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Offering Memorandum WEST MADISON STREET

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Offering Memorandum WEST MADISON STREET 1350 – 1354 WEST MADISON STREET Offering Memorandum JANUARY 2021 SITE EXECUTIVE SUMMARY W. WASHINGTON BOULEVARD Bradford Allen has been retained by Ownership as the exclusive advisors in the sale of 1350 West Madison Street in Chicago, Illinois. The offering consists of a 22,000 SF development site currently improved with a 51,500 SF building operating as an ice rink. This offering does not include the business and a condition of any sale will preclude the Buyer from continuing to operate the ice rink. 1350 West Madison is located in the heart of Chicago’s West Loop N. LOOMIS STREET neighborhood and offers excellent access to public transportation and highways. Currently zoned B 3-5 and offering excellent visibility with 200 MADISON STREET feet of frontage on West Madison Street. Property information 1350 – 1354 West Madison Street ADDRESS Chicago, IL 60607 17-08-335-030-0000 (Building) PINS 17-08-335-016-0000 (Parking) S. LOOMIS STREET LAND 22,000 SF 200 FT of Madison Street frontage ZONING B 3-5 W. MONROE STREET 1350 – 1354 Exclusive Sale Agent West Madison Street 1 Chicago, IL 60607 PROJECT HIGHLIGHTS Location Zoning and Development 1350 West Madison is located in the heart of Chicago’s Currently zoned B 3-5. Potential for adaptive reuse of the existing West Loop neighborhood – a dynamic and emerging structure or ground-up new development. Ideal for residential and/or neighborhood filled with restaurants, retail, new office retail mixed use. Potential for hotel and or special retail use. and many high end residential developments. Ideally situated within the 27th Ward, led by Alderman Walter Existing Easement Burnett, Jr., the parcel offers seasoned developers Any redevelopment will require consideration of an existing easement the opportunity to participate in the growth of this and separate ownership of 31 of the existing 85 underground parking venerable neighborhood. spaces. 1350 – 1354 Exclusive Sale Agent West Madison Street 2 Chicago, IL 60607 Site Analysis PLAT MAP SITE OVERVIEW 1350 – 1354 Exclusive Sale Agent West Madison Street 3 Chicago, IL 60607 20 Johnny’s Ice House East, Chicago, Illinois © 2019 CBRE, Inc. Overview Fulton Market/Near West Side Office 12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth 1.6 M 457 K 21.4% -0.9% The Fulton Market/Near West Side Submarket has the amount of already delivered or currently underway evolved from the city's former meatpacking district into a stock has pushed the total amount of availabile space to hotspot for corporate offices, with conglomerates such as approximately 4.0 million SF, which equates to an Google, Glassdoor, Mondelez and McDonalds all alarming 32.7% of current inventory. Unfortunately, the occupying significant space within the submarket. For pace of new lease signings in the Fulton Market/Near tenants, the area's key draw is access to top-tier talent, West Side Submarket has slowed thus far in 2020, as as more than 20,000 college educated millennials live the coronavirus pandemic led many companies to pause within walking distance, while the area is well served by or reverse expansion plans. In total, approximately both highways and numerous public transportation 450,000 SF of space has been absorbed within the options. submarket over the past year, which equates to less than MARKET OVERVIEW 13% of the total amount of space currently available. Despite relatively strong demand drivers, consistent Thus, with Chicago's labor market still struggling to waves of new supply (which have brought more than 1.6 rebuild momentum since the onset of the coronavirus million SF of new space to market in the last year alone) pandemic, and many local employers uncertain on the have pushed the vacancy rate up by approximately 8.8% near term trajectory of the economy, it is highly likely that Fulton Market/Near WestOverview Side over the past year to 21.4%. At the same time, there is fundamentalsFulton within Market/Near the Fulton West Side Market/Near Office West Side approximately 1.6 million SF of space currently under neighborhood will remain soft until stronger growth construction within the submarket,12 Mo Deliveries approximately in SF 12 Mo Net 70% Absorption of in SF resumes.Vacancy Rate 12 Mo Rent Growth which is still available for lease.1.6 This M significant 457growth inK 21.4% -0.9% KEY INDICATORS The Fulton Market/Near West Side Submarket has the amount of already delivered or currently underway evolved from the city's former