Market Insights 2020

Market Insights Dallas/Fort Worth Office 1Q 2020

Bradford Commercial Real Estate Services 3100 McKinnon Street, Suite 400 Dallas, Texas 75201

DALLAS-FORT WORTH OFFICE MARKET INSIGHTS 4Q2019 Table of Contents

BRADFORD DALLAS-FORT WORTH OFFICE TEAM 1

DALLAS - FORT WORTH OVERALL MARKET INSIGHT 2

SUBMARKET EXPERTISE • Central Expressway • Dallas CBD • East Dallas 3 • Far North Dallas • Fort Worth CBD • Las Colinas • LBJ Freeway • Mid Cities • Preston Center • Richardson Plano • Stemmons • Uptown-Turtle Creek

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 1 DFW OFFICE COVERAGE OFFICE MARKET EXPERTS

• Bradford Corporate Office

• Bradford Field Offices

2 BinformedOFFICE MARKET EXPERTS

Melanie Hughes Richmond Collinsworth Erik Blais Jared Laake Senior Vice President First Vice President Vice President Vice President 972.776.7046 972.776.7041 817.921.8179 972.776.7045 Dallas Dallas Fort Worth Dallas

Susan Singer, CCIM Paul Richter Shane Benner Executive Vice President Vice President Vice President Brokerage Services 972.776.7036 817.921.8174 972.776.7043 Dallas Fort Worth Dallas

Bret Cooper Elizabeth Robertson Kyle Espie Market Director Market Director Senior Associate 972.776.7035 972.776.7199 972.776.7070 Dallas Dallas Dallas

3 CENTRAL EXPRESSWAY OFFICE OVERALL MARKET INSIGHTS

(same criterias as prior market reports) DFW Office Markets (A, B, C) Binformed Existing Inventory Vacancy Delivered Inventory Under Construction Net Quoted Period Under # Bldgs Total RBA Vacant SF Vacant % Absorption # Bldg Delivered # Bldgs Rates Overall DFW Office Vacancy Overall DFW Office Net Absorption Construction 2016 Q4 20.0% 2,718 263,374,727 46,685,356 17.7% 190,543 9 583,127 48 7,696,797 $ 20.31 1,500,000 2017 Q1 2,732 265,057,220 48,720,397 18.4% (362,126) 13 1,667,021 45 6,631,879 $ 20.48 19.5% 2017 Q2 2,734 265,120,106 48,997,287 18.5% (214,004) 2 62,886 49 6,989,152 $ 20.59 1,000,000 2017 Q3 2,742 265,881,515 48,450,231 18.2% 1,308,465 8 761,409 46 7,862,754 $ 20.82 19.0% 2017 Q4 2,757 267,483,289 49,670,519 18.6% 346,846 15 1,601,774 33 6,403,030 $ 20.88 18.5% 500,000 2018 Q1 2,764 268,384,044 49,935,203 18.6% 650,711 7 900,755 28 5,952,275 $ 20.96 2018 Q2 2,773 270,047,927 51,433,564 19.0% (385,248) 8 1,607,413 23 4,649,502 $ 20.98 18.0% (same criterias as prior market reports) 0 2018 Q3 2,780 271,030,488 52,161,999 19.2% 254,126 7 982,561 20 3,955,264 $ 21.17 17.5% DFW Office Markets (A, B, C) 2018 Q4 2,782 271,485,945 52,565,136 19.4% 52,320 2 455,457 21 3,841,878 $ 21.22 (500,000) 2019 Q1 2,788 272,562,375 52,216,563 19.2% 1,425,003 6 1,076,430 19 2,946,341 $ 21.19 17.0% 2019 Q2 2,793 272,854,903 51,724,137 19.0% 779,894 5 292,528 18 2,762,547 $ 21.33 Existing Inventory Vacancy(1,000,000) Delivered Inventory Under Construction 16.5% 2016Net2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Quoted 2019 Q3 2,796 273,350,264 53,052,715 19.4% (833,217) 3 495,361 18 2,773,269 $ 21.52 2016 2017 Period2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Under Overall DFW Office Vacancy Overall DFW Office Net Absorption Q4 Q1 Q2 Q3 Q4 Q1 #Q2 BldgsQ3 Q4 TotalQ1 RBAQ2 Q3 VacantQ4 Q1 SF Vacant % Absorption # Bldg Delivered # Bldgs Rates 2019 Q4 2,802 274,822,782 53,233,667 19.4% 1,291,566 6 1,472,518 14 1,799,751 $ 21.34 Construction 2020 Q1 2,804 275,077,782 54,202,447 19.7% (713,780) 2 255,000 12 1,544,751 $ 21.62 2016 Q4 20.0% 2,718 263,374,727 46,685,356 17.7% 190,543 9 583,127 48 7,696,797 $ 20.31 1,500,000 2017 Q1 2,732 265,057,220 48,720,397 18.4% (362,126) 13 1,667,021 45 6,631,879 $ 20.48 Overall DFW Office Quoted Rental Rates Overall DFW Office Construction 19.5% DFW Office Statistics by Market 2017 Q2 2,734 265,120,106 48,997,287 18.5% (214,004) 2 62,886 49 6,989,152 $ 20.59 1,000,000 $22.00 8,000,000 19.0% Existing Vacancy Net Under Quoted 2017 Q3 2,742 265,881,515 48,450,231 18.2% 1,308,465 8 761,409 46 7,862,754 $ 20.82 Market Inventory Deliveries 7,000,000 # Blds Total RBA Direct SF Total SF Absorption Const SF Rates 2017 Q4 2,757 267,483,289 49,670,519 18.6% 346,846 15 1,601,774 33 6,403,030 $ 20.88 $21.50 6,000,000 18.5% 500,000 Central Expressway 98 12,162,018 1,758,985 14.5% -65,113 0 30,000 $25.05 2018 Q1 2,764 268,384,044 49,935,203 18.6% 650,711 7 900,755 28 5,952,275 $ 20.96 Dallas CBD 79 28,702,872 7,877,884 27.4% -436,903 0 0 $21.19 5,000,000 $21.00 2018 Q2 18.0% East Dallas 171 7,346,774 1,199,504 16.3% 198,749 0 469,000 $21.59 2,773 270,047,927 51,433,564 19.0%4,000,000 (385,248) 8 1,607,413 23 4,649,502 $ 20.98 0 2018 Q3 2,780 271,030,488 52,161,999 19.2%3,000,000 254,126 7 982,561 20 3,955,264 $ 21.17 Far North Dallas 450 50,283,076 10,415,028 20.7% 276,240 255,000 138,893 $24.24 17.5% $20.50 Ft Worth CBD 58 9,751,968 1,442,250 14.8% 143,328 0 0 $26.46 2018 Q4 2,782 271,485,945 52,565,136 19.4%2,000,000 52,320 2 455,457 21 3,841,878 $ 21.22 (500,000) Las Colinas 278 35,868,058 6,391,487 17.8% -983,508 0 27,475 $20.92 2019 Q1 2,788 272,562,375 52,216,563 19.2%1,000,000 1,425,003 6 1,076,430 19 2,946,341 $ 21.19 17.0% LBJ Freeway 160 21,226,071 4,459,842 21.0% 245,419 0 0 $20.40 $20.00 0 2019 Q2 Lewisville/Denton 148 6,945,300 783,316 11.3% 12,322 0 122,000 $18.46 2,793 272,854,903 51,724,137 19.0% 2016779,8942017 2017 2017 201752018 2018 2018292,5282018 2019 2019 2019182019 2020 2,762,547 $ 21.33 (1,000,000) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 16.5% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Mid-Cities 384 21,910,714 5,273,445 24.1% 3,994 0 100,609 $18.45 2019 Q3 2,796 273,350,264 53,052,715 19.4% (833,217) 3 495,361 18 2,773,269 $ 21.52 $19.50 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 North Fort Worth 43 2,446,430 192,551 7.9% 8,614 0 0 $18.31 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Delivered Under Construction Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q4 Q12019Q2 Q4Q3 Q4 Q1 2,802Q2 Q3 Q4274,822,782Q1 Q2 Q3 53,233,667Q4 Q1 19.4% 1,291,566 6 1,472,518 14 1,799,751 $ 21.34 Northeast Ft Worth 48 3,503,872 612,429 17.5% -820 0 0 $16.91 2020 Q1 2,804 275,077,782 54,202,447 19.7% (713,780) 2 255,000 12 1,544,751 $ 21.62 Preston Center 52 4,837,427 630,811 13.0% -95,066 0 0 $29.18 Richardson/Plano 352 30,065,073 6,217,563 20.7% 51,562 0 0 $18.43 South Ft Worth 196 10,708,175 1,248,690 11.7% -9,937 0 0 $21.92 Overall DFW Office Quoted Rental Rates Overall DFW Office Construction Southwest Dallas 79 3,403,365 359,486 10.6% -30,457 0 0 $16.22 DFW Office Statistics by Market $22.00 Stemmons Freeway 115 12,700,257 3,239,339 25.5% -1,504 0 0 $15.92 Existing Vacancy 8,000,000 Uptown/Turtle Creek 93 13,216,332 2,158,559 16.3% -184,488 0 656,774 $31.49 Net Under Quoted Market Inventory Deliveries 7,000,000 Totals 2,804 275,077,782 54,261,169 19.7% -867,568 255,000 1,544,751 $21.48 # Blds Total RBA Direct SF Total SF Absorption Const SF Rates $21.50 Central Expressway 98 12,162,018 1,758,985 14.5% -65,113 0 30,000 $25.05 6,000,000 Dallas CBD 79 28,702,872 7,877,884 27.4% -436,903 0 0 $21.19 5,000,000 $21.00 East Dallas 171 7,346,774 1,199,504 16.3% 198,749 0 469,000 $21.59 4,000,000 * Lewisville Denton doesn't have a tab Far North Dallas 450 50,283,076 10,415,028 20.7% 276,240 255,000 138,893 $24.24 3,000,000 Ft Worth CBD 58 9,751,968 1,442,250 14.8% 143,328 0 0 $26.46 $20.50 2,000,000 Las Colinas 278 35,868,058 6,391,487 17.8% -983,508 0 27,475 $20.92 1,000,000 LBJ Freeway 160 21,226,071 4,459,842 21.0% 245,419 0 0 $20.40 $20.00 0 Lewisville/Denton 148 6,945,300 783,316 11.3% 12,322 0 122,000 $18.46 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Mid-Cities 384 21,910,714 5,273,445 24.1% 3,994 0 100,609 $18.45 $19.50 North Fort Worth 43 2,446,430 192,551 7.9% 8,614 0 0 $18.31 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Delivered Under Construction Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Northeast Ft Worth 48 3,503,872 612,429 17.5% -820 0 0 $16.91 Preston Center 52 4,837,427 630,811 13.0% -95,066 0 0 $29.18 Richardson/Plano 352 30,065,073 6,217,563 20.7% 51,562 0 0 $18.43 South Ft Worth 196 10,708,175 1,248,690 11.7% -9,937 0 0 $21.92 Southwest Dallas 79 3,403,365 359,486 10.6% -30,457 0 0 $16.22 Stemmons Freeway 115 12,700,257 3,239,339 25.5% -1,504 0 0 $15.92 Uptown/Turtle Creek 93 13,216,332 2,158,559 16.3% -184,488 0 656,774 $31.49 Totals 2,804 275,077,782 54,261,169 19.7% -867,568 255,000 1,544,751 $21.48

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. 4 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. * Lewisville Denton doesn't have a tab

