J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB Table of Contents

MAY 2019

STRUCTURED FINANCE: CMBS PRESALE REPORT J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB Table of Contents

Capital Structure 3 Transaction Summary 3 Rating Considerations 5 DBRS Viewpoint 5 Strengths 6 Challenges & Considerations 6 Property Description 8 610 Main Street North 8 One Portland Street 9 700 Main Street 9 Market Overview 10 Local Economy 10 Office Market 11 Submarket Description 12 Competitive Set 13 238 Main Street 14 1 Main Street 14 45 & 75 Sidney Street 14 301 Binney Street 14 100 Binney Street 14 399 Binney Street 14 Sponsorship 14 DBRS Analysis 15 DBRS Value Analysis 18 DBRS Sizing Hurdles 19 Loan Detail & Structural Features 20 Transaction Structural Features 21 Methodology 22 Surveillance 22

Tucker Rhodes David Fackler Senior Financial Analyst Vice President +1 312 845 2264 +1 312 332 9457 [email protected] [email protected]

Kevin Mammoser Erin Stafford Managing Director Managing Director +1 312 332 0136 +1 312 332 3291 [email protected] [email protected] PRESALE REPORT – JPMCC 2019-OSB MAY 2019

Capital Structure

Description Rating Action Class Amount Subordination DBRS Rating Trend

Class A New Rating – Provisional 195,870,000 41.409% AAA (sf) Stable

Class B New Rating – Provisional 32,790,000 31.601% AA (sf) Stable

Class C New Rating – Provisional 36,740,000 22.539% A (high) (sf) Stable

Class D New Rating – Provisional 61,900,000 11.774% BBB (high) (sf) Stable

Class E New Rating – Provisional 43,700,000 4.174% BBB (sf) Stable

Class HRR New Rating – Provisional 24,000,000 0.000% BBB (low) (sf) Stable

Class X-A New Rating – Provisional 195,870,000 -- AAA (sf) Stable

Class X-B New Rating – Provisional 32,790,000 -- AA (high) (sf) Stable

1. Subordination is based on the total mortgage debt including the $180.0 million of non-trust Companion Notes held outside the trust. 2. The Class X-A balance is notional and based on the aggregate Certificate Balance of the Class A certificate. 3. The Class X-B balance is notional and based on the aggregate Certificate Balance of the Class B certificate. 4. The Class HRR certificates will be retained by the retaining sponsor through a third party purchaser as part of the U.S. risk retention requirements.

Transaction Summary

LOAN CHARACTERISTICS

Trust Balance $395,000,000 DBRS Term DSCR 2.12x

Number of Loans 1 DBRS Refi DSCR 1.07x

Number of Properties 3 DBRS Debt Yield 8.0%

Collateral SF 676,947 DBRS Exit Debt Yield 8.0%

Interest Rate 3.797% DBRS LTV 90.1%

Remaining Term 120 DBRS Refi LTV 90.1%

Remaining Amortization n/a DBRS NCF Variance -10.5%

1. All DBRS calculationss include $180.0 million of Companion Notes to be held outside the trust.

Structured Finance: CMBS 3 PRESALE REPORT – JPMCC 2019-OSB MAY 2019

PARTICIPANTS

Issuer J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-OSB

Depositor J.P. Morgan Chase Commercial Mortgage Securities Corp.

Trust Loan Seller JPMorgan Chase Bank, National Association

Servicer KeyBank National Association

Special Servicer Situs Holdings, LLC

Trustee Wells Fargo Bank, National Association

Certificate Administrator Wells Fargo Bank, National Association

Operating Advisor Park Bridge Lender Services, LLC

Initial Purchasers J.P. Morgan Securities, LLC and Drexel Hamilton, LLC

Retaining Sponsor JPMCB

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Rating Considerations

DBRS VIEWPOINT The loan is secured by the Borrower’s leasehold interest in Osborn Triangle, a collection of three Class A office and laboratory buildings totaling 676,947 sf and a 650-space parking garage. The three buildings include 610 Main Street North (278,738 sf ), One Portland Street (229,330 sf ) and 700 Main Street (168,879 sf ). Loan proceeds of $575.0 million in addition to approximately $581.9 million of cash equity financed the sponsors’ $1.15 billion acquisition of the collateral from the Massachusetts Institute of Technology Investment Management Company (MITIMCo), which retains ownership of the underlying ground and a 5.0% interest in the collateral. The ten-year loan is full-term IO and represents a relatively low LTC of 49.7%.

SOURCES & USES

Sources Amount Per SF % of Total Uses Amount Per SF % of Total Mortgage Loan 575,000,000 849.40 49.7% Purchase Price 1,148,275,000 1,696.26 99.3% Sponsor Equity 581,942,656 859.66 50.3% Closing Costs 8,667,656 12.80 0.7% Total 1,156,942,656 1,709.06 100.0% Total 1,156,942,656 1,709.06 100.0%

The collateral is superbly located in the East Cambridge/Kendall Square submarket of the greater Boston MSA, less than 500 feet from Massachusetts Institute of Technology’s (MIT) main campus. The East Cambridge/Kendall Square submarket is quickly becoming one of the most desirable submarkets for office and laboratory space nationally, offering a highly educated workforce, strong economic fundamentals and an increasingly dominant presence of life sciences and biotechnology companies. Per Reis, the Cambridge office submarket features nearly 13.4 million sf of Class A office space with an average vacancy rate of only 0.9% and average asking rents of $62.99 psf for office properties constructed after 2009. Though Reis identified approximately 1.4 million sf of new construction under development in the local market, at the time of DBRS’s inspection in May 2019, management indicated that all but approximately 100,000 sf of the new supply was pre-leased, further evidencing the increasingly tight market conditions throughout the Cambridge Class A office submarket. Per Reis, office properties constructed after 2009 throughout the Cambridge/Charlestown/Somerville submarket accounted for approximately 12.0% of submarket inventory as of Q1 2019. The strength of the market is also evident in that all buildings serving as collateral for this transaction have been 100.0% leased since construction/conversion.

The properties were constructed to state-of-the-art office and laboratory standards between 2002 and 2016 and have been exceptionally well maintained. The properties additionally benefit from strong tenancy with 88.5% of total NRA, representing 91.5% of total DBRS base rent, leased to investment grade-rated tenants, such as Pfizer Inc. (Pfizer) and Novartis International AG (Novartis). Pfizer leases 100.0% of the One Portland Street building and 100.0% of the office/laboratory space at the 610 Main Street North building. Pfizer subleases 48.5% of its space at 610 Main Street North, though its current lease at the building extends through December 2031 and the tenant has reportedly continued to invest significant capital into its space. Novartis leases nearly 180,000 sf of space at the 700 Main Street building to accommodate spillover from its neighboring headquarters. Though the Novartis lease in place per the May 1, 2019, rent roll is scheduled to expire in July 2024, the tenant’s in-place base rent of $55.15 psf is well below the appraiser’s market rent estimate of $87.50 psf.

Both Pfizer and Novartis use their respective spaces at the property to house critical research and development (R&D) departments focused on using cutting-edge scientific research to pursue potential medical breakthroughs and new drug discoveries. In addition to providing proximity to MIT’s main campus and a highly educated labor force, the collateral offers both Pfizer and Novartis proximity to LabCentral, which leases 32,988 sf of space at the 700 Main Street property and subleases additional space from Pfizer at 610 Main Street North. LabCentral is an office and laboratory incubator space geared toward high-potential life sciences and biotechnology startups, many of which spill over from the neighboring MIT campus. By proximity, Pfizer and Novartis benefit from early exposure to the flourishment of new innovations in the life sciences and biotechnology spaces from startups at LabCentral. The synergistic relationship of tenants at the collateral is

Structured Finance: CMBS 5 PRESALE REPORT – JPMCC 2019-OSB MAY 2019 further evidenced by the presence of CRISPR Therapeutics AG (CRISPR), Casebia Therapeutics LLP (Casebia) and KSQ Therapeutics, Inc. (KSQ), all of which sublease space from Pfizer at the 610 Main Street North building and operate collectively within the gene editing and functional genomics industries.

