830 22.6% 38,520 0 0 4 100,609 $18.67 (600,000) (1,400,000) SUBMARKET2019 Q1 382 22,379,041 3,656,047 16.3% 131,478 0 0 1 16,440 $17.40 15.0%SUBMARKET 2020 Q2 383 22,395,481 5,370,054 24.0% (305,224) 0 0 4 100,609 $18.59 (800,000) (1,600,000) 2019 Q2 382 22,379,041 3,716,308 16.6% (60,261) 0 0 4 97,699 $17.57 0.0% 2020 Q3 387 22,496,090 5,590,308 24.9% (119,645) 4 100,609 0 0 $18.67 (1,000,000) 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2019 Q3 383 22,395,481 5,182,121 23.1% (1,449,373) 1 16,440 4 100,609 $18.49 10.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20202019 Q4 383387 22,395,48122,496,0905,103,3505,443,40322.8% 24.2% 78,771 146,905 0 00 40 100,6090 $18.46 0 $18.52 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1(1,200,000)Q2 Q3 Q4 Q1 5.0% 20212020 Q1 383387 22,395,48122,496,0905,064,8305,322,69022.6% 23.7% 38,520 120,713 0 00 40 100,6090 $18.67 0 $18.59 (1,400,000) 2020 Q2 383 22,395,481 5,370,054 24.0% (305,224) 0 0 4 100,609 $18.59 (1,600,000) 0.0% 2020 Q3 387 22,496,090 5,590,308 24.9% (119,645) 4 100,609 0 0 $18.67 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Mid-Cities Overview 2017 2018 2018 2018 2018 2019 2019 2019Mid2019 Cities2020 2020 Office2020 2020 Quoted2021 Rates Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 MidQ2 Q3 CitiesQ4 Q1 Office Construction Existing Inventory2020 Q4 Vacancy387 22,496,090 5,443,403Delivered24.2% Inventory 146,905Under Construction 0 0 0 0 $18.52 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 With net absorption of 48,000 SF in the Quoted Period Absorption Netvs Absorption Previous Qtr vs 12 Months UnderAgo $19.00 Mid Cities Office Net Absorption # Bldgs Total2021 RBA Q1Vacant SF387Vacant 22,496,090% 5,322,690# Bldg 23.7%Delivered #120,713 Bldgs 0 Rates 0 0 0 Mid Cities$18.59 Office Vacancy 8,000,000 last 12 months, the leasing dynamics in Construction 120,713 146,905 38,520 30.0% Arlington/Mansfield are relatively2017 healthy. Q4 380 22,272,571 4,122,687 18.5% 47,076 4 108,549 1 50,000 $17.17 200,000 2018 Q1 380 22,272,571 Vacancy4,012,610 18.0% vs110,077 Previous Qtr0 0 vs 121 Months 50,000Ago $17.35 Mid Cities Office Quoted Rates Mid Cities Office7,000,000 Construction 25.0% $18.50 0 However, the submarket will likely2018 feel Q2 381 22,329,041 3,948,091 17.7% 64,519 0 0 2 66,440 $17.45 Absorption23.7% vs Previous24.2% Qtr vs 12 Months Ago22.6% $19.00 (200,000) 6,000,000 the impact of the recession over the2018 nextQ3 382 22,379,041 3,917,338 17.5% 80,753 1 50,000 1 16,440 $17.51 8,000,000 120,713U/C SF vs146,905 Previous Qtr 38,520vs 12 Months Ago 20.0% (400,000) 2018 Q4 382 22,379,041 3,787,525 16.9% 129,813 0 0 1 16,440 $17.40 $18.00 few months, though the full scope of any Vacancy vs Previous Qtr vs 12 Months Ago (600,000) 7,000,000 5,000,000 2019 Q1 382 22,379,041 3,656,0470 16.3% 131,478 0 0 0 100,6091 16,440 $17.40 15.0% $18.50 potential downturn is uncertain at this 23.7% 24.2% 22.6% (800,000) 2019 Q2 382 22,379,041Delivered3,716,308 SF 16.6% vs(60,261) Previous Qtr0 0 vs 124 Months 97,699Ago $17.57 6,000,000 4,000,000 point. At 10.3% the vacancy rate is2019 below Q3 383 22,395,481 5,182,121U/C SF 23.1% vs (1,449,373)Previous Qtr 1 vs16,440 12 Months 4Ago 100,609 $18.49 10.0% $17.50(1,000,000) 0 0 0 $18.00 5,000,000 the metro average of 18.0% and rent2019 Q4 383 22,395,481 5,103,3500 22.8% 78,7710 0 0 100,609 4 100,609 $18.46 (1,200,000) 3,000,000 5.0% (1,400,000) 2020 Q1 383 22,395,481QuotedDelivered5,064,830 Rates SF 22.6% vs Previousvs38,520 Previous Qtr Qtr0 vs 012 Monthsvs 12 4 AgoMonths100,609 Ago $18.67 4,000,000 growth of -0.5% has fallen behind2020 the Q2 383 22,395,481 5,370,054 24.0% (305,224) 0 0 4 100,609 $18.59 $17.50 (1,600,000) 2,000,000 190 0 19 0 19 0.0% $17.00 2020 Q3 387 22,496,090 5,590,308 24.9% (119,645) 4 100,609 0 0 $18.67 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 3,000,000 with the market average of -0.6%. 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 Q4 387 22,496,090Quoted5,443,403 Rates 24.2% vs Previous146,905 Qtr 0 vs 012 Months 0Ago 0 $18.52 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 1,000,000 19 19 19 $17.00 2,000,000 The Arlington/Mansfield submarket2021 Q1 387 22,496,090 5,322,690 23.7% Mid120,713 Cities Vital0 Statistics0 0 0 $18.59 $16.50 1,000,000 0 is geared toward distribution and 400,000 30.0% Mid Cities Office Quoted Rates Mid Cities Office Construction 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Mid Cities Vital Statistics $16.50 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Absorption vs Previous Qtr vs 12 Months Ago $19.00 0 manufacturing functions. As a result, 200,000 $16.008,000,000 400,000 30.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 120,713 146,905 38,520 25.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020Q42020Q1 2021Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 warehouses and industrial parks are more 0 $16.00 7,000,000 Delivered Under Construction Vacancy vs Previous200,000 Qtr vs 12 Months Ago $18.50 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 likely to be built in this area than office23.7% (200,000)24.2%0 22.6% 25.0% 20.0% Q4 Q1 Q2 Q36,000,000Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction facilities. The area is home to stadiumsU/C SF vs(400,000)(200,000) Previous Qtr vs 12 Months Ago 20.0% $18.00 5,000,000 for the Dallas Cowboys, Texas Rangers 0 (600,000)(400,000)0 100,609 15.0% Delivered SF vs(600,000) Previous Qtr vs 12 Months Ago 15.0% 4,000,000 (800,000) $17.50 and the original Six Flags. The City of 0 0 0 (1,000,000)(800,000) 10.0% 3,000,000 Arlington has one of the most educatedQuoted Rates vs(1,000,000) Previous Qtr vs 12 Months Ago 10.0% (1,200,000) $17.00 2,000,000 19 (1,200,000)19 19 5.0% labor forces in Texas, ranking 2nd in the (1,400,000) 5.0% (1,400,000) 1,000,000 state for the percentage of adults with a $16.50 Mid(1,600,000)(1,600,000) Cities Vital Statistics 0.0% 0.0% 0 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 bachelor’s degree or higher. This is 400,000due 2017 2018 2018 2018 2018 2019 201930.0%2019 2019 2020 2020 2020 2020 2021 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4Q4 Q1Q1Q2Q2Q3 Q3Q4 Q4Q1 Q1Q2 Q3Q2 Q4Q3 Q1Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q4 Q1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 to the high concentration of institutions200,000 $16.00 25.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 0 NetNet Absorption Absorption DeliveredDelivered Vacant % Vacant % Delivered Under Construction of higher learning found in the area. Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (200,000) 20.0% These include the University of Texas(400,000) (600,000) 15.0% at Arlington, Tarrant County College(800,000) Southeast Campus, and Arlington(1,000,000) Baptist 10.0% (1,200,000) 5.0% University. (1,400,000) million SF in this submarket when its new 1.7-million-SF campus delivered across Highway 360 in the HEB/Mid-Cities (1,600,000) 0.0% Submarket. In turn, vacany rates have shifted higher, trending above 35%. The current vacancy rate is 33.3%. 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Like other Mid-Cities office submarkets, Q4GrandQ1 Q2Prairie’sQ3 Q4 inventoryQ1 Q2 Q3 Q4 is Q1predominantlyQ2 Q3 Q4 Q1 older and of middle-tier quality. Grand Prairie lacks the northern Dallas suburban submarket’sNet Absorption dynamism,Delivered and leasingVacant volume% tends to be relatively sparse. The submarket is home to the former American Airlines headquarters. However, the company relocated to its new campus in the HEB/Mid-Cities Submarket, just west of Highway 360, in 2019. The move sent vacancy rates dramatically higher. The considerable reduction of space in early 2018 was due to the Dallas Global Industrial Center’s office portion’s demolition, which is being redeveloped into a new industrial park.