DFW Overall Office

DFW Overall Office Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Central Expressway Office Vacancy Central Expressway Office Net Absorption Construction 16.0% 2016 Q4 98 12,162,018 1,376,953 11.3% (42,065) 0 0 0 0 $ 24.69 150,000 2017 Q1 98 12,162,018 1,417,738 11.7% (40,785) 0 0 0 0 $ 24.73 14.0% 100,000 2017 Q2 98 12,162,018 1,422,873 11.7% (5,135) 0 0 0 0 $ 23.42 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted 12.0% 50,000 2017Period Q3 98 12,162,018 1,397,758 11.5%Net Absorption25,115 0 0 Under0 0 $ 24.27 # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Central Expressway Office Vacancy Central Expressway Office Net Absorption 2017 Q4 98 12,162,018 1,460,232 12.0% (62,474) 0 0 Construction0 0 $ 23.96 10.0% 0 2016 Q4 98 12,162,018 1,376,953 11.3% (42,065) 0 0 0 0 $ 24.69 16.0% 2018 Q1 98 12,162,018 1,691,523 13.9% (231,291) 0 0 0 0 $ 24.74 8.0% 150,000 (50,000) 2017 Q1 98 12,162,018 1,417,738 11.7% (40,785) 0 0 0 0 $ 24.73 14.0% 2018 Q2 98 12,162,018 1,594,962 13.1% 96,561 0 0 0 0 $ 24.34 100,000 2017 Q2 98 12,162,018 1,422,873 11.7% (5,135) 0 0 0 0 $ 23.42 6.0% (100,000) 2018 Q3 98 12,162,018 1,705,920 14.0% (110,958) 0 0 0 0 $ 24.7612.0% 50,000 CENTRAL EXPRESSWAY2017 Q3 98 12,162,018 1,397,758 11.5% 25,115 0 0 0 0 $ 24.27 (150,000) 4.0% 20172018 Q4 Q4 9898 12,162,01812,162,0181,460,2321,711,69012.0% 14.1%(62,474) (5,770) 0 0 0 0 0 0 $ 23.960 $ 24.6910.0% 0 (200,000) OFFICE OVERALL MARKET INSIGHTS 20182019 Q1 Q1 9898 12,162,01812,162,0181,691,5231,569,75813.9% 12.9%(231,291) 141,932 0 0 0 0 0 0 $ 24.740 $ 24.198.0% 2.0% (50,000) SUBMARKET20182019 Q2 Q2 9898 12,162,01812,162,0181,594,9621,603,03013.1% 13.2% 96,561 (33,272)0 0 0 0 0 0 $ 24.340 $ 24.87 (250,000) 6.0% 0.0% (100,000) (same criterias as prior market reports) 2018 Q3 98 12,162,018 1,705,920 14.0% (110,958) 0 0 0 0 $ 24.76 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2019 Q3 98 12,162,018 1,677,099 13.8% (74,069) 0 0 0 0 $ 25.28 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019(150,000)2019 2019 2019 2020 2018 Q4 98 12,162,018 1,711,690 14.1% (5,770) 0 0 0 0 $ 24.69 4.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 DFW Office Markets (A, B, C) 2019 Q4 98 12,162,018 1,693,872 13.9% (16,773) 0 0 1 30,000 $ 25.28 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Binformed (200,000) 2019 Q1 98 12,162,018 1,569,758 12.9% 141,932 0 0 0 0 $ 24.19 2.0% 2020 Q1 98 12,162,018 1,758,985 14.5% (65,113) 0 0 1 30,000 $ 25.05 Existing Inventory Vacancy Delivered Inventory Under Construction 2019 Q2 98 12,162,018 1,603,030 13.2% (33,272) 0 0 0 0 $ 24.87 (250,000) Net Quoted 0.0% Period Under Overall DFW Office Vacancy Overall DFW Office Net Absorption 2019 Q3 98 12,162,018 1,677,099 13.8% (74,069) 0 0 0 0 $ 25.28 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 # Bldgs Total RBA Vacant SF Vacant % Absorption # Bldg Delivered # Bldgs Rates 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Construction Central Expressway Overview 2019 Q4 98 12,162,018 1,693,872 13.9% (16,773) 0 0 1 30,000 $ 25.28 Q4 Q1 Q2 Q3 Q4 Q1CentralQ2 Q3 ExpresswayQ4 Q1 Q2 Q3 Q4OfficeQ1 Quoted Rates Central Expressway Office Construction 2016 Q4 20.0% 2,718 263,374,727 46,685,356 17.7% 190,543 9 583,127 48 7,696,797 $ 20.31 1,500,000 2017 Q1 2,732 265,057,220 48,720,397 18.4% (362,126) 13 1,667,021 45 6,631,879 $ 20.48 The submarket has a heavy concentration 2020 Q1Absorption98 12,162,018vs Previous1,758,985 Qtr 14.5% vs (65,113)12 Months Ago 0 0 1 30,000 $ 25.05 $25.50 19.5% 8,000,000 2017 Q2 2,734 265,120,106 48,997,287 18.5% (214,004) 2 62,886 49 6,989,152 $ 20.59 1,000,000 of financial services, telecom, and tech (65,113) -16,773 141,932 19.0% Central Expressway Office Quoted Rates Central Expressway Office Construction 2017 Q3 2,742 265,881,515 48,450,231 18.2% 1,308,465 8 761,409 46 7,862,754 $ 20.82 firms. Though vacancies in Central Vacancy vs Previous Qtr vs 12 Months Ago $25.00 7,000,000 2017 Q4 2,757 267,483,289 49,670,519 18.6% 346,846 15 1,601,774 33 6,403,030 $ 20.88 Absorption vs Previous Qtr vs 12 Months Ago $25.50 18.5% 500,000 Expressway have risen in recent quarters, 14.5% 13.9% 12.9% 8,000,000 2018 Q1 2,764 268,384,044 49,935,203 18.6% 650,711 7 900,755 28 5,952,275 $ 20.96 6,000,000 they are still near all-time lows at 14.0%. (65,113) -16,773 141,932 $24.50 2018 Q2 2,773 270,047,927 51,433,564 19.0% (385,248) 8 1,607,413 23 4,649,502 $ 20.98 18.0% VacancyU/C SF vs Previous Qtr vs 12 Months Ago $25.00 7,000,000 (same criterias as prior market reports) 0 vs Previous Qtr vs 12 Months Ago 5,000,000 2018 Q3 2,780 271,030,488 52,161,999 19.2% 254,126 7 982,561 20 3,955,264 $ 21.17 With vacancies this low, landlords 14.5%30,000 13.9%30,000 12.9% 0 17.5% DFW Office Markets (A, B, C) $24.00 6,000,000 2018 Q4 2,782 271,485,945 52,565,136 19.4% 52,320 2 455,457 21 3,841,878 $ 21.22 (500,000) have pushed rents at one of the fastest DeliveredU/C SF SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago $24.50 4,000,000 2019 Q1 2,788 272,562,375 52,216,563 19.2% 1,425,003 6 1,076,430 19 2,946,341 $ 21.19 17.0% 5,000,000 rates in the metro over the past few 30,0000 30,000 0 0 0 2019 Q2 2,793 272,854,903 51,724,137 19.0% 779,894 5 292,528 18 2,762,547 $ 21.33 3,000,000 Existing Inventory Vacancy(1,000,000) Delivered Inventory Under Construction Delivered SF $24.00 $23.50 16.5% 2016Net2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 quarters,Quoted reaching 2.8% annual growth. Quoted Rates vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 4,000,000 2019 Q3 2,796 273,350,264 53,052,715 19.4% (833,217) 3 495,361 18 2,773,269 $ 21.52 2016 2017 Period2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 AbsorptionQ4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Under Rates Overall DFW0 Office Vacancy0 0 Overall DFW Office Net Absorption 2,000,000 2019 Q4 2,802 274,822,782 53,233,667 19.4% 1,291,566 6 1,472,518 14 1,799,751 $ 21.34 Q4 Q1 Q2 Q3 Q4 Q1 #Q2 BldgsQ3 Q4 TotalQ1 RBAQ2 Q3 VacantQ4 Q1 SF Vacant % # Bldg Delivered # Bldgs The submarket is usually heavily traded, 25 25 24 $23.50 3,000,000 Construction Quoted Rates vs Previous Qtr vs 12 Months Ago $23.00 2020 Q1 2,804 275,077,782 54,202,447 19.7% (713,780) 2 255,000 12 1,544,751 $ 21.62 2016 Q4 and volume has picked up20.0% in the past 12 2,718 263,374,727 46,685,356 17.7% 190,543 9 583,127 48 7,696,797 $ 20.31 25 25 24 1,500,000 2,000,000 1,000,000 months, with about $178 million in sales. $23.00 2017 Q1 2,732 265,057,220 48,720,397 18.4% (362,126) 13 1,667,021 45 6,631,879 $ 20.48 $22.50 Overall DFW Office Quoted Rental Rates Overall DFW Office Construction A significant portion of recent19.5% volume Central Expressway Vital Statistics 1,000,000 0 2017 Q2 2,734 265,120,106 48,997,287 18.5% (214,004) 2 62,886 49 6,989,152 $ 20.59 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 DFW Office Statistics by Market Central Expressway Vital Statistics 1,000,000 $22.50 0 $22.00 8,000,000 was due to the sale of the 19.0%1.35-million-SF 200,000 16.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Existing Vacancy Net Under Quoted 2017 Q3 2,742 265,881,515 48,450,231 18.2% 1,308,465 8 761,409 46 7,862,754 $ 20.82 $22.00 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Market Inventory Deliveries 7,000,000 Cityplace Tower, the largest asset in the 200,000150,000 16.0% 14.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 # Blds Total RBA Direct SF Total SF Absorption Const SF Rates 2017 Q4 2,757 267,483,289 49,670,519 18.6% 346,846 15 1,601,774 33 6,403,030 $ 20.88 $22.00 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 $21.50 18.5% 150,000 500,00014.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction Central Expressway 98 12,162,018 1,758,985 14.5% -65,113 0 30,000 $25.05 6,000,000 submarket. 100,000 12.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2018 Q1 2,764 268,384,044 49,935,203 18.6% 650,711 7 900,755 28 5,952,275 $ 20.96 100,000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction Dallas CBD 79 28,702,872 7,877,884 27.4% -436,903 0 0 $21.19 5,000,000 50,000 12.0% $21.00 2018 Q2 2,773 270,047,927 51,433,564 19.0% (385,248) 8 1,607,413 23 4,649,502 $ 20.98 18.0% 50,000 10.0% East Dallas 171 7,346,774 1,199,504 16.3% 198,749 0 469,000 $21.59 4,000,000 0 010.0% Leasing 0 8.0% Far North Dallas 450 50,283,076 10,415,028 20.7% 276,240 255,000 138,893 $24.24 2018 Q3 2,780 271,030,488 52,161,999 19.2%3,000,000 254,126 7 982,561 20 3,955,264 $ 21.17 8.0% Fundamentals in Central Expressway17.5% are (50,000)(50,000) Ft Worth CBD 58 9,751,968 1,442,250 14.8% 143,328 0 0 $26.46 $20.50 2018 Q4 2,782 271,485,945 52,565,136 19.4%2,000,000 52,320 2 455,457 21 3,841,878 $ 21.22 6.0% (100,000) (500,000)6.0% Las Colinas 278 35,868,058 6,391,487 17.8% -983,508 0 27,475 $20.92 1,000,000 on a firm footing. At 14.0%, vacancies (100,000) 2019 Q1 2,788 272,562,375 52,216,563 19.2% 1,425,003 6 1,076,430 19 2,946,341 $ 21.19 17.0% 4.0% 4.0% LBJ Freeway 160 21,226,071 4,459,842 21.0% 245,419 0 0 $20.40 $20.00 0 have trended well below both the metro (150,000) 2019 Q2 Lewisville/Denton 148 6,945,300 783,316 11.3% 12,322 0 122,000 $18.46 2,793 272,854,903 51,724,137 19.0% 2016779,8942017 2017 2017 201752018 2018 2018292,5282018 2019 2019 2019182019 2020 2,762,547 $ 21.33 (200,000) (1,000,000)2.0% 2.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 average and the submarket’s16.5% historical 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Mid-Cities 384 21,910,714 5,273,445 24.1% 3,994 0 100,609 $18.45 $19.50 2019 Q3 2,796 273,350,264 53,052,715 19.4% (833,217) 3 495,361 18 2,773,269 $ 21.52 2016 2017 2017 2017 2017(250,000)2018 2018 2018 2018 2019 2019 2019 2019 2020 0.0% 0.0% average for a few years due to a lack 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 North Fort Worth 43 2,446,430 192,551 7.9% 8,614 0 0 $18.31 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Delivered Under Construction Q4 Q1 Q2 Q3 Q4 Q1 2016Q2 2017Q3 2017Q4 2017Q1 2017Q2 2018Q3 2018Q4 2018Q1 2018 2019 2019 2019 2019 2020 Q4 Q12019Q2 Q4Q3 Q4 Q1 2,802Q2 Q3 Q4274,822,782Q1 Q2 Q3 53,233,667Q4 Q1 19.4% 1,291,566 6 1,472,518 14 1,799,751 $ 21.34 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Northeast Ft Worth 48 3,503,872 612,429 17.5% -820 0 0 $16.91 of new supply and generally steady Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 Q1 2,804 275,077,782 54,202,447 19.7% (713,780) 2 255,000 12 1,544,751 $ 21.62 Net Absorption Delivered Vacant % Preston Center 52 4,837,427 630,811 13.0% -95,066 0 0 $29.18 absorption in existing stock. In early Net Absorption Delivered Vacant % Richardson/Plano 352 30,065,073 6,217,563 20.7% 51,562 0 0 $18.43 2020, the 11 story ACS building was South Ft Worth 196 10,708,175 1,248,690 11.7% -9,937 0 0 $21.92 demolished to make way for a massiveOverall DFW Office Quoted Rental Rates Overall DFW Office Construction Southwest Dallas 79 3,403,365 359,486 10.6% -30,457 0 0 $16.22 DFW Office Statistics by Market $2.5 billion mixed-use development. Stemmons Freeway 115 12,700,257 3,239,339 25.5% -1,504 0 0 $15.92 $22.00 8,000,000 Existing Vacancy Net Under Quoted Uptown/Turtle Creek 93 13,216,332 2,158,559 16.3% -184,488 0 656,774 $31.49 Market Deliveries Inventory Absorption Const SF Rates 7,000,000 Totals 2,804 275,077,782 54,261,169 19.7% -867,568 255,000 1,544,751 $21.48 # Blds Total RBA Direct SF Total SF One large move out/bankruptcy contributed to the lion’s share of negative net absorption in 2019. The 199,000 SF $21.50 Central Expressway 98 12,162,018 1,758,985 14.5% -65,113 0 30,000 $25.05 Walnut Hill Medical Center, when it opened, was among the nation’s most upscale hospitals, featuring6,000,000 chef-cooked Dallas CBD 79 28,702,872 7,877,884 27.4% -436,903 0 0 $21.19 meals, private rooms, and state-of-the-art technology for doctors. As of early 2020, the building was still5,000,000 100% vacant. $21.00 East Dallas 171 7,346,774 1,199,504 16.3% 198,749 0 469,000 $21.59 4,000,000 * Lewisville Denton doesn't have a tab Excluding that “shock” to the market, the area overall has been moving in the right direction. With supply-side Far North Dallas 450 50,283,076 10,415,028 20.7% 276,240 255,000 138,893 $24.24 pressure unlikely, the biggest risk for this submarket is the prospect of tenants jumping ship for properties3,000,000 in premier Ft Worth CBD 58 9,751,968 1,442,250 14.8% 143,328 0 0 $26.46 urban submarkets like Uptown/Turtle $20.50 Creek and Preston Center or suburban submarkets like Upper Tollway/West2,000,000 Las Colinas 278 35,868,058 6,391,487 17.8% -983,508 0 27,475 $20.92 Plano. Of the 14.6 million SF in the submarket 7.4 million SF, the largest being the 1.3 million SF, 43 story,1,000,000 Cityplace LBJ Freeway 160 21,226,071 4,459,842 21.0% 245,419 0 0 $20.40 Tower. $20.00 0 Lewisville/Denton 148 6,945,300 783,316 11.3% 12,322 0 122,000 $18.46 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Mid-Cities 384 21,910,714 5,273,445 24.1% 3,994 0 100,609 $18.45 $19.50 North Fort Worth 43 2,446,430 192,551 7.9% 8,614 0 0 $18.31 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Delivered Under Construction Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Northeast Ft Worth 48 3,503,872 612,429 17.5% -820 0 0 $16.91 Movers & Shakers Largest Vacancies: Preston Center 52 4,837,427 630,811 13.0% -95,066 0 0 $29.18 Tenant SF Building Cityplace Tower – 203,254 sf Richardson/Plano 352 30,065,073 6,217,563 20.7% 51,562 0 0 $18.43 STARR Companies 11,247 8401 N Central Expressway Walnut Hill Medical Center – 199,182 sf South Ft Worth 196 10,708,175 1,248,690 11.7% -9,937 0 0 $21.92 GSA 7,697 10000 N Central Expressway 8750 NorthPark Central - 165,079 sf Southwest Dallas 79 3,403,365 359,486 10.6% -30,457 0 0 $16.22 Stemmons Freeway 115 12,700,257 3,239,339 25.5% -1,504 0 0 $15.92 Uptown/Turtle Creek 93 13,216,332 2,158,559 16.3% -184,488 0 656,774 $31.49 Totals 2,804 275,077,782 54,261,169 19.7% -867,568 255,000 1,544,751 $21.48

