2101 Smith

14,060 SF IN HOUSTON’S MIDTOWN NEIGHBORHOOD Property Dashboard

Property Summary TENANT NRA % OF PROPERTY LOCATION: 2101 Smith St, Houston, TX 77002 Starbucks 1,950 14% YEAR BUILT/RENOVATED: 1962 / 2020 Bank of America 1,913 14% GROSS LEASABLE AREA: 14,060 SF T-Mobile 2,609 19% LAND AREA: 0.72 Acres Phenix Salons 7,267 53% OCCUPANCY: 100.0% TOTAL: 13,739 PARKING 54 Spaces (3.8/1000 SF)

TRAFFIC COUNTS (VPD): Smith: 35,800 | Grey: 10,400 | $600,000 Louisiana: 22,700 $580,000

Financial Summary $560,000 YEAR 1 NOI: $452,682 $540,000

WTD. AVERAGE TENURE: 4.7 Years I Starbucks O $520,000 WTD. AVERAGE REMAINING LEASE TERM: 7.0 Years N Tenant Bank of America $500,000 10-YEAR CAGR: 2.2% Mix T-Mobile $480,000 Phenix Salons PERCENT BELOW MARKET: 10.0% 10 YR CAGR ROLLOVER SUMMARY: $460,000 2.18% Within 5 Years of Operation: 32.4% $440,000 YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10

*Rollover summary excludes tenant options 2101 SMITH 2 Investment Highlights

100% Leased by service oriented national tenants with proven resistance to e-commerce

Fully stabilized with 7 years of WALT

Prominent Retail location along 3 major midtown streets with visibility to +68,900 VPD

The Midtown retail market is extremely well leased with a 10-year average occupancy of 94.9%

The #1 Destination ƒ 2101 Smith is located only two blocks away from the I-45 Pierce Street exit spur ƒ The Property is only one block south of I-45 which serves as the border between Midtown and Downtown Houston ƒ Midtown is bordered to the east by Highways 59 and 288 which together provide access throughout the city the the North, South and West ƒ The property is only three blocks away from the Metro light-rail red line which runs directly though Houston’s innovation district

Located on Downtown’s Doorstep ƒ The property is located within Midtown,the most walkable neighborhood in Houston, boasting a Walk Score and Transit Score of 91 ƒ Midtown location sits only one block away from Downtown while also providing immediate access to Montrose and the Medical Center ƒ The surrounding urban environments is unique to Houston and has continued to densify in recent years with the development of +1,700 new apartment units added to the midtown district.

Expanding residential base ƒ 864 units currently under construction in Midtown ƒ Dense surrounding population with +201,000 residents within a 3-mile radius, up 32% since 2000

2101 SMITH 3 Site Plan

FIRST FLOOR

GRAY S TREET | 10,400 VPD

SECOND FLOOR

2101 SMITH STREETSTREET TREET | 22,700 VPD TREET | 35,800 VPD SMITH S OUISIANA S L

PYLON SIGN

2101 SMITH 4 The Galleria Greenway Plaza West University

Texas Med Center Rice University Upper Kirby

Museum District 69 St. Thomas University River Oaks

Rice Innovation District Montrose

Midtown

Texas Southern University RED LINE University Of Houston

45

45

CBD 69

East Downtown

George R. Brown Convention Center

2101 SMITH 5 Location Highlights

Surrounded by Houston’s Most Desirable Neighborhoods Embodied by a live, work, play atmosphere, Midtown Houston is the city’s most well located neighborhood. Densely populated with high-quality urban housing, the area is known for one of the city’s most active bar and restaurant scenes which conveniently serves residents in the affluent neighborhoods which surround Midtown on all sides.

SURROUNDING NEIGHBORHOODS

ƒ Downtown: Located only two blocks from the property, Downtown Houston is the city’s largest office submarket with 51.2 million square feet of office space and a daytime population of ~100,000 employees. ƒ Texas Medical Center: Located 8 minutes away, the Texas Medical Center is the largest medical center in the world and on its own is the nation’s 8th largest CBD. ƒ Montrose: Known as Houston’s trendiest neighborhood, Montrose is home to a thriving bar and restaurant scene and the highly anticipated Montrose Collective mixed-use development which will provide the community with an unparalleled combination of high-quality dining options as well as sought after creative office space and a new public library. ƒ Rice Innovation District: Located at the south edge of Midtown, the Rice Innovation District is a 16-acre development controlled by Rice Management Company on behalf of the private university’s $6.3 billion endowment. The company is currently underway on the district’s flagship project called The Ion, which is a $100 million redevelopment of a historic Sears building into a high-end collaborative office space designed to attract Houston’s brightest start-ups. ƒ EaDo: Once a warehouse and industrial district, East Downtown (EaDo) is a rapidly gentrifying neighborhood directly east of Midtown and Downtown. The area appeals to young Houstonians and is known for its creative repurposing of former warehouse buildings into lively bars and restaurants. ƒ West University Place: A short drive from Midtown, “West U” is a largely residential neighborhood known for its appeal to upper-class families who choose it for its close proximity to employment drivers such as Downtown, the Medical center, and Rice University. ƒ River Oaks: One of the most affluent neighborhoods in the entire country, homes in this elite community range from $2.0M to $20M with newly built luxury condos and townhomes selling for $1M+ in this highly sought after and centrally located enclave.