Leasing Arlington/Mansfield’s office inventory of 14.4 million SF pales in comparison to its industrial stock of about 50 million SF. The primary office node in the submarket is in Arlington and runs along I-30, near Highway 360. Nearly half of the Movers & Shakers Largest Vacancies: inventory in the submarket is rated 3 Star or below, and even the newest deliveries (built since 2000) lack the high-end Tenant SF Building American Airlines HQ 1 – 730,806 sf amenities seen in new properties in Uptown or West Plano and Frisco. Many assets in the submarket serve as call centers Suveto 10,700 1000 Texan Trail American Airlines HQ 2 – 574,384 sf 500 E Border Street – 86,334 sf or as offices for local businesses. In 2020 the area reported 622,000 SF in leasing activity, a slight uptick for the 580,000 TopRank Roofing 8,000 400 E Pioneer Drive Zenith Star 6,443 2000 E Lamar Blvd 4200 Buckingham – 89,335 SF SF in 2019. In the first quarter of 2021 there was 130,590 SF on par with the first quarter of 2020. Typical of the type of activity found in the submarket, of the the 63 new direct leases singed, only one was over 10,000 SF. The average deal size was 2,000 SF.At 10.3% the the vacancy rate in Arlington/Mansfield submarket trends below the D-FW metro average of 18.0%. The submarket has seen steady absorption over the last decade.

As a small suburban submarket with a stable base of large tenants, vacancies in Grand Prairie have historically trended well below the metro average. However, there is one major move-out in 2019: American Airlines vacated more than 1

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 16 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 17

