1000 W. Washington Boulevard | Chicago, IL 60607

Home , Randolph Street, Randolph Street Market

Conﬁ dential Offering Memorandum 1000 W. Washington Boulevard | Chicago, IL 60607

OFFERED BY: Danny Spitz Greg Dietz Michael Sieber Managing Director Managing Director Associate 312.275.3139 312.275.3125 312.275.3127 [email protected] [email protected] [email protected]

BAUM REALTY GROUP, LLC ∙ 1030 W. CHICAGO AVENUE, SUITE 200 ∙ CHICAGO, IL 60642 ∙ 312.666.3000 ∙ WWW.BAUMREALTY.COM 1000 W. Washington Boulevard ∙ Chicago, IL

Table of Contents

SECTION I. EXECUTIVE SUMMARY ·Offering Summary · Investment Highlights ·Investment Summary

SECTION II. THE PROPERTY ·Property Description ·Tenant Information ·Property Photographs ·Floorplan

SECTION III. FINANCIAL ANALYSIS · Operating Proforma – In-Place ·In-Place Rent Roll

SECTION IV. THE MARKET ·West Loop Market Overview ·Explosive Growth · History of the West Loop · Chicago Overview · Market Aerial Broad View ·Market Aerial Map ·Parcel Aerial Map

SECTION V. DEMOGRAPHICS ·Demographic Ring Map ·Demographic Statistics

CONFIDENTIALLY DISCLOSURE

2 | CONFIDENTIAL OFFERING MEMORANDUM SECTION I. Executive Summary

CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL Executive Summary

The rarely available West Loop retail assemblage is bounded by three streets; Washington Boulevard, Morgan Street and Carpenter Street. The property is located 2 blocks from the Morgan Street CTA ‘L’ station and situated one block between Randolph and Madison Streets, which are home to the West Loop’s dining and nightlife. 1000 W. Washington Lofts is a six-story, 180-unit loft condominium building that features timber loft ceilings, hardwood ﬂ oors and private balconies.

The West Loop has undergone a tremendous transformation in the last ten years, transitioning from its industrial and manufacturing past to a vibrant 24-hour destination. The West Loop brings together creative loft ofﬁ ce space, luxury residential developments, Michelin-starred restaurants and boutique hotels.

This property represents an opportunity to acquire a stabilized retail asset with a mix of credit and local tenants in the most sought after real estate market in Chicago. The property offers investors the opportunity to realize substantial future retail rent growth as the neighborhood continues to mature, residential density increases and strong and improving daytime populations gives way to enhanced overall demographics.

DEMOGRAPHIC SUMMARY

Radius 0.25 Mile .05 Mile 1 Mile Estimated Population (2014) 2,359 10,816 42,592 Adj. Daytime Demographics Age 16 Years or Over 6,729 35,599 214,972 Estimated Households (2014) 1,342 6,241 23,442 Offering Summary Estimated Average Household Income (2014) $166,822 $137,626 $116,618 Baum Realty Group, LLC is pleased to exclusively offer the opportunity to acquire a value-add retail property in the heart of Chicago’s West Loop neighborhood. 1000 W. Washington Boulevard is currently 21% leased to Subway and La Sardine. There is a total of 18,065 square feet of vacancy with 14,565 square feet of contiguous space across three (3) suites. The property is located on Washington Boulevard and consists of six retail suites totaling 22,819 rentable square feet. The property became a vertical subdivision in 1996 from the residential condominiums above.

4 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL Executive Summary

Investment Highlights

VALUE-ADD RETAIL IN ROBUST WEST LOOP • Retail in the center of the robust West Loop submarket • 22,819 square feet of prime urban retail space » 14,565 square feet of contiguous space that can be divided into multiple suites

» Signifi cant tenant signage • Frontage on three streets (Morgan, Washington, Carpenter) • Signifi cant infrastructure already in place for restaurants, including two former restaurant spaces with black iron venting • Former Flat Top Grill space, fi rst time available in 19 years - 3,500 SF corner space with black iron • 10 parking spaces in adjacent garage included - great opportunity for an owner / user

IRREPLACEABLE LOCATION IN MOST SOUGHT AFTER SUBMARKET IN CHICAGO • Located one block from Randolph Street (Restaurant Row) & Madison Street • Irreplaceable location with high barriers to entry • “Main and Main” location of the West Loop submarket • Adjacent to Harpo Studios – approximately 750,000 SF Mixed Use Development - to begin construction in 2016 • 2 blocks from the new Morgan Street CTA ‘L’ station