The sponsor for this loan is a joint venture (JV) between Harrison Street Real Estate Capital (Harrison; 94.5%), Bulfinch Companies, Inc. (Bulfinch; 0.5%) and MIT (5.0%). Harrison is a leading real estate investment management firm with a current portfolio of approximately $18.0 billion in assets. Harrison has acquired or developed over 900 properties since inception in 2006, bringing nationally recognized investment management experience to this transaction. Bulfinch focuses on the acquisition, management and leasing of commercial properties within the Boston area, offering specialized local expertise to the sponsorship team. MIT is a globally renowned leader in higher education and a crucial anchor to the collateral’s East Cambridge/Kendall Square submarket. Furthermore, as the seller of the collateral’s leasehold interest via this transaction, MIT’s continued interest in the property is indicative of its commitment to the innovative potential of the collateral’s R&D-focused tenancy.

The DBRS LTV on the $575.0 million mortgage loan is somewhat high at 90.1%, considering that DBRS rates the last dollar of debt at BBB (low) (sf ), although the excellent location, high level of curb appeal and favorable market dynamics bring stability to the value over time. Given the irreplaceable site adjacent to the MIT campus, DBRS believes that there would be very high levels of demand for this asset through a variety of real estate cycles, which will dampen downside volatility in the future. In addition, cash flow stability will be quite high over the foreseeable future as the majority of income at the three buildings is generated by investment-grade tenants that are either on long-term leases or below-market leases that expire during the term. Furthermore, despite the elevated DBRS LTV and high loan psf of $849, there is approximately 50% cash equity behind the loan amount and leverage in current market terms is quite low.

STRENGTHS • The collateral is exceptionally well positioned within 500 feet from MIT’s main campus. MIT was founded in 1861 and MIT’s presence anchors the Cambridge office submarket, which has exhibited an extremely tight office vacancy rate of 0.9% for properties constructed after 2009 per Reis. • Per the rent roll dated May 1, 2019, the collateral was 100.0% occupied with leases representing 88.5% of total NRA and approximately 91.5% of total DBRS base rent backed by investment grade-rated tenants, such as Pfizer and Novartis. All three buildings have been 100.0% leased since construction/conversion. • The sponsor for this transaction is a JV between three strong, experienced sponsorship entities (Harrison, Bulfinch and MIT) that bring substantial financial wherewithal, local market experience or both. The sponsors contributed approximately $581.9 million of equity collectively as part of this transaction, representing 50.3% of the total cost commitment.

CHALLENGES & CONSIDERATIONS • The loan is full-term IO, providing no reduction to the loan basis over the loan term. –– Pfizer’s lease at 610 Main Street North extends almost three years beyond loan maturity, providing stable cash flow beyond loan maturity from an investment grade-rated tenant. The transaction is margined by a significant equity contribution from the sponsor with conservative leverage as evidenced by a relatively low LTC of 49.7% and a loan basis of $849.40 psf compared with the sponsors’ acquisition basis of $1,696.25 psf. Furthermore, the DBRS Refi DSCR of 1.07x considers a 7.5% loan constant compared with the current interest rate of 3.8% and permits significant reversion to the mean in long- term interest rates. • Market rents for Class A office and laboratory spaces have increased rapidly throughout the Cambridge submarket in recent years. Per Newmark Grubb Knight Frank, East Cambridge’s Class A lab sector has exhibited rent growth of approximately 38.0% over the five-year period ending Q3 2019 (increasing to $90.22 psf from $54.80 psf ). To the extent that demand falters, current market rents may prove to be unsustainable. –– Based on the DBRS NCF Analysis and a relatively conservative 7.5% loan constant, base rents at the collateral would have

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to fall below $66.50 psf for the DBRS Refi DSCR to fall below 1.00x. Assuming the same conditions, base rents at the collateral would need to fall below $34.75 for the DBRS Term DSCR to fall below 1.00x. • The collateral is prone to significant lease rollover concentrations with two leases, representing 48.9% of total NRA and 46.9% of in-place rent, scheduled to roll in 2024 per the rent roll dated May 1, 2019. Six leases, representing an additional 11.5% of total NRA and 9.1% of in-place rent, are scheduled to roll in 2027. –– The collateral benefits from its excellent location within East Cambridge, the epicenter of the life sciences industry, and has been 100.0% leased since construction. Furthermore, in-place rents at the property are below market at a WA of $71.86 (excluding retail space) compared with the appraiser’s market estimate of $87.50 psf. More specifically, Novartis, whose lease is scheduled to expire in July 2024, currently pays a base rent of $55.15 psf per the rent roll dated May 1, 2019, which is indicative of cash flow upside potential at lease expiry. Furthermore, Pfizer, whose space at the One Portland Street property represents the other lease scheduled to expire in 2024, has invested considerable capital into its space, per management, and is also below market with a current base rent of $67.17 psf. –– The loan is structured with a cash sweep tied to, among other requirements, the Pfizer and Novartis leases if either gives notice of non-renewal or in the event that either vacates or abandons its respective premises for 90 consecutive days. Proceeds will be held in a rollover reserve to be disbursed for re-tenanting costs.

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Property Description

The collateral comprises the borrower’s leasehold interest in three Class A office properties located at 610 Main Street North, One Portland Street and 700 Main Street in Cambridge, Massachusetts. The three buildings total 676,947 sf of state- of-the-art office, laboratory and retail space and are one block north of the MIT Cambridge campus. Excluding the 8,682 sf of ground-floor retail space located at the 610 Main Street North building, the collateral comprises approximately 50.0% office space and 50.0% laboratory space. The collateral additionally includes a 650-space subterranean parking garage. The properties sit adjacent to one another on a 4.8-acre land parcel that is subject to four prepaid ground leases. The ground leases extend 65 years beyond loan closing at an aggregate rental rate of $370 per annum and are controlled by MIT, which retains ownership of the underlying ground as well as 5.0% interest in the leasehold collateral. Per the rent roll dated May 1, 2019, the collateral was 100.0% occupied by seven tenants with a WA in-place base rent of $65.87 psf.

PROPERTY SUMMARY

% of Year Built/ DBRS % of Total Property SF Total NRA Renovated Occ. Base Rent DBRS Base Rent 610 North Main Street 278,738 41.2% 2016 100.0% 71.54 44.7% One Portland Street 229,330 33.9% 2013 100.0% 67.17 34.6% 700 Main Street 168,879 24.9% 1800’s/2012 100.0% 54.76 20.7% Total/Wtd. Avg. 676,947 100.0% n/a 100.0% 65.87 100.0%

610 MAIN STREET NORTH The 610 Main Street North building was completed in 2016 and totals 287,738 sf, including 270,056 sf of Class A office and laboratory space and 8,682 sf of ground-floor retail space. The building features a unique three-story/seven-story tiered structure and is LEED Gold certified with environmentally friendly amenities, such as electric vehicle charging stations and a reflective roof. The property additionally features a single backup generator for life safety and tenant functions as well as 270 subterranean parking spaces, representing an aggregate parking ratio of nearly 1.0 spaces per 1,000 sf. Per the rent roll dated May 1, 2019, the 610 Main Street North building was 100.0% leased to five tenants. Pfizer, rated investment grade and one of the world’s largest biopharmaceutical companies, leases 100.0% of the building’s office and laboratory space through three separate leases scheduled to expire concurrently in December 2031. As of loan closing, Pfizer sub- leased approximately 60.6% of its space to four subtenants (CRISPR, LabCentral, Casebia and KSQ), all of which operate in the technological gene editing and new drug discovery space. The ground-floor retail space is favorably positioned along

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Main Street and, per the May 1, 2019, rent roll, was subdivided among four tenant spaces, including three restaurants and a salon. Per the May 1, 2019, rent roll, leases for all ground-floor retail spaces are scheduled to expire in 2027. Excluding rents for ground-floor retail space, the 610 Main Street North property achieved a WA rent of $72.64 psf per the rent roll dated May 1, 2019, compared with the appraiser’s market rent estimate of $87.50 psf.