Mid Cities Office

Mid Cities Office

Mid Cities Office Existing Inventory Vacancy Delivered Inventory ExistingUnder ConstructionInventory Vacancy Delivered Inventory Under Construction Quoted Quoted Period Net Absorption Period Under Net Absorption Under Stemmons Freeway Office Net Absorption # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # #Bldgs Bldgs Total RBA VacantRates SF Vacant % # BldgPrestonDelivered Center# OfficeBldgs Vacancy Rates PrestonStemmons Center Office Freeway Net Absorption Office Vacancy Construction Construction 2017 Q4 109 12,037,063 3,232,540 26.9% 1,58716.0% 0 0 1 414,000 $15.01 27.5% 2017 Q4 52 4,888,025 696,251 14.2% 26,276 1 173,583 0 0 $29.24 120,000 500,000 2018 Q1 52 4,888,025 670,682 13.7% 25,569 0 2018 0Q1 1090 12,037,0630 3,265,705$29.67 27.1% (33,165)14.0% 0 0 1 414,000 $15.36 100,000 400,000 2018 Q2 52 4,888,025 673,982 13.8% (3,300) 0 2018 0Q2 1100 12,451,0630 3,238,859$29.58 26.0% 440,846 1 414,000 0 0 $15.18 80,00027.0% 12.0% Existing Inventory Vacancy Delivered Inventory Under ConstructionExisting Inventory Vacancy Delivered Inventory Under Construction 2018 Q3 52 4,888,025 597,288 12.2% 76,694 0 2018 0Q3 1100 12,451,063Quoted0 3,343,520$28.64 26.9% -104,661 0 0 0 Quoted 0 $15.25 60,000 300,000 Period Net Absorption Period Under Net Absorption Under Preston Center Office Net Absorption Stemmons Freeway Office Net Absorption 2018 Q4 # Bldgs52 Total4,888,025 RBA Vacant495,737 SF Vacant %10.1% 101,551# Bldg Delivered0 2018# Bldgs 0Q4 # Bldgs1100 Total12,451,063 RatesRBA 0Vacant3,265,969 SF $28.73Vacant % 26.2% Preston77,55110.0%# BldgCenterDelivered Office0 Vacancy# Bldgs0 0 Rates 0 $15.25 Stemmons40,00026.5% Freeway Office Vacancy Construction Construction 200,000 2019 Q1 52 4,888,025 543,943 11.1% (48,206) 0 2019 0Q1 1100 12,451,0630 3,235,823$29.1316.0%26.0% 30,146 0 0 0 0 $15.4827.5% 20,000 2017 Q4 52 4,888,025 696,251 14.2% 26,276 1 173,583 2017 0Q4 1090 12,037,063$29.24 3,232,540 26.9% 1,587 8.0% 0 0 1 414,000 $15.01 120,000 500,000 0 100,000 20192018 Q2Q1 5252 4,888,0254,888,025670,682534,006 13.7% 10.9% 25,569 9,937 0 00 20182019 0Q1 0Q2 1091100 0 12,037,06312,451,063$29.67 03,265,7053,210,269$29.3327.1%14.0%25.8%(33,165) 25,554 0 0 1 0 414,0000 $15.36 0 100,000 $15.28 26.0% 6.0% (20,000) 400,000 20192018 Q3Q2 5252 4,888,0254,888,025673,982522,460 13.8% 10.7% (3,300) 11,546 0 00 20182019 0Q2 0Q3 1101100 0 12,451,06312,451,063$29.58 03,238,8593,251,025$29.3626.0% 26.1% 440,846 -40,756 1 414,0000 0 0 0 0 $15.18 0 80,000 $15.9927.0% PRESTON CENTER STEMMONS12.0% FREEWAY (40,000) 0 2018 Q3 52 4,888,025 597,288 12.2% 76,694 0 0 20182019 0Q3 Q4 1101100 12,451,06312,451,063$28.64 3,343,5203,316,59026.9% 26.6%-104,661 -65,5654.0% 0 0 0 0 0 0 $15.25 0 60,000 $15.76 300,000 2019 Q4 52 4,888,025 617,543 12.6% (95,083) 0 0 0 0 $29.18 (60,000)25.5% 2018 Q4 52 4,888,025 495,737 10.1% 101,551 0 0 2018 0Q4 1100 12,451,063$28.73 3,265,969 26.2%10.0% 77,551 0 0 0 0 $15.25 40,000 26.5% (100,000) 2020 Q1 52 4,888,025 569,665 11.7% 47,878 0 2020 0Q1 1100 12,451,0630 3,319,534$28.90 26.7% -2,9442.0% 0 0 0 0 20,000 $15.98 (80,000) 200,000 2019 Q1 52 4,888,025 543,943 11.1% (48,206) 0 0 2019 0Q1 1100 12,451,063$29.13 3,235,823 26.0%8.0% 30,146 0 0 0 0 $15.48 SUBMARKET2020 Q2 2020 Q2 110 12,451,063 3,318,766 26.7%SUBMARKET768 0 0 0 0 0 $16.20 (200,000) 2019 Q2 5252 4,888,0254,888,025534,006621,678 10.9% 12.7% 9,937 (52,013) 0 00 2019 0Q20 1100 0 12,451,063$29.33 03,210,269 $29.2325.8% 25,554 0 0 0 0 $15.28 (100,000) 100,000 6.0% 0.0% (20,000) 26.0% 25.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 20202019 Q3 5252 4,888,0254,888,025522,460633,333 10.7% 13.0% 11,546 (11,655) 0 00 20192020 0Q3 0Q3 1101100 0 12,451,06312,451,063$29.36 03,251,0253,388,319$29.5226.1% 27.2% -40,756 -69,553 0 2017 2018 02018 2018 020180 2019 20190 02019 2019$15.9920200 2020 2020$17.222020 2021 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 (40,000) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0Q4 Q1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 Q4 110 12,451,063 3,345,740 4.0%26.9% 42,579 Q4 Q1 0Q2 Q3 Q40 Q1 Q2 0 Q3 Q4 Q10 Q2 Q3$17.09Q4 Q1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20202019 Q4 5252 4,888,0254,888,025617,543652,954 12.6% 13.4% (95,083) (19,621) 0 00 2019 0Q40 1100 0 12,451,063$29.18 03,316,590 $29.3226.6% -65,565 0 0 0 0 $15.76 (60,000) 25.5% (100,000) 20212020 Q1 5252 4,888,0254,888,025569,665676,303 11.7% 13.8% 47,878 (23,349) 0 00 20202021 0Q1 0Q1 1101100 0 12,451,06312,451,063$28.90 03,319,5343,403,999$29.3526.7%2.0%27.3% -2,944 -58,259 0 0 0 0 0 0 $15.98 0 (80,000) $17.06 2020 Q2 52 4,888,025 621,678 12.7% (52,013) 0 0 2020 0Q2 1100 12,451,063$29.23 3,318,766 26.7% 768 0 0 0 0 $16.20 (100,000) (200,000) 0.0% 25.0% 2020 Q3 52 4,888,025 633,333 13.0% (11,655) 0 0 2020 0Q3 1100 12,451,063$29.52 3,388,319 27.2% -69,553 0 0 0 0 $17.22 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Preston Center Overview 2017 2018 2018 2018 2018 2019 2019Preston2019Stemmons2019 Center2020 2020 Freeway2020 Office2020 Overview2021 Quoted Rates Q4 Q1 Q2 2017Q3 2018Q4 2018Q1 Q22018 Q32018Q42019PrestonStemmonsQ12019Q22019Q3 2019 CenterQ4 2020 Q1Freeway2020 Office2020 2020Office Construction2021 Quoted RatesQ4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4StemmonsQ1 Q2 Q3 Q4 FreewayQ1 Office Construction 2020 Q4 52 4,888,025 652,954 13.4% (19,621) 0 0 2020 0Q4 1100 12,451,063$29.32 3,345,740 26.9% Q4 42,579Q1 Q2 Q3 Q40 Q1 Q2 0 Q3 Q4 Q10 Q2 Q3 0Q4 Q1 $17.09 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Preston Center is one of the premier Absorption vs Previous Qtr vs 12 Months Ago Absorption vs Previous Qtr vs 12 Months$29.80 Ago The Stemmons Freeway submarket stretches $17.50 submarkets, with a highly educated labor 2021 Q1 52 4,888,025 676,303 13.8% (23,349) 0 0 2021 0Q1 1100 12,451,063$29.35 3,403,999 27.3% -58,259 0 0 from the0 CBD up to0 the LBJ$17.06 Freeway and 8,000,000 8,000,000 (23,349) -19,621 47,878 (58,259) 42,579 -2,944 pool to draw from in North Dallas. A large $29.60 Farmers Branch. Most major tenants are $17.00 Vacancy Vacancy vs Previous Qtr vs 12Preston Months Ago Center Office Quoted Rates Preston CenterStemmons 7,000,000Office Freeway Construction Office Quoted Rates Stemmons Freeway7,000,000 Office Construction portion of the tenant base at Preston Center vs Previous Qtr vs 12 Months Ago located in the southern portion of the Absorption13.8% vs Previous13.4% Qtr vs 12 Months Ago11.7% Absorption27.3% vs Previous26.9% Qtr $29.80vs 12 Months Ago26.7% $29.40 $17.50 is made up of financial and professional submarket, near the Southwestern8,000,000 Medical 6,000,000$16.50 8,000,000 6,000,000 (23,349)U/C SF -19,621 47,878 (58,259)U/C SF 42,579 -2,944 services firms. The area is also highly vs Previous Qtr vs 12 Months Ago vs Previous Qtr $29.60 vs 12 Months Ago Center. Medical/healthcare firms account for Vacancy Vacancy $29.20 7,000,000 $17.00 5,000,000 7,000,000 5,000,000 amenitized, with 165 restaurants and plenty 0 vs Previous 