2101 SMITH 6 Location Overview 3 Mile Radius of 2101 Smith Health Care 42.1% 243,625 16,688 Professional & Business Services 29.5% Houston’s Daytime Businesses Retail 9.2% Midtown Other 19.2% 2101 Smith is located in Midtown – an urban oasis that Employment is just minutes from Houston’s central business district. OTHER BELOW Midtown is widely regarded as Houston’s live-work-play- Other Services 3.3% eat-shop destination. Midtown is a dynamic neighborhood Utilities 3.2% with a rich, cultural history, offering Houstonians a plethora Construction 3.0% of nightlife, retail and dining options and is bustling with Manufacturing 3.0% new commercial and residential development. Midtown is Education Services 3.0% surrounded by some of Houston’s most affluent residential Arts, Entertainment, Recreation 2.1% neighborhoods and the city’s top attractions. Wholesale 1.5%

Over the years, developers have been transforming Midtown into a pedestrian-friendly neighborhood with chic residences, brand-name retail and exciting nightlife. The surrounding area has seen healthy population and commercial growth and Midtown has become the choice location for Houston’s younger population to reside. Most of this growth is directly attributable to Midtowns central location and the ease of access in and out of the neighborhood. Multi-billion dollar plans to reconstruct I-45 and I-69 and raze the Pierce Elevated will allow Downtown Houston to continue to spread south and serve as a catalyst for the next wave of Midtown expansion, the majority of which is within steps of 2101 Smith.

7% Hosp. & Food Services

7% Finance & Insurance 32% 7% Retail Other Top Industry 21% Anchors Scientific & Tech Services 25% Healthcare & Social Assistance

2101 SMITH 7 KINGWOOD KLEIN

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SIENNA PLANTATION MANVEL HAWDON Location Overview

Neighborhood and Employment Center Overview

Bordering Downtown Houston, Midtown is Houston’s most accessible neighborhood. It benefits from dozens of highly rated restaurants, bars, and outdoor spaces. 2101 Smith has a Walk Score of 91, far exceeding Houston’s citywide average of 48. It also has a Transit Score of 91, due to its close location to the Downtown Transit Center and McGowen Stations on the METRORail’s Red line. Midtown’s proximity to Houston’s largest employment base, affluent neighborhoods and cultural centers have led it to be known as Houston’s urban oasis. The Heights 8 Min

10 Rice Military Tanglewood 9 Min 15 Min

Rier Oas 10 Min 610 Montrose Walking East Distance Downtown Galleria Greenway 3 Min 10 Min Plaa 45 7 Min

59 69 Museum West District Uniersity 6 Min 8 Min Bellaire Texas Medical 14 Min Center 8 Min

2101 SMITH 9 Location Overview

Houston’s CBD

Downtown Houston is the city’s largest employment center, spanning 1.84 square miles, where over 3,000 companies employ over 150,000 personnel in 92 office buildings totaling over 50 million square feet. Nine of Houston’s twenty-one Fortune 500 company headquarters are located Downtown.

Bounded by I-10 on the north, US-69 on the east and I-45 on the south and west, Downtown Houston is easily accessible and offers convenient access to and from Midtown. Downtown is the most sought-after office submarket in Houston, commanding the highest rents in the city with asking gross rents averaging $39.61 for all classes and $42.34 for Class A buildings. Since 2000, approximately $8.2 billion in public and private investments have been made in Downtown Houston, transforming the urban core into a dynamic employment hub.