ONE PORTLAND STREET The One Portland Street building was developed by MIT in 2013 and contains 229,330 sf of Class A office and laboratory space. The building is seven stories tall and features 229 subterranean parking spaces, representing an aggregate parking ratio of 1.0 spaces per 1,000 sf. The property additionally features a three-bay loading dock and a separate vivarium-specific loading dock accessible via a private road. Per the rent roll dated May 1, 2019, the One Portland Street building was 100.0% leased to Pfizer through a lease scheduled to expire in January 2024. Pfizer uses its space at both One Portland Street and 610 Main Street North to house crucial R&D teams tasked with translating scientific knowledge into potential medical breakthroughs. Pfizer took occupancy at One Portland Street in December 2013 and has since invested a reported $27.0 million ($54.07 psf ) in its spaces at both One Portland Street and 610 Main Street North. Per the rent roll dated May 1, 2019, the One Portland Street property achieved a WA rent of $67.17 psf compared with the appraiser’s market rent estimate of $87.50 psf.

700 MAIN STREET The 700 Main Street building was converted from an industrial-factory to a life sciences facility in 2002 and underwent further renovation in 2012. The property totals 168,879 sf of Class A office and laboratory space and consists of two sec- tions connected via a two-story bridge. The building features 151 subterranean parking spaces, representing an aggregate parking ratio of 0.9 spaces per 1,000 sf. Per the rent roll dated May 1, 2019, the property was 100.0% leased to two tenants: Novartis (59.1% of building NRA) and LabCentral (40.9% of building NRA). Novartis is rated investment grade and is a global medicine leader recognized for its innovative use of science and digital technologies to create transformative medical treatments. Novartis took occupancy at the property in March 2014 after running out of space at the neighboring Novartis Institutes for BioMedical Research property. LabCentral is a private, non-profit incubator space launched in 2013 to offer fully permitted office and laboratory space to life sciences and biotechnology startup companies. The 700 Main Street property serves as LabCentral’s headquarters and primary incubator space. LabCentral additionally subleases space from Pfizer at 610 Main Street North to accommodate its overflow of demand. LabCentral took occupancy at the property in April 2017 and expanded its footprint by nearly 150.0% at the 700 Main Street property in March 2017. LabCentral’s current leases extend through March 2027 and its presence at the property has continued to spur interest from global leaders in the life sciences and biotechnologies industries, which are seeking opportunities to take part in the next great innovation or transformation of the industry landscape. Per the rent roll dated May 1, 2019, the 700 Main Street property achieved a WA rent of $54.76 psf compared with the appraiser’s market rent estimate of $87.50 psf.

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LARGEST TENANT SUMMARY

% of Total % of Total DBRS Base DBRS Base Lease Investment Property Tenant SF NRA Rent Rent Expiry Grade 610 North Main Street Pfizer 270,056 39.9% 72.64 44.0% Dec. 2031 Y One Portland Street Pfizer 229,330 33.9% 67.17 34.5% Jan. 2024 Y Novartis Institutes for 700 Main Street Biomedical Research, Inc. 99,883 14.8% 55.15 12.4% Jul. 2024 Y 700 Main Street Lab Central Inc. 68,996 10.2% 54.20 8.4% Mar. 2027 N 610 North Main Street Sulmona Restaurant Group 3,355 0.5% 36.53 0.3% Feb. 2027 N Subtotal/Wtd. Avg. 671,620 99.2% 66.10 99.6% n/a n/a Other Tenants Various 5,327 0.8% 37.57 0.4% Various N Total/Wtd. Avg. 676,947 100.0% 65.87 100.0% n/a n/a

Market Overview

The collateral is situated within the Cambridge office submarket of the greater Boston MSA and spans a nearly 5.0-acre city block bounded by Main Street, Portland Street, Albany Street and Osborn Street. The immediate surrounding area is heavily developed and pre- dominantly commercial in nature, including MIT’s Cambridge campus located one block south. Founded in 1861, MIT is a global leader in science, research and technology and is con- sistently ranked among the world’s most elite universities. Cambridge serves as the main campus for MIT, which anchors the local economy with approximately 11,500 undergraduate and graduate students as well as roughly 12,600 employees. In addition to MIT, the subject’s neighborhood features a large concentration of global life sciences companies, technology giants and innovative startup companies. The greater Boston MSA boasts the second-largest concentration of life sciences space in the United States with demand primarily driven by the area’s unique mix of renowned universities, research hospitals, innovation centers and well-funded venture capital institutes. Overall, the collateral’s unique composition of laboratory and office space combined with its ideal location footsteps from MIT’s main campus make it well positioned to tap into the increasing demand for life sciences and biotechnology space across the tightening Cambridge office submarket.

LOCAL ECONOMY Boston is the capital and most populous MSA of Massachusetts with a population of over 2.0 million as of 2018 per Moody’s Analytics. This represents a 3.7% increase from 2013 compared with the 3.5% population growth rate exhibited across the United States over the same period; however, per Moody’s Analytics, Boston’s annual population growth rate declined YOY between 2013 and 2018 with the declining trend forecast to continue through year-end (YE) 2021. Moody’s Analytics forecasts Boston’s population to rise to nearly 2.1 million people by YE2023, representing a population growth rate of

Structured Finance: CMBS 10 PRESALE REPORT – JPMCC 2019-OSB MAY 2019 only approximately 2.5% compared with the 3.7% growth rate exhibited over the previous five-year period. As of 2017, the Boston-Cambridge-Newton MA-NH MSA was the tenth-most populous MSA in the United States.

According to the U.S. Bureau of Labor Statistics, as of March 2019, the Boston-Cambridge-Newton MA-NH MSA exhibited an unemployment rate of 2.5%, representing a 50-basis point (bps) decline since March 2018. The national average reported over the same period was 3.8%, representing a 20-bps decline since March 2018. The MSA’s latest unemployment figure marks a significant improvement from the 7.6% unemployment rate reported in November 2009. Largely influenced by the expansion of the city’s biotechnology, life sciences and education sectors, Boston has posted steady job gains since the end of the recession in 2009. According to the Boston Planning and Development Agency, total employment in the city rose to its highest level in recent decades and the city recovered all jobs that were lost during the Great Recession with unemployment levels falling to pre-recession levels in early 2015. Per the U.S. Bureau of Labor Statistics, the Boston-Cambridge-Newton MA-NH MSA reported a 40,600 net employment gain between October 2017 and October 2018, representing a 2.2% annual growth rate compared with the U.S. national average of 1.7% over the same period. Industries exhibiting the highest growth rates relative to the U.S. national average included Professional and Business Services as well as Educational and Health Services at 6.9% and 2.2%, respectively.