0Qtr vs 12 Months Ago0 0 vs Previous Qtr0 vs 12 Months Ago 0 a significant portion of the submarket’s tenant $16.00 13.8% 13.4% 11.7% 27.3% 26.9% $29.4026.7% of high-end shopping found at the Plaza of Delivered SF vs Previous Qtr vs 12 Months Ago Delivered SF vs Previous Qtr vs 12 Months$29.00 Ago base as well as state and federal agencies.6,000,000 $16.50 4,000,000 6,000,000 4,000,000 U/C SF vs Previous Qtr vs 12 Months Ago U/C SF vs Previous Qtr vs 12 Months Ago $15.50 Preston Center. At $39.00/SF, the submarket 0 0 0 0 0 $29.20 0 Nearly all new supply comes in the5,000,000 form of 5,000,000 0 0 0 0 0 0 $28.80 $16.00 3,000,000 3,000,000 boasts the second-highest rents in the Quoted Rates Quoted Rates build-to-suits. For example, event services Delivered SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago Delivered SF vs Previousvs Previous Qtr Qtr $29.00vs 12 Monthsvs 12 Ago Months Ago 4,000,000 $15.00 4,000,000 market, which is impressive, considering that giant Freeman broke ground headquarters in $15.50 2,000,000 2,000,000 290 0 29 0 29 017 0 17 0 16 $28.60 60% of the building stock was constructed $28.80 late 2019. The 200,000 SF building will3,000,000 house 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago Quoted Rates vs Previous Qtr vs 12 Months Ago 1,000,000$14.50 1,000,000 between 1980 and 1990. The submarket has $28.40 700 of the company’s 7,000 employees.2,000,000 It $15.00 29 29 29 17 17 $28.60 16 2,000,000 Preston Center Vital Statistics Stemmons Freeway Vital Statistics 0 one of the highest concentrations of 4 & is expected to be delivered in spring1,000,000 2021. $14.50 $14.00 0 $28.40 $28.20 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 20201,000,0002020 2020 2021 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 5 Star assets, comprising 66% of the total 200,000 16.0% 500,000 27.5%Southwest Airlines completed a 414,000-SF Preston Center Vital Statistics Stemmons Freeway Vital Statistics 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 inventory. $28.20 $28.00 office building in this submarket in 2018. $14.00 $13.50 0 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 150,000200,000 16.0% 14.0% 400,000 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 500,000 27.5% 27.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 DeliveredQ4 Q1 Under Construction Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 DeliveredQ4 Q1 Under Construction 12.0% $28.00 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4$13.50Q1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Preston Center has benefited from the 100,000150,000 14.0% 400,000300,000 2017 2018 2018 2018 2018 2019 2019 2019The2019 submarket2020 2020 2020boasts2020 several2021 transit 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 27.0% Delivered Under Construction Delivered Under Construction flight to high-quality space in the Dallas 12.0% 10.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3amenities.Q4 Q1 AsideQ2 Q3 fromQ4 theQ1 Stemmons Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 100,00050,000 300,000200,000 26.5% market. Occupancies trend well above 10.0% Freeway itself, DART provides rail service 50,000 8.0% 200,000 26.5% the metro average and will remain that 0 8.0% 100,000 26.0%at the Southwestern Medical Center that 0 6.0% 100,000 way due to land constraints unique to this 6.0% 0 26.0% takes passengers northwest to the D/FW (50,000) 4.0% submarket. Furthermore, rare new builds in (50,000) 4.0% 0 25.5%International Airport or south to Downtown (100,000) 2.0% (100,000) 25.5% the submarket are typically met with strong (100,000) 2.0% (100,000) Dallas. Dallas Love Field Airport, located within demand. Over half of the submarket’s office (150,000)(150,000) 0.0% 0.0% (200,000) 25.0% 25.0%the submarket’s boundaries, is the metroplex’s inventory is within Preston Center itself, 20172017201820182018201820182018201820182019 20192019 2019201920192019202020192020202020202020202020202021 2020 2021 201720172018201820182018201820182018 20182019 2019201920192019201920192020201920202020202020202020 20212020 2020 2021 second-largest airport behind D/FW. The situated in the southeast corner of the Dallas Q4Q4 Q1Q1 Q2Q2Q3 Q3Q4 Q4Q1 Q1Q2 Q3Q2 Q4Q3 Q1Q4Q2Q1Q3 Q2Q4 Q3Q1 Q4 Q1 Q4Q4Q1Q1Q2 Q2Q3 Q3Q4 Q4Q1 Q2Q1 Q3Q2 Q4Q3Q1 Q4Q2 Q1Q3 Q2Q4 Q1Q3 Q4 Q1 airport has seen passenger traffic double North Tollway and Northwest Highway. NetNet Absorption Absorption DeliveredDelivered Vacant % Vacant % NetNet Absorption Absorption DeliveredDelivered Vacant % Vacant % since the Wright Amendment’s repeal in Institutional investors are active here because 2014, increasing the viability of development the bulk of the inventory is 4 & 5 Star. With a nearby. Despite older, low-quality inventory stable tenant pool and an abundance of high- and structurally high vacancies, there are performing assets, the submarket is expected green shoots of development. KDC’s West to perform well in the long term. Love mixed-use development is helping breathe life into the area just south of Love Field. The Design District is well on its way to becoming a true live/work/play environment, spurred by multifamily development and major investments from Dunhill Partners Leasing and other developers. Preston Center is one of the most core-like submarkets in D-FW, and occupancies rarely dip below 90%. After a few years of weakness in 2016 and 2017, occupancies tightened, as the recently completed Terraces at Douglas Center (173,500 SF) leased up. Leasing Almost 80% of the submarket’s RBA exceeding 50,000 SF is 4 & 5 Star, aligning with the rate in both Uptown/Turtle Creek and At 23.0%, the vacancy rate in the Stemmons Freeway Submarket is structurally higher than the metro average of 18.0%. Vacancies the Dallas CBD. Metro wide, the figure is less than 50%. Over the last 12 months, the market has absorbed -110,000 SF while the have maintained a downward trend for many years and are now slightly below the submarket’s historical average. vacancy rate has remained stable at 11.1%. The tenant profile in Stemmons Freeway is heavily skewed towards government and medical firms. Some of the larger office users There were 83 new/direct leases signed in 2020, totaling 306,400 SF, significantly lower than the 606,600 SF in 2019. Considering include the FBI, the DEA, and the Dallas County government, as well as UT Southwestern and Parkland Hospital. This provides a the submarket has averaged 468,000 SF annually since 2010, the market has performed well in 2020 in light of everything the steady base of stable tenants, and though big deals from corporate tenants are rare, the submarket can benefit from a government market has been dealing with. One of the largest leases signed was in the Terraces at Douglas Center when Ameriprise took 10,800 agency or medical tenant expansions. For example, Dallas County took 55,000 SF at 1300 W. Mockingbird in early 2019. SF in April. The average deal size in the submarket during this period was 3,200 SF.

