TOM SVOBODA TOD LOOP Senior Associate 51 E. Van Buren DEVELOPMENT/ +1 312 935 1481 INVESTMENT , [email protected] OPPORTUNITY LakeLake MMichiganichigan

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BIG RED NEWLY RENOVATED AND ANCHORED BY NORTHERN TRUST

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OFFERING MEMORANDUM AFFILIATED BUSINESS DISCLOSURE CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times, dif- ferent Affiliates, including CBRE Global Investors, Inc. or Tramwell Crow may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”) and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgment of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to dis- close to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arm’s length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

CONFIDENTIALITY AGREEMENT Your receipt of this Memorandum constitutes your acknowledgment that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

DISCLAIMER This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reli- able, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property”s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the owner. due if netproceeds exceed $210,000annually.due if The property iscurrently leased toandoperated by LAZParking. The parkingoperations produce aguaranteed $106,000annuallyatrent, withadditionalpercentage rent COVERED LANDPLAY usesincludingresidential,allows forawidearray of office, hotel, andmixed-uses. The dash16FAR 180,000 sf. allowsforamaximumbuildingsizeof of-right zoningChicagoallows. The current zoningprovides investors, developers, oruserstheopportunitytohave asubstantialpresence indowntownChicago. DX zoning 51 E Van Buren is a Transit Oriented Development site located in Chicago’s Central Business District, Loop.” “The lotis zoned DX-16The 11,250-sf which is the highest as- INVESTOR/DEVELOPER OPPORTUNITY with aDX-16zoning,locatedintheheartofChicago. CBRE, as exclusive agent, is pleased to annouce the opportunity to aquire 51 E Van Buren, an 11,250 SF development site M P

Lake Michigan B F G P Strong Office, Residential, or Hotel LakeLake Development Location MMichiganichigan

OFFICE Located in Chicago’s CBD, the property boasts strong potential for an office development. Average gross asking rents in the CBD increased to $47.38 psf, for Class A office space. Most notably, Class A direct vacancy, dropped by 270 basis points year-over-year to 9.2%.

RESIDENTIAL Residential rents are well into the $3 per square foot range for new multi-family buildings. Notable projects within blocks of the subject site include Nema & with rents ranging from $3.20 - $4.00+ psf. Demand remains strong for apartment rentals as 8,905 new rentals came online in 2018, while net absorption totaled 12,868 units.

HOTEL & ENTERTAINMENT In 2018, Chicago set a record for having nearly 58 a VanVan BBurenuren SStt million visitors. The demand for hotel continues to thrive as Chicago remains a top tourism destination. The city has many tourism drivers such as: 62 museums, 74 music festivals, 40 film festivals, and 40-plus James Beard Awards for dining. WabashW Ave abash A

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N Property Highlights LakeLake MMichiganichigan + ±11,250 SQFT

+ ZONED DX-16

• Highest “as-of-right” zoning in Chicago BIG RED NEWLY RENOVATED • FAR 16 AND ANCHORED BY • 180,000 sf buildable area, as of right NORTHERN TRUST • Zoning allows for an array of uses including office, hotel, and/or residential

+ TRANSIT ORIENTED DEVELOPMENT

• Steps away from multiple CTA Loop stops

• Blocks away from multiple Metra locations

+ LOCATED STEPS FROM BUCKINGHAM FOUNTAIN, STATE STREET, WASHINGTON LIBRARY, AND GRANT &

+ TRAFFIC COUNTS:

• 6,550 vehicles per day on Van Buren St VanVan BBurenuren SStt • 7,600 vehicles per day on Wabash Ave

+ PARCEL NUMBER: 17-15-109-017

+ TAXES: $89,222.85 WabashW Ave + ASKING: SUBJECT TO OFFER abash A + CALL BROKER FOR PRICING & ADDITIONAL DETAILS ve

FUTURE LENNAR MIXED-USE DEVELOPMENT N an Buren St

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79.77’

Survey

140.93’ 140.97’

79.77’ Tenant Overview LAZ PARKING

Founded in 1970, LAZ Parking quickly expanded, and in 2006, became one of the largest regional parking operators in the country, when the company secured the largest contract in the nation – The City of Chicago’s Millennium Park Garages. In 2007, Indigo acquired a 50% interest in LAZ and has grown the company into one of the largest parking lot operators in the country.