Top 10 Largest CBD Employers RANK COMPANY TOTAL EMPLOYEES 1 City of Houston 21,409 2 Chevron 8,000 3 JP Morgan Chase 2,700 4 Deloitte 2,529 5 Kinder Morgan 2,207 6 Houston Community College 2,190 7 CenterPoint Energy 1,808 8 Accenture 1,800 9 KBR 1,750 10 Ernst & Young 1,729

2101 SMITH 10 Location Overview

Midtown: the heart of Houston’s Innovation Corridor

The Innovation Corridor runs north to south along Main Street, though Houston’s largest employment districts, cultural centers and affluent neighborhoods. It is Houston’s hub for tech and healthcare related startups. The four-mile-long corridor is connected by light- rail, bike lanes and sidewalks and offers easy access to all of Houston, including some of the regions most admired amenities. Additionally, Rice University is redeveloping the former Sears building to be central location for Houston’s entrepreneurial, corporate and academic communities to gather. The innovation corridor is Houston’s nexus of business, culture, science and education.

HOUSTON’S KEY INDUSTRIES AND ATTRACTIONS ARE LOCATED ALONG THE CORRIDOR

ƒ The Texas Medical Center, the world’s largest medical complex ƒ Top-ranked and nationally recognized Rice University ƒ 700-acre Hermann Park and the world-famous Houston Zoo ƒ The Museum District, the largest concentration of cultural institutions in the country ƒ Midtown, Houston’s quintessential live, work, play, eat, shop destination ƒ Downtown Houston, the business hub for America’s fourth largest city and home to nine Fortune 500 headquarters

2101 SMITH 11 2111 Austin 215 Units

SkyHouse Main 338 Units Midtown Houston by Windsor 215 Units

Camden McGowen Station 315 Units

RED LINE DOWNTOWN TRANSIT CENTER Camden Midtown 337 Units GRAY STREET – 10,400 VPD

2222 Smith Street LOUISIANA STREET – 22,700 VPD 152 Units

BAGBY PARK

Post Midtown Square 248,000 VPD 653 Units 45

2101 SMITH 12 Location Overview

Texas Medical Center 8 MINUTE DRIVE OR 5 STOPS AWAY ON METRO Texas Medical Center is the largest medical center in the world and the 8th largest CBD in the nation, spanning 1,345 acres and encompassing 50 million gross square feet with 110,000 direct employees and 72,000 students. Each year, the Texas Medical Center generates $25 billion in GDP. The massive employment and research hub is just minutes away from 2101 Smith The Texas Medical Center has over 10 million patient encounters per year and over 180,000 annual surgeries. Currently, there are over $3 billion in construction projects underway, including TMC3, the third cost for life sciences. TMC3 will be a 1.5 million square foot research campus. It will generate $5.2 billion into the local economy and will create more than 25,000 jobs.

Greenway Plaza 7 MINUTE DRIVE The Greenway Office submarket represents one of the few areas within Houston that offers a thriving environment for living and working underpinned by an abundance of walkable dining, retail, and entertainment amenities. Situated on Highway 59, employees can easily access Midtown and 2101 Smith at all hours of the day. The master-planned, mixed-use development, encompassing nearly 4.3 million square feet of Class A office space in ten buildings. The ten office buildings include 755 businesses and 22,100 employees.

Galleria/Uptown 10 MINUTE DRIVE The Galleria area contains over 32 million square feet of office space and is home to approximately 2,000 companies comprising a diverse mix of financial, information technology, and professional services firms.The area contains over 13% of the Houston area’s office space and more than 15% of its Class A office buildings. The district is anchored by the Galleria Mall, the nation’s fourth highest grossing mall in the United States

Museum District 6 MINUTE DRIVE OR 2 METRO STOPS The Houston Museum District is comprised of 19 museums, each with its own specialty. Located in the heart of Houston, between Midtown and the world-renowned Texas Medical Center, the abundance of museums makes it one of the largest walkable cultural districts in the U.S. The Museum district hosts over 7 million annual visitors and generated over $370 million for the local economy.

2101 SMITH 13 Location Overview

River Oaks 10 MINUTE DRIVE River Oaks is widely considered the most affluent enclave in Texas. River Oaks was developed in the 1920s and immediately rose to prominence as a well- publicized national model for community planning. Its lush 1,100 acres contain some of the finest blocks of mansions and historic homes in the United States including the Rienzi Museum of Fine Arts, Houston. The area includes River Oaks Country Club, Houston’s most prestigious golf course, designed by Donald Ross and recently redesigned by Tom Fazio. Homes in River Oaks range in price from $2.0 to $20.0 million.

West University Place 8 MINUTE DRIVE West University Place (“West U”) draws its name from neighboring Rice University, which US News ranks as the number one University in Texas and 18th nationally. The tree-lined area has been nicknamed “The Neighborhood City” for its appeal to upper- class families, who choose it as a bedroom community with convenient access to Midtown, Greenway, the Galleria, downtown and the adjacent Texas Medical Center. In 2015, the Houston Business Journal ranked the 77005 zip code – which includes West University Place and Southampton – as the 2nd-wealthiest zip code in the Greater Houston Area. The average net worth of residents is over $2,100,000 and homes range in price from $1.0 to $3.0 million.