Movers & Shakers Largest Vacancies: Movers & Shakers Largest Vacancies: Tenant SF Building 8333 Douglas at Douglas Center – 61,090 sf Tenant SF Building Pegasus Park – 508,270 sf Cantey Hanger LLP 15,427 4514 Cole Avenue Sherry Lake Place – 51,645 sf Ramzi 2,690 2110 Irving Blvd 1950 N Stemmons Freeway – 159,063 sf Capital South West Corp 13,330 8333 Douglas Avenue Sterling Plaza – 41,673 sf Martina Dias Income Tax 2,056 2110 Irving Blvd 7800 Ricchi Tower - 151,447 sf Preston Commons East Tower – 41,616 sf 9999 Technology Blvd W – 150,272 sf 3100 Monticello – 41,006 sf Comerica Service Center – 142,600 sf

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 18 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 19

Preston Center Stemmons Freeway

Preston Center Stemmons Freeway Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Richardson / Plano Office Vacancy Richardson / Plano Office Net Absorption Construction 22.5% 2017 Q4 351 29,994,118 5,936,803 19.8% 567,148 6 526,820 7 344,655 $20.02 600,000 2018 Q1 355 30,153,088 5,745,086 19.1% 350,687 4 158,970 4 245,910 $19.02 22.0% 2018 Q2 358 30,338,773 5,789,824 19.1% 140,947 3 185,685 1 60,225 $18.76 21.5% 400,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2018 Q3 358 30,338,773 6,240,093 20.6% (450,269) 0 0 2 Quoted85,225 $18.77 21.0% Period Net Absorption Under 200,000 2018 Q4 # Bldgs358 Total30,338,773 RBA Vacant6,379,317 SF Vacant % 21.0% (139,224)# Bldg Delivered0 # Bldgs0 2 Rates85,225 $18.82 Richardson20.5% / Plano Office Vacancy Richardson / Plano Office Net Absorption Construction 2019 Q1 359 30,398,998 6,074,189 20.0% 365,353 1 60,225 2 77,091 $18.6722.5% 2017 Q4 351 29,994,118 5,936,803 19.8% 567,148 6 526,820 7 344,655 $20.02 20.0% 600,000 0 20182019 Q1 Q2 355360 30,153,08830,423,9985,745,0866,066,93119.1% 19.9%350,687 27,198 4 158,9701 25,0004 245,9103 $19.02168,098 $18.5322.0% 19.5% 2018 Q2 358 30,338,773 5,789,824 19.1% 140,947 3 185,685 1 60,225 $18.76 21.5% 400,000 (200,000) RICHARDSON/PLANO2019 Q3 360 30,423,998 5,805,438 19.1% 261,493 0 0 RICHARDSON/PLANO3 168,098 $18.49 19.0% 2018 Q3 358 30,338,773 6,240,093 20.6% (450,269) 0 0 2 85,225 $18.77 21.0% 2019 Q4 360 30,423,998 6,314,153 20.8% (508,715) 0 0 3 168,098 $18.15 200,000 2018 Q4 358 30,338,773 6,379,317 21.0% (139,224) 0 0 2 85,225 $18.82 18.5% (400,000) 2020 Q1 361 30,476,089 6,193,424 20.3% 172,820 1 52,091 3 131,039 $18.4520.5% 2019SUBMARKET Q1 359 30,398,998 6,074,189 20.0% 365,353 1 60,225 2 77,091 $18.67 20.0% SUBMARKET18.0% 0 2020 Q2 361 30,476,089 6,132,386 20.1% 61,038 0 0 4 229,811 $18.55 (600,000) 2019 Q2 360 30,423,998 6,066,931 19.9% 27,198 1 25,000 3 168,098 $18.53 19.5% 17.5% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2020 Q3 362 30,576,089 6,322,919 20.7% (90,533) 1 100,000 3 129,811 $18.48 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020(200,000)2020 2020 2020 2021 2019 Q3 360 30,423,998 5,805,438 19.1% 261,493 0 0 3 168,098 $18.49 19.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20192020 Q4 Q4 360362 30,423,99830,576,0896,314,1536,223,34920.8% 20.4%(508,715) 99,570 0 00 3 0 168,0983 $18.15129,811 $18.54 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 18.5% (400,000) 20202021 Q1 Q1 361363 30,476,08930,592,0966,193,4246,758,89720.3% 22.1%172,820 (519,541)1 52,0911 16,0073 131,0393 $18.45128,892 $18.60 18.0% 2020 Q2 361 30,476,089 6,132,386 20.1% 61,038 0 0 4 229,811 $18.55 (600,000) 17.5% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Existing Inventory2020 Q3 362Vacancy30,576,089 6,322,919 Delivered20.7% Inventory (90,533)Under Construction1 100,000 3 129,811 $18.48 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Richardson / Plano Office Construction Richardson/Plano Overview Quoted Richardson/Plano Office Quoted RatesQ4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Period 2020 Q4 362 30,576,089Net 6,223,349Absorption 20.4% 99,570 Under0 0 3 129,811 $18.54 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Richardson / Plano Office Vacancy Richardson / Plano Office Net Absorption Richardson is the home of the Telecom Absorption vs Previous Qtr vs 12 Months AgoConstruction $20.50 2021 Q1 363 30,592,096 6,758,897 22.1% (519,541) 1 16,007 3 22.5% 128,892 $18.60 8,000,000 Corridor, which contains a number2017 of Q4 351 29,994,118 5,936,803 19.8% 567,148 6 526,820 7 344,655 $20.02 600,000 (519,541) 99,570 172,820 22.0% the world’s largest telecommunications2018 Q1 355 30,153,088 5,745,086 19.1% 350,687 4 158,970 4 245,910 $19.02 2018 Q2 358 30,338,773Vacancy5,789,824 19.1% vs Previous140,947 Qtr 3 185,685vs 12 Months1 Ago60,225 $18.76 21.5% Richardson/Plano$20.00400,000 Office Quoted Rates Richardson / Plano7,000,000 Office Construction companies, Texas Instruments, Cisco,2018 Q3 358 30,338,773Absorption6,240,093 20.6% (450,269) 0 0 2 85,225 $18.77 21.0% 22.1% vs Previous20.4% Qtr vs 12 Months Ago20.3% $20.50 200,000 6,000,000 2018 Q4 358 30,338,773 6,379,317 21.0% (139,224) 0 0 2 85,225 $18.82 20.5% 8,000,000 and Fujitsu Network Communications, (519,541)U/C SF 99,570vs Previous Qtr 172,820vs 12 Months Ago $19.50 2019 Q1 359 30,398,998 6,074,189 20.0% 365,353 