As of 2018, Boston was home to the headquarters of five Fortune 500 companies including General Electric Company (GE), Biogen Inc., State Street Corporation, American Tower Corporation and Liberty Mutual Life Insurance. The city is interna- tionally renowned for its prominence in the biotechnology and life sciences spaces, which are attracted to the presence of some of the world’s most elite universities, including MIT and Harvard University (Harvard). Per the U.S. Bureau of Labor Statistics, as of March 2019, Education and Health Services accounted for the largest proportion of employment across the Boston area (representing approximately 21.6% of total employment), followed by Professional and Business Services (representing approximately 18.0% of total employment). Both industries exhibited positive employment growth trends between March 2018 and March 2019 throughout the greater Boston area.

Though not a key contributor to office employment, tourism serves as a major economic driver throughout the Boston area. Per the Greater Boston Convention & Visitors Bureau, an estimated 21.2 million people visited Boston in 2017, generating nearly $1.9 billion in hotel room revenue alone. Approximately 2.1 million of the reported visitors came from overseas, accounting for 8% of the city’s total visitors but 15.0% of visitor spending in 2017. Chinese visitors represented the largest subset of overseas visitors, accounting for 34.0% of total overseas visitor expenditure with an average stay of 19.1 days. Between 2013 and 2017, Chinese visitors to the city have grown by 145.0%. The large number of visitors reflects Boston’s desirability and affects the lodging and retail industries, which generally leads to increased prices for prime retail space and lodging accommodations. The Greater Boston Convention & Visitors Bureau reported an average hotel occupancy rate and ADR of 82.2% and $258.25 in 2017, respectively, with nearly $1.9 million in hotel room revenue. Paired with strong demand from office and residential land users, this has driven land values increasingly higher over the past decade.

OFFICE MARKET Per Reis, the Boston Metro offers approximately 134.0 million sf of office space with a vacancy rate of 12.7% reported as of Q1 2019. The Boston Metro has not seen single-digit vacancy rates since 2000, but was only moderately affected during the Great Recession when vacancy rates ranged from a low of 11.1% in 2007 to a high of 14.7% in 2011. As of Q1 2019, Boston ranked fifth in average asking rent growth among Reis markets, exhibiting an average annual increase in effective rents of 3.2% between 2011 and 2018. The average asking rent of $44.47 psf reported for the Boston Metro represents a 1.9% increase over the previous year, which is less than any calendar-year increase since 2012. As of Q1 2019, Reis forecast subsequent annual rent gains to be smaller than those exhibited between 2011 and 2018, averaging approximately 2.7% annually across the greater Boston Metro through YE2023 compared with the average annual growth rate of 3.4% exhibited over the five-year period ending December 2018.

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BOSTON METRO AREA OFFICE MARKET

Year Inventory (SF) Completions (SF) Vacancy Absorption Rental Rate 2014 128,105,000 975,000 13.6% 497,000 $39.08 2015 129,450,000 1,895,000 12.6% 2,494,000 $40.65 2016 131,159,000 2,078,000 12.5% 1,667,000 $41.58 2017 132,790,000 1,563,000 12.8% 944,000 $43.03 2018 134,374,000 1,277,000 13.0% 1,186,000 $44.42 2019 135,757,000 1,383,000 13.0% 1,201,000 $45.78 2020 136,508,000 751,000 13.0% 575,000 $47.05 2021 137,476,000 968,000 13.1% 819,000 $48.32 2022 138,746,000 1,270,000 13.2% 903,000 $49.58 2023 139,552,000 806,000 13.2% 749,000 $50.85 Source: Reis.

Per Reis, 7.8 million sf of office inventory was added to the Boston Metro in the five-year period ending December 2018 with 6.8 million sf absorbed, representing an annualized construction/absorption ratio of 1.3. According to the appraisal, several buildings have been delivered to the nearby Kendall Square neighborhood in recent years with most recent deliveries including 399 Binney Street (164,000 sf ), Alexandria Center at Kendall Square (432,932 sf ) and 121 1st Street (60,000 sf ). Reis reported that approximately 3.6 million sf of additional office space is under construction throughout the Boston Metro with notable projects including the 627,000-sf third phase of the Hub on Causeway, the 485,000-sf Akamai Technologies, Inc. headquarters, the 430,000-sf first phase of the Cambridge Crossing project, the 314 Main Street and 238 Main Street buildings (425,000 sf and 385,600 sf, respectively) at the Kendall Square Initiative project (currently under development by MIT) and the 97,000-sf first phase of GE’s new headquarters. Cambridge Crossing broke ground in July 2017 and features over 2.0 million sf of prospective commercial space with the initial 430,000 sf of spec space scheduled for delivery at the end of 2019. Per the appraisal, the Kendall Square Initiative project currently under development by MIT will consist of six buildings totaling 890,000 sf of office space, 115,000 sf of retail space, 450 graduate student-housing units, 290 traditional market-rate housing units and 1.8 acres of open space. Confirmed tenants at the project include the Boeing Company (Boeing; 100,000 sf ) and Capital One Financial Corporation (78,000 sf ) with Apple, Inc. (Apple) also rumored to be inter- ested in leasing space. Reis forecast new additions to the Boston Metro to total just 5.2 million sf (a 3.9% increase over current inventory) over the five-year period ending December 2023 with nearly 4.3 million sf of absorption, representing a more balanced construction/absorption ratio of 1.1.

SUBMARKET DESCRIPTION The collateral is located within the Cambridge office submarket of the greater Boston MSA and, more specifically, within the East Cambridge/Kendall Square neighborhood. Per the appraisal, the East Cambridge/Kendall Square submarket contains nearly 15.9 million sf of space with a reported vacancy rate of 0.9%. The neighborhood is unique in that it is home to the MIT Campus, which attracts an abundance of innovative, high-technology firms to the area. The appraisal identified two dozen office buildings totaling more than 5.5 million sf of space that have been delivered to the East Cambridge/Kendall Square neighborhood since 2001, consisting primarily of high-end office/lab space. Per Reis, approximately 2.5 million sf of inventory was added to the submarket over the ten-year period beginning in Q2 2009, representing an annualized inventory growth rate of 1.5% compared with the Boston Metro average of 0.6% over the same period. Reis estimates that nearly 1.4 million sf of space will be delivered to the Cambridge office submarket over the five-year period ending December 2023, representing an annualized inventory growth rate of 1.7%. Despite the continued delivery of new supply in recent years, Reis reported eight consecutive quarters of downward-trending vacancy rates among Class A office properties as of Q1 2019 and nine consecutive quarters of upward-trending asking rents for office properties as a whole, evidencing the strong demand for high-end office deliveries across the tightening Cambridge submarket.

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CAMBRIDGE/CHARLESTOWN/SOMERVILLE CLASS A OFFICE SUBMARKET

Year Inventory (SF) Completions (SF) Vacancy Absorption Rental Rate 2010 8,746,000 0 12.4% (171,000) $42.68 2011 8,988,000 242,000 11.7% 278,000 $44.79 2012 8,988,000 0 11.0% 61,000 $45.14 2013 9,293,000 305,000 9.4% 422,000 $46.82 2014 9,623,000 330,000 9.7% 267,000 $49.46 2015 9,706,000 83,000 7.6% 279,000 $51.58 2016 10,006,000 531,000 8.8% 161,000 $52.44 2017 10,584,000 578,000 9.1% 492,000 $54.82 2018 1,051,800 49,000 7.3% 126,000 $57.11 Q1 2019 10,518,000 0 7.2% 14,000 $57.42 Source: Reis.