FASTEST GROWING CHICAGO NEIGHBORHOOD WITH STRONG DEMOGRAPHICS • 3 blocks from the 500,000 SF 1KFulton Ofﬁ ce / Retail Development » New 357,000 SF Google ofﬁ ce

• Already strong demographics continue to strengthen with new ofﬁ ce and residential development in the West Loop. Estimated to have more than 3,000 new daytime employees within ¼ mile by 2017 / 2018 • Estimated population of 42,592 people, daytime population of 214,972 and 23,442 households with an average household income of $116,618 within a one mile radius

5 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL Executive Summary

Investment Summary

Asking Price: $7,250,000

Price Per Gross Square Foot: $302

Price Per Net Rentable Square Foot: $318

Gross Area: 24,029 square feet

Rentable Area: 22,819 square feet

Leased: 21%

ASSUMABLE LOAN

Balance (As of 4/1/2016): $3,345,995

Term: 10 Year - Matures April 1, 2022

Interest Rate: 4.6%

Monthly P & I: $24,565

Lender: Genworth Life Co.*

* Lender willing to add additional loan proceeds ** Loan assumption is optional

6 | CONFIDENTIAL OFFERING MEMORANDUM SECTION II. The Property

CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Property

Property Description

Address: 1000 W. Washington Boulevard, Chicago, Illinois 60607

Gross Area: 24,029 SF

Rentable Area: 22,819 SF

Description: Six tenant commercial vertical subdivision below 1000 W. Washington Lofts

Year Built: 1920 (converted to condominiums in 1996)

Tenants / Suites: Vacant 3,500 SF La Sardine 3,454 SF Vacant (Divisible) 14,565 SF Subway 1,300 SF Total 22,819 SF

Parking: 10 parking spaces located in the residential garage below the retail spaces

Zoning: PD 572 – Planned Development

PIN: 17-08-438-004-0000

Taxes:* $88,136 ($3.86 PSF)

* Based off 2015 assessments

8 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Property

Tenant Information

LA SARDINE www.lasardine.com La Sardine is one of Chicago’s ﬁ nest French restaurants, a popular lunch spot for nearby ofﬁ ce workers and a favorite dinner restaurant for diners across the city. The space is open and airy, offering updated versions of classic French bistro standards with plenty of seafood, soups, meats and vegetables available. La Sardine has been located at 1000 W. Washington since 1998. The restaurant enjoys a loyal following of dedicated patrons that seems to grow each year.

SUBWAY www.subway.com Today, the SUBWAY® brand is the world’s largest submarine sandwich chain with more than 40,000 locations in 102 countries. They have become a leading choice for people seeking quick, nutritious meals that the whole family can enjoy.

9 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Property

Property Photographs

10 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Property

Floor Plan

Hallway Entrance 3,454 SF

Vacant MORGAN ST. N. N. CARPENTER ST. N. (Divisible) 14,565 SF

Vacant 3,500 SF Residential 1,300 SF Lobby

Stairs Stairs Entrance Entrance Entrance Entrance

W. WASHINGTON BLVD.

11 | CONFIDENTIAL OFFERING MEMORANDUM SECTION III. Financial Analysis

CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL Financial Analysis

In-Place Proforma

Forward 12 months - 6/1/2016 - 5/31/2017 Tenant SF Rent / SF Annual Rent VACANT 3,500 $ 0.00 $ 0 La Sardine 3,454 $ 30.49 $ 105,315 VACANT (Divisable) 14,565 $ 0.00 $ 0 Subway 1,300 $ 30.19 $ 39,250 Total 22,819 $ 6.34 $ 144,565

Miscellaneous Income Gross Percentage Rent on Sales (La Sardine - 2% of Sales) $ 18,300 Parking Income - Flat Top - 2 spaces $ 0 Gross Rental Income $ 7.14 $ 162,865

Reimbursable Expenses Management Fees $ 0.06 $ 1,357 Real Estate Taxes* $ 0.80 $ 18,362 CAM** $ 0.35 $ 8,069 Insurance $ 0.25 $ 5,732 Total Reimbursements $ 1.47 $ 33,520 Potential Gross Revenue $ 8.61 $ 196,384 Effective Gross Revenue $ 8.61 $ 196,384

Expenses Management Fees 4.00% $ 6,515 Real Estate Taxes* $ 3.86 $ 88,136 CAM** $ 1.70 $ 38,731 Insurance $ 1.21 $ 27,512 Total Operating Expenses $ 7.05 $ 160,894 In-Place Net Operating Income $ 1.56 $ 35,491