Central Expressway

DFW Overall Office

Goldman Sachs consolidated its D-FW operations in 175,000 SF at the Trammell Crow Center in early 2018, moving from Las Colinas. After previously agreeing to move to The Union in Uptown, law firm Vinson & Elkins decided instead to remain at the Trammell Crow Center., The speculative project, 1900 Pearl leased up quickly, at some of the highest asking rents in the urban core, reaching well over $40/SF NNN.

Conversions to multifamily helped eat away at the submarket’s sky-high vacancy rates. Highlighting this trend is a project involving 1401 Elm. Before work began on converting the building to a mixed-use tower with multifamily, hotel, and retail components, the building was responsible for more than 1 million SF of vacant office space. Due to conversions, the submarket’s office RBA is now roughly 3 million SF smaller than it was in 2007. Movers & Shakers Largest Vacancies: Tenant SF Building Fountain Place – 851,690 SF Sheppard Mulin Richter 1700 Pacific – 774,273 SF & Hampton 51,804 2200 Ross Avenue Bank of America Plaza – 485,901 SF Holiday Inn 7,610 1700 Pacific Avenue Comerica Bank Tower – 444,909 SF Manhattan Construction Company 6,404 211 N Record Street

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. 6 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice.

Dallas CBD

Dallas CBD Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates East Dallas Office Vacancy East Dallas Office Net Absorption Construction 2016 Q4 169 7,021,954 665,395 9.5% 100,429 1 99,500 0 0 $ 16.89 20.0% 200,000 2017 Q1 169 7,021,954 758,651 10.8% (93,256) 0 0 1 294,820 $ 16.50 18.0% 2017 Q2 169 7,021,954 769,961 11.0% (11,310) 0 0 1 294,820 $ 17.00 16.0% 150,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2017 Q3 169 7,021,954 769,266 11.0% 695 0 0 2 Quoted324,820 $ 17.20 14.0% 100,000 Period Net Absorption Under East Dallas Office Net Absorption 2017 Q4 # Bldgs169 Total7,021,954 RBA Vacant809,786 SF Vacant %11.5% (40,520)# Bldg Delivered0 # Bldgs0 2 Rates324,820 $ 17.28 East Dallas Office Vacancy Construction 12.0% 50,000 2016 Q4 169 7,021,954 665,395 9.5% 100,429 1 99,500 0 0 $ 16.89 20.0% 2018 Q1 169 7,021,954 850,693 12.1% (40,907) 0 0 2 324,820 $ 17.66 10.0% 200,000 2017 Q1 169 7,021,954 758,651 10.8% (93,256) 0 0 1 294,820 $ 16.50 18.0% 0 2018 Q2 170 7,051,954 965,211 13.7% (84,518) 1 30,000 1 294,820 $ 20.41 8.0% 2017 Q2 169 7,021,954 769,961 11.0% (11,310) 0 0 1 294,820 $ 17.00 16.0% 150,000 WHITE2018 Q3 170 7,051,954 ROCK/EAST1,008,333 14.3% (43,122) 0 DALLAS0 1 294,820 $ 20.50 6.0% (50,000) 2017 Q3 169 7,021,954 769,266 11.0% 695 0 0 2 324,820 $ 17.20 14.0% 100,000 2018 Q4 170 7,051,954 997,433 14.1% 10,900 0 0 1 294,820 $ 20.65 2017 Q4 169 7,021,954 809,786 11.5% (40,520) 0 0 2 324,820 $ 17.28 12.0% 4.0% (100,000) 2019 Q1 171 7,346,774 1,270,377 17.3% 21,876 1 294,820 0 0 $ 22.84 50,000 2018 Q1 169 7,021,954 850,693 12.1% (40,907) 0 0 2 324,820 $ 17.66 10.0% 2.0% 2019 Q2 171 7,346,774 1,170,716 SUBMARKET15.9% 99,661 0 0 0 0 $ 20.37 0 (150,000) 2018 Q2 170 7,051,954 965,211 13.7% (84,518) 1 30,000 1 294,820 $ 20.41 8.0% 0.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2019 Q3 171 7,346,774 1,259,906 17.1% (89,190) 0 0 0 0 $ 21.22 2018 Q3 170 7,051,954 1,008,333 14.3% (43,122) 0 0 1 294,820 $ 20.50 6.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019(50,000)2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 Q4 170 7,051,954 997,433 14.1% 10,900 0 0 1 294,820 $ 20.65 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 Q4 171 7,346,774 1,398,253 19.0% (138,347) 0 0 1 469,000 $ 21.994.0% (100,000) 2019 Q1 171 7,346,774 1,270,377 17.3% 21,876 1 294,820 0 0 $ 22.84 2020 Q1 171 7,346,774 1,199,504 16.3% 198,749 0 0 1 469,000 $ 21.592.0% 2019 Q2 171 7,346,774 1,170,716 15.9% 99,661 0 0 0 0 $ 20.37 (150,000) East Dallas Overview 0.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2019 Q3 171 7,346,774 1,259,906 17.1% (89,190) 0 0 0 0 $ 21.22 2016 2017 2017 2017 2017 2018 2018 East2018 2018 Dallas2019 2019 Office2019 2019 Quoted2020 Rates Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 EastQ2 Q3 DallasQ4 Q1 Office Construction 2019 Q4 171 7,346,774 1,398,253 19.0% (138,347) 0 0 Garland1 is an inner-ring469,000 suburb$ 21.99 located east Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Absorption vs Previous Qtr vs 12 Months Ago of the northern path of demographic and $25.00 2020 Q1 171 7,346,774 1,199,504 16.3% 198,749 0 0 1 469,000 $ 21.59 8,000,000 198,749 -138,347 21,876 employment growth in Dallas. The central Vacancy vs Previous Qtr vs 12 Months Ago commercial node in Garland composed East Dallas Office Quoted Rates East Dallas Office7,000,000 Construction of industrial properties. There is only 3.2 $20.00 Absorption16.3% vs Previous19.0% Qtr vs 12 Months Ago17.3% $25.00 million SF of office inventory here, most of 8,000,000 6,000,000 198,749U/C SF -138,347vs Previous Qtr 21,876vs 12 Months Ago Vacancy vs Previous Qtr vs 12 Months Ago it being older and of mediocre quality. The 7,000,000 5,000,000 469,000 469,000 0 $20.00 16.3% 19.0% 17.3% submarket saw a substantial reduction in $15.00 Delivered SF vs Previous Qtr vs 12 Months Ago 6,000,000 4,000,000 U/C SF vs Previous Qtr vs 12 Months Ago its office inventory in 2017 when Raytheon’s 0 0 294,820 old campus was demolished to make way 5,000,000 469,000 469,000 0 $15.00 3,000,000 QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago for a new industrial park. Despite lackluster $10.00 4,000,000 0 0 294,820 absorption, at 14.3% vacancies have 2,000,000 22 22 23 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago typically remained below the metro average $10.00 1,000,000 22 East22 Dallas Vital Statistics23 of 15.6% due to a lack of supply and the $5.00 2,000,000 demolition of some obsolete assets. 1,000,000 0 350,000 20.0% $5.00 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 East Dallas Vital Statistics 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 300,000 18.0% $- 350,000 20.0% The White Rock Submarket includes 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 250,000 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019Q42019Q1 2020Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 300,000 16.0% primarily residential neighborhoods in $- Delivered Under Construction 200,000 18.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 250,000 16.0% 14.0% sections of Old East Dallas and those 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 150,000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction 200,000 14.0% 12.0% 100,000 surrounding White Rock Lake. However, 150,000 12.0% 10.0% 100,000 about half of the office inventory is in the 50,000 10.0% 50,0000 8.0% Baylor University Medical Center area, 0 8.0% 6.0% (50,000) 6.0% which is adjacent to the nightlife and (100,000)(50,000) 4.0% (100,000) 4.0% restaurant hot spot of Deep Ellum. 2.0% (150,000)(150,000) 2.0% (200,000)(200,000) 0.0% 0.0% Medical tenants dominate that area, and 20162016201720172017201720172017201720172018 2018 2018201820182018201920182019201920192019201920192020 2019 2020 Q4Q4 Q1Q1Q2Q2Q3 Q3Q4 Q4Q1 Q1Q2 Q3Q2 Q4Q3 Q1Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q4 Q1 vacancies are structurally low. Assets NetNet Absorption Absorption DeliveredDelivered Vacant % Vacant % in White Rock are typically smaller, and virtually none of the inventory is 4 & 5 Star quality. The potential for growth in the submarket falls within Deep Ellum. Specifically, KDC completed the office portion of The Epic in the western part of Deep Ellum in early 2019. The Epic added about 250,000 SF of 5 Star office space, along with multifamily and hotel components. In mid-2019, Uber announced it would be bringing 3,000 jobs to The Epic, the regional headquarters being billed as the largest outside San Francisco. On the eastern edge of Deep Ellum, Baylor Scott & White is planning an office building that will allow it to consolidate its local operations in one facility. Hines is planning an office project in the neighborhood, as well. Other developers own older, loft-style buildings and empty lots in Deep Ellum, so further growth is likely in this emerging live/ work/play environment.