Real-estate geared toward life sciences use is a relatively niche space and not tracked through Reis or CoStar. Such real estate typically features a mix of laboratory and office space and compares favorably with traditional office space, but with a more defined tenant base, higher first-generation TIs, higher capital investment and stickier tenancy. Per the appraisal, the East Cambridge/Kendall Square neighborhood offers approximately the same amount of laboratory space as office space and the market for life sciences-oriented space has become increasingly tight with vacancy rates for buildings with new HVAC systems at nearly 0.0%. Per Reis, though the Cambridge submarket exhibited an average vacancy rate of 9.4% as of Q1 2019, the average vacancy rate for office properties constructed after 2009 was incredibly tight at only 0.9%. In addition to the proximity to MIT, life sciences and high-technology firms are drawn to the area for its offering of a highly educated labor pool and the abundance of venture capital/advisory firms strategically positioned to service the relatively high concentration of innovative startup companies.

Competitive Set

The collateral is located in a very strong submarket with office vacancy currently standing at 0.9% in the East Cambridge/ Kendall Square neighborhood. The submarket’s proximity to the Boston CBD, Harvard and MIT has spurred new development with over 2.1 million sf of new lab space delivered in Cambridge over the past three years. Additionally, East Cambridge’s Class A lab sector has shown rent growth of 38% over the past five years. The subject has benefited from the strong submarket conditions with a current occupancy of 100%. The DBRS WA office rent of $71.75 psf is lower than the appraiser’s concluded office rent of $87.50 psf for office/lab space. The appraisal identified six office properties within one mile of the subject that it considers to be directly competitive. Recently signed leases at the comparable properties range from $76 psf to $95 psf on a NNN basis.

COMPETITIVE SET

Property Distance from Subject Year Built SF Asking Rent Range 238 Main Street 0.9 miles 2021 404,000 $95 1 Main Street 0.8 miles 1986 320,000 $90 45 & 75 Sidney Street 0.4 miles 1999 137,958 $83 301 Binney Street 0.6 miles 2008 417,458 $76 - $90 100 Binney Street 0.9 miles 2017 431,500 $76 - $86 399 Binney Street 0.6 miles 2018 165,194 $78 - $80 Osborn Triangle - Subject n/a 2002-2016 676,974

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238 MAIN STREET 238 Main Street is part of a six-building development expected to be completed in June 2021. Located 0.9 miles from the subject, 238 Main Street will be a 404,000-sf building with 312,000 sf of new office/lab space, 65,000 sf of existing office space and 27,000 of retail/atrium space. As a brand new delivery, the property will likely be superior in quality to the subject. A lease was recently executed at 238 Main Street for $95 psf.

1 MAIN STREET 1 Main Street, located 0.8 miles from the subject, is a 320,000-sf building constructed in 1986. Amenities at the 14-floor building include a fitness center, food service and a conferencing facility. 1 Main Street is located near the Charles River with water views, but is considered inferior to the subject in both quality and location. A lease was recently executed at 1 Main Street for a contract rate of $90 psf.

45 & 75 SIDNEY STREET 45 & 75 Sidney Street is a 137,958-sf office building constructed in 1999. The property is located approximately 0.4 miles from the subject. 45 & 75 Sidney Street is 100% occupied by Voyager Therapeutics, Inc., which has expanded its space at the property over the past several years. The property is considered somewhat inferior to the subject in quality and location. A lease at the property was recently executed for $83 psf.

301 BINNEY STREET 301 Binney Street is a 417,458-sf building located approximately 0.6 miles from the subject. Constructed in 2008, 301 Binney Street is located in the heart of the Kendall Square neighborhood of Cambridge. Amenities at 301 Binney Street include a parking garage and proximity to public transportation. While the property is very high quality and has good curb appeal, DBRS considers the subject’s location inferior to the subject based on its distance from MIT’s campus on the northern out- skirts of Kendall Square. Recently signed leases at 301 Binney Street have ranged from $76 psf to $90 psf.

100 BINNEY STREET Also located in the heart of Kendall Square, 100 Binney Street is a 431,500-sf building completed at the end of 2017. Located 0.9 miles from the subject, the LEED Gold-certified property was 100% pre-leased prior to completion. Notable tenants include Facebook, Inc. and Bristol-Myers Squibb Company. 100 Binney Street includes ground-floor retail and underground parking. Given the recent construction, property quality is arguably superior to the subject (which has three separate buildings constructed over prior decades), but is also located in the northern portion of Kendall Square. Recently signed leases at 100 Binney Street range from $76 psf to $86 psf.

399 BINNEY STREET 399 Binney Street is a 165,194-sf office building located 0.6 miles from the subject. Constructed in 2018, the LEED Gold- certified office building offers a parking garage, pedestrian plaza and roof deck. The property is located in the Kendall Square neighborhood and was 75% pre-leased to three office/lab tenants. While recently constructed, this low-rise property has less curb appeal than some of the comparables and is the most remotely located. Recently signed leases at 399 Binney Street range from $78 psf to $80 psf.

Sponsorship

The loan is sponsored through a JV between Harrison, MIT and Bulfinch. Harrison has acquired or developed over 900 properties in sectors including self-storage, student housing, senior housing and medical office. Established in 2005, the real estate investment management firm and its affiliates have approximately $18.3 billion in assets under management (AUM). Founded in 1861, MIT is a cornerstone of higher education and one of the largest employers in Cambridge. The institution presently enrolls approximately 11,500 students and employs approximately 12,600 people. MITIMCo focuses on investing MIT’s financial resources to aid in funding the institution’s research and academic activities. MITIMCo has approximately $25.3 billion of AUM. Bulfinch is a real estate investment firm focusing on properties in the Greater Boston area. Founded

Structured Finance: CMBS 14 PRESALE REPORT – JPMCC 2019-OSB MAY 2019 in 1936, the firm specializes in the development, acquisition, repositioning and management of biotechnology, R&D, office and medical office space. The firm’s portfolio comprises nearly 3.0 million sf with a market value approaching $1.0 billion.

DBRS Analysis

SITE INSPECTION SUMMARY

The Osborn Triangle property consists of three research/lab and office buildings surrounding a courtyard about 400 meters from the iconic dome on MIT’s main campus in Cambridge. The area has a high concentration of life sciences tenants, all of which draw from the research and student population of MIT and Harvard. The campus is about four blocks from the Kendall/MIT station on the Boston subway, the “T,” which provides access along the Red Line to downtown Boston and surrounding areas. According to the manager, the ground lease from MIT is simply a mechanism to control how the space is used going forward, but the university does not intend to change any uses in the future. Surrounding the property, a large number of older buildings have been repurposed from industrial into research facilities and new buildings are under construction. Demand remains high for space in Cambridge. According to the manager, there is 1.8 million sf of space under construction, only 180,000sf of which has not been pre-leased. Tenants that have signed leases for the new space include Boeing; Apple; and Microsoft Corporation. One Portland Street and 610 Main Street North have strong contemporary exte- riors that are consistent with office or research space. 700 Main Street is a conversion from an industrial property, but has been significantly renovated and projects itself as a strong re-use property. The main lobby for Pfizer in the One Portland Street space is functional with higher levels of security than conventional office buildings. LabCentral’s lobby is more open with a small space for meetings and presentations by member firms.

One Portland Street primarily consists of office space with some research space. The building features secured entry and a private walkway to the 610 Main Street North building. Inside, the office and research space is well maintained and up to date. Pfizer has two primary disciplines at the property – rare diseases and inflammatory diseases. The manager reported that Pfizer had put about $5 million into one floor for upgrades and will continue to upgrade its space, partially to help retain employees with the latest amenities and workspaces. One Portland Street has a small parking area as well as a specialized loading dock for the vivarium area, where animal research is conducted. These must be segregated to prevent research subjects from exposure to outside agents.

