Framingham, Massachusetts 90 WORCESTER ROAD Redevelopment Opportunity

Fall 2020 Confidential Offering Memorandum Exclusive Investment Opportunity EXECUTIVE SUMMARY

JLL has been exclusively retained to offer for sale 90 Worcester Road, currently a 64-room Monticello Inn Property Overview on a 3.13-acre site in Framingham, Massachusetts. The site is situated in the heart of the “Golden Triangle,” one of New England’s largest districts, which straddles the borders of Framingham and ADDRESS 90 Worcester Rd, Framingham, MA 01702 Natick, offering unmatched access to high-profile office and retail tenants. Major corporate tenants nearby include TJX Companies (HQ), Staples (HQ), Bose Corporation (HQ), Centage (HQ), MathWorks CURRENT USE Motel (HQ), Definitive Healthcare, Meditech, and more. Additionally, the global pharmaceutical giant Sanofi has a sizable R&D/manufacturing facility nearby, and the 100,000 square foot former MetroWest Daily News ROOMS 64 facility located a half-mile north of the site is being converted into multi-tenant office/lab space targeting bio-tech start-ups; 63,000 square feet have already been leased to Replimune Group, a growing bio-tech ACRES 3.13 acres (two parcels) company. The 1.86 million square foot Natick Mall and 778,500 square foot Shopper’s World complex across the street from the Property are two of the region’s largest demand drivers. With access to major YEAR BUILT 1955 / 1966 highways, the MBTA commuter rail, and an abundant selection of nearby restaurants and retail, this site is a premier redevelopment opportunity in one of Boston’s most desirable suburbs. STORIES 1

Shopper’s World Natick Mall

90 Worcester Rd Sherwood Plaza

Confidential Offering Memorandum 90 Worcester Road | 2 ZONING SUMMARY

90 Worcester Road sits on the Framingham-Natick town line. As such, the Property has two As-of-Right Zoning sets of zoning requirements. CITY Framingham Natick

PARCEL ID 103-33-9485-000 23-0000069A

AREA 1.59 acres 1.54 acres

ZONE B - Business RS-A (Residential Single)

CURRENT USE Motel Motel

Framingham ALLOWED USES1 Office, Retail Hotel/Motel

CONDITIONAL USES Hotel/Motel, Lab, Industrial Multifamily

PROHIBITED USES Multifamily Retail, Industrial, Office

MAXIMUM LOT COVERAGE N/A 25% Natick MAXIMUM STORIES 6 2.5

MAXIMUM HEIGHT 80 feet 35 feet

FLOOR AREA RATIO 0.32 N/A

1) For the complete list of allowed uses, please refer to the Framingham Zoning Bylaws.

Confidential Offering Memorandum 90 Worcester Road | 3 90 WORCESTER ROAD | A PRIME LOCATION

PROXIMITY TO BOSTON NEARBY UNIVERSITIES EXCELLENT ACCESSIBILITY

HUB FOR CORPORATE HEADQUARTERS ABUNDANT SHOPPING WITHIN A HALF MILE – NATICK MALL MINUTES FROM RECREATION ACTIVITIES

Confidential Offering Memorandum 90 Worcester Road | 4 SUBMARKET DYNAMICS

Framingham & Natick 90 Worcester Road is located on the border of Framingham and Natick, just 18 miles west of Boston. Framingham is perfectly positioned between Boston and Worcester and serves as the economic and geographic center of the Metro West region. Framingham is home to more than 71,000 residents, 2,200 businesses, over 45,000 jobs, and $3.1 billion in payroll. This area is known for its density of world-class companies, start-ups, plentiful restaurants and stores, and its immediate connectivity to Boston. The Property is positioned along Worcester Road (Route 9) and 1.2 miles from the Massachusetts Turnpike (I-90), both of which provide direct access to Boston. Corporate Headquarters Framingham is home to the corporate headquarters of world-class companies including Bose, TJX Companies, and Staples, Inc, which together provide an estimated employment base of 12,500. Sanofi Genzyme also operates a major sales/R&D/manufacturing facility within minutes of the Property. Other proximate and notable demand drivers include the headquarters of Dell EMC, Boston Scientific, MathWorks, and the 1.86 million square foot Natick Mall, which is one of the largest retail hubs in New England. Economic Development Downtown Framingham has also experienced a major revitalization effort. Led by the City of Framingham Community and Economic Development Office, the Framingham Economic Development and Industrial Corporation (EDIC), and an independent nonprofit group called Framingham Downtown Renaissance (FDR), the movement is leveraging impact investments from local community-oriented organizations and creating meaningful policy changes to push Framingham to regional prominence. The area already boasts a variety of restaurants and shops, a major regional art museum, and a number of acclaimed performing arts venues, but as the groups continuously catalyze growth in the walkable, urban core by implementing policies that usher community and economic development, Framingham’s future looks even brighter. These policies have led to numerous mixed-use developments. Superb Retail Destination 90 Worcester Road is located in the famed Golden Triangle District, the second largest shopping district in New England, and a critical economic engine for the towns of Framingham and Natick. Located strategically off Exit 13 of the Massachusetts Turnpike (I-90), the District is a regional hub for businesses, shoppers, and travelers. The District is home to a dynamic mix of retailers housed at the Natick Mall, Shopper’s World, and other shopping plazas.

