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The Press Club Building BREAKING NEWS AT JLL.COM/DETROIT FALL 2015 • EDITION GEM FOR SALE RARE OPPORTUNITY TO PURCHASE A PIECE OF DETROIT HISTORY Offering JLL has been retained by ownership to sell The Press Club Building, located at 321 West Lafayette Avenue in the heart of Detroit’s Central Business District. Positioned between Lafayette, Cass, and Fort Streets the building is in close proximity to , the Detroit Riverfront and the up and coming Corktown neighborhood.

History The Press Club Building is an Art Deco style building designed by famed architect . The building was constructed in 1925 and served as the headquarters for the Detroit Free Press editing and printing facilities. The 302,000 s.f. building consists of two basement floors and 14 above-ground floors totaling 16 useable floor plates. The steel frame structure is faced with limestone. The design features stepped massing in the central tower and flanking wings. Printing facilities for the newspaper occupied the lower floors of the building until 1979. The building has been unoccupied since the newspaper offices moved in 1998.

Investment opportunity • Albert Kahn office/commercial building in Detroit CBD • Located in Detroit’s CBD/Financial District with close proximity to Campus Martius, Cobo Convention Center, Hart Plaza, Capital Park and Corktown neighborhood • 302,000 s.f. building prime for office, multi-family, retail or mixed-use re-development • Opportunity for 2 floors of underground parking • Redevelopment is currently eligible for more than $28M in historical tax credits based upon a QRE of $71.21M which will be included in the transaction

Asset summary Property address 321 West Lafayette Avenue Detroit 48226 Property type Office/Commercial Asking price $16,�00,000 Asking price per square foot $52/s.f. Historical tax credits available $28,000,000 Occupancy Vacant Year built 1925 Building size 302,000 s.f. Site size 0.633 acres Floors 14 (2 sub-basement floors) Zoning B-5 Detroit’s resurgence is truly on the rise with tangible population growth; increased average incomes and dramatic positive absorption in office, retail and multi-family sectors. The demand for housing units and commercial space for new and relocated businesses within the CBD, Midtown and Corktown neighborhoods far exceeds existing supply and presents an ideal environment for new investment. ’s Bedrock Real Estate Services has purchased over 80 buildings totaling approximately 11 million square feet during the last five years. Bedrocks commitment has further spawned additional investment by local and out of town developers. Multi-family and hospitality Census data from 2011-2013 shows the most growth in household income brackets of $25-35,000 (increase of 220 households) and $50-75,000 (increase of 185 households). Thus, developers and investors can choose to pursue two very different categories of renters.

+ Between 2000 and 2010, the number of housing units in Greater Downtown increased by 1,300 units (or 5%) bringing the total to over 27,000 units + Of the available rental units in Downtown and Midtown between 95-97% of the units were fully occupied in 2014 + , a newly renovated 127 unit luxury apartment building located in Detroit’s Capital Park sold out at above market prices + Aloft Hotels brings a youthful, laid-back vibe to a historic landmark, The 's 136 residential units are 100% occupied + In August 2015 Bedrock Real Estate Services purchased 517,000 s.f. including the , Book Building and nearby two-story community center for a reported $30 million, the planned mixed- use redevelopment will cost an estimated $100 million

Office and retail Opportunities for five-star products to exist around Capitol Park and Campus Martius - where Dan Gilbert, CEO of , created an oasis of pedestrian amenities. Basketball hoops, a volleyball court and even a modest public beach are likely to lure Millennials to the submarket. This area, previously known only for offices, now boasts retail and nightlife options such as Punchbowl Social, Fountain Bistro, de Brazil, Dime Store, Wright & Co., John Varvatos and Roasting Plant.

Roughly 17,000 professionals work in downtown Detroit, which contains 5% of the entire metro’s office stock. Major employers in the area include; , Quicken Loans, Blue Cross & Blue Shield of Michigan, , Wayne County governmental agencies, Meridian and Henry Ford Health Systems. The addition of Rocket Fiber, which boasts speeds of up to 1,000 mbps, could encourage more technical and professional services motivation to relocate. This could result in more professionals looking for space close to their office Downtown. Civic investment and new developments + Downtown Detroit has 55 parking garages and 163 surface lots; scarcity and cost (about $15/day) could encourage professionals to live in quality housing in walkable areas + Expected�����������201�, a new 3.3-mile���� light rail will be the first new significant mass transit option for the city since the bus se����e� was introduced in the 1920s + Construction on the new Red Wings Arena �s�u�de����; the new arena will seat 18,000 and will include a 10,000 s.f. retail space, office space and parking garage + Detroit Riverfront Conservancy prepares to raise $3M to fund a transportation system along the that includes water taxis and trolley buses + Kresge Foundation awarded $1.6M for 19 projects run by nonprofits working to strengthen Detroit neighborhoods Stacking plan

14th floor - 7,053 s.f. 13th floor - 7,053 s.f.

12th floor - 7,053 s.f. 11th floor - 7,053 s.f. 10th floor - 7,053 s.f.

9th floor - 7,053 s.f. 8th floor - 7,053 s.f. 7th floor - 7,053 s.f.

6th floor - 22,914 s.f. 5th floor - 22,914 s.f. 4th floor - 19,857 s.f. 3rd floor - 19,857 s.f.

2nd floor - 22,914 s.f.

1st floor retail - 23,255 s.f. Floorplan First floor - 23,255 s.f. (shown)QSPQPTFEMBZPVU

Floorplan 5hird and fourth floors - 19,857 s.f. Second, fifth and sixth floors - 22,914 s.f. (shown)QSPQPTFEMBZPVU Floorplan Seventh - fourteenth floor - 7,053 s.f. TIPXO QSPQPTFEMBZPVU

Floorplan Basement - 33,971 s.f. Note: Basement parking not currently existing; shown only as a proposed layout 12

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Detroit Central Business District Map 1. 8. Joe Lewis Arena 2. 9. Hart Plaza 3. 10. GM 4. Detroit 11. Greektown 5. 12. Lafayette Central Park 6. The Westin Book Detroit 13. MGM Grand Detroit 7. Cobo Center 226 East Hudson Suite 200 Royal Oak, Michigan 48067 +1 248 581 3300 jll.com/detroit

AJ Weiner Ben Schrode Managing Director Associate +1 248 581 3335 +1 248 581 3325 [email protected] [email protected]

Although information has been obtained from sources deemed reliable, Owner, Jones Lang LaSalle, and/or their representatives, brokers or agents make no guarantees as to the accuracy of the information contained herein, and offer the Property without express or implied warranties of any kind. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2015. Jones Lang LaSalle. All rights reserved.