610 Main Street North is the largest of the three buildings and is almost entirely leased to Pfizer. It is the newest of the three buildings serving as collateral for the loan, which was built in 2016. Along the Main Street side, the property has some retail space that has been leased to three restaurants and a salon. Inside, Pfizer’s space primarily consists of laboratory, bio-storage

Structured Finance: CMBS 15 PRESALE REPORT – JPMCC 2019-OSB MAY 2019 and research space. The building has significant power needs with generators as the loss of power could result in the loss of critical research from freezers and coolers. As a result, there are some service-level agreements in place for some utilities. Pfizer subleases its space to several life sciences tenants. These tenants benefit from the ability to lease a smaller space within a modern building and Pfizer has the opportunity to work with new companies that may have innovative products.

700 Main Street includes overflow space for Novartis, which maintains its Cambridge headquarters in an adjacent building. The other major tenant is LabCentral, which is an incubator for life sciences companies. LabCentral is a non-profit funded by corporate partners, which offers lab space to very early lifecycle companies at reasonable rates. The selection process for LabCentral is extremely competitive with a low acceptance rate. Once accepted, a researcher may rent a small space, known as a bench, for about $3,500 to $4,000 per month. Companies can purchase supplies on site and make use of advanced equipment that has been donated to the community. After two years, the companies may apply for a third year and, after the third year, companies “graduate” and must advance their firms to the point at which they can secure their own space. This helps keep nascent firms in the Cambridge area.

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DBRS NCF SUMMARY

NCF ANALYSIS

2017 2018 T-12 Mar. 2019 Issuer NCF DBRS NCF NCF Variance Potential Base Rent 40,270,949 42,583,273 43,432,253 52,339,600 48,266,305 -7.8% Expense Reimbursements 13,282,194 14,252,881 14,607,789 16,481,111 15,677,953 -4.9% Other Income 2,334,276 2,790,291 2,828,049 2,785,528 2,828,049 1.5% GPR 55,887,418 59,626,445 60,868,091 71,606,239 66,772,308 -6.8% Vacancy/Credit Loss - - - (816,810) (1,987,550) 143.3% EGI 55,887,418 59,626,445 60,868,091 70,789,429 64,784,758 -8.5% Management 580,053 521,434 516,241 1,000,000 1,000,000 0.0% Payroll - - - - - 0.0% Utilities 2,902,582 3,758,269 3,680,250 3,984,561 3,680,250 -7.6% CAM 449,117 530,674 532,784 460,023 532,784 15.8% Repair & Maintenance 1,832,072 1,966,834 2,081,678 2,090,964 2,081,678 -0.4% Marketing & Advertising - - - - - 0.0% Administrative 1,002,847 1,315,834 1,313,448 1,240,535 1,313,448 5.9% Legal & Professional 7,000 55,426 59,414 - 59,414 0.0% Miscellaneous - - - - - 0.0% Condo Expenses 666,653 628,471 441,509 600,968 441,509 -26.5% Non-Recoverable 231,880 693,530 794,286 467,782 794,286 69.8% Total Variable Expenses 7,672,203 9,470,472 9,419,610 9,844,833 9,903,369 0.6% Real Estate Taxes 5,708,393 6,097,226 6,312,129 6,962,331 6,808,448 -2.2% Insurance 469,641 153,730 128,547 247,479 247,479 0.0% Ground Rent/Other 370 370 - 370 370 0.0% Total Fixed Expenses 6,178,404 6,251,325 6,440,676 7,210,180 7,056,297 -2.1% Total Expenses 13,850,608 15,721,797 15,860,286 17,055,013 16,959,666 -0.6% NOI 42,036,811 43,904,648 45,007,805 53,734,416 47,825,092 -11.0% Replacement Reserves - - - 182,776 182,776 0.0% TI/LC - - - 1,878,551 1,383,971 -26.3% NCF 42,036,811 43,904,648 45,007,805 51,673,090 46,258,346 -10.5%

The DBRS NCF is based on the DBRS North American Commercial Real Property Analysis Criteria. The resulting DBRS NCF was $46,256,346, representing a -10.5% variance from the Issuer’s NCF of $51,673,090. The primary drivers of the variance included potential base rent, vacancy and expense reimbursements.

DBRS estimated potential base rent based on leases in place per the rent roll dated May 1, 2019, with rent steps accepted through December 2019 and LTCT status given to Pfizer’s space at the 610 Main Street North building because of the tenant’s investment-grade credit rating and lease term extending nearly three years beyond loan maturity. Excluding ground-floor retail space, the DBRS-estimated potential base rent of $71.86 psf was well below the appraiser’s market rent estimate of $87.50 psf for office and laboratory space at the property. The low in-place rents can be attributed to leases representing 52.7% of total NRA that were executed between 2013 and 2014, prior to the majority of rent upside from tightening in the Kendall Square/East Cambridge office/laboratory market in recent years. DBRS-estimated expense reimbursements based on the reimbursement ratio exhibited over the T-12 period ending March 2019 multiplied by DBRS-estimated recoverable expenses, which were also generally based on the T-12 period ending March 2019.

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DBRS estimated a 3.0% economic vacancy rate at the property compared with the Issuer’s estimated economic vacancy loss of approximately 1.1%. The DBRS-estimated economic vacancy loss of 3.0% assumes economic vacancy losses of 5.0% and 10.0% for all office/laboratory space and ground-floor retail space, respectively, with vacancy overrides of 2.0% and 0.0% applied to Pfizer’s space at 610 Main Street and Novartis’s space at 700 Main Street, respectively. The DBRS 2.0% vacancy override for Pfizer’s space at 600 Main Street is consistent with DBRS’s treatment of similarly rated LTCTs. DBRS excluded the vacancy associated with Novartis’s space at 700 Main Street because of the tenant’s significantly below-market in-place rents. Per the May 1, 2019, rent roll, Novartis pays $55.15 psf on a lease scheduled to expire in July 2024 compared with the appraiser’s estimated market rent estimate of $87.50 psf. Though Reis reported an overall office vacancy rate of 9.4% for the Cambridge/Charlestown/Somerville office submarket as of Q1 2019, the DBRS economic vacancy estimate is higher than the Reis-reported submarket vacancy rate of 2.2% for office properties within a 1.0-mile radius of the collateral.

DBRS generally based variable expenses on the T-12 ending March 2019 levels with the exception of management fees, which were capped at $1.0 million (approximately 1.5% of the DBRS EGI). DBRS estimated fixed expenses on the most recent actuals with taxes based on the collateral’s actual 2018–2019 tax liability and insurance based on the actual 2019 premium. Below-the-line deductions for TIs and LCs were generally based on a blend of market comparable data and actual packages given at the property with leasing costs associated with the ground-floor retail space based on the appraiser’s market estimates. The DBRS-concluded office TIs are lower than the appraiser’s estimates because the appraiser concluded market rent at approximately 20% above the in-place level for office/lab space. DBRS excluded leasing costs associated with Pfizer’s space at the 610 Main Street North building, which is consistent with DBRS’s treatment of LTCTs. DBRS additionally excluded leasing costs associated with Novartis’s space at the 700 Main Street building, given the tenant’s significantly below-market in-place rents reported on the May 1, 2019, rent roll.