Leasing Vacancies in Garland generally stay below the metro average. The exception to this trend was caused by Raytheon’s move-out in 2016, though that vacancy spike was offset by the subsequent demolition of the firm’s facility in 2017. Most of the institutional- grade office product in this area of the metroplex is located in the Telecom Corridor, along Highway 75 in Richardson.

Vacancies in White Rock are typically tight but jumped due to the delivery of The Epic in the first half of 2019 and remained elevated through early 2020. New tenants at The Epic include Uber, which is initially taking around 165,000 SF. Continued supply-side pressure are expected to keep vacancy rates elevated in the near term. For example, The Epic’s Phase Two recently broke ground, and Uber is slated to take more space there. More new demand from Baylor Scott & White is expected, as the hospital is moving its office operations from Bryan Tower in the CBD to a new facility just north of Deep Ellum. Movers & Shakers Largest Vacancies: Tenant SF Building 3600 Gaston Avenue – 144,227 sf Focus Real Estate LLC 20,667 10440 E Northwest Highway 301 N Crowdus Street – 73,200 sf State of TX – Human & Baylor Medical Pavilion – 53,455 sf Health Services 8,781 1203 Sigma Court 777 Walter Reed Blvd – 40,500 sf The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 7

East Dallas

East Dallas Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Far North Dallas Office Vacancy Far North Dallas Office Net Absorption Construction 25.0% 2016 Q4 427 47,032,273 8,214,222 17.5% 82,702 1 40,000 13 2,157,769 $ 22.63 600,000 2017 Q1 433 47,827,044 9,259,358 19.4% (265,837) 5 779,299 9 1,426,462 $ 22.90 2017 Q2 433 47,827,044 9,034,986 18.9% 224,372 0 0 9 1,426,462 $ 22.80 20.0% 400,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2017 Q3 434 47,859,494 8,576,400 17.9% 491,036 1 32,450 11 Quoted1,873,657 $ 23.09 Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Far North Dallas Office Vacancy Far North Dallas Office200,000 Net Absorption 2017 Q4 437 48,621,394 9,447,697 19.4% (124,037) 3 761,900 Construction8 1,111,757 $ 22.73 15.0% 25.0% 20182016 Q4Q1 427439 47,032,27348,896,9068,214,22210,022,02717.5% 20.5% 82,702 (284,178)1 40,0002 275,51213 2,157,7696 $ 22.63836,245 $ 23.10 600,000 0 2017 Q1 433 47,827,044 9,259,358 19.4% (265,837) 5 779,299 9 1,426,462 $ 22.90 2018 Q2 440 48,913,942 10,268,353 21.0% (229,290) 1 17,036 6 1,077,582 $ 23.11 10.0% 2017 Q2 433 47,827,044 9,034,986 18.9% 224,372 0 0 9 1,426,462 $ 22.80 20.0% 400,000 2018 Q3 442 49,253,506 10,024,985 20.4% 582,932 2 339,564 6 979,040 $ 23.48 (200,000) FAR NORTH2017 Q3 DALLAS 434 47,859,494 8,576,400 17.9% 491,036 1 32,450 11 1,873,657 $ 23.09 2018 Q4 442 49,253,506 10,469,904 21.3% (444,919) 0 0 8 1,029,070 $ 23.56 200,000 2017 Q4 437 48,621,394 9,447,697 19.4% (124,037) 3 761,900 8 1,111,757 $ 22.73 15.0% 5.0% (400,000) 2019 Q1 444 49,698,651 10,324,866 20.8% 590,183 2 445,145 8 723,318 $ 23.51 SUBMARKET2018 Q1 439 48,896,906 10,022,027 20.5% (284,178) 2 275,512 6 836,245 $ 23.10 0 20192018 Q2 440445 48,913,94249,714,05110,268,35310,320,93021.0% 20.8% (229,290) 19,336 1 17,0361 15,4006 1,077,5827 $ 23.11707,918 $ 23.63 (600,000) 10.0% 0.0% 20192018 Q3 442446 49,253,50649,972,42410,024,98510,381,01520.4% 20.8% 582,932 198,288 2 339,5641 258,3736 979,0406 $ 23.48449,545 $ 23.77 (200,000) 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 Q4 442 49,253,506 10,469,904 21.3% (444,919) 0 0 8 1,029,070 $ 23.56 2019 Q4 448 50,028,076 10,436,268 20.9% 399 2 55,652 4 393,893 $ 23.775.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1(400,000)Q2 Q3 Q4 Q1 20202019 Q1 444450 49,698,65150,283,07610,324,86610,415,02820.8% 20.7% 590,183 276,240 2 445,1452 255,0008 723,3182 $ 23.51138,893 $ 24.24 2019 Q2 445 49,714,051 10,320,930 20.8% 19,336 1 15,400 7 707,918 $ 23.63 (600,000) Far North Dallas Overview 0.0% 2019 Q3 446 49,972,424 10,381,015 20.8% 198,288 1 258,373 6 449,545 $ 23.77 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Upper Tollway/West Plano has emerged as 2016 2017 2017 2017 2017 2018 2018Far2018 North2018 2019 Dallas2019 2019 Office2019 2020 Quoted Rates Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FarQ1 Q2 NorthQ3 Q4 DallasQ1 Office Construction 2019 Q4 448 50,028,076 10,436,268 20.9% 399 2 55,652 4 393,893 $ 23.77 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 one of the most dynamic office submarkets 2020 Q1Absorption450 50,283,076vs Previous10,415,028 Qtr 20.7% vs 276,24012 Months Ago 2 255,000 2 138,893 $ 24.24 $24.50 in Dallas-Fort Worth. The submarket has some 8,000,000 276,240 399 590,183 of the newest office stock in the metro. It Far North Dallas Office Construction Vacancy Far North Dallas Office Quoted Rates 7,000,000 now serves as a corporate hub for Toyota’s vs Previous Qtr vs 12 Months Ago $24.00 Absorption vs Previous Qtr vs 12 Months Ago $24.50 North American headquarters and is a 20.7% 20.9% 20.8% 8,000,000 6,000,000 276,240 399 590,183 major regional location for Liberty Mutual, U/C SF vs Previous Qtr vs 12 Months Ago Vacancy vs Previous Qtr vs 12 Months Ago $23.50 7,000,000 5,000,000 AmerisourceBergen, JPMorgan Chase, and 138,893 393,893 723,318 $24.00 20.7% 20.9% 20.8% 6,000,000 Delivered SF 4,000,000 USAA’s expansion. Local tax services firm U/C SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago Ryan LLC announced in late 2019 that it is $23.50 $23.00 5,000,000 138,893255,000 393,89355,652 723,318 445,145 3,000,000 planning to move its headquarters to Legacy QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 4,000,000 West, where it will house 550 jobs within a $23.00 2,000,000 255,00024 55,652 24 445,145 24 $22.50 3,000,000 $338 million office. The City of Plano approved Quoted Rates vs Previous Qtr vs 12 Months Ago 1,000,000 $467,500 in economic incentives if the 24 24 24 $22.50 2,000,000 Far North Dallas Vital Statistics $22.00 company agrees to transfer, retain, or create 1,000,000 0 550 jobs by the end of March 2023. Ryan is 1,000,000 Far North Dallas Vital Statistics 25.0% $22.00 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 relocating from a 173,000 SF space in the 1,000,000800,000 25.0% $21.50 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019Q42019Q1 2020Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Galleria. 20.0% $21.50 600,000800,000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction 20.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 600,000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction Frisco/The Colony is a rapidly growing 400,000 15.0% 400,000 suburban submarket in the metroplex. In 200,000 15.0% 2000, the submarket’s office inventory was 200,000 10.0% 0 10.0% less than 700,000 SF, but today it’s 8.6 million 0 (200,000)(200,000) SF. Office inventory isn’t the only thing that 5.0% 5.0% has seen rapid growth. Frisco is consistently (400,000)(400,000) ranked as one of the most desirable cities (600,000)(600,000) 0.0% 0.0% to live in by various publications and is one 20162016201720172017201720172017201720172018 2018 20182018201820182019201820192019201920192019 20192020 2019 2020 Q4Q4 Q1Q1Q2 Q2Q3 Q3Q4 Q4Q1 Q2Q1 Q3Q2 Q4Q3 Q1Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q4 Q1 of the fastest-growing towns in the country. NetNet Absorption Absorption DeliveredDelivered Vacant % Vacant % The submarket also features several retail and entertainment amenities: Stonebriar Centre is a 1.6-million-SF regional mall; Dr. Pepper Ballpark is the home of the Frisco RoughRiders, the Texas Rangers’ Class AA minor league affiliate; and Toyota Stadium is home to FC Dallas of Major League Soccer.

Leasing Although construction in the Frisco/The Colony submarket has exploded in recent years, vacancies trended below the metro average during the last decade due to strong demand. Vacancies typically only rise due to supply-side pressure rather than tenant move-outs. Despite the uptick in speculative supply in 2018, absorption has been strong enough over the past few quarters to push vacancies below the metro average. Large blocks of space remain as elusive as ever. In early 2020 there were about six existing or under-construction buildings with more than 25,000 SF of contiguous space available.