meatpacking district into a stock has pushed the total amount of availabile space to hotspot for corporate offices, with conglomerates such as approximately 4.0 million SF, which equates to an Net Absorption Under Current Quarter Google, Glassdoor,RBA Mondelez Vacancyand McDonalds Rate all Market Rentalarming 32.7%Availability of current Rate inventory. Unfortunately, theDeliveries SF occupying significant space within the submarket. For pace of new lease signings in the FultonSF Market/Near Construction tenants, the area's key draw is access to top-tier talent, West Side Submarket has slowed thus far in 2020, as 4 & 5 Star as more than4,027,414 20,000 college educated33.4% millennials live $45.04the coronavirus46.8% pandemic led many 281,243companies to pause 837,493 1,648,579 within walking distance, while the area is well served by or reverse expansion plans. In total, approximately 3 Star both highways5,086,657 and numerous public13.6% transportation $29.07450,000 SF of space20.6% has been absorbed(49,297) within the 0 0 options. submarket over the past year, which equates to less than 1 & 2 Star 1,403,687 15.5% $28.5013% of the total19.8% amount of space currently(24,686) available. 0 0 Despite relatively strong demand drivers, consistent Thus, with Chicago's labor market still struggling to Submarket waves of new10,517,758 supply (which have brought21.4% more than 1.6$36.46rebuild momentum32.7% since the onset of207,260 the coronavirus 837,493 1,648,579 million SF of new space to market in the last year alone) pandemic, and many local employers uncertain on the have pushed the vacancy rate upHistorical by approximately 8.8%Forecastnear term trajectory of the economy, it is highly likely that Annual Trends over the past12 year Month to 21.4%. At the same time, there is fundamentals withinPeak the Fulton Market/NearWhen West Side Trough When Average Average approximately 1.6 million SF of space currently under neighborhood will remain soft until stronger growth Vacancy Change (YOY) construction within8.8% the submarket, 10.6%approximately 70% of10.7%resumes. 21.4% 2020 Q4 3.2% 1999 Q3 which is still available for lease. This significant growth in Net Absorption SF 457 K 76,432 873,630 1,020,194 2019 Q1 (308,702) 2001 Q3 Deliveries SF KEY INDICATORS1.6 M 162,857 1,021,541 1,167,102 2020 Q3 0 2013 Q1 Net Absorption Under Current Quarter RBA Vacancy Rate Market Rent Availability Rate Deliveries SF Rent Growth -0.9% 3.7% 2.4% 12.6% SF 2008 Q1 Construction-7.6% 2009 Q4 4 & 5 Star 4,027,414 33.4% $45.04 46.8% 281,243 837,493 1,648,579 Sales Volume 3 Star $540 M 5,086,657$66.7M 13.6% N/A$29.07 20.6%$376.8M(49,297) 20160 Q2 0 $4.5M 2010 Q2 1 & 2 Star 1,403,687 15.5% $28.50 19.8% (24,686) 0 0 Submarket 10,517,758 21.4% $36.46 32.7% 207,260 837,493 1,648,579 Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 8.8% 10.6% 10.7% 21.4% 2020 Q4 3.2% 1999 Q3 Net Absorption SF 457 K 76,432 873,630 1,020,194 2019 Q1 (308,702) 2001 Q3 Deliveries SF 1.6 M 162,857 1,021,541 1,167,102 2020 Q3 0 2013 Q1 Rent Growth -0.9% 3.7% 2.4% 12.6% 2008 Q1 -7.6% 2009 Q4 Sales Volume $540 M $66.7M N/A $376.8M 2016 Q2 $4.5M 2010 Q2 Information provided by CoStar. Exclusive Sale Agent 1350 – 1354 12/10/2020 Copyrighted report licensed to Bradford Allen Realty Services - 233733 West Madison Street 4 Page 2 12/10/2020 Chicago, IL 60607 Copyrighted report licensed to Bradford Allen Realty Services - 233733 Page 2 Leasing Fulton Market/Near West Side Office While the Fulton Market/Near West Side Submarket has occupied approximately 51,000 SF at 1375 W Fulton been one of Chicago's most in-demand submarkets, Street in June. The 300,000 SF 13-story property is one leasing activity, and by extension net absorption have of numerous speculative projects to deliver over the past Sales slowed in the wake of the coronavirus pandemic, while 12 months and is still seeking to fill nearly 240,000 SF Fulton Market/Near West Side Office new supply has largely charged ahead. Approximately (after recently signing Xeris Pharmaceuticals to a 10,782 1.6 million SF of new space has delivered over the past SF lease in July). Also signing on for new space within year, while net absorption has totaled just 450,000 SF. the Submarket in July was Sloan Valve Co., which As a whole, Chicago has witnessed a significant pullback submarket. Another notable sale occurred in June, with While this total places the Fulton Market/Near West Side agreed to lease 20,000 SF at 333 N Green Street. The in investment activity, yet the Fulton Market/Near West the sale of 900 West, located at 159 N Sangamon St.
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