* Taxes are based on 2015 assessments ** CAM (including CAM, Utilities, Repair & Maintenance, Association Dues)

13 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL Financial Analysis

Rent Roll

% Expiration Square Prorata Initial Rent Monthly Annual Annual Tenant Start Date Date Footage Share % Lease Term Lease Type Remaining Lease Options Security Deposit Guarantor Start Date End Date PSF Rent Rent Change VACANT N/A N/A 3,500 15.34% N/A N/A N/A N/A N/A N/A N/A $0.00 $0 $0 N/A

La Sardine 3/1/2012 2/28/2017 3,454 15.14% 60 months NNN / Annual One (1), Five (5) Year Term $6,008 Jean Claude 3/1/2012 2/28/2013 $27.45 $7,901 $94,817 N/A Percentage Rent Poilevey 120 day notice required 3/1/2013 2/28/2014 $28.14 $8,099 $97,188 2.5% 1% of Gross Sales President, La 3/1/2014 2/28/2015 $28.84 $8,301 $99,617 2.5% Months 1-24 Sardine 3/1/2015 2/28/2016 $29.56 $8,509 $102,108 2.5% 2% of Gross Sales 3/1/2016 2/28/2017 $30.30 $8,722 $104,661 2.5% Months 25-60 Option #1 - 5-Year Term - 120 day notice required 3/1/2017 2/28/2018 $31.06 $8,940 $107,277 2.5% 3/1/2018 2/28/2019 $31.84 $9,163 $109,959 2.5% 3/1/2019 2/28/2020 $32.63 $9,392 $112,708 2.5% 3/1/2020 2/28/2021 $33.45 $9,627 $115,526 2.5% * Lease speciﬁ es annual rent increases in the same proportion as the Consumer Price Index - Rent Roll assumes 2.5% annual increases. 3/1/2021 2/28/2022 $34.28 $9,868 $118,414 2.5%

VACANT (Divisable) N/A N/A 14,565 63.83% N/A N/A N/A N/A N/A N/A N/A $0.00 $0 $0 N/A

Subway 2/1/2003 1/31/2013 1,300 5.70% 120 months NNN Two, Five (5) Year Options $4,875 Subway Real Exercised Option #1 - 5-Year Term Estate Corp. 180 day notice required 2/1/2013 1/31/2014 $28.50 $3,088 $37,050 0.0% 2/1/2014 1/31/2015 $28.50 $3,088 $37,050 0.0% 2/1/2015 1/31/2016 $29.21 $3,165 $37,976 2.5% 2/1/2016 1/31/2017 $29.94 $3,244 $38,926 2.5% 2/1/2017 1/31/2018 $30.69 $3,325 $39,899 2.5% Option #2 - 5-Year Term - 180 day notice required 2/1/2018 1/31/2019 $31.61 $3,425 $41,096 3.0% 2/1/2019 1/31/2020 $32.56 $3,527 $42,329 3.0% 2/1/2020 1/31/2021 $33.54 $3,633 $43,598 3.0% 2/1/2021 1/31/2022 $34.54 $3,742 $44,906 3.0% 2/1/2022 1/31/2023 $35.58 $3,854 $46,254 3.0% Option #3 - 5-Year Term - 180 day notice required 2/1/2023 1/31/2024 $35.58 $3,854 $46,254 3.0% 2/1/2024 1/31/2025 $36.65 $3,970 $47,641 3.0% 2/1/2025 1/31/2026 $37.75 $4,089 $49,070 3.0% 2/1/2026 1/31/2027 $38.88 $4,212 $50,543 3.0% 2/1/2027 1/31/2028 $40.05 $4,338 $52,059 3.0%

Total Square Feet 22,819 Square Feet Occupied 4,754 Square Feet Vacant 18,065

14 | CONFIDENTIAL OFFERING MEMORANDUM SECTION IV. The Market

CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Market

West Loop Overview

The West Loop, a former manufacturing corridor turned art-edgy neighborhood, was a mix of factories, meat markets, and wholesale produce outlets throughout the late 1800s and most of the 1900s. Some of these businesses still thrive in the area, but the neighborhood has seen a major demographic shift over the last few decades. Over the last ten years, the area has seen extensive high-end residential development and has become a home for young urban professionals and families that want to live close to where they work and play.