LAZ offers three product solutions for their landlords and clients: Management, Ownership and Leasing. The management product line includes professional valet, well-run facilities, turnkey solutions, and aggressive revenue-creation programs. On the ownership side, LAZ has purchased and operates more than $2 billion in total parking assets around the country. Lastly, LAZ offers leasing to property owners who need a guaranteed revenue stream and an operator to manage the parking facility. The leasing programs include flat, fixed or percentage rent parking agreements.

TENANT LAZ Parking

TERM 60 Months

COMMENCEMENT DATE 6/15/2017

LESSOR TERMINATION CLAUSE Lease can be terminated with a 90 day notice, for any reason or no reason.

GURANTEED ANNUAL RENT $106,020

GURANTEED MONTHLY RENT $8,835

ADDITIONAL "PRECENTAGE" RENT Lessor to receive 75% of all Net Revenues greater than $210,000 annually. Comparable Land Sales $ PER BUILDABLE PRICE LAND SIZE $ PSF LAND CLOSE DATE FOOT (FAR) 402 S WABASH $18,250,000 27,300 sf $668 $42 10/2019

171 N WABASH $4,275,000 7,200 sf $593 $82 1/2019

776 S DEARBORN $2,700,000 4,748 sf $569 $47 10/2018

739 S CLARK $14,000,000 31,176 sf N/A building included $38 12/2017

50 E RANDOLPH $19,000,000 16,289 sf $1,166 $72 11/2017

171 N WABASH $4,275,000 50 E RANDOLPH $19,000,000

402 S WABASH 51 E VAN BUREN $18,250,000

739 S CLARK 776 S DEARBORN $14,000,000 $2,700,000 NEW AND FUTURE DEVLOPMENTS

110 N WACKER BANK OF AMERICA ANCHORED OFFICE TOWER

50 E RANDOLPH 214 LUXURY APARTMENTS

145 S WELLS 20 STORY OFFICE TOWER

171 N WABASH BMO HARRIS TOWER 50 STORY BMO HARRIS ANCHORED OFFICE TOWER $4,275,000 50 E RANDOLPH $19,000,000

333 S WABASH LMC (LENNAR) 1.2M SF RENOVATION OF "BIG RED." NEWLY ANCHORED BY NORTHERN TRUST FUTURE MIXED-USE DEVELOPMENT

51 E VAN BUREN

ALTA GRAND CENTRAL OLD POST OFFICE 346 LUXURY RENTALS 30 EAST 2.5M SF, $800M OFFICE REDEVELOPMENT 134 STUDENT TARGETED RENTALS

COLUMBIA STUDENT CENTER NEW COLUMBIA STUDENT CENTER

SOUTH BANK ESSEX ON THE PARK MASSIVE MIXED-USE DEVELOPMENT 479 LUXURY RENTALS ESSEX HOTEL RENOVATED HOTEL RIVER CITY 449 UNIT CONDO DECONVERSION ALTA ROOSEVELT 500 LUXURY RENTALS 402 S WABASH 51 E VAN BUREN 1000M $18,250,000 421 LUXURY CONDOS. 74 STORY HELMUT JAHN DESIGNED TOWER 1001 S STATE 397 LUXURY RENTALS RIVERLINE MASSIVE MIXED-USE DEVELOPMENT NEMA 800 LUXURY RENTALS

IMPRINT HILTON HOMEWOOD & WABASH SUITES 349 LUXURY RENTALS & 60K SF OF OFFICE AND RETAIL DUAL BRANDED 281 KEY HOTEL 739 S CLARK 776 S DEARBORN $14,000,000 $2,700,000 Job Gains Population Growth 100 YEARS, ~100K JOBS URBAN CORE POPULATION UP 50% THAT’S A NET GAIN FROM THE SINCE 2000 PRE-RECESSION PEAK. HALF THE GROWTH IS IN PEOPLE UNDER 35. SOURCE: ILLINOIS DEPT. OF EMPLOYMENT SECURITY SOURCE: ESRI

High Demand ~13,00 APARTMENT UNITS AB- Corporate Magnet SORBED IN 2018 DOWNTOWN DEMAND KEEPS OUT- #1 IN U.S. PLACING SUPPLY. FOR RELOCATIONS WHAT’S UP IN THE SECOND CITY IS SECOND DOWNTOWN CHICAGO? TO NONE FOR BUSINESS. SOURCE: SITE SELECTION MAGAZINE

Jobs. Room To Grow NEW MEGADEVELOPMENTS, People. NEW DAY LINCOLN YARDS AND THE 78 CREATE Lifestyle. A BUZZ.

