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ONE ENTERPRISE CENTER OPINION of VALUE 225 Water Street Jacksonville FL 32202 January , 2016

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ONE ENTERPRISE CENTER OPINION of VALUE 225 Water Street Jacksonville FL 32202 January , 2016 ONE ENTERPRISE CENTER OPINION OF VALUE 225 Water Street Jacksonville FL 32202 January , 2016 PRESENTED TO PRESENTED BY JOHN F. BELL Managing Director WILLIAM HART Associate LICENSED REAL ESTATE BROKER Introduction EXECUTIVE SUMMARY Transwestern is pleased to provide our strategy and recommendations regarding the marketing strategy and disposition pricing for 110 Tower. Project Name: 110 Tower Street Address: 110 SE 6th Street City, State: Ft. Lauderdale, FL Year Built/Renovated: 1988 / 2010 Total Rentable Area: 394,830 SF Total Land Area: 1.67Acres Occupancy: 77% Leased / 83% Occupied. Height 30 stories Parking: 2.3 per 1,000 square foot parking Typical Floorplate 15,300 SF Select floor renovations, level 7/8 upgrades, 10 elevator lobbies & Capital Necessity corridors, elevator cab finishes, wet seal tower: Total $2,307.383. Class A office tower, LEED Gold Type: certified. 110 Tower 2 Marketing Team EXECUTIVE SUMMARY Thought Leaders: Strategy & Pricing Transwestern Points of Differentiation: Experience that Maximizes Price Bell Team over $4.4 billion in commercial sales. Local, domestic, and international investment relationship – create deep bidding pool & enhanced competition. 29 continuous years in South Florida Market. Benefit to Seller: Established relationships and credibility with Numerous awards, including DBR Deal of the Year, etc. the most aggressive investors – Allows guiding to max price. TEAM SYNERGY : EXTENSIVE WORKING RELATIONSHIP OF SUCCESS 110 Tower 3 Key Investment Points EXECUTIVE SUMMARY CONVEYING THE OPPORTUNITY • Position as Core Asset – Scarcity of product in market. • Institutional Quality Asset: 110 Tower is a high quality, trophy office building with exceptional surrounding amenities that is attractive to both national and regional tenants – with the opportunity to out-perform the market. • Significant Below Market Rents: Cash flow spikes as leases roll. • Stable Tenant Base – Credit tenancy. Stress Upward & Stable Trend of tenancy. • Demonstrate Long Term Office Demand: Matured Ft. Lauderdale market – Residential condo influx – Long term demand. • Renaissance of 24/7 CBD – Attracts “New Generation Businesses.” • Creative & favorable financing pre-sourced. Allows aggressive pricing by offering seamless origination of leverage by the Bell Team. 110 TOWER 4 Key Investment Points EXECUTIVE SUMMARY LOCATION ONCE AN OBJECTION NOW AN ADVANTAGE • South of River Sizzle – New Courthouse campus / park / 6th street pedestrian orientation – “Game Changer” for Locale. • New Generation & Tech Firms Appeal / Superior Market Share - Park across street, pedestrian conversion of SE 6th Street, LEED GOLD, Modern Lobby, electric rail stop, & easy to navigate parking garage. Attracts “New Generation Businesses” = Higher Rents. • Best access to I-95 – Via Davie Road – Highly attractive competitive advantage. • Best location for Law Firms - Importance reinforced with new Broward County Courthouse campus and plaza nearing completion. Superior market share. • New era for CBD – Barriers to entry new office product – increased diversity of demand – Rent spikes. • Signage Opportunity – Large tenants. 110 TOWER 5 Marketing Objectives EXECUTIVE SUMMARY MARKETING OBJECTIVES & GOALS • Trophy Price Premium – Core Positioning. • Market Peak Pricing: Surpass Pricing Levels for recent Ft. Lauderdale CBD– Scarcity of Product • New Buyers: Originate New Buyers via Marketing Team’s Relationships – in addition to Traditional Buyers. • Long history of creating value. Not selling to same comfortable buyer. • Tenacious Buyer Outreach: Wide Net – No Stone Unturned Comprehensive Investor Outreach. • Push Pricing: International Relationships – 29 Years in Miami – increase bidding results – FIRPTA Changes – exploit. Close with First Buyer: Expedient time frame. • Investment Drivers Supporting Premium Trophy Pricing Management Team supports assumptions. • Tipping Point Locale – Transition to Area of Focus • Prevents Retrades on Underwriting. Opportunity to Invest in Critical Mass. • Exceptional marketing materials result in quality offers withstanding scrutiny of due Aggressive capital is targeting South Florida, and specifically Ft. diligence. Lauderdale CBD office assets. • Overall Goal: Unlocking Value: Achieve pricing above Renaissance of Downtown into “24/7 City” and beyond traditional office investment parameters for non-Las Olas assets. Stay in the deal? Partial interest sale? 110 TOWER 6 Transwestern Team EXECUTIVE SUMMARY Points of Differentiation Deep History With 110 Tower: Previous Sale & Management of Asset Focus – Important Senior Leadership Management Team Deal to Team – Ft. Lauderdale CBD Working