The factories which dotted Randolph Street and Fulton Market, most of which have closed, have been converted to high-priced lofts, critically acclaimed restaurants, night clubs, art galleries, and retail boutiques. Businesses and operators such as Google, Soho House, We Work, and Uber have chosen to make their home in the West Loop. The transformation began to happen in part because of the neighborhood’s proximity to the Loop, but also because of the availability of the massive timber and beam loft buildings, which have allowed for varying creative uses. In 2013, the City of Chicago and the CTA completed a new ‘L’ train station at Lake and Morgan which has been a catalyst for large companies to seek ofﬁ ce space in the West Loop. As urban density pushes further west, the subject property is positioned directly in the path of development and has the potential to capture signiﬁ cant rent growth in the near future.

16 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Market

Explosive Growth

LIVING IN THE WEST LOOP The West Loop is one of the fastest growing residential neighborhoods in the city, thanks in part to its convenient location, retail and entertainment offerings, loft-style living and newly developed green space. New residential development continues to emerge as the demand for family-friendly housing increases. This new development is a direct result of low residential inventory and young urban professionals’ desire to live near the Central Business District, major transportation hubs and the West Loop’s world-class restaurant scene. Large residential projects such as CA3 at 130 N. Aberdeen and the single-family home and condo development at 37 S. Sangamon cater to young couples looking to expand their family. Additionally, new private education centers such as The Gardner School and boutique retail establishments, all contribute to the neighborhood’s ever-growing family friendly vibe.

The West Loop has seen residential population growth of 15-20% over the past ﬁ ve years, and over 250% growth since 2000. In addition to this growth, over 75% of its residents have an annual household income over $100,000. CA3 – 130 N. Aberdeen Street

WORKING IN THE WEST LOOP The West Loop business community is growing at an exponential rate, which is going to see a massive increase in daytime population during the next 5 years. Businesses both large and small are migrating to the West Loop and national companies have recently opened up locations in the area. Warehouse buildings that once dotted this mixed use neighborhood have now been converted into ofﬁ ce space for businesses of all kinds. Known primarily as a haven for creative businesses and technology start-ups, the West Loop also houses a number of corporate headquarters for Fortune 500 companies. Google has chosen to make the West Loop home to its Chicago headquarters, bringing 800+ employees to Sterling Bay’s 1KFulton development in 2015. This 10-story structure (formerly the “Fulton Market Cold Storage” building) has been fully transformed into a state-of-the-art ofﬁ ce and retail building.

1K Fulton development

17 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Market

RANDOLPH STREET “RESTAURANT ROW” MAP

900 W. Randolph Street 832-844 W. Randolph Street 1044 W. Randolph Street 1023 W. Lake Street • Cruz Blanca (Spring 2016) • Paladino’s • 1108 W. Randolph Street • Venue One • Vera Wine Bar Bar Siena 846- 854 W. Randolph Street • • Red Kiva Vivo 946 W. Randolph Street • Future Nobu Restaurant & Hotel 1048 W. Randolph Street • Maude’s Liquor Bar • Starbucks • Forno Rosso Pizzeria • Grange Hall Burger Bar 800-820 W. Randolph Street • Au Cheval • Lone Wolf • 1200 W. Randolph Street Pasha • • City Winery De Cero • Little Goat

738 W. Randolph Street • Ronero (May 2016)

737 W. Randolph Street • Haymarket Pub & Brewery

1111 W. Randolph Street 805 - 823 W. Randolph Street • West Loop Salumi • Sushi DOKU • Girl & The Goat • Nia Mediterranean 111 N. Carpenter Street & 1000 W. Washington Boulevard 113 - 125 N. Green Street • Flat Top Grill • Pizza East • Subway • Chicken Shop • La Sardine 833 - 841 W Randolph & 925 W. Randloph Street 108 - 116 N. Green Street • Formentos • Nellcote 1001 W. Washington Boulevard 847 - 853 W. Randolph Street 939 - 955 W. Randolph Street 907 W. Randolph Street • Grahm Elliot Bistro • Wishbone • Jaipur • Porkchop • La Criolla • RM Champaign Salon • Perez • Nando’s Peri-Peri 901 - 923 W. Washington Street • High Five Ramen • Loretta’s Bake Shop • Baskin Robbins / Dunkin’ Donuts • Green Street Smoked Meats • La Colombe Torrefaction • Sushi Pink • Parlor Pizza Bar • Sawada Coffee

18 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Market

VISITING THE WEST LOOP The West Loop is one of the hottest neighborhoods in Chicago, known for its award-winning restaurants, boutiques, burgeoning art district and unique residential loft-style living. Randolph and Fulton Market streets have become the epicenter for internationally acclaimed restaurants led by some of the world’s most talented and innovative chefs. The West Loop is also considered a hub for fashion and the arts, offering visitors and residents alike renowned galleries, dance companies, designer boutiques and music venues. With its proximity to the Loop and access to major expressways (I-90/94, I-290) and public transportation routes (CTA Pink and Green lines, #8 Bus), the West Loop is easily accessible from the city or suburbs.