In the last few years the area has been a hotbed for corporate relocations and large back-office operations, Toyota, Liberty Mutual, and JPMorgan Chase have either relocated to (Toyota) or consolidated (Liberty Mutual and JPMorgan) operations in Legacy West, bringing about 15,000 jobs to the Upper Tollway/West Plano Submarket. The three companies took more than 1 million SF each, with Toyota alone responsible for a 2.1-million-SF campus, making it the largest tenant in the submarket. Occupancy will take a hit in 2021 when Keurig Dr. Pepper moves out of roughly 300,000 SF in Upper Tollway/West Plano. The firm will shift its headquarters operations north to The Star in Frisco. The submarket experienced 450,000 SF of leasing activity in the first quarter of 2020.

Movers & Shakers Largest Vacancies: Tenant SF Building 5400 Legacy Dr – 1,150,912 sf Trinity Industries 155,200 14221 N Dallas Parkway The Campus at Legacy west – 370,625 sf USAA 124,366 5543 Legacy Drive 6400 Legacy Dr – 232,619 sf Addus Homecare, Inc. 74,824 6303 Cowboys Way Headquarters II Building A – 206,415 sf

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. 8 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice.

Far North Dallas

Far North Dallas Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Fort Worth CBD Office Vacancy Fort Worth CBD Office Net Absorption Construction 18.0% 2016 Q4 57 9,437,089 1,207,916 12.8% (3,321) 0 0 1 314,879 $ 24.38 200,000 2017 Q1 57 9,437,089 1,215,691 12.9% (7,775) 0 0 1 314,879 $ 24.33 16.0% 150,000 2017 Q2 57 9,437,089 1,109,089 11.8% 106,602 0 0 1 314,879 $ 25.28 14.0% Existing Inventory Vacancy Delivered Inventory Under Construction 100,000 Quoted 2017Period Q3 57 9,437,089 1,117,861 11.8%Net Absorption(8,772) 0 0 Under1 314,879 $ 25.35 50,000 # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Fort 12.0%Worth CBD Office Vacancy Fort Worth CBD Office Net Absorption 2017 Q4 57 9,437,089 1,118,754 11.9% (893) 0 0 Construction1 314,879 $ 25.68 0 2016 Q4 57 9,437,089 1,207,916 12.8% (3,321) 0 0 1 314,879 $ 24.38 18.0% 10.0% 2018 Q1 57 9,437,089 1,147,232 12.2% (28,478) 0 0 1 314,879 $ 25.48 200,000 (50,000) 2017 Q1 57 9,437,089 1,215,691 12.9% (7,775) 0 0 1 314,879 $ 24.33 16.0% 8.0% 2018 Q2 58 9,751,968 1,264,766 13.0% 197,345 1 314,879 0 0 $ 27.45 150,000 (100,000) 2017 Q2 57 9,437,089 1,109,089 11.8% 106,602 0 0 1 314,879 $ 25.28 14.0% 2018 Q3 58 9,751,968 1,537,168 15.8% (272,402) 0 0 0 0 $ 27.82 6.0% 100,000 2017 Q3 57 FORT9,437,089 1,117,861 11.8% WORTH(8,772) 0 0 CBD1 314,879 $ 25.35 (150,000) 50,000 2018 Q4 58 9,751,968 1,552,467 15.9% (15,299) 0 0 0 0 $ 26.6912.0% 2017 Q4 57 9,437,089 1,118,754 11.9% (893) 0 0 1 314,879 $ 25.68 4.0% 0 (200,000) 10.0% 20192018 Q1Q1 5758 9,437,0899,751,9681,147,2321,657,23812.2% 17.0% (28,478) (104,771)0 0 1 0 314,8790 $ 25.480 $ 26.49 2.0% (50,000) (250,000) SUBMARKET 8.0% 20192018 Q2Q2 5858 9,751,9689,751,9681,264,7661,533,15113.0% 15.7%197,345 124,087 1 314,8790 0 0 0 0 $ 27.450 $ 26.21 (100,000) (300,000) 0.0% 20192018 Q3Q3 5858 9,751,9689,751,9681,537,1681,622,50115.8% 16.6%(272,402) (89,350)0 0 0 0 0 0 $ 27.820 $ 26.046.0% (150,000) 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20192018 Q4Q4 5858 9,751,9689,751,9681,552,4671,585,57815.9% 16.3% (15,299) 36,923 0 0 0 0 0 0 $ 26.690 $ 26.194.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1(200,000)Q2 Q3 Q4 Q1 2019 Q1 58 9,751,968 1,657,238 17.0% (104,771) 0 0 0 0 $ 26.49 (250,000) 2020 Q1 58 9,751,968 1,442,250 14.8% 143,328 0 0 0 0 $ 26.462.0% 2019 Q2 58 9,751,968 1,533,151 15.7% 124,087 0 0 0 0 $ 26.21 (300,000) Fort Worth CBD Overview 0.0% 2019 Q3 58 9,751,968 1,622,501 16.6% (89,350) 0 0 0 0 $ 26.04 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 The Fort Worth CBD is home to a heavy 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1FortQ2 WorthQ3 Q4 Q1CBD Office Construction 2019 Q4 58 9,751,968 1,585,578 16.3% 36,923 0 0 0 0 $ 26.19 Q4 Q1 Q2 Q3 Q4 Q1 Q2FortQ3 WorthQ4 Q1 CBDQ2 Q3 OfficeQ4 Q1 Quoted Rates concentration of energy companies, leaving it 2020 Q1Absorption58 9,751,968vs Previous1,442,250 Qtr 14.8% vs 143,32812 Months Ago 0 0 0 0 $ 26.46 $29.00 exposed to the effects of energy price swings. 8,000,000 143,328 36,923 -104,771 The good news is that at 12.3%, vacancies are Fort Worth CBD Office Quoted Rates Fort Worth CBD Office Construction Vacancy vs Previous Qtr vs 12 Months Ago below the metro average and have remained $28.00 7,000,000 Absorption vs Previous Qtr vs 12 Months Ago $29.00 14.8% 16.3% 17.0% relatively stable. Also, the newest delivery, 8,000,000 143,328 36,923 -104,771 6,000,000 U/C SF vs Previous Qtr vs 12 Months Ago the 280,000-SF Frost Tower, which opened $27.00 Vacancy vs Previous Qtr vs 12 Months Ago $28.00 7,000,000 in early 2018, was about 70% leased in early 5,000,000 14.8%0 16.3% 0 17.0% 0 2020. The building boasts the highest rents $26.00 6,000,000 DeliveredU/C SF SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago $27.00 4,000,000 in downtown Fort Worth at about $40/SF, and 5,000,000 00 0 0 0 0 there are very few buildings in the submarket $26.00 $25.00 3,000,000 QuotedDelivered Rates SF vs Previous Qtr vs 12 Months Ago 4,000,000 vs Previous Qtr vs 12 Months Ago that are close to this mark. While rent growth 0 0 0 2,000,000 26 26 26 $25.00 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago has slowed compared to a decade ago, rents $24.00 1,000,000 26 26 26 have remained positive at 3.3%. Weak rent 2,000,000 Fort Worth CBD Vital Statistics growth may persist in the coming months, as $24.00 $23.00 1,000,000 0 the submarket deals with the economic and 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 400,000 Fort Worth CBD Vital Statistics 18.0% $23.00 social fallout stemming from the coronavirus 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 400,000300,000 18.0% 16.0% $22.00 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 pandemic. 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019Q42019Q1 2020Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 300,000 16.0% 14.0% $22.00 Delivered Under Construction 200,000 2016 2017 2017 2017 2017 2018Q4 2018Q1 2018Q22018Q32019Q42019 Q12019 2019Q2 2020Q3 Q4 Q1 Q2 Q3 Q4 Q1 200,000 14.0% 12.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction 100,000 12.0% Leasing 100,000 10.0% 0 10.0% Though Fort Worth has greater exposure 0 8.0% to the energy industry than Dallas does, (100,000) 8.0% (100,000) 6.0% 6.0% fundamentals have stayed intact. Vacancies (200,000) (200,000) 4.0% 4.0% have remained stable at 12.3%, below the (300,000) 2.0% 2.0% metro average of 15.6% . While XTO Energy’s (400,000) 0.0% 0.0% move from Fort Worth CBD Houston (a net loss 201620162017201720172017201720172017 20172018 2018201820182018201820182019201820192019201920192019 20192020 2019 2020 of 1,600 employees) was expected to open up Q4Q4 Q1Q1Q2 Q2Q3 Q3Q4 Q4Q1 Q2Q1 Q3Q2 Q4Q3Q1Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q4 Q1 Net Absorption Delivered Vacant % a large chunk of office space in the submarket, Net Absorption Delivered Vacant % the supply glut has been somewhat mitigated. The 120,000-SF W.T. Waggoner building and 195,000-SF 714 Main will both be redeveloped into hotels. Furthermore, the 93,800-SF Petroleum Building is already being marketed for lease by its new owner, Sundance Square.

In terms of recent leasing, Frost Tower was delivered in 18Q2 while 50% leased to its namesake tenant, Frost Bank, and to Jetta Operating Company. Frost Tower landed another big tenant in 18Q3 when Whitley Penn signed on for 46,000 SF, bringing the building to about 70% leased. The company moved from the neighboring West Southwest Fort Worth Submarket in early 2019. In late 2018, WeWork agreed to take roughly 38,000 SF across two buildings at Sundance Square. Engineering consulting firm Freese and Nichols will take 80,000 SF at Burnett Plaza in the CBD in 2020 when it moves from its current location in West Southwest Fort Worth.

Movers & Shakers Largest Vacancies: Tenant SF Building 777 Main – 240,349 sf Oncor Electric Delivery 175,192 777 Main Street Bank of America Tower – Sundance – 153,923 sf Blaies & Hightower LLLP 13,000 420 Throckmorton St Burnett Plaza – 145,936 sf W T Waggoner Bldg – 119,846 sf Oil & Gas / Star Telegram – 115,166 sf