1 60,225 2 77,091 $18.67 20.0% 0 to name a few. Despite the moniker, Vacancy vs Previous Qtr vs 12 Months Ago $20.00 7,000,000 5,000,000 2019 Q2 360 30,423,998128,8926,066,931 19.9% 27,198129,811 1 25,000 131,0393 168,098 $18.53 19.5% 22.1% 20.4% 20.3% $19.00(200,000) Richardson has a diverse tenant base.2019 Q3 360 30,423,998Delivered5,805,438 SF 19.1% vs Previous261,493 Qtr 0 0 vs 12 Months3 Ago168,098 $18.49 19.0% 6,000,000 4,000,000 2019 Q4 360 30,423,998U/C SF6,314,153 20.8% (508,715) 0 0 3 168,098 $18.15 $19.50 Healthcare and insurance firms take vs Previous Qtr vs 12 Months Ago 18.5% (400,000) 2020 Q1 361 30,476,08916,0076,193,424 20.3% 172,8200 1 52,091 52,0913 131,039 $18.45 5,000,000 128,892 129,811 131,039 18.0% $18.50 3,000,000 up a large portion of the submarket’s2020 Q2 361 30,476,089Quoted6,132,386 Rates 20.1% vs Previous61,038 Qtr 0 0 vs 12 Months4 Ago229,811 $18.55 $19.00 (600,000) Delivered SF vs Previous Qtr vs 12 Months Ago 17.5% 4,000,000 office space. The submarket provides2020 Q3 362 30,576,089 6,322,919 20.7% (90,533) 1 100,000 3 129,811 $18.48 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2,000,000 16,00719 0 19 52,091 18 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 a highly talented laborforce to draw2020 Q4 362 30,576,089 6,223,349 20.4% 99,570 0 0 3 129,811 $18.54 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $18.50Q1 Q2 Q3 Q4 Q1 $18.00 3,000,000 2021 Q1 363 30,592,096Quoted Rates6,758,897 22.1%vs Previous(519,541) Qtr 1 vs 12 16,007Months Ago 3 128,892 $18.60 1,000,000 from, with 58% of the population 19 Richardson/Plano19 Vital Statistics18 2,000,000 holding a bachelor’s degree or higher. Richardson/Plano Office Quoted$18.00 Rates $17.50 Richardson / Plano Office Construction 0 1,000,000 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Absorption 800,000vs Previous Qtr vs 12 Months Ago 22.5% $20.50 Richardson/Plano Vital Statistics $17.50 8,000,000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (519,541) 99,570 172,820 $17.00 0 22.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 The Plano Submarket encompasses Vacancy 800,000600,000 22.5% $20.00 7,000,0002017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 vs Previous Qtr vs 12 Months Ago 21.5% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 $17.00 Delivered Under Construction east Plano, and most of its office 22.1% 20.4% 20.3% 22.0% 6,000,000Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 600,000400,000 21.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 U/C SF vs Previous Qtr vs 12 Months Ago 21.5% $19.50 Delivered Under Construction inventory is along the North Central Q4 Q1 Q2 Q3 5,000,000Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 128,892 400,000200,000129,811 131,039 21.0% 20.5% $19.00 Expressway or President George Delivered SF vs Previous Qtr vs 12 Months Ago 20.0% 4,000,000 200,000 20.5% 16,007 00 52,091 20.0% Bush Turnpike. The submarket’s 19.5% $18.50 3,000,000 Quoted Rates vs Previous0 Qtr vs 12 Months Ago inventory is mainly 3 Star product, (200,000) 19.5% 19.0% 19 19 18 2,000,000 (200,000) 19.0% 18.5% $18.00 which is reminiscent of office stock in (400,000) 18.5% 1,000,000 (400,000) 18.0% submarkets like Lewisville and HEB/ Richardson/Plano Vital Statistics 18.0% $17.50 0 (600,000) 17.5% 800,000 (600,000) 22.5% 17.5% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Mid-Cities. Annual rent growth has 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2018 2018 2018 2019 2019 201922.0%2019 2020 2020 2020 2020 2021 $17.00 600,000 been mostly flat at -0.2%. Q4Q4Q1 Q1Q2 Q2Q3 Q3Q4 Q1Q4 Q2Q1 Q3Q221.5%Q4Q3Q1 Q4Q2 Q1Q3 Q2Q4 Q1Q3 Q4 Q1 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction 400,000 Net NetAbsorption Absorption Delivered21.0%Delivered Vacant % Vacant % 200,000 20.5% Leasing 20.0% The Plano office submarket has not 0 19.5% (200,000) 19.0% experienced the same growth as its 18.5% (400,000) neighbors in North Dallas and Collin 18.0% (600,000) 17.5% Movers & Shakers Largest Vacancies: County over the last decade. Most northern2017 2018 Dallas2018 2018 suburbs2018 2019 2019 have2019 2019 enjoyed2020 2020 2020 explosive2020 2021 job growth, coupled with strong Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Tenant SF Building 601 Data Dr – 423,123 sf absorption and plenty of new construction;Net meanwhile, Absorption the DeliveredPlano SubmarketVacant %has been relatively quiet. The submarket Affinity Health 13,920 500 N Central Expressway 465 Independence Pky – 251,347 sf has performed in a counter-cyclical fashion, with vacancies rising until recently. There have been three leases over Netria 4,600 214 E Louisiana Street Legacy Central 2 – 221,500 sf 20,000 SF in the last year, all located within Hall Park. Fossil Headquarters – 184,820 sf In 2020, there were 134 new/direct leases totaling 637,000 SF. Since 2010 the area has averaged 644,000 SF of leasing The Tower Lakeside Campus – 181,914 sf annually. There were six leases of 10,000 SF or greater. One of the largest leases was at Legacy Central One, with 2200 George Bush – 176,831 sf Peloton signing a 103,000 SF lease in October.