The two year anticipation and subsequent opening of the Google headquarters at 1K Fulton created exciting opportunities for hotels, restaurants and retailers in the West Loop / Fulton Market area. Girl & the Goat – 809 W. Randolph Street

New hotels, entertainment and retailers continue to enter the West Loop / Fulton Market area. Nobu Hotel and Restaurant is slated to open at Randolph and Peoria once approved by the city; Soho House opened in 2014 and is located a few blocks away on Green Street; Brooklyn Bowl has begun construction on Fulton Market and Ace Hotel is planned within one block north along Morgan Street.

Award Winning Designer Billy Reid is opening his ﬁ rst Chicago location one block east of the property; Luxury apparel clothier Kit and Ace is opening Fall 2015 at 821 W. Fulton Street; Other national and boutique retailers are currently in the market seeking space as never before available retail spaces are continuously becoming available as developers completes their plans for the older warehouse and meat-packing buildings.

Billy Reid – 845 W. Randolph Street Kit and Ace – 821 W. Fulton Street Soho House – 113 N. Green Street

19 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Market

DEVELOPMENT IN THE WEST LOOP The most signifi cant consequence from all of the new offi ce and retail development in the West Loop is the boom in residential development in the West Loop. There are a number of projects at different stages of development that will improve the West Loop’s demographic and investment profi les, however, for almost every month in 2015, there was a new residential or mixed-use project announced. The news of new development projects in the West Loop will not subside until there is a dramatic economic shift in the macro real estate market.

The strength of the residential market in the West Loop is evidenced by the 93.4% occupancy and $2.88 average gross rent per square foot for Class A residential units as of 4Q 2014. Further, Class A rents have increased 7.5% on a year- JeffJack – 601 W. Jackson Boulevard Catalyst – 123 N. Des Plaines Street over-year basis. These healthy metrics have encouraged several apartment developments that will continue to draw renters to the market and further enhance the ofﬁ ce and retail markets. K2, completed in 2013, for instance, has 496 units. Catalyst (123 North Des Plaines) and The Madison (1108 West Madison) both opened in 2014 add a combined 436 units. Three recently-completed projects (Arkadia Tower at 765 West Adams, Circa 922 at 922 West Washington and JeffJack Apartments at 601 West Jackson) added 749 units to the submarket. Overall, there are a handful of recently or soon-to-be completed multifamily projects that are expected to add over 3,600 residential units to the neighborhood. The West Loop is already one of the most sought after real estate investment markets in the city. After all this hospitality and entertainment development, the area will continue to mature and attract national retailers, tourists, and Chicagoans alike.