Fort Worth CBD

Fort Worth CBD Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Las Colinas Office Vacancy Las Colinas Office Net Absorption Construction 18.5% 2016 Q4 267 32,789,774 5,088,940 15.5% 149,336 1 215,000 7 1,466,518 $ 20.42 2,000,000 2017 Q1 269 33,333,957 5,229,634 15.7% 403,489 2 544,183 6 942,335 $ 20.45 18.0% 2017 Q2 269 33,333,957 5,377,789 16.1% (148,155) 0 0 7 1,158,735 $ 21.04 17.5% 1,500,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2017 Q3 270 33,475,094 5,202,003 15.5% 316,923 1 141,137 7 Quoted2,142,964 $ 21.28 17.0% Period Net Absorption Under 1,000,000 # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Las Colinas Office Vacancy Las Colinas Office Net Absorption 2017 Q4 271 33,495,094 5,241,481 15.6% (39,478) 1 20,000 Construction6 2,122,964 $ 21.23 16.5% 18.5% 20182016 Q1Q4 267272 32,789,77433,745,0945,088,9405,085,88415.5% 15.1% 149,336 405,597 1 215,0001 250,0007 1,466,5186 $ 2,122,96420.42 $ 20.92 16.0% 2,000,000 500,000 2017 Q1 269 33,333,957 5,229,634 15.7% 403,489 2 544,183 6 942,335 $ 20.45 18.0% 2018 Q2 273 33,911,792 5,614,675 16.6% (362,093) 1 166,698 5 1,956,266 $ 20.90 15.5% 17.5% 1,500,000 20182017 Q3Q2 269275 33,333,95734,276,2925,377,7895,957,71016.1% 17.4% (148,155) 21,465 0 20 364,5007 1,158,7353 $ 1,591,76621.04 $ 21.52 0 LAS 2017COLINAS Q3 270 33,475,094 5,202,003 15.5% 316,923 1 141,137 7 2,142,964 $ 21.28 17.0% 15.0% 2018 Q4 275 34,276,292 5,898,544 17.2% 59,166 0 0 3 1,591,766 $ 21.78 1,000,000 2017 Q4 271 33,495,094 5,241,481 15.6% (39,478) 1 20,000 6 2,122,964 $ 21.23 16.5% 14.5% (500,000) 2019 Q1 276 34,492,692 5,810,870 16.8% 304,074 1 216,400 2 1,375,366 $ 21.59 SUBMARKET2018 Q1 272 33,745,094 5,085,884 15.1% 405,597 1 250,000 6 2,122,964 $ 20.92 16.0% 14.0% 500,000 2019 Q2 276 34,492,692 5,897,113 17.1% (86,243) 0 0 3 1,402,841 $ 21.85 (1,000,000) 2018 Q2 273 33,911,792 5,614,675 16.6% (362,093) 1 166,698 5 1,956,266 $ 20.90 15.5% 13.5% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 20192018 Q3 275276 34,276,29234,492,6925,957,7105,768,42417.4% 16.7% 21,465 128,689 2 364,5000 30 1,591,7663 $ 1,402,84121.52 $ 21.80 0 15.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 Q4 275 34,276,292 5,898,544 17.2% 59,166 0 0 3 1,591,766 $ 21.78 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 Q4 278 35,868,058 5,407,979 15.1% 1,735,811 2 1,375,366 1 27,475 $ 21.1914.5% (500,000) 2019 Q1 276 34,492,692 5,810,870 16.8% 304,074 1 216,400 2 1,375,366 $ 21.59 2020 Q1 278 35,868,058 6,391,487 17.8% (983,508) 0 0 1 27,475 $ 20.9214.0% 2019 Q2 276 34,492,692 5,897,113 17.1% (86,243) 0 0 3 1,402,841 $ 21.85 (1,000,000) Las Colinas Overview 13.5% 2019 Q3 276 34,492,692 5,768,424 16.7% 128,689 0 0 3 1,402,841 $ 21.80 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 The submarket’s central location in the 2016 2017 2017 2017 2017 2018 2018Las2018 2018Colinas2019 2019 Office2019 2019 Quoted2020 Rates Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1LasQ2 Q3ColinasQ4 Q1 Office Construction 2019 Q4 278 35,868,058 5,407,979 15.1% 1,735,811 2 1,375,366 1 27,475 $ 21.19 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 metroplex and accessibility to D/FW Absorption vs Previous Qtr vs 12 Months Ago $22.00 2020 Q1 278 35,868,058 6,391,487 17.8% (983,508) 0 0 1 27,475 $ 20.92 8,000,000 Airport have fostered a groundswell well (983,508) 1,735,811 304,074 of construction the past few years. Led Vacancy vs Previous Qtr vs 12 Months Ago Las Colinas Office Quoted Rates Las Colinas Office7,000,000 Construction by the emergence of the Cypress Waters $21.50 Absorption17.8% vs Previous15.1% Qtr vs 12 Months Ago16.8% $22.00 master-planned mixed-use development, 8,000,000 6,000,000 (983,508) 1,735,811 304,074 DFW/Freeport/Coppell has added about U/C SF vs Previous Qtr vs 12 Months Ago Vacancy vs Previous Qtr vs 12 Months Ago 7,000,000 5,000,000 20 buildings, or 2.7 million SF of new 27,475 27,475 1,375,366 $21.50 $21.00 17.8% 15.1% 16.8% 6,000,000 inventory. Companies like 7-Eleven, Delivered SF vs Previous Qtr vs 12 Months Ago 4,000,000 U/C SF vs Previous Qtr vs 12 Months Ago CoreLogic, Nokia, Signet Jewelers (Zales), 0 1,375,366 216,400 5,000,000 27,475 27,475 1,375,366 $21.00 3,000,000 and Brinker International have signed QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago $20.50 4,000,000 on, and even more office space is under 210 1,375,36621 216,400 22 2,000,000 construction and in planning. 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago $20.50 1,000,000 21 21 22 $20.00 2,000,000 The Urban Center/Wingren Submarket Las Colinas Vital Statistics 1,000,000 0 is located in the planned community of $20.00 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2,000,000 Las Colinas Vital Statistics 18.5% 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Las Colinas and is centered on the Las 18.0% $19.50 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 1,500,0002,000,000 18.5% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Colinas Urban Center. The submarket Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4DeliveredQ1 Under Construction 18.0% 17.5% $19.50 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 1,500,000 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 benefits from its proximity to the D/FW 1,000,000 17.0% Delivered Under Construction 17.5% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 International Airport, and its location is 1,000,000 500,000 17.0% 16.5% within reasonable commuting distance 500,000 16.5% 16.0% of nearly all of the affluent northern 0 16.0% 15.5% 0 15.5% D-FW suburbs. The focus here of late has (500,000) 15.0% been on improving transit amenities as (500,000) 15.0% 14.5% 14.5% (1,000,000)(1,000,000) well as creating more of a live/work/play 14.0% 14.0% environment. New, mixed-use projects like (1,500,000)(1,500,000) 13.5% 13.5% Water Street and the Music Factory are 20162016201720172017201720172017201720172018 2018 2018201820182018201920182019201920192019201920192020 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 aiming to make the Urban Center a place Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Net Absorption Delivered Vacant % for residents and workers to hang out after Net Absorption Delivered Vacant % five o’clock and on weekends.

Leasing Fundamentals have improved greatly in recent years. Vacancies in the Urban Center are now hovering just above the metro average at 20.8% after trending well above that mark for decades. Vacancies are also well below the submarket’s historical average of about 24%. The submarket lost its second-biggest tenant, Pioneer Natural Resources, in 2019.

Thanks to healthy absorption over the past few years, the vacancy rate in the D-FW Freeport/Coppell Submarket has remained stable at 16.7%. In late 2019, the submarket experienced an up-tick in vacancy driven by AT&T moving out of 1801 Valley View Lane, accounting for 209,000 SF. Meanwhile, a large portion of demand stems from build-to-suits in Billingsley Company’s 1,000-acre, $3.5 billion Cypress Waters mixed-use development. Cypress Waters encompasses most of the land on the southern shore of North Lake and could include up to 4.5 million SF of office space and 10,000 apartments at full build-out. In turn, vacancy rates are trending closer to the metro average as of early 2020.

Movers & Shakers Largest Vacancies: Tenant SF Building Williams Square – West Tower – 363,157 sf American Athletic Conference 18,000 545 E John Carpenter Fwy 3200 Olympus Blvd – 250,000 sf Informative Research 15,936 8150 Springwood Drive 1801 Valley View Ln - 208,593 sf Eym Group 14,057 450 E John Carpenter Fwy 3401 Olympus Blvd – 200,000 sf 3501 Olympus Blvd – 200,000 sf

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. 10 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice.

Las Colinas

Las Colinas Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates LBJ Freeway Office Vacancy LBJ Freeway Office Net Absorption Construction 24.0% 2016 Q4 160 21,226,071 4,807,502 22.6% 238,604 0 0 0 0 $ 18.70 300,000 2017 Q1 160 21,226,071 4,808,882 22.7% (1,380) 0 0 0 0 $ 19.44 23.5% 2017 Q2 160 21,226,071 4,803,463 22.6% 5,419 0 0 0 0 $ 19.60 23.0% 200,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2017 Q3 160 21,226,071 4,587,859 21.6% 215,604 0 0 0 Quoted 0 $ 19.87 Period Net Absorption Under 22.5% LBJ Freeway Office100,000 Net Absorption 2017 Q4 # Bldgs160 Total21,226,071 RBA Vacant4,598,894 SF Vacant %21.7% (11,035)# Bldg Delivered0 # Bldgs0 0 Rates 0 $ 20.16 LBJ Freeway Office Vacancy Construction 22.0% 2018 Q1 160 21,226,071 4,552,803 21.4% 46,091 0 0 0 0 $ 20.0524.0% 2016 Q4 160 21,226,071 4,807,502 22.6% 238,604 0 0 0 0 $ 18.70 300,000 0 20182017 Q1Q2 160160 21,226,07121,226,0714,808,8824,676,77622.7% 22.0% (1,380) (123,973)0 0 0 0 0 0 $ 19.440 $ 20.0223.5% 21.5% 20182017 Q2Q3 160160 21,226,07121,226,0714,803,4634,750,06722.6% 22.4% 5,419 (73,291)0 0 0 0 0 0 $ 19.600 $ 20.2223.0% 21.0% 200,000 (100,000) 2017 Q3 160 21,226,071LBJ4,587,859 21.6% FREEWAY215,604 0 0 0 0 $ 19.87 2018 Q4 160 21,226,071 5,007,134 23.6% (257,067) 0 0 0 0 $ 20.4322.5% 20.5% 100,000 2017 Q4 160 21,226,071 4,598,894 21.7% (11,035) 0 0 0 0 $ 20.16 (200,000) 2019 Q1 160 21,226,071 4,974,984 23.4% 32,150 0 0 0 0 $ 20.4722.0% 2018 Q1 160 21,226,071 4,552,803 21.4% 46,091 0 0 0 0 $ 20.05 20.0% 0 2019 Q2 SUBMARKET 2018 Q2 160160 21,226,07121,226,0714,676,7764,952,50422.0% 23.3%(123,973) 22,480 0 0 0 0 0 0 $ 20.020 $ 20.3121.5% (300,000) 19.5% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2019 Q3 160 21,226,071 4,907,283 23.1% 45,221 0 0 0 0 $ 20.44 (100,000) 2018 Q3 160 21,226,071 4,750,067 22.4% (73,291) 0 0 0 0 $ 20.22 21.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20192018 Q4Q4 160160 21,226,07121,226,0715,007,1344,705,26123.6% 22.2%(257,067) 202,022 0 0 0 0 0 0 $ 20.430 $ 20.30 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20.5% (200,000) 20202019 Q1Q1 160160 21,226,07121,226,0714,974,9844,459,84223.4% 21.0% 32,150 245,419 0 0 0 0 0 0 $ 20.470 $ 20.4020.0% 2019 Q2 160 21,226,071 4,952,504 23.3% 22,480 0 0 0 0 $ 20.31 (300,000) 19.5% 2019 Q3 160 21,226,071 4,907,283 23.1% 45,221 0 0 0 0 $ 20.44 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 LBJ Freeway Overview 2016 2017 2017 2017 2017 2018 2018LBJ2018 2018Freeway2019 2019 2019Office2019 2020Quoted Rates Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1LBJQ2 Q3FreewayQ4 Q1 Office Construction 2019 Q4 160 21,226,071 4,705,261 22.2% 202,022 0 0 0 0 $ 20.30 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Absorption vs Previous Qtr vs 12 Months Ago This submarket has struggled for some $21.00 2020 Q1 160 21,226,071 4,459,842 21.0% 245,419 0 0 0 0 $ 20.40 8,000,000 245,419 202,022 32,150 time, with a vacancy rate of 20.6%, the Vacancy vs Previous Qtr vs 12 Months Ago submarket has been trending well above LBJ Freeway $20.50 Office Quoted Rates LBJ Freeway Office7,000,000 Construction Absorption21.0% vs Previous22.2% Qtr vs 12 Months Ago23.4% the metro average for decades. However, $21.00 8,000,000 6,000,000 245,419U/C SF 202,022vs Previous Qtr 32,150vs 12 Months Ago fundamentals have improved in recent $20.00 Vacancy $20.50 7,000,000 5,000,000 0 vs Previous Qtr0 vs 12 Months Ago0 years, as has rent growth, reaching 5% 21.0% 22.2% 23.4% $19.50 Delivered SF vs Previous Qtr vs 12 Months Ago annually. 6,000,000 4,000,000 U/C SF vs Previous Qtr vs 12 Months Ago $20.00 0 0 0 5,000,000 0 0 0 Stronger leasing dynamics have pushed $19.00 3,000,000 QuotedDelivered Rates SF vs Previous Qtr vs 12 Months Ago $19.50 vs Previous Qtr vs 12 Months Ago vacancy rates lower throughout the last 4,000,000 020 0 20 0 20 2,000,000 decade. However, at 17.8% vacancies are $19.00 $18.50 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago 1,000,000 20 20 20 back on the rise, as the submarket has 2,000,000 LBJ Freeway Vital Statistics $18.50 $18.00 experienced 150,000 SF of net absorption 1,000,000 0 300,000 LBJ Freeway Vital Statistics 24.0% over the last 12 months. Anemic rent 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 $18.00 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 23.5% growth is being felt throughout the $17.50 300,000 24.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019201620192017 20202017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 200,000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 23.5% 23.0% submarket, especially among 3 Star $17.50 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction 100,000200,000 22.5% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 23.0% buildings. However, if demand improves, Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction 100,000 22.5% 22.0% rent growth could stand to pick up once 0 22.0% 0 21.5% again, since the submarket is unlikely to (100,000) 21.5% 21.0% see new supply anytime soon. (100,000) 21.0% 20.5% (200,000) 20.5% (200,000) 20.0% Leasing 20.0% (300,000)(300,000) 19.5% 19.5% At 20.6% vacancies are high in East LBJ, 201620162017201720172017201720172017 20172018 2018 20182018201820182019201820192019201920192019 20192020 2019 2020 although they have fallen the past several Q4Q4 Q1Q1Q2 Q2Q3 Q3Q4 Q4Q1 Q2Q1 Q3Q2 Q4Q3 Q1Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q4 Q1 quarters. A lack of newer properties may NetNet Absorption Absorption DeliveredDelivered Vacant % Vacant % constrain competitiveness relative to other areas of the metroplex, as tenants have shown a preference for new product over the last decade. Just 3% of inventory here has been built since 2000, which is well below the metro average of 25%. With 0 SF under construction and 0 SF delivered in the last 12 months, the demand potential of this submarket is limited, especially since there are plenty of other options for tenants in neighboring Quorum/Bent Tree, let alone premier suburban submarkets like Upper Tollway/West Plano and Frisco/The Colony.