Tenants looking for larger space in Richardson will find that CityLine contains plenty of room to construct additional build-to-suits. In terms of speculative deals in CityLine, Transwestern Dallas and Malouf Interests completed the first multi-tenant property in the building park, 3400 CityLine. The 313,000-SF project delivered As of early 2021, the asset was 64% leased. The leases were headlined by DXC Technology, which signed for roughly 100,000 SF in early 2019 and Generational Group, which took 31,000 SF in late 2018.

In 2020 there were 178 new/direct leases signed totaling 915,000 SF, slightly less than the 1.0 MSF of leasing activity in 2019. Since 2010 the submarket has averaged 1.7 MSF of leasing activity annually. The area does attract large leases, sixteen of the leases were 10,000 SF or greater during this period. One of the largest leases of the year was at 1125 E Campbell Rd. When debt settlement company DebtBlue signed a 30,200 SF lease in June.

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 20 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 21

Richardson_Plano Richardson_Plano

Richardson_Plano Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Uptown / Turtle Creek Office Vacancy Uptown / Turtle Creek Office Net Absorption Construction 25.0% 2017 Q4 88 11,921,933 1,518,605 12.7% (3,206) 0 0 5 1,300,305 $28.48 300,000 2018 Q1 88 11,921,933 1,546,002 13.0% (27,397) 0 0 5 1,300,305 $28.99 200,000 2018 Q2 89 12,416,233 1,971,001 15.9% (424,999) 1 494,300 4 806,005 $29.22 20.0% Existing Inventory Vacancy Delivered Inventory Under Construction 100,000 2018 Q3 90 12,546,233 1,977,589 15.8% 123,412 1 130,000 3 Quoted676,005 $29.88 Period Net Absorption Under Uptown / Turtle Creek Office Net Absorption # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Uptown / Turtle Creek Office Vacancy 0 2018 Q4 92 13,001,690 2,209,250 17.0% 223,796 2 455,457 Construction2 512,589 $29.83 15.0% 25.0% 20172019 Q4 Q1 88 92 11,921,93313,001,6901,518,6052,212,49912.7% 17.0%(3,206) (3,249)0 00 5 0 1,300,3052 $28.48512,589 $30.07 300,000 (100,000) 20182019 Q1 Q2 88 92 11,921,93313,001,6901,546,0022,085,27313.0% 16.0%(27,397) 127,2260 00 5 0 1,300,3052 $28.99512,589 $30.64 10.0% 200,000 (200,000) 20182019 Q2 Q3 89 93 12,416,23313,222,2381,971,0012,089,23215.9% 15.8%(424,999) 216,5891 494,3001 220,5484 806,0052 $29.22656,774 $30.8720.0% UPTOWN/TURTLE CREEK UPTOWN/TURTLE CREEK100,000 2018 Q3 90 12,546,233 1,977,589 15.8% 123,412 1 130,000 3 676,005 $29.88 (300,000) 2019 Q4 93 13,222,238 1,974,218 14.9% 115,014 0 0 2 656,774 $31.15 2018 Q4 92 13,001,690 2,209,250 17.0% 223,796 2 455,457 2 512,589 $29.83 15.0% 5.0% 0 2020 Q1 93 13,222,238 2,158,706 16.3% (184,488) 0 0 2 656,774 $31.49 (400,000) SUBMARKET2019 Q1 92 13,001,690 2,212,499 17.0% (3,249) 0 0 2 512,589 $30.07 SUBMARKET (100,000) 20192020 Q2 Q2 92 93 13,001,69013,222,2382,085,2732,200,04116.0% 16.6%127,226 (41,335)0 00 2 0 512,5892 $30.64656,774 $30.98 (500,000) 10.0% 0.0% (200,000) 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 20192020 Q3 Q3 93 93 13,222,23813,222,2382,089,2322,429,34815.8% 18.4%216,589 (229,307)1 220,5480 2 0 656,7742 $30.87656,774 $31.00 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 (300,000) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 Q4 93 13,222,238 1,974,218 14.9% 115,014 0 0 2 656,774 $31.15 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 Q4 93 13,222,238 2,560,302 19.4% (130,954) 0 0 2 656,774 $31.415.0% (400,000) 20202021 Q1 Q1 93 93 13,222,23813,222,2382,158,7062,610,32616.3% 19.7%(184,488) (50,024)0 00 2 0 656,7743 $31.491,016,688 $31.29 2020 Q2 93 13,222,238 2,200,041 16.6% (41,335) 0 0 2 656,774 $30.98 (500,000) 0.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Existing Inventory2020 Q3 Vacancy93 13,222,238 2,429,348 Delivered18.4% Inventory (229,307)Under Construction0 0 2 656,774 $31.00 Uptown / Turtle Creek Overview Quoted 2017 2018 2018 2018 2018 2019Uptown2019 2019 2019/ Turtle2020 2020 Creek2020 2020 Office2021 Quoted RatesQ4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4UptownQ1 Q2 Q3/ TurtleQ4 Q1 Creek Office Construction Period Net Absorption Under Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 # Bldgs Total2020 RBA Q4 Vacant SF93 Vacant13,222,238 % 2,560,302 # Bldg19.4%Delivered (130,954)# Bldgs 0 Rates 0 2 656,774Uptown $31.41/ Turtle Creek Office Vacancy Uptown / Turtle Creek Office Net Absorption The area is still one of the most sought- Absorption Construction 2021 Q1 93 13,222,238vs Previous2,610,326 Qtr 19.7% vs(50,024) 12 Months Ago 0 0 3 25.0% 1,016,688 $31.29 $32.00 after areas of the metroplex, offering2017 Q4 all 88 11,921,933 1,518,605 12.7% (3,206) 0 0 5 1,300,305 $28.48 300,000 8,000,000 2018 Q1 88 11,921,933 (50,024)1,546,002 13.0% (27,397)-130,954 0 0 -184,4885 1,300,305 $28.99 $31.50 of the transportation, infrastructure, and 200,000 2018 Q2 89 12,416,233 Vacancy1,971,001 15.9% vs(424,999) Previous Qtr1 494,300 vs 12 4Months 806,005Ago $29.22 20.0% Uptown / Turtle Creek Office Quoted Rates Uptown / Turtle Creek7,000,000 Office Construction amenity advantages of a central business2018 Q3 90 12,546,233 1,977,589 15.8% 123,412 1 130,000 3 676,005 $29.88 $31.00100,000 Absorption19.7% vs Previous19.4% Qtr vs 12 Months Ago16.3% $32.00 2018 Q4 92 13,001,690 2,209,250 17.0% 223,796 2 455,457 2 512,589 $29.83 15.0% 0 8,000,000 6,000,000 district but has newer stock than the (50,024) -130,954 -184,488 $30.50 2019 Q1 92 13,001,690 U/C2,212,499 SF 17.0% vs(3,249) Previous Qtr0 0 vs 12 2Months 512,589Ago $30.07 $31.50 (100,000) 7,000,000 neighboring Dallas CBD. The area2019 is theQ2 92 13,001,690Vacancy2,085,273 16.0% vs Previous127,226 Qtr 0 vs 120 Months Ago2 512,589 $30.64 5,000,000 1,016,688 656,774 656,774 10.0% $31.00 $30.00(200,000) premier live/work/play environment,2019 Q3 93 13,222,238 19.7%2,089,232 15.8% 19.4%216,589 1 220,54816.3% 2 656,774 $30.87 6,000,000 Delivered SF (300,000) 4,000,000 2019 Q4 93 13,222,238 1,974,218 14.9% vs115,014 Previous Qtr0 0 vs 12 2Months 656,774Ago $31.15 $30.50 $29.50 U/C SF vs Previous Qtr vs 12 Months Ago 5.0% home to over 200 restaurants, and (400,000) 5,000,000 2020 Q1 93 13,222,2381,016,6882,158,7060 16.3% 656,774(184,488)0 0 0656,774 2 0 656,774 $31.49 $30.00 $29.00 3,000,000 160 shops, making it one of the most2020 Q2 93 13,222,238 2,200,041 16.6% (41,335) 0 0 2 656,774 $30.98 (500,000) DeliveredQuoted RatesSF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 0.0% $29.50 4,000,000 2020 Q3 93 13,222,238 2,429,348 18.4% (229,307) 0 0 2 656,774 $31.00 $28.50 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 pedestrian-friendly places in Texas. The 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2,000,000 2020 Q4 93 13,222,238 2,560,3020 31 19.4% (130,954)0 31 0 0 0 2 31 656,774 $31.41 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1$29.00Q2 Q3 Q4 Q1 3,000,000 submarket should continue to perform $28.00 2021 Q1 93 13,222,238Quoted2,610,326 Rates 19.7% vs Previous(50,024) Qtr 0 vs 120 Months Ago3 1,016,688 $31.29 1,000,000 $28.50 2,000,000 well across all metrics in the long term. 31 31 31 $27.50 Uptown / Turtle Creek Vital Statistics Uptown / Turtle Creek Office Quoted$28.00 Rates Uptown / Turtle Creek Office Construction 1,000,000 0 Absorption vs Previous Qtr vs 12 Months Ago $32.00 $27.50 $27.00 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Nearly 75% of the submarket’s office 600,000 Uptown / Turtle Creek Vital Statistics 25.0% 8,000,000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (50,024) -130,954 -184,488 $31.50 0 $27.00 $26.50 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 product is 4 & 5 Star, and several Vacancy vs Previous Qtr vs 12 Months Ago 7,000,000 600,000400,000 25.0% $31.00 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020Q4 2020Q1 Q22021Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 19.7% 19.4% 16.3% 20.0% $26.50 6,000,000 Delivered Under Construction buildings are considered trophy assets. $30.50 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 U/C SF 400,000vs Previous Qtr vs 12 Months Ago 20.0% 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 200,000 Q4 Q1 Q2 Q35,000,000Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction The tenant base is primarily comprised1,016,688 656,774 656,774 $30.00 200,000 15.0% of law firms, financial firms, and Deliveredother SF vs Previous0 Qtr vs 12 Months Ago 15.0% $29.50 4,000,000 0 0 0 professional services companies. All 0 10.0% $29.00 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago (200,000) 10.0% $28.50 2,000,000 of these factors, coupled with land 31 (200,000)31 31 $28.00 constraints that are unique to this area, (400,000) 5.0% 1,000,000 (400,000) 5.0% $27.50 make Uptown/Turtle Creek an attractive Uptown / Turtle Creek Vital Statistics 0 $27.00 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 600,000 (600,000) 25.0% 0.0% submarket for institutional investors. (600,000) 0.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017201720182018201820182018 20182018 2019201820192019201920192019201920202019202020202020 2020 20212020 2020 2021 $26.50 400,000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q320.0%Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction Leasing 200,000 Net NetAbsorption Absorption DeliveredDelivered Vacant % Vacant % 15.0% The area has experienced five 0 10.0% consecutive quarters of negative (200,000)net