The Madison – 1108 W. Madison Street

20 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Market

Proposed

Under Construction 90 Completed

21 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Market

# NAME TYPE SF / UNITS # NAME TYPE SF / UNITS # NAME TYPE SF / UNITS 1 Homewood Suites / Hampton Inn Hotel 350,000 SF 27 123 N. Sangamon Street Residential 149 Units 53 111 S. Peoria Street Residential 95 Units 2 1342 W. Randolph Street Residential 20 Units 28 401 N. Morgan Streeet Mixed 88,000 SF 54 1133 W. Randolph Street Retail 11,500 SF 3 Lofts Residential 70 Units 29 K2 Residential 496 Units 55 Pizzuti Tower Residential 308 Units 4 1232 W. Madison Street Residential 40 Units 30 Echelon at K Station Residential 350 Units 56 Monroe & Sangamon Residential 24 Units 5 The Madison at Racine Residential 216 Units 31 845 W. Madison Street Residential 500 Units 57 315 N. May Street Retail 45,799 SF 6 1245 W. Fulton Street Retail 12,000 SF 32 Mariano’s Retail 58 Quality Foods Mixed 300,000 SF 7 4 - 26 N. Aberdeen Street Residential 81 Units 33 One South Halsted Residential 492 Units 59 312 N. Carpenter Street Retail 7,500 SF 8 Harpo Studios TBD TBD 34 Arkadia Residential 361 Units 60 1100 W. Grand Avenue Mixed 100,000 SF 9 1100 W. Randloph Street Retail TBD 35 625 W. Adams Street Offi ce 350,000 SF 61 500 N. Milwaukee Avenue Mixed 270,000 SF 10 1053 W. Lake Street Mixed 200,000 SF 36 Alta at K Station Residential 848 Units 62 905 W. Fulton Market Retail 5,000 SF 11 1115 W. Fultion Market TBD TBD 37 Ogden & Fulton Retail 15,000 63 934 W. Fulton Market TBD TBD 12 1055 W. Fulton Market Mixed TBD 38 1118 - 1158 W. Adams Street Residential 69 Units 64 939 W. Fulton Market TBD TBD 13 1056 W. Lake Street Mixed TBD 39 723 - 729 W. Randolph Street TBD 97 Units 65 1401-15 W. Carroll Offi ce 10,450 SF 14 1000 W. Randolph Street Retail 21,375 SF 40 Trio Residential 325 Units 66 Publishing House B&B Hotel 18,000 SF 15 1001 W. Lake Street Retail TBD 41 SWC Lake & Ada Residential TBD 67 Shapack Partners Development 170 Units 16 955 W Lake St Retail TBD 42 1101 W. Randolph Street Retail 15,000 SF 68 Shapack Partners Development Offi ce TBD 17 Ace Hotel Hotel 150 Units 43 SEC Madison & Throop Residential 72 Units 69 River Point Offi ce 1,000,000 18 1K Fulton Mixed 535,000 SF 44 The Gateway Residential 167 Units 70 150 N. Riverside Plaza Offi ce TBD 19 945 W. Randolph Street Retail 10,180 SF 45 Uber Offi ces Offi ce 10,300 SF 71 590 W. Madison Street Mixed 330 Units / 616,000 SF 20 1324 W. Fulton Street Mixed 290,000 SF 46 922 W. Lake Street Residential 81 Units 21 214 N. Green Street Mixed 83,000 SF 47 213 - 223 N. Peoria Street Offi ce TBD 22 Brooklyn Bowl & Hotel Retail 60,000 SF 48 1045 W. Washington Street Residential 70 Units 23 The Parker Fulton Market Residential 227 Units 49 Carmichael’s Site Residential 120 Units 24 Soho House Hotel 90,000 SF 50 Cardiff Mason Development Residential 373 Units 25 123 N. Desplaines Street Residential 223 Units 51 900 W. Washington Street Residential 24 Units 26 Nobu Restaurant & Hotel Hotel TBD 52 Union Park Lounge Residential 20 Units

22 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Market

History of the West Loop

The West Loop is known for its award-winning restaurants, burgeoning art gallery district, boutiques and unique residential loft-style living. Reminiscent of the SoHo area in New York City, the West Loop is one of the fastest growing neighborhoods in Chicago – but it wasn’t always this way.

Long before the Chicago Fire of 1871, the Near West Side was an area of stark contrast. The rich and poor lived close together. Wealthy Chicagoans built spacious homes while hundreds of less fortunate, many immigrants, migrated to the Near West Side to ﬁ nd peace and prosperity.

In the 1850’s and 1860’s, many immigrants built frame shanties on the prairies within walking distance of the railroad yards and lumber district along the South Branch of the Chicago River. Many ethnic groups left their mark in this part of the city by building a variety of churches which led to many ethnic and religious rivalries.

During the Civil War (1861) and the turn of the century, the Near West Side included some of Chicago’s most fashionable homes and prominent institutions. Washington Boulevard emerged as one of the N. Halsted Street & W. Randolph Street neighborhood’s most elegant streets with many prominent churches.

Despite new construction along Washington, Jackson and Ashland, the Near West Side residential district was essentially an island in the midst of a rapidly expanding city. In the 1880’s, however, many single-family dwellings were demolished to make way for warehouses and light manufacturing plants which clustered around the Randolph Street Market.

By 1884, the outlines of the West Side Medical Center were clearly established with the arrival of Cook County Hospital and Rush Medical Center.

