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Executive Summary Austin, Texas

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Executive Summary Austin, Texas Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp. a Texas licensed real estate broker (“HFF) AUSTIN, TEXAS EXECUTIVE SUMMARY PLAZA ON THE LAKE I & II 1 HFF has been exclusively retained by the Owner to offer to qualified investors an opportunity to purchase Plaza on the Lake I & II (the “Property”), two trophy office buildings situated in an irreplaceable location in the hills overlooking Lake Austin amongst the most affluent areas of Austin, Texas. Completed in 1998, the 96% leased Class A, three-story buildings total 236,561 square feet and are located in Austin’s most sought after submarket, Southwest Austin, on the Capital of Texas Highway (Loop 360). Plaza on the Lake I & II feature an impressive array of credit tenants accounting for approximately 64% of the occupied square footage, with Farm Credit Bank occupying 100% of Building II. The Property is well positioned for strong revenue increases with in-place rental rates that are approximately 31% below market, offering investors a unique opportunity to purchase a core asset with excellent upside potential in one of the top office markets in the country where rental rates have grown over 25% in the past three years. PROPERTY OVERVIEW Address: 5001 Plaza on the Lake Drive (Building I) & 4801 Plaza on the Lake Drive (Building II) Austin, TX, 78746 Submarket: Southwest Total Occupancy: 96% Year Built: 1998 Building GLA: 236,561 square feet Typical Floor Size: ~37,000 - 42,000 square feet Stories: 3 Floors with 1-2 underground parking levels Acreage: 11.2 acres Parking: 4.43/1,000 RSF (1,041 spaces in underground and garage parking) INVESTMENT HIGHLIGHTS Institutional Quality Diverse Mix of Tenants Significant Barriers to Entry Plaza on the Lake I & II are Class A, institutional quality Building I is occupied by tenants spanning several industries Surrounded by a protected, environmentally sensitive area assets featuring classic architecture, a two story atrium lobby, including Amherst Holdings and Arch Ventures (Financial that includes Barton Springs, the Edwards Aquifer and the floor-to-ceiling glass, efficient floor plates, and below ground Services), CA, Inc., a strong credit tenant, along with 3D Bull Creek Nature Preserve, the Property enjoys a significant and structured parking. The buildings have received over Robotics (Technology), Mitratech (Legal Services), which has advantage over competitive properties due to the extreme $800,000 in capital improvements over in the past several expanded four times, and more. barriers to entry and impervious coverage restrictions. New years and have been maintained to the finest standards. construction is difficult in the Southwest submarket due to Significant Upside Potential soaring land prices, significant development restrictions, high Superior Tenancy Strong upside potential exists from current rents that are over construction costs, and scarcity of development sites along Plaza on the Lake I & II are currently 96% leased to an excellent 31% below market, in a Class A Southwest submarket that Loop 360, with only one remaining, zoned and permitted site mix of local, regional and national tenants with staggered has seen 17% rental rate growth over the past 3 years ($4.95 from Lake Austin to Mopac (Loop 1). rollover through 2024. Farm Credit Bank of Texas (S&P AA+ PSF). Additionally, the in-place leases have contractual rent credit), a single tenant in Building II, occupies 111,548 square bumps throughout their terms, giving the landlord the added feet, or 47% of the Property, through April 2024. benefit of increasing rental income. PLAZA ON THE LAKE I & II 3 DOWNTOWN WEST LAKE HILLS LAKE AUSTIN DAVENPORT VILLAGE PENNY BACKER BRIDGE CAPITAL OF TEXAS HIGHWAY 5000 PLAZA ON THE LAKE DOWNTOWN EXCEPTIONAL LOCATION WEST LAKE HILLS Plaza on the Lake I & II, situated on an 11-acre site, resides in one of the most sought after locations for tenants in Austin. Tenants are attracted to the area due to its central location within the city, its proximity to high-end residential areas, including West DAVENPORT Lake Hills, Davenport and Rob Roy Ranch, nearby retail including VILLAGE Davenport Village, the Arboretum and the Domain, and its setting amid Austin’s scenic Hill Country overlooking Lake Austin. The Property’s location on the Capital of Texas Highway (Loop 360), AY which bisects the western half of the city, provides easy access to HW Austin’s major east-west arterials, MoPac Expressway (Loop HIG 1), FM 2222, Bee Caves Road (FM 2244), Highway 71, XAS TE Highway 290, and US Highway 183, all of which are OF ten miles or less from the Property. ITAL CAP LAKE AUSTIN AUSTIN’S STRONGEST THRIVING AUSTIN ECONOMY AUSTIN: NATION LEADING EMPLOYMENT GROWTH SUBURBAN SUBMARKET Ranked by Forbes as the “Fastest Growing City in the Country” and one of the “Top Five Best Cities for New The Southwest submarket has consistently Recent Major Northwest Jobs” for the fourth year in a row, Austin continues to been Austin’s city-leader, averaging 91.9% 31.4% Corporate Announcements expand and flourish with approximately 31,300 new occupancy and $27.89 per square foot gross jobs in the past 12 months and over 140 new residents FROM rental rate since 2012. Additionally, the market per day. Fueled by numerous corporate relocations 2003-2013 maintained an occupancy level of 89.4% despite a 3,600 NEW JOBS 1,000 NEW JOBS 820 NEW JOBS and expansions, Austin is experiencing growth at 7.3% increase in the overall supply in the submarket twice the national pace and boasts a record setting in 2015. With a current average rental rate of $32.17 unemployment rate of 3.1% as of June 2015. Dubbed per square foot gross, or $2.56 above the overall Austin the “Silicon Hills,” Austin is one of the nation’s 470 NEW JOBS 300 NEW JOBS 240 NEW JOBS average, Southwest Austin continues to be one of the hottest preeminent locations for technology, with more than E submarkets in Austin. RIDG 120,000 employees at 4,444 technology companies. R B CKE YBA PENN 5000 PLAZA ON THE LAKE PLAZA ON THE LAKE I & II 5 DEBT PLACEMENT | INVESTMENT SALES | EQUITY PLACEMENT ADVISORY SERVICES | LOAN SALES | LOAN SERVICING Atlanta, GA • Austin, TX • Boston, MA • Carolinas • Chicago, IL • Dallas, TX • Houston, TX • Denver, CO • Indianapolis, IN • Los Angeles, CA • Miami, FL New York City, NY • Florham Park, NJ • Orange County, CA • Orlando, FL • Philadelphia, PA • Pittsburgh, PA • Portland, OR • San Diego, CA • San Francisco • Tampa, FL • Washington, D.C. Financing Guidance ANDREW LEVY TODD SAVAGE KELSEY ROOP PATRICK MCCORD MICHAEL RESTIVO JEREMY WOMACK Senior Managing Director Managing Director Associate Director Senior Real Estate Analyst Real Estate Analyst Managing Director 469.232.1961 469.232.1930 512.532.1927 512.532.1928 512.532.1974 512.532.1965 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] HFF has been engaged by the owner of the properties to market them for sale. Information concerning the property [properties] described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, 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, and HFF, its partners, officers, employees and agents 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..
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