DBRS VALUE ANALYSIS Joseph J. Blake and Associates, Inc. determined the as-is value of the collateral to be approximately $1.16 billion based on a blended cap rate of approximately 4.1%. The DBRS-estimated value of $638.0 million is calculated by applying a 7.25% cap rate to the DBRS NCF of approximately $46.3 million. The DBRS-estimated cap accounts for the collateral’s exceptional location within footsteps of MIT and the subject’s strong tenancy, which is evidenced by 78.5% of rental income that is guaranteed by investment-grade-rated Pfizer. Per the Q1 2019 PwC Real Estate Investor Survey, the average cap rate for Boston office properties is nearly 6.0% with a range of 4.0% to 9.5%. The appraiser’s cap rate at the low end of this range is considered reasonable, given the quality of buildings, the desirability of the asset’s location footsteps from MIT’s main campus and the strength of the East Cambridge office submarket, especially pertaining to buildings catering to life sciences tenants. The appraiser’s blended cap rate for the three buildings is well below the 5.1% average cap rate for Boston CBD office properties reported via the Q1 2019 PwC Real Estate Investor Survey. The DBRS value represents a 44.6% discount to the appraiser’s value and a 44.4% discount to the collateral’s 2019 sale price of approximately $1.15 billion. The DBRS value is equivalent to $943 psf. The appraiser identified 18 office sales in the subject’s market since January 2017 with sale prices ranging from $594 psf to $1,880 psf and an average sale price of $971 psf. While the DBRS value should represent a stress to current market value, DBRS believes that the property quality and location should place the subject toward the upper end of the sales price psf range rather than near the middle. The appraiser estimated dark values of $1,695 psf and $1,568 psf for the One Portland Street and 610 Main Street North buildings, respectively, but did not provide an estimated dark value for the 700 Main Street building.

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DBRS SIZING HURDLES DBRS SIZING PER RATING CATEGORY

DBRS sized the loan based on LTV Hurdles. The resulting LTV Hurdles are Rating DBRS LTV Hurdle included in the table to the right. AAA (sf) 52.8% AA (sf) 61.6% A (high) (sf) 69.8% BBB (high) (sf) 79.5% BBB (sf) 86.4% BBB (low) (sf) 90.1%

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Loan Detail & Structural Features

Cash Sweep Period: A cash sweep period shall exist upon (1) an EOD, (2) if the DSCR falls below 1.25x based on the trailing three-month basis, (3) bankruptcy of the Borrower or property manager or (4) a Tenant Trigger event occurs.

Tenant Trigger: If either Pfizer or Novartis gives notice of non-renewal or termination or does not renew its lease before the earlier of (1) 12 months prior to the lease expiry or the renewal period required under its lease or (2) vacates or abandons its premises for a period of 90 consecutive days, it will trigger either (a) a cash flow sweep or, in lieu of a cash flow sweep, (b) the Borrower will deposit in the form of cash or LOC approximately $2.5 million ($3.63 psf ) per month for each month remaining in the non-renewal/termination period into a rollover reserve held by the Lender to be used for re- tenanting costs.

Reserves: RESERVES

Reserves Upfront Ongoing Per Month Tax $0 $0 Insurance $0 $0 TI/LC $0 $0 Free Rent $0 $0 CapEx $0 $0

Recourse Carveout: There is no carve-out Guarantor.

Additional Debt: In addition to the trust loan, there will be an additional $175.0 million in companion loans. Both the trust loan A-notes (Trust A Notes) and the companion loans maintain equal priority with each other and are secured by a first-priority lien on the Borrower’s fee-simple interest in the property. The respective rights and obligations of the trust as holder of the Trust A Notes and the holders of the companion loans are governed by the Co-Lender Agreement.

Transfer and Assumptions: Transfers are generally permitted so long as the Borrower or its affiliates continue to retain at least 51.0% of the ownership interest in the Borrower and retains control of the Borrower. Any transferee that holds 25% or more of the direct or indirect interests in the Borrower shall be subject to the mortgage lenders know-your-customer requirements. If, after giving effect to any transfer, more than 49.0% in aggregate of the direct or indirect interests in either the Borrower or the Borrower representative (restricted parties) are owned by any person and its affiliates that owned less than 49.0% of the direct or indirect interests in such restricted party as of the origination date, the Borrower must deliver to the Lender a new insolvency opinion reasonably acceptable to the Lender and rating agencies. While many single-asset single-borrower loan agreements specifically define a minimum net worth/total assets required for a qualified transferee, the loan agreement for this transaction has a general statement that the transferee’s net worth and liquidity are reasonably acceptable to the Lender. In addition, one or more of Harrison, Bulfinch and MIT OT Master Tenant Owner LLC (collectively, the JV Partners) must own, individually or in aggregate, at least a 15.0% interest in the Borrower and the Borrower must be controlled by one or more JV Partners.

Property Releases: The Borrower maintains the right, after the second anniversary of the first payment date, to release the One Portland Street or 700 Main Street properties, subject to the satisfaction of prepayment conditions including, but not limited to, no EOD by the Borrower; prepayment of 110% of the original allocated loan amount combined with a yield maintenance premium if paid prior to the open period; satisfaction of certain DSCR ratio requirements; customary anti- poaching provisions; and reimbursement to the Lender or Servicer for any reasonable legal fees or out-of-pocket costs incurred to effect the release. The 610 Main Street North building, the office/lab space of which is 100% leased to Pfizer on a long-term basis expiring in 2031, and the parking garage cannot be released.

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Transaction Structural Features Credit Risk Retention: The risk-retention interest (HRR Interest) represents the Eligible Horizontal Residual Interest to meet the risk-retention requirements of Section 15G of the Securities Exchange Act of 1934. JPMCB will act as the risk- retaining sponsor under the risk-retention rules and will elect to satisfy the risk-retention requirements through the purchase by a third-party purchaser. It is anticipated that New York State Teachers’ Retirement System will act as the third-party purchaser and purchase 100.0% of the aggregate certificate balance of the HRR interest.

Payment of Special Servicing Fees and Other Expenses: The Borrower is responsible for reimbursing the trust for, among other items, special servicing fees, liquidation fees, workout fees, interest on advances and reasonable attorney’s fees and expenses; however, the loan agreement specifies that the Borrower would be excluded from liability to repay the foregoing expenses in the event of gross negligence, illegal acts, fraud or willful misconduct of the Lender. Passing these expenses on to the Borrower insulates the trust from a non-credit-related downgrade. In addition, the Master Servicer will be required to advance Special Servicer fees, liquidation fees, workout fees, advance interest amounts and other out-of- pocket expenses (in each instance, only to the extent that these are owed by the Borrower). While this lowers the likelihood of interest shortfalls to subordinate bonds as a result of the Borrower’s incurring these fees, it ultimately comes at the expense of lower proceeds available for principal repayment as the Master Servicer must be reimbursed for these advances. Given the relatively small potential size of such advances (the Special Servicer’s annual fee rate is 0.25% per annum of the stated principal balance), DBRS does not consider this structural feature to have a material negative impact on the investment-grade certificates.

Liquidation Fee: To the extent that the loan has become specially serviced solely as a result of the failure to make the balloon payment and is refinanced within three months of the maturity date, the Special Servicer will not receive a liquidation fee. The Special Servicer will also not be entitled to receive a liquidation fee in connection with (1) a repurchase of the mortgage loan by the trust loan seller pursuant to the Trust Loan Purchase Agreement and (2) a sale of all or any portion of the Mortgage Loan by the Special Servicer to the Servicer or any affiliate of the foregoing. The liquidation fee, which equals 0.50% of the related liquidation proceeds, will be reduced by any modification fees paid by, or on behalf of, the Borrower and received by the Special Servicer as compensation, but only to the extent that those fees have not been previously deducted from the total liquidation/workout fee. Each of the foregoing fees will be payable from funds on deposit in the Collection Account. The Special Servicer may collect a workout fee or a liquidation fee, but not both.