Although Ashland Avenue retained its reputation as one of Chicago’s most prestigious addresses, change was coming swiftly. The construction of two elevated railroads along Lake and Congress streets, led to more commercial development in the area. While this new form of transportation linked this part of the city to downtown Chicago, it also played a role in the break-up of the West Side Gold Coast. Many residents felt that the railroads altered the residential character of their neighborhood. In 1886, the Near West Side was the scene of many bitter labor strikes and conﬂ icts. Many wealthy Chicagoans no longer felt safe living so close to the site of labor upheavals and violence. By the turn of the century, however, the Near West Side had become one of the most densely populated districts in all of Chicago. Mary Bartelme Park – 115 S. Sangamon Street

23 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Market

In 1909, famous Chicago planner and architect, Daniel Burnham conceived Chicago’s Master Plan, envisioning the area east of Ashland as the “gateway from the west into the Loop;” ultimately, naming the area the West Loop Gate.

By the 1950’s, the West Loop Gate was still a neighborhood divided along ethnic, racial and religious lines.

The announcement in February, 1961 that the University of Illinois’ new Chicago campus would be constructed on land at Harrison and Halsted streets sparked a residential and commercial boom in the West Loop Gate.

In the 1980’s, companies with long-term vision for the area began converting light industrial buildings into loft apartments. In 1995, Mayor Daley brought the Democratic Convention to the United Center. The convention was huge for the West Loop Gate, bringing new and national attention to the area and W. Randolph Street & N. Green Street more importantly, much-needed infrastructure improvements.

Today, the West Loop Gate, now known simply as the West Loop, is one of the hottest neighborhoods in Chicago. Large numbers of people continue to move into the area every day, drawn to its proximity to the Loop and major expressways. Randolph and Fulton streets have become an epicenter for world- famous restaurants that bring in visitors from all over the city and beyond. Moreover, the West Loop is now considered a hub for fashion and the arts, staking claim to renowned galleries, dance companies, designers, boutiques and music venues. Coupled with trendy residential space and a vibrant history, the West Loop is now a place that Chicagoans not only want to visit but also call home.

The Publican – 837 W. Fulton Market

24 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Market

Chicago Overview

3RD LARGEST MSA IN U.S. 9.5 Million 4.5 Million 670,000

The Chicago MSA is home to approximately 9.5 million RESIDENTS EMPLOYEES COLLEGE STUDENTS residents, making it the third most populous region in the country, encompassing 16 counties across three states: Illinois, Indiana and Wisconsin. The city of Chicago is the economic and cultural capital of the Midwest, featuring a vibrant downtown district that is ﬁ lled with world class businesses, restaurants, retail, residences and entertainment. The strong economic base, skilled labor pool and diverse background make this 24-hour metropolis one of the most important and inﬂ uential in the world. Chicago features 26 regional malls and 47 sub-regional markets within the MSA.

TOP U.S. CITIES BY POPULATION

Rank City Population

1 New York City 8,491,079 2 Los Angeles 3,928,864 3 Chicago 2,722,389 4 Houston 2,239,558 5 Philadelphia 1,560,297 6 Phoenix 1,537,058 7 San Antonio 1,436,697

8 San Diego 1,381,069 9 Dallas 1,281,047 10 San Jose 1,015,785

Source: U.S. Census – 2014 Population Estimate

25 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Market

INTERNATIONAL TRAVEL DESTINATION Chicago is the 2nd most popular travel destination in the US. In 2014, the “Dual-Hub” airport system has more than city hosted 50.17 million domestic and overseas visitors, which was a 3.5% increase from 2013. Since 2010, the tourism and hospitality industries have 1,400 daily departures and 90 million annual added 9800 jobs, generating $13.7 billion in direct spending by visitors and passengers. $871 million in total tax revenue.

Downtown Chicago features direct rail access to O’Hare International Airport and Midway International Airport, which is the only “dual-hub” airport system in North America and handles more than 1,400 daily departures and 90 million passengers annually. O’Hare is ranked #1 best connected airport in the U.S. because all major North American markets are within a 4-hour fl ight. Currently, O’Hare is undergoing a $6.6 billion, 20-year expansion reducing fl ight delays and increasing fl ight capacity into the foreseeable future.

TOTAL PASSENGER TRAFFIC 80 O’Hare and Midway Airports

20 1,400+ 90 Million 0 DAILY DEPARTURES ANNUAL PASSENGERS 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

■ O’Hare ■ Midway

Source: Chicago Department of Aviation

26 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Market

2ND HIGHEST GRP IN US

Chicago has the 2nd largest Gross Regional Product in the US, second to New York City, at $576 billion. This also ranks 29 31 16 Chicago 24th in the world in terms of Gross Product, if Chicago were its own country. Additionally, Chicago is the country’s S&P 500 FORTUNE 500 FT GLOBAL 500 most diversiﬁ ed economy, with no single industry employing COMPANIES COMPANIES COMPANIES more than 14% of the workforce. Chicago’s primary industries include: Financial Services, Business & Professional Services, Manufacturing, Health Services and Transportation and Warehousing.