Top Talent Commerce. COLLEGE GRADS = 39% OF POPULATION THAT’S CHICAGO’S Upward Mobility CHICAGO IS THE MOST EDUCATED WINNING COMBINATION. URBAN CORE HOUSEHOLD BIG CITY IN AMERICA. INCOME = $127K BUYING POWER OUTSTRIPS MOST MAJOR MARKETS SOURCE: ESRI

Diverse Culture Logistics Hub SPORTS, ARTS, DINING, 42% OF U.S. POPULATION 130+ LANGUAGES WITHIN 750 MILES THIS CITY HAS SOMETHING FOR EVERYONE. CHICAGO IS KEY TO LAST-MILE DELIVERY. EDUCATION

3 MILES NORTH

50 E VAN BUREN H R Hilton Garden Inn H I Swissotel HOTEL, DINING AND Prime & Provisions Goddess & The Baker K S. J R W B F Radisson Blu ENTERTAINMENT P B W V G T Chik-fil-A N C T Hotel Julian Nederlander Theater R P B F C

S S K Cadillac Palace Theatre AMC DINE-IN Block 37

P B Staypineapple The Pittfield Hyatt Place Stocks & Blondes Jay Pritzker Pavillion

Millenium Park

R I Chicago Athletic Association Noodles & Co Silversmith K G P B T G P B H C H I CIBC T Palmer Loop

W C G K T M Central Loop JW M N F C B

G’

S P HERO C B

O S Harold Washington Library T B BZ F F HERO C B B F Tutto Italiano C Auditorium Theatre Meli Cafe Dining G’ E Hotel Blake Congress Plaza Hotels

E Travelodge CTA Station

CTA Train Line The Blackstone H R Wacker TRANSPORTATION Hilton Garden Inn H I Swissotel WALK TIMES TO MAJOR TRANSIT Prime & Provisions Goddess & The Baker K S. J R W B F Radisson Blu Aqua LakeLake P B W V G T Chik-fil-A N C T Hotel Julian Nederlander Theater R P B F C Randolph

S S K MILLENNIUM STATION Cadillac Palace Theatre 24 min AMC DINE-IN Block 37 Washington 12 min P B Staypineapple The Pittfield Hyatt Place Stocks & Blondes Jay Pritzker Pavillion OGILVIE Wacker Canal Franklin Clinton

Millenium Park Je erson STATION

R I Chicago Athletic Association Madison Noodles & Co Silversmith K G P B T G P B H C H I CIBC T TRANSPORTATION PLACEHOLDER Palmer Loop Monroe

W C G K T M StateState Clark Wells Wells Wabash Wabash LaSalle

Central Loop Michigan Dearborn JW M Dearborn N F Adams 4 min C B

UNION G’ STATION 5 min 3 min 18 min S P HERO C B Jackson

O S Harold Washington Library 4 min VAN BUREN T B BZ F F STATION HERO C B B F Tutto Italiano C Van Buren Auditorium Theatre Meli Cafe Dining G’ E 3 min Hotel Blake Congress Plaza Hotels 51 E VAN BUREN

E Congress Travelodge CTA Station LASALLE ST. 9 min CTA Train Line The Blackstone STATION TOM SVOBODA TOD LOOP Senior Associate 51 E. Van Buren DEVELOPMENT/ +1 312 935 1481 INVESTMENT CHICAGO, ILLINOIS [email protected] OPPORTUNITY LakeLake MMichiganichigan

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© 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. Any projections, N opinions, or estimates are subject to uncertainty. The information may not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. PMStudio_November2019