Deal – Imbedded in Process – Selective in Office Sale Experience Immersed in Every Andi Lopez Unique Assignments Work Dates to 1989 Detail Expertise Full Attention to 110 Tower Sale History of Will Identify New National Capital Management & Aggressive Capital – Markets Head Leasing Team Working Don t rely on Imbedded in Process – in Tandem to Push comfortable obvious Steve Pumper More Investor Pricing. buyers. Key to National Coverage Synergy Results in Maximizing Pricing. Max Pricing Recent buyers are unlikely to stretch on pricing - Use their interest to lever new buyers ”New to Market” Capital is Hungriest and will pay the most. 110 TOWER 7 Interlocking Sales & Management Team EXECUTIVE SUMMARY SYNERGY DEFINITION: Benefits resulting from combining two different groups, people, or processes, where the interaction results in effects stronger than their mere sum. Interlocked Sales Management = Maximum Ownership Goals Brokers Team Sale Price History of Success Working Together: John & Andi have worked on several Office Tower Sales throughout South Florida. • Andi and John fully integrated in strategy and style. • Experienced and effective Ying & Yang of Team: History between sales broker and management team leading investors to maximum pricing. • Management interphase within well planned approach: Leads buyers to stretch on underwriting yields superior pricing. • Unique Market intel: Managing 3 Buildings in Ft. Lauderdale CBD – credibility in supporting operating projections. • Mitigate investors overestimating capital. Uniquely qualified to convey history of renovations, what is needed moving forward. • Demonstrate and convince buyers of continuity of management operating efficiencies moving forward under new ownership. • Best positioned to sell the dream: Preferable to have management team vs leasing team, as not tethered to reality of past leasing efforts (good or bad) – advantage in pushing future superior performance. • Better Offers: Better tours, better understanding of asset, underwrite pricing more aggressively. 110 TOWER 8 Benefits: Sales & Management Synergies EXECUTIVE SUMMARY Results: Unlocking hidden value through team Value synergies. Management independently interacting with investors, although Better informed aligned with sales offers, close team's strategy, with first buyer. unique position to push pricing. Unfettered access to Andi by investors – higher comfort in Better informed underwriting offers, prevents operations, higher price retrades. pricing. 110 TOWER 9 Need to Know Items EXECUTIVE SUMMARY CRITICAL “NEED TO KNOW” ITEMS Capital Investment in Year One Level 1 - New Conference $100,000 Significant Capital Investment Level 7 & 8 - Demo & Shell Lease Space $500,000 Incorporated into pricing Level 7 & 8 - Lobby and restroom Renovation $207,486 Level 7 - Exterior Renovation $350,394 • Common area renovations. Typical public restrooms 14-19, 21, 23-30: Total 15 $177,512 Elevator lobbies & corridors 17-19, 21, 23-24, 26-29: Total 10 $135,155 • Exterior Renovations. Interior Space Soft Cost: A&E $73,527 Interior Space Soft Costs: Contingency 5% $77,204 • Potential: Elevator Wet Seal Tower $300,000 Modernization scrutiny by Roof Repair (C&D) $80,000 some investors given age of Building Lighting with LED (excl. of insurance) $25,000 equipment – Andi & Ellen to Replace Garage Sprinkler System All Floors $10,000 convey to capture additional Replace Air Handling Units - Radio Room $20,000 Garage Elevator Landings $60,000 life from equipment. Monument Sign $53,000 Major tax reassessment from LEED Recertification $57,030 • Soft Costs R&M: MEP @ 5% $30,252 $55 million to $1Prevents Soft Costs R&M: CM Fee @ 3% $18,151 buyers overstating future Soft Costs R&M: Contingency 5% $32,672 capital in underwriting and $2,307,383 depressing pricing. Andi & Ellen Team Value: Satisfy Long history of working together capital investment portrayed is Uniquely Qualified. with John & executing sale Accurate and Reliable. strategy. • Credibly stand behind maintaining exceptional Opex efficiencies moving forward – allows aggressive. • Prevents buyers overstating future capital in underwriting and depressing pricing. • Result: Increased Pricing & Better Offers. 110 TOWER 10 Key Underwriting Considerations EXECUTIVE SUMMARY Existing Cash Flow Stability: Minimal rollover during first few years of cash flow – Allows focus on 23% vacancy marketing program. One Year Lease Up to 90% stabilized Occupancy. Reassessment: Significant reassessment from $55 million to $120 million, 118% increase. Sale Metrics: CBD sales of similar South Florida towers at $375/SF - $425/SF. KEY Assumption: Necessary Capital is fully articulated to buyers and mitigate future capital in underwriting to maximize pricing. Value Modeled As Is: Value Expected Based on Existing In-Place Actual NOI and lease terms, with proforma lease up of vacant space. BUYER POOL:
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