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Twinbrook Office Center MID-ATLANTIC CAPITAL MARKETS GROUP 1700 Rockville Pike Offering Memorandum Rockville, MD

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Twinbrook Office Center MID-ATLANTIC CAPITAL MARKETS GROUP 1700 Rockville Pike Offering Memorandum Rockville, MD Twinbrook Office Center MID-ATLANTIC CAPITAL MARKETS GROUP 1700 Rockville Pike Offering Memorandum Rockville, MD 1700 ROCKVILLE PIKE HALPINE RD CHAPMAN AVE TWINBROOK ROCKVILLE PIKE METRO STATION BOUIC AVE THOMPSON AVE ROLLINS AVE TWINBROOK PKWY 1700 Rockville Pike Executive Overview ................................................... 6 The Future of Twinbrook .......................................... 14 Property Specifications ............................................ 20 Tenancy ................................................................... 30 Financial Analysis ................................................... 42 DEAL CONTACTS Gerald P. Trainor 202.775.7091 [email protected] James V. Cardellicchio 202.775.7094 [email protected] Wesley M. Machowsky 202.775.7038 [email protected] LEASING Jovi McAndrew 301.896.9122 [email protected] Scott Randolph 301.896.9055 [email protected] FINANCING Cary Abod 202.533.2513 [email protected] EXECUTIVE OVERVIEW 6 EXECUTIVE OVERVIEW Transwestern’s Mid-Atlantic Capital Markets Group, as the exclusive representative for the owner, is pleased to PROPERTY AT-A-GLANCE present the fee simple sale of a 163,194 SF Class B+ office building commonly known as Twinbrook Office Center located at BUILT/RENOVATED: 1983 / 2013 1700 Rockville Pike in Rockville, Maryland (the “Property”). This SQUARE FOOTAGE: 163,194 SF 6-story value-add office building is adjacent to the Twinbrook Metrorail Station within a submarket that is undergoing a TYPICAL FLOOR: 28,000 SF significant revitalization to a transportation oriented live-work- play town center. STORIES: 6-stories; center-core 654 total spaces: The building is currently 71% occupied with an average lease ON-SITE PARKING: 534 covered garage spaces term of 4-years. The Property has stable cash flow with immediate 120 surface spaces upside through the lease up of the vacancy space. Longer term value creation can be achieved through the redevelopment of PARKING RATIO: 4.0 / 1,000 SF the Property in an effort to maximize its density. OCCUPANCY: 70.8% (May 2016) Further upside will be achieved as rents at the Twinbrook YEAR 1 NOI: $2,196,419 (pro forma) Metro Station outpace the rest of the market as a result of the transformation of the neighborhood into an amenity driven town STABILIZED NOI (YR 3): $3,358,857 (pro forma) center. Adjacent mixed use projects such as the Galvan and Pike & Rose have already established the amenity base that are an integral part of a successful town center environment. SUMMARY OF TERMS INTEREST OFFERED: Fee Simple EXISTING DEBT: None; Free and Clear OFFERS DUE: April 22, 2016 Please note that this asset is being sold “As Is, Where Is” by a Special Servicer. The following list of documents have been posted on-line in the “war room”: • Leases • Income/Expense Reports • Rent Roll • Reimbursement Schedules • Environmental Report (March 2016) • Property Condition Report (March 2016) • Title Report (March 2016) • Purchase and Sale Contract This information has been made available to expedite investors underwriting process and to minimize the due diligence period. Strong preference will be given to those investors that do the major- ity of their due diligence in advance and provide contract comments upon bidding. dius ra ile m 5 INVESTMENT HIGHLIGHTS .2 0 ► Secure Cash Flow • 71% leased to strong mix of national tenants: Merck, Novartis Pharmaceuticals, Bayer Pharmaceuticals, 1700 ROCKVILLE PIKE Johnson & Johnson, AbbVie (f/k/a Abbott), Dovel Technologies and BarnAllen Technologies TWINBROOK • 14.2% of building is investment grade credit (23,243 SF) METRO STATION • Average lease term of 4 years ► Opportunity to purchase well below replacement cost ► Upside Potential • Lease up of vacant suites (47,692 sf) • Reposition retail in front of Metrorail Station • Average lease rate • Above average projected rent growth as neighborhood transforms to “Urban Town Center” • Opportunity to add density to existing structure or redevelop entire site ► Redevelopment Potential — Zoned MXTD • Mixed use designation (office, retail, multifamily) • Unlimited density subject to setback requirements • 120’ height by right; up to 150’ with approvals PROPERTY HIGHLIGHTS ► Class A Location • Adjacent to Twinbrook Metrorail Station • Visibility and Access off Rockville Pike • Walkable Amenities ► Quality Class B+ Office Building • Renovated in 2013 – Lobby, Restrooms, Elevator Cabs • Efficient 28,000 SF floor plates with high glass-to- floor ratio • Floor Plates ideal for both single and multi-tenant use • 3 levels of below grade parking – 4.0 / 1,000 • Flexible Climate