Chicago has one of the world’s largest and most diversiﬁ ed economies at over $575 billion in annual GRP, making it the 4th most economically powerful city in the world.

As one of the largest ﬁ nancial centers in North America, the Chicago MSA is home to more than 400 major corporate headquarters, including 29 S&P 500 companies, 31 Fortune 500 companies and 16 FT Global 500 companies, including: Walgreens, Boots Alliance, Boeing, United Airlines, McDonald’s, Kraft Foods, Discover Financial and Abbot Laboratories, among others. The city is also home to the largest future exchanges in the US, the CME Group.

27 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Market

Chicago is home to more than 400 major corporate HQ’s, FORTUNE 500 HEADQUARTERS IN THE CHICAGO MSA Company Name Location Rank including 31 Fortune 500 companies, and ranked Boeing Chicago, IL 27 #2 in North America for International HQ’s. Archer Daniels Midland Chicago, IL 34 Walgreens Deerfi eld, IL 35 United Continental Holdings Chicago, IL 79 Allstate Northbrook, IL 89 Mondelez International Deerfi eld, IL 91 Sears Holdings Hoffman Estates, IL 99 McDonald’s Oak Brook, IL 110 Exelon Chicago, IL 111 US Foods Rosemont, IL 128 Abbott Laboratories Abbott Park, IL 134 Kraft Foods Group Northfi eld, IL 165 Baxter International Deerfi eld, IL 185 Illinois Tool Works Glenview, IL 201 CDW Vernon Hills, IL 253 R.R. Donnelley & Sons Chicago, IL 258 Navistar International Lisle, IL 276 W.W. Grainger Lake Forest, IL 290 Discover Financial Services Riverwoods, IL 303 Tenneco Lake Forest, IL 341 Dover Downers Grove, IL 346 Motorola Solutions Schaumburg, IL 363 LKQ Chicago, IL 403 Integrys Energy Group Chicago, IL 404 NiSource Merrillville, IN 418 Anixter International Glenview, IL 420 Packaging Corp. of America Lake Forest, IL 451 Ingredion Westchester, IL 462 Old Republic International Chicago, IL 472 Jones Lang LaSalle Chicago, IL 478 Essendant Deerfi eld, IL 489 Source: Fortune Magazine, June 2015

28 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Market

WORLD CLASS EDUCATION COST OF BUSINESS BY METRO AREA

Northwestern University, the University of Chicago, the University of Illinois City Index at Chicago, DePaul University and Loyola University are all located within the Chicago 99.1 Chicago MSA. There are also more than 325,000 students, with 65,000 in the Loop alone, who attend over 60 higher education institutions throughout the Philadelphia 99.4 metropolitan area, supplying the city with a young and talented workforce. Of Sacramento 99.5 the 60 institutions, 2 are Top 20 Universities in the U.S. and 1 is a Top 10 University in the World. Chicago is also ranked as the #1 Metro for Big Ten San Diego 99.9 Alumni and the #1 City for Recent College Grads. North Virginia (Metro DC) 100.1

The Chicago MSA is home to more than 60 Los Angeles 100.5 colleges & universities, including: Boston 101.1 Northwestern University, The University of Seattle 101.4 Chicago, University of Illinois at Chicago, New York City 103.6 DePaul University and Loyola University. San Francisco 104.2

GROWING ECONOMY

Chicago is top-ranked for economic potential among major cities across the world. In 2013, Site Selection Magazine ranked Chicago #1 “Metro for Corporate Investment in the U.S.” and Inc. Magazine ranked Chicago #4 “Number of Fastest Growing Companies in the US”. World Business Chicago identiﬁ ed more than 675 new & expanding facilities announced, under development, or completed in the metro area in 2013, representing a total of 35 million square feet and $6 billion in economic development activity. Also, Chicago’s list of active and new retailers has increased 25% since 2013, with 55 of these being new entrants to the market. Other factors contributing to Chicago’s growing economy are a decline in unemployment and interest rates, as well as having the highest consumer conﬁ dence index since 2008.

UNIVERSITY OF CHICAGO – SOUTH CAMPUS

29 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Market

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