West LBJ Freeway is a secondary office node within commuting distance of most of the affluent northern Dallas suburbs. The submarket also boasts relatively easy access to Dallas/Fort Worth International Airport via the LBJ Freeway. Vacancies in that subset have remained relatively stable this over the last decade, staying between 15% and 20%.

Movers & Shakers Largest Vacancies: Tenant SF Building Pinnacle Tower – 167,836 sf Naturally Slim 17,793 12790 Merit Dr Lake Highlands Tower – 155,465 sf Burgess & Niple, Inc 7,396 12750 Merit Drive LBJ Tower – 141,425 sf

LBJ Freeway

LBJ Freeway Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Mid Cities Office Vacancy Mid Cities Office Net Absorption Construction 30.0% 2016 Q4 373 21,366,690 3,396,366 15.9% 22,202 1 15,000 5 336,214 $ 16.92 200,000 2017 Q1 374 21,524,915 3,672,523 17.1% (117,932) 1 158,225 6 272,889 $ 16.96 25.0% 0 2017 Q2 374 21,524,915 4,049,290 18.8% (376,767) 0 0 7 287,889 $ 17.07 Existing Inventory Vacancy Delivered Inventory Under Construction (200,000) 2017 Q3 376 21,654,255 4,103,031 18.9% 75,599 2 129,340 5 Quoted158,549 $ 17.12 Period Net Absorption Under 20.0% (400,000) # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Mid Cities Office Vacancy Mid Cities Office Net Absorption 2017 Q4 380 21,762,804 4,247,687 19.5% (36,107) 4 108,549 Construction1 50,000 $ 17.13 30.0% (600,000) 20182016 Q1Q4 373380 21,366,69021,762,8043,396,3664,102,45315.9% 18.9% 22,202 145,234 1 15,0000 50 336,2141 $ 16.9250,000 $ 17.25 15.0% 200,000 20182017 Q2Q1 374381 21,524,91521,819,2743,672,5234,037,10217.1% 18.5% (117,932) 65,351 1 158,2250 60 272,8892 $ 16.9666,440 $ 17.33 (800,000) 25.0% 0 2017 Q2 374 21,524,915 4,049,290 18.8% (376,767) 0 0 7 287,889 $ 17.07 (1,000,000) 2018 Q3 382 21,869,274 4,081,402 18.7% 5,700 1 50,000 1 16,440 $ 17.37 10.0% (200,000) MID-CITIES2017 Q3 376 21,654,255OFFICE4,103,031 18.9% 75,599 2 129,340 5 158,549MID-CITIES$ 17.12 OFFICE 2018 Q4 382 21,869,274 3,951,816 18.1% 129,586 0 0 1 16,440 $ 17.2720.0% (400,000) (1,200,000) 2017 Q4 380 21,762,804 4,247,687 19.5% (36,107) 4 108,549 1 50,000 $ 17.13 2019 Q1 382 21,869,274 3,805,468 17.4% 146,348 0 0 2 41,440 $ 17.28 5.0% (600,000) (1,400,000) SUBMARKET2018 Q1 380 21,762,804 4,102,453 18.9% 145,234 0 0 1 50,000 $ 17.25 15.0%SUBMARKET 20192018 Q2 381382 21,819,27421,869,2744,037,1023,858,53818.5% 17.6% 65,351 (53,070) 0 00 20 66,4405 $ 122,69917.33 $ 17.41 (800,000) (1,600,000) 0.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 20192018 Q3 383 21,885,714 5,350,102 24.4% (1,475,124) 1 16,440 5 125,609 $ 18.3010.0% (1,000,000) 382 21,869,274 4,081,402 18.7% 5,700 1 50,000 1 16,440 $ 17.37 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20192018 Q4 382384 21,869,27421,910,7143,951,8165,277,43918.1% 24.1% 129,586 97,663 0 10 25,0001 16,4404 $ 100,60917.27 $ 18.26 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1(1,200,000)Q2 Q3 Q4 Q1 5.0% 20202019 Q1 382384 21,869,27421,910,7143,805,4685,273,44517.4% 24.1% 146,348 3,994 0 00 20 41,4404 $ 100,60917.28 $ 18.45 (1,400,000) 2019 Q2 382 21,869,274 3,858,538 17.6% (53,070) 0 0 5 122,699 $ 17.41 (1,600,000) 0.0% 2019 Q3 383 21,885,714 5,350,102 24.4% (1,475,124) 1 16,440 5 125,609 $ 18.30 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Mid-Cities Overview 2016 2017 2017 2017 2017 2018 2018 2018Mid2018 Cities2019 2019 Office2019 2019 Quoted2020 Rates Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 MidQ2 Q3 CitiesQ4 Q1 Office Construction 2019 Q4 384 21,910,714 5,277,439 24.1% 97,663 1 25,000 4 100,609 $ 18.26 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Despite the net absorption of -40,000 in the Absorption vs Previous Qtr vs 12 Months Ago $19.00 2020 Q1 384 21,910,714 5,273,445 24.1% 3,994 0 0 4 100,609 $ 18.45 8,000,000 last 12 months, the leasing dynamics in 3,994 97,663 146,348 Arlington/Mansfield are relatively healthy. Vacancy vs Previous Qtr vs 12 Months Ago Mid Cities Office Quoted Rates Mid Cities Office7,000,000 Construction However, the submarket will likely feel the $18.50 Absorption24.1% vs Previous24.1% Qtr vs 12 Months Ago17.4% $19.00 impact of the coronavirus pandemic over the 8,000,000 6,000,000 3,994 97,663 146,348 next few months, though the full scope of U/C SF vs Previous Qtr vs 12 Months Ago Vacancy vs Previous Qtr vs 12 Months Ago $18.00 7,000,000 5,000,000 any potential downturn is uncertain at this 100,609 100,609 41,440 $18.50 24.1% 24.1% 17.4% point. At 9.9% the vacancy rate is below the Delivered SF vs Previous Qtr vs 12 Months Ago 6,000,000 4,000,000 U/C SF vs Previous Qtr vs 12 Months Ago $17.50 metro average of 15.6% and rent growth of 0 25,000 0 $18.00 5,000,000 100,609 100,609 41,440 3,000,000 0.5% has fallen behind the with the market QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago 4,000,000 $17.50 average of 2.7%. 0 25,000 0 $17.00 2,000,000 18 18 17 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago 1,000,000 The Arlington/Mansfield Submarket is geared $17.00 2,000,000 18 Mid18 Cities Vital Statistics17 $16.50 toward distribution and manufacturing 1,000,000 0 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 functions. As a result, warehouses and 400,000 30.0% $16.50 Mid Cities Vital Statistics 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 industrial parks are more likely to be built in 200,000 $16.00 400,000 30.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 this area than office facilities. The submarket 0 25.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019Q42019Q1 2020Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 200,000 $16.00 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction is home to the Dallas Cowboys and Texas 25.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 (200,000)0 20.0% Delivered Under Construction Rangers, as well as the original Six Flags. Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (400,000)(200,000) 20.0% The City of Arlington has one of the most (600,000)(400,000) 15.0% educated labor force in Texas, ranking 2nd in (800,000)(600,000) 15.0% the state for the percentage of adults with a (1,000,000)(800,000) 10.0% (1,000,000) 10.0% bachelor’s degree or higher. This is due to the (1,200,000) 5.0% (1,200,000) 5.0% high concentration of institutions of higher (1,400,000)(1,400,000) learning found in the area. These include; (1,600,000)(1,600,000) 0.0% 0.0% the University of Texas at Arlington, Tarrant 20162016201720172017201720172017201720172018 2018 2018201820182018201920182019201920192019201920192020 2019 2020 Q4Q4 Q1Q1Q2Q2Q3 Q3Q4 Q4Q1 Q1Q2 Q3Q2 Q4Q3 Q1Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q4 Q1 County College Southeast Campus, and Net Absorption Delivered Vacant % Arlington Baptist University. Net Absorption Delivered Vacant %

Grand Prairie’s inventory, like that of other Mid-Cities office submarkets, is predominantly older and of middle-tier quality. Grand Prairie lacks the dynamism of the northern Dallas suburban submarkets, and very few leases are signed here annually. Only one significant lease has occurred in the first half of 2019, fintech company, CO-OP Financial Services signed a 108,000-SF lease in Campus at CenterPort. This submarket is home to the previous American Airlines headquarters, though the company has relocated to its new campus in the HEB/Mid-Cities Submarket, just west of Highway 360, in 2019. That move sent vacancy rates dramatically higher. The large reduction of space in early 2018 was due to the demolition of the office portion of the Dallas Global Industrial Center, which is being redeveloped into a new industrial park.

Leasing At 9.0% the the vacancy rate in Arlington/Mansfield submarket trend below the D-FW metro average of 15.4%. Occupancies didn’t take much of a hit during the downturn, and the submarket has seen steady absorption this cycle. Though the submarket has experienced negative absorption in recent quarters, there is an almost complete lack of large blocks of space in the submarket. It is rare to find a building with more than 50,000 SF of contiguous availability, and typically, only about five or six assets have more than 25,000 SF available at a given time. As a small suburban submarket with a stable base of large tenants, vacancies in Grand Prairie have historically trended well below the metro average. However, there is one major move-out in 2019: American Airlines vacated more than 1 million SF in this submarket when its new 1.7-million-SF campus delivered across Highway 360 in the HEB/Mid-Cities Submarket. In turn, vacany rates have shifted dramatically higher.

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. 12 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice.