Control – Tenant controlled heat pumps 8 EXECUTIVE SUMMARYOVERVIEW REGIONAL OVERVIEW Market Fundamentals OFFICE DEMAND AND DELIVERIES SUBURBAN MARYLAND | THROUGH DECEMBER 2017 ► The Washington, DC metropolitan area grew 70,600 1.8 DEMAND net new jobs for the 12-month period ending January 1.6 = 1.6 million SF 2016; versus the historical 12-month average of 43,400 1.4 ► Another 53,200 net new jobs are projected to be added 1.2 DELIVERIES to the Washington, DC economy in 2016 1.0 = Planned and may ► Suburban Maryland represented 40% of the 0.8 deliver by 12/17: 200,000 SF metropolitan area’s job growth with 28,400 net new 0.6 = Under Construction jobs during the past 12 months with an additional SF INOF MILLIONS 0.4 461,000 SF 18,000 jobs projected in 2016 0.2 ► As a result of such strong job growth, demand for office Total = 761,000 SF 0.0 space in Suburban Maryland is anticipated to outpace supply as these are high wage, office using jobs Source: Transwestern. Regional Payroll & Employment PAYROLL JOB GROWTH WASHINGTON METRO AREA ► The Washington, DC metropolitan area employs 3.2 million; 140 the sixth largest job market behind New York, LA , Chicago, 120 Dallas/Ft. Worth, and San Francisco Bay Area 5-Year Projected Average = 47,700/Year 100 20-Year Annual Average = 43,400/Year ► The metropolitan area’s unemployment rate is the 3rd lowest 80 in the country at 3.8%; well below the national average of 60 4.8% 40 ► Federal budget cuts and sequestration are no longer 20 occurring and the federal government continues to fuel 0 200020012002200320042005200620072008200920102011201220132014201520162017201820192020 the metropolitan area’s economy with over $70 billion of -20 procurement spending in 2015. JOBS AVERAGE) (ANNUAL -40 THOUSANDS OF NEW PAYROLL OF NEW PAYROLL THOUSANDS ► The federal government’s procurement spending continues to -60 shift job growth to the private sector as government contractors District Sub. MD No. Virginia represent 15% of the metropolitan area’s workforce ► Locally, Montgomery County receives approximately $8.6 Source: Bureau of Labor Statistics, Moody’s, Transwestern. billion of the federal government’s procurement spending primarily via the Department of Health and Human Services (HHS) and the National Institutes of Health (NIH) UNEMPLOYMENT RATE LARGE METRO AREAS | DECEMBER 2014 VS. DECEMBER 2015 ► The Professional/Business Services sector will lead job growth 8% December 2014 through 2020 with high paying, office using jobs that have a National 7% December 2015 high multiplier effect on the economy Average 6% 5.4% 5% 4.8% Regional Outlook 4% 3% Strong private sector will continue to drive the region’s ► 2% economic expansion with health care, education, and cyber UNEMPLOYMENT RATE UNEMPLOYMENT security fueling the growth 1% ► Job growth will continue to strengthen consumer confidence 0% DFW Den Hou SF Bay Bos Was Phx Phil Atl NY Chi LA ► Imbalance between office supply and demand will result in Basin declining future vacancy rates Source: Bureau of Labor Statistics, Transwestern. MONTGOMERY COUNTY OVERVIEW Montgomery County is the largest employment center in the State of Maryland, and the second largest in the Washington, DC region. It is commonly known for its bio-medical and technology industries that span the I-270 corridor (“DNA Alley”) and home to the National Institutes of Health (NIH) and Department of Health and Human Services (HSS). As a result, the county has evolved into an international business center with one of the most highly educated workforces in the nation. ► Montgomery County is home to 19 prominent federal agencies including the US Department of Health and Human Services, the National Institutes of Health and the National Oceanic and Atmospheric Administration. • 61% of all Maryland procurement spending is allocated to Montgomery County. • 59% of the Washington, DC metropolitan area’s HHS procurement funds are spent in Maryland, with the majority of spending allocated to Montgomery County. Professional & Business Services 21.60% •Government Over the past seven years, HHS’s18.60% procurement spending in Montgomery County has increased on average 5.6%. During 2015, Education & Health Services 14.30% MONTGOMERY COUNTY PROFESSIONAL INDUSTRIES Retailspending Trade increased 7.1%, which10.10% is anticipated to boost commercial real estate demand from government contractors. Leisure & Hospitality 9.00% ► MontgomeryFinancial Activities County is home to 1186.90% corporate headquarters. ► ConstructionMontgomery County boasts the 12th5.70% highest median household income in the country at $94,365 per year. Other Services 5.30% Manufacturing 2.80% Information Technology 3.75% WholesaleMontgomery Trade County’s office 2.05%market is propelled by more than 525,000 workers employed by 32,000 diverse businesses – including 1,200 IT companies. 3.75% 2.05% 2.80% Professional & Business
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