absorption totaling 709,000 SF. As(400,000) a 5.0% result, the vacancy rate has climbed to (600,000) 0.0% Movers & Shakers Largest Vacancies: 17.1%. 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Tenant SF Building 2401 Cedar Springs Rd – 208,137 sf Net Absorption Delivered Vacant % JLL 95,882 2401 Cedar Springs Rd The Centrum – 192,576 sf In 2020, 81 new/direct leases were signed in the submarket, totaling 517,000 SF with an average deal size of just over Earth Day Texas Inc 12,599 4311 Oak Lawn Avenue Parkside Tower – 160,125 sf 6,000 SF. The largest lease of the year was law firm Haynes and Boone signed a 125,700 SF lease in Harwood No. 14, View Capital Advisors 5,100 2727 N Harwood Street 2501 Cedar Springs Rd – 110,415 sf the area’s soon to be the largest tower when it delivers in late 2022.

Uptown/Turtle Creek commands a significant premium to the CBD, partly due to asking rents on newer buildings. But another significant factor is the lack of parking found in the buildings in the CBD. Although DART runs through the CBD, a lack of parking can significantly affect an asset’s trajectory. Average parking ratios in Uptown (roughly three spaces per 1,000 SF), while not high relative to suburban Dallas-Fort Worth submarkets, are nearly double those in the CBD (1.5 per 1,000 SF). When many of these 1980s-vintage buildings were built, there was a sea of vacant land for surface parking. JP Morgan Chase has added more than 2,000 parking spaces to the lot adjacent to the Trammell Crow Center as part of a significant renovation. This expanded parking is cited as one of the reasons why the building was able to retain the law firm Vinson & Elkins, which was once slated to move to The Union in Uptown.

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 22 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 23

Uptown_Turtle Creek Uptown_Turtle Creek

Uptown_Turtle Creek BRADFORD COMMERCIAL REAL ESTATE SERVICES