No Downgrade Confirmation: This transaction contemplates waivers of rating agency confirmations (RACs). It is the intent of DBRS to waive RACs, yet also to receive notice upon their occurrence. DBRS will review all changes as a part of its monthly surveillance. DBRS will not waive RACs that affect any party involved in the operational risk of the transaction (i.e., replacement of servicer, special servicer, etc.) or related to any additional debt or transfers of ownership that require RAC.

Controlling Class Rights: The controlling class will be the Class HRR certificates. No other class of certificates will be eligible to act as the controlling class or appoint a directing certificateholder. The control class representative will be the controlling class certificateholder or representative selected by more than 50.0% (by balance) of the controlling class. A control event will exist when the balance of Class HRR (net of appraisal-reduction amounts) falls below 25.0% of the initial balance of that class. Prior to a control event, the Special Servicer may be replaced, with or without cause, at the direction of the controlling class certificateholder (or the controlling class representative on its behalf ). After a control event, the Special Servicer may be replaced, with or without cause, at any other time upon the written direction of certificatehold- ers if at least 25.0% of the aggregate voting rights (taking into account appraisal-reduction amounts to notionally reduce the certificate balance of such certificates) requests a vote for the termination and replacement of the Special Servicer and if certificate holders evidencing at least 50.0% of a certificateholder quorum (66.67% of the aggregate voting rights of all certificates on an aggregate basis, taking into account appraisal-reduction amounts to notionally reduce the certificate balance of such certificates) vote affirmatively to replace the Special Servicer within 180 days of the initial request of that vote. Any such request must be accompanied by an RAC and the holders initiating such request will be responsible for the fees

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and expenses of the trust in connection with the replacement. The Special Servicer may also be terminated and replaced through a certificateholder vote initiated by the Operating Advisor. A consultation termination event will be in effect when the outstanding balance of the Class HRR certificates is less than 25.0% of the initial balance without regard to the applica- tion of any appraisal reductions. The controlling class certificateholder will have certain consultation rights under the TSA with respect to major decisions and other matters after a control event, but not after any consultation termination event.

Appraisal Reductions: Any appraisal-reduction amounts will be applied notionally, in reverse sequential order based on interest entitlements, to the certificate balance of each class until the related balances are reduced to zero. The time frame for an appraisal to be used for appraisal-reduction purposes is no less than 60 days. If the Special Servicer has not received an updated appraisal within this time frame, the appraisal-reduction amount will be 25.0% of the then-whole loan balance until an updated appraisal is received and the appropriate appraisal-reduction amount is calculated. Any appraisal- reduction amount allocated to the A-notes will be allocated between the Trust A Notes and the companion loans, pro rata and pari passu, based on their respective outstanding principal balances.

Methodology

The following are the methodologies DBRS applied to assign ratings to this transaction. These methodologies can be found on www.dbrs.com under the heading Methodologies & Criteria. Alternatively, please contact [email protected] or contact the primary analysts whose information is listed in this report. –– North American Single Asset/Single-Borrower Methodology –– DBRS North American Commercial Real Estate Property Analysis Criteria –– Rating North American CMBS Interest-Only Certificates –– Interest Rate Stresses for U.S. Structured Finance Transactions

Surveillance

DBRS will perform surveillance subject to its North American CMBS Surveillance Methodology.

Notes: All figures are in U.S. dollars unless otherwise noted.

This report is based on information as of May 28, 2019. Subsequent information may result in material changes to the rating assigned herein and/or the contents of this report.

The DBRS group of companies consists of DBRS, Inc. (Delaware, U.S.)(NRSRO, DRO affiliate); DBRS Limited (Ontario, Canada)(DRO, NRSRO affiliate); DBRS Ratings GmbH (Frankfurt, Germany)(CRA, NRSRO affiliate, DRO affiliate); and DBRS Ratings Limited (England and Wales)(CRA, NRSRO affiliate, DRO affiliate). For more information on regulatory registrations, recognitions and approvals, please see: http://www.dbrs.com/research/highlights.pdf.

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Structured Finance: CMBS 22 Glossary

ADR average daily rate IO interest only P&I principal and interest ARA appraisal reduction amount LC leasing commission POD probability of default ASER appraisal subordinate entitlement reduction LGD loss severity given default PIP property improvement plan BOV broker’s opinion of value LOC letter of credit PILOT property in lieu of taxes CAM common area maintenance LOI letter of intent PSA pooling and servicing agreement capex capital expenditures LS Hotel limited service hotel psf per square foot CBD central business district LTC loan-to-cost R&M repairs and maintenance CBRE CB Richard Ellis LTCT long-term credit tenant REIT real estate investment trust CMBS commercial mortgage-backed securities LTV loan-to-value REO real estate owned CoStar CoStar Group, Inc. MHC manufactured housing community RevPAR revenue per available room CREFC CRE Finance Council MTM month-to-month sf square foot/square feet DPO discounted payoff MSA metropolitan statistical area STR Smith Travel Research DSCR debt service coverage ratio n.a. not available SPE special-purpose entity EGI effective gross income n/a not applicable TI tenant improvement EOD event of default NCF net cash flow TIC tenants in common F&B food & beverage NNN triple net T-12 trailing 12 months FF&E furniture, fixtures and equipment NOI net operating income UW underwriting FS Hotel full service hotel NRA net rentable area WA weighted average G&A general and administrative NRI net rental income WAC weighted-average coupon GLA gross leasable area NR – PIF not rated – paid in full x times GPR gross potential rent OSAR operating statement analysis report YE year-end HVAC heating, ventilation and air conditioning PCR property condition report YTD year-to-date

Definitions Capital Expenditure (capex) NNN (triple net) Costs incurred in the improvement of a property that will have a life of more than A lease that requires the tenant to pay operating expenses such as property taxes, one year. insurance and maintenance, in addition to the rent.

DBRS Refi DSCR Net Operating Income (NOI) A measure that divides DBRS stabilized NCF by the product of the loan’s maturity The revenues earned by a property’s ongoing operations less the expenses asso- balance and a stressed refinance debt constant. ciated with such operations but before mortgage payments, tenant improvements, replacement reserves and leasing commissions. DBRS Term DSCR A measure that divides DBRS stabilized NCF by the actual debt service payment Net Rentable Area (NRA) The area (sf) for which rent can be charged. NRA includes the tenant’s premises Debt Service Coverage Ratio (DSCR) plus an allocation of the common area directly benefiting the tenant, such as com- A measure of a mortgaged property’s ability to cover monthly debt service pay- mon corridors and restrooms. ments, defined as the ratio of net operating income (NOI) or net cash flow (NCF) to the debt service payments. Revenue Per Available Room (RevPAR) A measure that divides revenue by the number of available rooms, not the number Effective Gross income (EGI) of occupied rooms. It is a measure of how well the hotel has been able to fill Rental revenue minus vacancies plus miscellaneous income. rooms in the off-season, when demand is low even if rates are also low, and how well it fills the rooms and maximizes the rate in the high season, when there is high Issuer UW demand for hotel rooms. Issuer underwritten from Annex A or servicer reports. Tenant Improvements (TIs) Loan-to-Value (LTV) The expense to physically improve the property or space, such as new improve- The ratio between the principal amount of the mortgage balance, at origination ments or remodelling, paid by the borrower. or thereafter, and the most recent appraised value of the underlying real estate collateral, generally from origination. Weighted Average (WA) Calculation is weighted by the size of each mortgage in the pool. Net Cash Flow (NCF) The revenues earned by a property’s ongoing operations less the expenses Weighted-Average Coupon (WAC) associated with such operations and the capital costs of tenant improvements, The average coupon or interest payment on a set of mortgages, weighted by the leasing commissions and capital expenditures (or reserves). Moreover, NCF is net size of each mortgage in the pool. operating income (NOI) less tenant improvements, leasing commissions and capital expenditures.