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Exclusive Offering Executive Summary EXCLUSIVE OFFERING EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS • Best-in-Class, 279,712 RSF, Class A Office Asset → Newest Office Building Along Pratt Street • 10 Year Average Occupancy of 98% → Currently 86% Leased to 14 Tenants with 6.3 Years of WALT • Prestigious Pratt Street Address → Pratt Street Corridor has Averaged 92% Leased over the Past 5 Years • Outstanding Access via the Jones Falls Expressway (I-83) and I-395/I-95 → Penn Station (8 Minutes) and Baltimore- Washington International Airport (18 Minutes) Are Immediately Accessible • Sweeping Views of the Inner Harbor, the National Aquarium in Baltimore, Power Plant, and Federal Hill → The Property Features 4 Private Balconies and 1 Private Terrace • Countless Nearby Amenities Provided by Harborplace, The Gallery, and Surrounding Retailers • Residential Renaissance is Revitalizing Downtown Baltimore → Continued Office-to-Residential Conversions Holliday Fenoglio Fowler, L.P. (“HFF”), as exclusive representative for the Owner, is pleased to present this offering for the sale of the leasehold interest in 500 East Pratt (the “Property”), a 279,712 RSF office tower prominently located along Baltimore’s renowned Pratt Street. Currently 86% leased to 14 tenants with a weighted average remaining lease term of 6.3 years, 500 East Pratt features sweeping views of the Inner Harbor, outstanding multi-modal accessibility, and a full compliment of amenities in immediate walking distance of the Property. The newest building along Pratt Street, the Property is a true best-in-class asset and has an impressive 10 year average occupancy history of 98%, which is the best performing asset along the Pratt Street Corridor. For over two centuries, Pratt Street has been the center of Baltimore’s commercial district, offering outstanding multi-modal accessibility, views of Baltimore harbor, and proximity to the finest cultural and retail offerings in the City. Today, 500 East Pratt’s location offers immediate access to the Jones Fall Expressway (I-83) and Baltimore’s northern residential neighborhoods, while I-395/I-95 is accessible within 6 minutes and provides access to Baltimore-Washington International Airport (“BWI”) and Washington, DC. Amenities and cultural attractions such as Harborplace, The Gallery, Power Plant, and Power Plant Live! are nearby, offering tenants and their visitors eateries and entertainment alike within walking distance of the Property. The historical performance of 500 East Pratt and the Pratt Street Corridor each speak to the strength of Pratt Street as a preferred office location. The Pratt Street Corridor has been 92% leased on average over the past 5 years while 500 East Pratt has averaged 98% occupancy over a 10 year period, a testament to its best-in-class status and appeal to Baltimore’s blue chip tenants. Meanwhile, office-to-residential conversions, which have already taken more than 2.2 million square feet of office space offline in downtown Baltimore, have bolstered the entire office market’s performance while continuing to transform Baltimore into a vibrant, 24-7, live-work-play environment. Accordingly, 500 East Pratt is a rare and coveted opportunity to acquire a best-in-class office property on Baltimore’s renowned Pratt Street and add immediate value through its lease up and stabilization. Investors will benefit not only from the proven desirability of the Pratt Street Corridor, but also from the Property’s best-in-class status, convenient location, and robust surrounding amenity base that continues to attract the region’s most prominent tenants. 2 BEST-IN-CLASS, 279,712 RSF OFFICE ASSET; 10 YEAR AVERAGE OCCUPANCY OF 98%; NEWEST OFFICE BUILDING ALONG PRATT STREET CURRENTLY 86% LEASED TO DIVERSIFIED RENT ROLL OF 14 TENANTS • Developed in 2004 by the Trammell Crow Company, 500 East Pratt is the newest office building along Pratt Street, offering highly • Over the past 10 years, 500 East Pratt has averaged 98% occupancy, efficient 24,000 RSF floor plates, 30’ x 30’ column spacing, and outperforming all other assets along Pratt Street, and speaking to the finished ceiling heights of 9’6” to over 11’0”. Property’s best-in-class status and appeal to Baltimore’s high profile legal, financial services, and consulting tenants. • 500 East Pratt boasts sweeping views of the Inner Harbor, the National Aquarium in Baltimore, Power Plant, and Federal Hill, as • The Property is currently 86% leased to a diversified rent roll of 14 well as 4 private balconies and 1 private terrace. tenants with a weighted average remaining lease term of 6.3 years. • An impressive 2-story, atrium-style lobby with polished granite flooring • The Property’s largest tenants – CohnReznick LLP (58,258 RSF, 21% greets visitors arriving to the Property, providing tenants not only a of RBA, May-27 LED), Saul Ewing LLP (48,728 RSF, 17% of RBA, prestigious address but a distinguished presence along Pratt Street. Nov-20 LED), and Aon Service Corporation (30,704 RSF, 11% of RBA, Aug-22 LED) – are in-place long-term providing durable cash • With thousands of vehicles passing the Property daily on Pratt Street flow as an investor completes lease up of the existing vacancy. and 14 million visitors to Baltimore’s Inner Harbor annually, 500 East Pratt offers its tenants outstanding signage opportunities. PROPERTY SUMMARY 500 East Pratt Street 10-Year Average Address 98% Baltimore, MD 21202 Occupancy History 13-Story Class A Office Building # of Tenants 14 Type of Property (Leasehold Estate) 6.3 years WALT Rentable Area 279,712 RSF (as of February 1, 2017) Year Built 2004 CohnReznick LLP (58,258 RSF; 21% of RBA; May-27 LED) Typical Floor Plate ± 24,000 RSF Saul Ewing LLP 2.5 spaces per 1,000 RSF Major Tenancy (48,728 RSF; 17% of RBA; Nov-20 LED) Parking Ratio (675 spaces) Overview Aon Service Corp. % Leased 86% (30,704 RSF; 11% of RBA; Aug-22 LED) EXECUTIVE SUMMARY 3 EXECUTIVE SUMMARY OUTSTANDING LOCAL & REGIONAL MULTI-MODAL ACCESSIBILITY • 500 East Pratt is proximate to both the Jones Fall Expressway (I-83) and I-395/I-95, each of which is accessible in under 6 minutes and provides access to north Baltimore’s residential neighborhoods and to Baltimore-Washington International Airport (“BWI”) and Washington, DC, respectively. Pratt Street and Lombard Street also offer ideal east-west ingress and egress across the city. • With a Walk Score® of 95 (“Walker’s Paradise”), a Transit Score® of 87 (“Excellent Transit”), and a Bike Score® of 83 (“Very Bikeable”), 500 East Pratt offers outstanding non-vehicular access for the urban dweller as well. • Shot Tower Station provides Metrorail access to Owings Mills and Johns Hopkins Hospital and is a 7 minute walk from the Property, while Baltimore’s Charm City Circulator runs a free bus service featuring two lines in walking distance of 500 East Pratt. • Baltimore’s Penn Station is only an 8 minute drive from the Property and provides both Amtrak and MARC commuter rail service, while Baltimore- Washington International Airport (“BWI”) is an 18 minute drive from the Property. The Camden MARC Station is also walkable from the Property in 15 minutes, and provides rail service to Washington, DC. 395 95 LIGHT STREET 1.4 miles / 6 minutes Via S. Howard Street & W. Conway Street PRATT STREET MARKET PLACE LOMBARD STREET GAY STREET BALTIMORE STREET Baltimore’s Penn Station – providing both Amtrak and MARC Regional Service – is accessible in 8 minutes. ST PAUL STREET Baltimore-Washington International Airport is accessible in 18 minutes. 83 Jones Falls Expressway / I-83 0.5 miles / 3 minutes Via Pratt Street & S. President Street 4 Power Plant THE INNER HARBOR: BALTIMORE’S CULTURAL AND RETAIL FOCAL POINT, OFFERING OUTSTANDING AMENITIES AND ENTERTAINMENT OPTIONS • With over 24 million visitors annually, Baltimore’s Inner Harbor is Maryland’s biggest tourist attraction and anchors the City’s retail, cultural, and entertainment offerings. • Harborplace and The Gallery cumulatively offer over 60 dining and retail establishments, and are within a 7 minute walk of the Property. At Harborplace, Ashkenazy Acquisition Corporation will convert the existing inward oriented retail pavilions to outward oriented storefronts, making the retail amenity even more accessible to 500 East Pratt tenants. • Nearby cultural and entertainment attractions that are walkable from 500 East Pratt include the National Aquarium in Baltimore (1 minute), the USS Constellation (4 minutes), and the Maryland Science Center (12 minutes). Meanwhile, Pier Six Harbor Place Pavilion, a waterfront concert and show venue, is only a 6 minute walk from the Property. • Oriole Park at Camden Yards (home to the Major League Baseball’s Baltimore Orioles) and M&T Bank Stadium (home to the National Football League’s Baltimore Ravens), are both within walking distance of 500 East Pratt. IN-PLACE GROUND LEASE; FREE AND CLEAR TRANSACTION • 500 East Pratt is situated on an approximately 47,538 SF (1.09 acre) site that is currently subject to a ground lease through 2090. The ground lease is at a competitive rate and is subject to CPI escalations. • The Property will be sold free and clear of debt, providing investors the opportunity to take advantage of historically-low interest rates. EXECUTIVE SUMMARY 5 Andrew M. Weir Stephen C. Conley Holliday Fenoglio Fowler, L.P. Holliday Fenoglio Fowler, L.P. Senior Managing Director Executive Managing Director 202.533.2504 202.533.2533 [email protected] [email protected] James A. Meisel Stephen “Dek” Potts, Jr. Holliday Fenoglio Fowler, L.P. Holliday Fenoglio Fowler, L.P. Senior Managing Director Senior Managing Director 202.533.2505 202.533.2528 [email protected] [email protected] Financing: Matthew T. Nicholson Cary P. Abod Holliday Fenoglio Fowler, L.P. Holliday Fenoglio Fowler, L.P. Associate Director Managing Director 202.533.2502 202.533.2513 [email protected] [email protected] 1775 Pennsylvania Ave, NW | 5th Floor | Washington, DC 20006 202.533.2500 | hfflp.com.
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