Confidential Offering Memorandum 90 Worcester Road | 5 THE GOLDEN TRIANGE | retail hotspot

1 2 Rack 3 T.J. Maxx 4 5 PetSmart 6 Best Buy 7 Chipotle Mexican Grill 8 John Harvard's Brewery & Ale House 9 Chick-fil-A 32 10 Walmart 11 Nzuko Restaurant 12 Five Guys 31 13 Ken's Steak House 34 14 Olive Garden Italian Restaurant 35 33 15 Legal Sea Foods 16 J & M Diner 36 17 Bed Bath & Beyond 8 30 29 18 The Vitamin Shoppe 1 23 9 19 LA Fitness 24 20 The Container Store 2 Natick Mall 38 21 Dunkin' 11 3 Subject 25 22 The Cheesecake Factory 12 23 Neiman Marcus 4 Site 39 10 26 24 Louis Vuitton Natick 5 25 Wegmans Natick 28 27 Shopper’s World 6 7 22 26 H&M 20 37 27 Bella Costa 13 14 28 Victoria's Secret & PINK 29 Total Wine & More 21 15 18 40 30 Ethan Allen 16 31 The Home Depot 17 32 Margaritas Mexican Restaurant 19 33 REI 34 HomeGoods 35 Target 36 Lowe's Home Improvement 37 Bourbon's Kitchen & Cocktails 38 BEERWORKS 39 P.F. Chang's 40 DICK'S Sporting Goods

Confidential Offering Memorandum 90 Worcester Road | 6 CORPORATE DEMAND

Notable Companies within 5 Miles As a result of the strategic location, access to transportation, and deep pool of skilled labor, Tenant SF Occupied Framingham and the MetroWest region represent 1 Bose (HQ) 798,178 a significant cluster of major corporations. 2 Staples (HQ) 669,600 There is over 11 million square feet of office 3 MathWorks (HQ) 620,000 product within 5 miles of the site. 4 TJX Companies (HQ) 359,650 5 Sanofi Genzyme 180,000 6 Genzyme Corporation 147,999 7 Cognex Corporation 147,996 8 Boston Heart Diagnostics 103,156 9 International Data Corporation 87,404 10 ADP 86,394 90 Worcester Rd 11 Replimune Group 63,278 12 CRISPR Therapeutics 43,470 13 Definitive Healthcare 41,171 14 IDG Connect 37,300 15 Meditronic 35,778 16 Dassault Systems BioVia 34,325 17 Rave Mobile Safety 30,624 18 Workhuman 29,750 19 Revo Biologics 28,219 20 Ameresco 27,399 21 CIO 25,620 22 LFB USA 25,563 23 Sanford Health 24,750 24 Connexion Systems Engineering 21,924 25 Disruptor Beam 20,567 Total 3,690,115