Montrose WALKING DISTANCE OR 2 MINUTE DRIVE Established in 1911, the Montrose neighborhood is a diverse area with renovated mansions, bungalows, and cottages located along tree-lined boulevards. Located steps away from 2101 Smith, Montrose is one of Houston’s more pedestrian-friendly neighborhoods and is a major cultural hub. The area contains a number of communities popular to local artists and musicians. Montrose is highly renowned for offering an abundance of restaurants ranging from dive bars to nationally ranked fine dining.

EaDo 3 MINUTE DRIVE AND ACCESSIBLE BY METRORAIL East Downtown or EaDo, is a rapidly gentrifying residential neighborhood that inherently appeals to today’s younger generations. EaDo is populated with tech startups, artists, creative adaptive re-uses of industrial buildings and a thriving restaurant and bar scene. Once a warehouse and industrial district, EaDo has clearly benefited from Houston’s growing urbanism. It has quickly emerged as one of Houston’s hottest residential addresses. The neighborhood is also home to the 22,000 person BBVA Stadium which hosts the Houston Dynamo and benefits greatly from the METRORail system.

2101 SMITH 14 Tenant Overview

TENANT: STARBUCKS TENANT: T-MOBILE TENANT: BANK OF AMERICA TENANT: PHENIX SALONS AREA: 1,950 SF AREA: 2,609 SF AREA: 1,913 SF AREA: 7,267 SF DATE OCCUPIED: SEPTEMBER 12, 2012 DATE OCCUPIED: APRIL 1, 2007 DATE OCCUPIED: JUNE 1, 2020 DATE OCCUPIED: JUNE 1, 2020 LEASE END: SEPTEMBER 2021 LEASE END: APRIL 2022 LEASE END: MAY 2030 LEASE END: AUGUST 2030

Starbucks Corporation is a global coffee T-Mobile US, Inc. is the brand name for the Bank of America is an American Phenix Salon Suites is the fastest growing company founded in Seattle, Washington collective communications subsidiaries multinational investment bank and financial ‘Salon Suite’ concept in the US, and the in 1971. First opening in Seattle's world- of its parent company, Deutsche Telekom services provider based in Charlotte, North only Salon Suite / Studio concept to earn famous Pike Place Market, the company AG, which provides wireless, voice, and Carolina and founded in 1904. Bank of a Franchise 500® ranking by Entrepreneur now has 291,000 employees and operates data services to over 86 million customers America (NYSE: BAC) is a component of the Magazine. The company began growing over 31,795 locations worldwide, opening throughout the United States. Worldwide, S&P 100 and S&P 500 and recorded revenue through franchising in 2012 and now has 539 net new stores in Q1 2020 alone. Deutsche Telekom AG is the 90th laregest of $91.24 billion as of 2019. Considered a over 200 locations operating in the US. Starbucks serves a variety of beverages company by revenue and has a BB+ “Bulge Bracket” investment bank, Bank of Additionally, Phenix has +300 locations in focusing on drip coffee, espresso, and tea credit rating. T-Mobile is the 3rd largest America is the third largest investment bank the planning and development process. as well as pastries, snacks, light meals wireless carrier in the US and generates in the world, has over 200,000 employees, Phenix Salon Suites operates by subleasing and more. Starbucks (NYSE: SBUX) is a $45 billion dollars in revenue annually. Led and operates out of around 4,600 retail individual suites directly to hairdressers and component of the S&P 100, S&P 500, and by CEO John Legere, T-Mobile has grown financial centers, as well as over 15,900 other beauty professionals for around the NASDAQ 100 and has a market cap of dramatically in the past 5 years through ATMs. Bank of America is the sixth largest same price of renting a chair at a regular over $92 billion. The company reported initiatives such as their “Un-carrier” brand American public company and was ranked salon. This allows practitioners to own their consolidated net revenues of $26.5B in 2019, overhaul, a strategic pivot that maligned the #25 on the 2019 Fortune 500 list. own business with less overhead costs than up 7% from 2018. communication industry’s slow embrace of ever before. customer service and introduced simpler mobile plans, contract-free pricing as well as phone financing and trade-in plans.