Confidential Offering Memorandum 90 Worcester Road | 7 DEMOGRAPHICS

2020 DEMOGRAPHICS 1 MILE 3 MILES 5 MILES BOSTON MSA USA Population 13,059 88,271 149,740 4,924,594 333,793,107 Households 5,431 33,979 56,293 1,891,885 126,083,849 Families 3,326 21,172 37,114 1,170,497 82,747,156 39.7 Average Household Size 2.40 2.48 2.55 2.51 2.58 Framingham Owner Occupied Housing Units 3,020 19,058 36,731 1,129,571 80,135,109 Median Age Renter Occupied Housing Units 2,411 14,922 19,562 762,314 45,948,740 Median Age 41.6 40.0 41.3 39.6 38.5 Median Household Income $84,950 $92,147 $108,565 $90,227 $62,203 Average Household Income $109,967 $123,408 $151,355 $126,127 $90,054 Per Capita Income $48,627 $34,136 Trends: 2020-2025 Annual Rate Population 0.84% 1.02% 0.87% 0.70% 0.72% Households 0.72% 1.03% 0.86% 0.70% 0.72% Families 0.76% 0.95% 0.80% 0.63% 0.64% $113,798 Framingham Owner Households 1.03% 0.81% 0.73% 0.71% 0.72% Avg. Household Median Household Income 1.79% 1.95% 1.36% 2.02% 1.60% Income 2020 Households by Income <$15,000 612 11.3% 2,729 8.0% 3,799 6.7% 170,463 9.0% 13,017,162 10.3% $15,000 - $24,999 448 8.2% 2,080 6.1% 3,047 5.4% 115,049 6.1% 11,075,245 8.8% $25,000 - $34,999 369 6.8% 2,207 6.5% 2,992 5.3% 106,695 5.6% 10,966,334 8.7% $35,000 - $49,999 466 8.6% 3,079 9.1% 4,207 7.5% 154,743 8.2% 15,355,728 12.2% $50,000 - $74,999 524 9.6% 4,334 12.8% 6,134 10.9% 255,273 13.5% 21,754,456 17.3% $75,000 - $99,999 640 11.8% 3,482 10.2% 5,469 9.7% 215,278 11.4% 15,916,453 12.6% $100,000 - $149,999 1,097 20.2% 6,669 19.6% 10,504 18.7% 350,774 18.5% 19,324,523 15.3% 72,388 $150,000 - $199,999 609 11.2% 3,902 11.5% 7,142 12.7% 211,967 11.2% 8,675,469 6.9% Framingham Population $200,000+ 665 12.2% 5,497 16.2% 13,000 23.1% 311,597 16.5% 9,996,846 7.9% 2020 Population by Age Age 0 - 4 773 5.9% 5,066 5.7% 8,325 5.6% 246,637 5.0% 19,889,287 6.0% Age 5 - 9 824 6.3% 5,306 6.0% 9,202 6.1% 263,035 5.3% 20,473,059 6.1% Age 10 - 14 874 6.7% 5,809 6.6% 10,579 7.1% 290,086 5.9% 20,951,714 6.3% Age 15 - 19 744 5.7% 5,779 6.5% 10,559 7.1% 323,455 6.6% 21,057,396 6.3% Age 20 - 24 670 5.1% 5,351 6.1% 8,872 5.9% 349,737 7.1% 22,236,205 6.7% Age 25 - 34 1,490 11.4% 10,748 12.2% 15,695 10.5% 693,090 14.1% 46,753,699 14.0% Age 35 - 44 1,736 13.3% 12,219 13.8% 18,863 12.6% 615,335 12.5% 42,087,988 12.6% $480,379 Age 45 - 54 1,839 14.1% 12,252 13.9% 21,092 14.1% 643,956 13.1% 41,465,189 12.4% Framingham Median Home Age 55 - 64 1,721 13.2% 11,435 13.0% 20,576 13.7% 670,887 13.6% 43,429,237 13.0% Value Age 65 - 74 1,301 10.0% 7,683 8.7% 14,455 9.7% 474,500 9.6% 32,670,835 9.8% Age 75 - 84 722 5.5% 4,161 4.7% 7,599 5.1% 239,182 4.9% 15,991,707 4.8% Age 85+ 364 2.8% 2,461 2.8% 3,921 2.6% 114,694 2.3% 6,786,791 2.0%

Confidential Offering Memorandum 90 Worcester Road | 8

Jones Lang LaSalle Americas, Inc.

INVESTMENT ADVISORY DEBT & EQUITY FINANCING

Mike Restivo Alan Suzuki Martha Nay Director Managing Director Senior Director +1 617 848 5858 +1 617 848 1575 +1 617 848 1577 [email protected] [email protected] [email protected]

Lenny Pierce Kellie Coveney Director Director +1 617 531 4120 +1 617 848 5852 [email protected] [email protected]

Michael Morretta Analyst +1 617 531 4247 [email protected]

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Confidential Offering Memorandum 10 Independence Drive | 9