2101 SMITH 15 Houston Retail Market 5.6% 5.6% 5.3% 5.4%

Houston’s pro-business environment, job creation and Total Vacancy 4.9% wage growth have translated into greater purchasing power and consumer confidence needed to positively impact Houston’s real estate market. The Houston metro 2015 2016 2017 2018 2019 continues to perform well which has been fueled by a dynamic combination of strong submarket fundamentals and evolving investor perception. 10,000,000

8,000,000 Retail Fundamentals /// 4Q 2019 6,000,000 Leasing Activity ƒ Demand for amenities and experiences has boosted 4,000,000 retail activity in both urban and suburban trade areas 2,000,000 ƒ Entertainment, experience, and tenant satisfaction are 0 primary focus of office, retail and mixed-use projects 2015 2016 2017 2018 2019 ƒ Overall supply-demand balance has kept the retail market stable at 5.6% vacant ƒ Average asking rents have increased to an $21 $20.60 all-time high $20.03 $20 ƒ Q4 net absorption stands 9.0% above the 20% INCREASE SINCE 2013$19.53 $18.97 five-year average $19 Rental Rates $18.38 $18 $17.67 $17.12 $17 FUNDAMENTALS FORECAST Total inventory 360,419,583 SF ↑ $16 2013 2014 2015 2016 2017 2018 2019 Q4 net absorption 1,408,142 SF ↑ YTD net absorption 4,298,420 SF ↑ Under construction 3,597,694 SF ↓ 8,000,000 Net absorption Deliveries Total vacancy 5.6% → Supply & Demand 6,000,000 Q4 leasing activity 1,550,366 SF ↑ Total 2019 net absorption outpaced 2018 totals by 300,000 4,000,000 SF while deliveries are down by 2,000,000 433,000 SF YOY. 0 2015 2016 2017 2018 2019

2101 SMITH 16 Houston MSA Economic Overview ECONOMY EMPLOYMENT

TH

26 MILLION JOBS IN THE HOUSTON MSA LARGEST 3.2 economy in the world if Houston more that 35 states and nearly a quarter of Texas’ entire employment base GEOGRAPHY were an independent nation

TH 2 ND LARGEST % 7 NUMBER OF JOBS CREATED IN 2018 10,000 LARGEST 3.6 9 COUNTIES SQUARE MILES OUT OF ANY MSA IN THE NATION unemployment rate U.S. metro economy in the nation in the Houston MSA larger than the state of NJ $ 64,400 480 NEW JOBS CREATED IN 2019 BILLION GDP [2018]

POPULATION & DEMOS

7 MILLION 2.3 MILLION CORPORATE HEADQUARTERS GLOBAL TRADE CITY residents in the Houston MSA residents in the city of Houston LARGEST GULF COAST CONTAINER PORT

22 FORTUNE 500 ST 1 IN 4 Houstonians are foreign-born companies call Houston home 73 1 5 TH MOST POPULOUS MSA IN THE NATION • 4 TH MOST POPULOUS CITY IN THE NATION FOREIGN-OWNED FIRMS IN FOREIGN WATERBORNE TONNAGE 3 RD LARGEST 4 TH LARGEST NUMBER OF FORTUNE 1000 NUMBER OF FORTUNE 500 1ST IN IMPORT AND EXPORT companies in the nation companies in the nation 1ST GULF COAST CONTAINER PORT

CLUTCH CITY GATEWAY TO THE WORLD

THE TEXAS MEDICAL CENTER TH 4 LARGEST LARGEST MEDICAL COMPLEX IN THE WORLD MULTI-AIRPORT SYSTEM IN THE U.S. 58.3 MILLION PASSENGERS $ TH GLOBAL HUB FOR 25 billion 8 largest 10 million 106,000+ AEROSPACE TECHNOLOGY IN LOCAL GDP BUSINESS DISTRICT IN THE U.S. PATIENT ENCOUNTERS PER YEAR EMPLOYEES AT TMC

2101 SMITH 17 Contact Information

Advisors Debt & Finance

Ryan West John Indelli Alex Sharrin Alex Geanakos Ethan Goldberg Michael Johnson Senior Managing Director Director Senior Director Director Analyst Director JLL Capital Markets JLL Capital Markets JLL Capital Markets JLL Capital Markets JLL Capital Markets JLL Capital Markets +1 713 852 3535 +1 713 852 3407 +1 312 228 3197 +1 312 228 3866 +1 713 212 6549 +1 713 852 3474 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] TX License #478560

9 Greenway Plaza, Suite 700 | Houston, Texas 77046 www.us.jll.com/capitalmarkets

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Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has been engaged by the owner of the properties to market them for sale. Information concerning the properties described herein has been obtained from sources other than JLL, and neither Owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser. JLL and owner disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. 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. ©2020 Jones Lang LaSalle IP, Inc. All rights reserved.