Mid Cities Office

Mid Cities Office MID-CITIES OFFICE SUBMARKET SUBMARKET

Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Mid Cities Office Vacancy Mid Cities Office Net Absorption Construction 30.0% 2016 Q4 373 21,366,690 3,396,366 15.9% 22,202 1 15,000 5 336,214 $ 16.92 200,000 2017 Q1 374 21,524,915 3,672,523 17.1% (117,932) 1 158,225 6 272,889 $ 16.96 25.0% 0 2017 Q2 374 21,524,915 4,049,290 18.8% (376,767) 0 0 7 287,889 $ 17.07 (200,000) 2017 Q3 376 21,654,255 4,103,031 18.9% 75,599 2 129,340 5 158,549 $ 17.12 20.0% (400,000) 2017 Q4 380 21,762,804 4,247,687 19.5% (36,107) 4 108,549 1 50,000 $ 17.13 (600,000) 2018 Q1 380 21,762,804 4,102,453 18.9% 145,234 0 0 1 50,000 $ 17.25 15.0% 2018 Q2 381 21,819,274 4,037,102 18.5% 65,351 0 0 2 66,440 $ 17.33 (800,000) 2018 Q3 382 21,869,274 4,081,402 18.7% 5,700 1 50,000 1 16,440 $ 17.37 10.0% (1,000,000) 2018 Q4 382 21,869,274 3,951,816 18.1% 129,586 0 0 1 16,440 $ 17.27 (1,200,000) 2019 Q1 382 21,869,274 3,805,468 17.4% 146,348 0 0 2 41,440 $ 17.28 5.0% (1,400,000) 2019 Q2 382 21,869,274 3,858,538 17.6% (53,070) 0 0 5 122,699 $ 17.41 (1,600,000) 0.0% 2019 Q3 383 21,885,714 5,350,102 24.4% (1,475,124) 1 16,440 5 125,609 $ 18.30 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 Q4 384 21,910,714 5,277,439 24.1% 97,663 1 25,000 4 100,609 $ 18.26 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 Q1 384 21,910,714 5,273,445 24.1% 3,994 0 0 4 100,609 $ 18.45 Mid Cities Office Quoted Rates Mid Cities Office Construction Absorption vs Previous Qtr vs 12 Months Ago $19.00 8,000,000 3,994 97,663 146,348 7,000,000 Vacancy vs Previous Qtr vs 12 Months Ago $18.50 24.1% 24.1% 17.4% 6,000,000 U/C SF vs Previous Qtr vs 12 Months Ago $18.00 5,000,000 100,609 100,609 41,440 Delivered SF vs Previous Qtr vs 12 Months Ago 4,000,000 $17.50 0 25,000 0 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago 18 18 17 $17.00 2,000,000 1,000,000 $16.50 Mid Cities Vital Statistics 0 400,000 30.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 200,000 $16.00 0 25.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction (200,000) 20.0% (400,000) (600,000) 15.0% (800,000) (1,000,000) 10.0% (1,200,000) 5.0% (1,400,000) Movers & Shakers Largest Vacancies: (1,600,000) 0.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Tenant SF Building American Airlines HQ 1 – 714,107 sf Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Six Flags Entertainment Corp 40,842 1000 Ballpark Way Net Absorption Delivered Vacant % American Airlines HQ 2 – 569,834 sf SBA 33,000 14951 Kingsport Rd AA Credit Union – 104,7856 sf Universal North America 10,247 4300 Centreway Place 4200 Buckingham Rd – 120,580 sf Everest College – 51,540 sf

Mid Cities Office Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Preston Center Office Vacancy Preston Center Office Net Absorption Construction 16.0% 2016 Q3 51 4,663,844 485,296 10.4% 48,243 0 0 1 173,583 $ 28.12 120,000 2016 Q4 51 4,663,844 492,827 10.6% (7,531) 0 0 1 173,583 $ 27.29 14.0% 100,000 2017 Q1 51 4,663,844 519,390 11.1% (26,563) 0 0 1 173,583 $ 28.14 80,000 Existing Inventory Vacancy Delivered Inventory Under Construction 12.0% 2017 Q2 51 4,663,844 564,449 12.1% (45,059) 0 0 1 Quoted173,583 $ 28.06 60,000 Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Preston10.0% Center Office Vacancy Preston Center Office40,000 Net Absorption 2017 Q3 51 4,663,844 548,944 11.8% 15,505 0 0 Construction1 173,583 $ 28.46 16.0% 20,000 20172016 Q4Q3 5152 4,663,8444,837,427485,296696,251 10.4% 14.4% 48,243 26,276 0 10 173,5831 173,5830 $ 28.120 $ 29.24 8.0% 120,000 0 20182016 Q1Q4 5152 4,663,8444,837,427492,827670,682 10.6% 13.9% (7,531) 25,569 0 00 10 173,5830 $ 27.290 $ 29.6714.0% 100,000 2017 Q1 51 4,663,844 519,390 11.1% (26,563) 0 0 1 173,583 $ 28.14 6.0% 80,000 (20,000) 2018 Q2 52 4,837,427 673,982 13.9% (3,300) 0 0 0 0 $ 29.5812.0% PRESTON2017 Q2 51 CENTER4,663,844 564,449 12.1% (45,059) 0 0 1STEMMONS173,583 $ 28.06 FREEWAY60,000 (40,000) 2018 Q3 52 4,837,427 597,288 12.3% 76,694 0 0 0 0 $ 28.64 4.0% 2017 Q3 51 4,663,844 548,944 11.8% 15,505 0 0 1 173,583 $ 28.46 10.0% 40,000 (60,000) 2018 Q4 52 4,837,427 495,737 10.2% 101,551 0 0 0 0 $ 28.73 20,000 2017 Q4 52 4,837,427 696,251 14.4% 26,276 1 173,583 0 0 $ 29.24 8.0% 2.0% (80,000) SUBMARKET 0 20192018 Q1 5252 4,837,4274,837,427670,682543,943 13.9% 11.2% 25,569 (48,206) 0 00 00 0 0 $ 29.670 $ 29.13 (100,000) 6.0% 0.0% (20,000) 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 20192018 Q2 5252 4,837,4274,837,427673,982547,291 13.9% 11.3% (3,300) (3,348) 0 00 00 0 0 $ 29.580 $ 29.33 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 (40,000)2019 2019 2019 2019 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4.0% 20192018 Q3 5252 4,837,4274,837,427597,288535,745 12.3% 11.1% 76,694 11,546 0 00 00 0 0 $ 28.640 $ 29.36 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (60,000)Q1 Q2 Q3 Q4 20192018 Q4 5252 4,837,4274,837,427495,737630,811 10.2% 13.0% 101,551 (95,066) 0 00 00 0 0 $ 28.730 $ 29.182.0% (80,000) 2019 Q1 52 4,837,427 543,943 11.2% (48,206) 0 0 0 0 $ 29.13 (100,000) 2020 Q1 52 4837427 572089 0.118 58722 0 0 0 0 28.90.0% 2019 Q2 52 4,837,427 547,291 11.3% (3,348) 0 0 0 0 $ 29.33 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 Preston Center Overview 2016 2016 2017 2017 2017 2017 2018Preston2018 2018 Center2018 2019 2019 Office2019 2019 Quoted Rates Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 PrestonQ4 Q1 Q2 CenterQ3 Q4 Office Construction 2019 Q3 52 4,837,427 535,745 11.1% 11,546 0 0 0 0 $ 29.36 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Preston Center is one of the premier 2019 AbsorptionQ4 52 4,837,427vs Previous630,811 Qtr 13.0% vs 12(95,066) Months Ago 0 0 0 0 $ 29.18 $30.00 submarkets, with a highly educated labor 8,000,000 2020 Q1(95,066) 52 4837427 11,546572089 0.118 101,55158722 0 0 0 0 28.9 pool to draw from in North Dallas. A large Vacancy Preston $29.50 Center Office Quoted Rates Preston Center 7,000,000Office Construction portion of the tenant base at Preston Center vs Previous Qtr vs 12 Months Ago Absorption vs Previous Qtr vs 12 Months Ago $30.00 is made up of financial and professional 13.0% 11.1% 10.2% $29.00 8,000,000 6,000,000 (95,066)U/C SF 11,546 101,551 services firms. The area is also highly vs Previous Qtr vs 12 Months Ago $29.50 Vacancy vs Previous Qtr vs 12 Months Ago 7,000,000 5,000,000 amenitized, with 165 restaurants and plenty 0 0 0 $28.50 13.0% 11.1% 10.2% 6,000,000 of high-end shopping found at the Plaza of Delivered SF $29.00 4,000,000 U/C SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago Preston Center. At $39.00/SF, the submarket $28.00 5,000,000 00 0 0 0 0 $28.50 3,000,000 boasts the second-highest rents in the QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago $27.50 4,000,000 market, which is impressive considering that $28.00 2,000,000 290 0 29 0 29 3,000,000 60% of the building stock was constructed Quoted Rates vs Previous Qtr vs 12 Months Ago $27.50 $27.00 1,000,000 2,000,000 between 1980 and 1990. Buildings built this 29 29 29 decade still command an average rental Preston Center Vital Statistics $27.00 $26.50 1,000,000 0 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 rate of nearly $38/SF. The submarket has one 200,000 16.0% Preston Center Vital Statistics $26.50 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 of the highest concentrations of 4 & 5 Star $26.00 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 150,000200,000 16.0% 14.0% 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019Q32019Q4 2019Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 assets, comprising 66% of the total inventory. Delivered Under Construction $26.00 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 150,000 14.0% 12.0% 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 100,000 Delivered Under Construction 12.0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Leasing 100,000 10.0% 50,000 10.0% Preston Center is one of the most core-like 50,000 8.0% 0 8.0% submarkets in D-FW, and occupancies rarely 0 6.0% (50,000) 6.0% dip below 90%. The submarket was one of (50,000) 4.0% the strongest performers coming out of the 4.0% (100,000) 2.0% downturn. After a few years of weakness in (100,000) 2.0% 2016 and 2017, occupancies improved, as the (150,000)(150,000) 0.0% 0.0% 20162016201620162017201720172017201720172017 20172018 2018201820182018201820182019201820192019201920192019 2019 2019 recently completed Terraces at Douglas Center Q3Q3 Q4Q4 Q1Q1Q2 Q2Q3 Q3Q4 Q4Q1 Q2Q1 Q3Q2 Q4Q3Q1Q4Q2 Q1Q3 Q2Q4 Q3 Q4 (173,500 SF) leased up. Almost 80% of the NetNet Absorption Absorption DeliveredDelivered Vacant % Vacant % submarket’s RBA exceeding 50,000 SF is 4 & 5 Star, aligning with the rate in both Uptown/ Turtle Creek and the Dallas CBD. Metro wide, the figure is less than 50%.

The tenant base in Preston Center mostly consists of financial and professional services firms, and most of these tenants have a small footprint—only about a dozen companies occupy more than 25,000 SF in the submarket. Furthermore, large blocks of available space are rare. Coworking has found its way to Preston Center, WeWork has a major presence in the submarket, signing a 50,000 SF lease in early 2019. They moved into two floors of 171,500 SF, The Terraces of Douglas Center. WeWork also signed a 71,000 SF lease at Weir’s Plaza in July 2019, taking three floors of the 12 story, currently under construction -Weir’s Plaza, with an expected delivery date of November 2021.

Movers & Shakers Largest Vacancies: Tenant SF Building 8333 Douglas at Douglas Center – 54.529 sf Regus 12,580 5956 Sherry Lane Preston Commons East Tower – 46,067 sf Enterhealth 6,731 8222 Douglas Avenue Bluffview Towers – West – 44,993 sf

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. 14 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice.

Preston Center

Preston Center Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Stemmons Freeway Office Vacancy Stemmons Freeway Office Net Absorption Construction 27.0% 2016 Q4 114 12,286,257 3,251,278 26.5% 131,294 0 0 1 414,000 $ 13.92 500,000 2017 Q1 114 12,286,257 3,241,474 26.4% 9,804 0 0 1 414,000 $ 14.04 26.5% 2017 Q2 114 12,286,257 3,240,176 26.4% 1,298 0 0 1 414,000 $ 14.98 400,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2017 Q3 114 12,286,257 3,162,710 25.7% 77,466 0 0 1 Quoted414,000 $ 14.98 26.0% 300,000 Period Net Absorption Under Stemmons Freeway Office Net Absorption 2017 Q4 # Bldgs114 Total12,286,257 RBA Vacant 3,152,536SF Vacant % 25.7% 10,174# Bldg Delivered0 # Bldgs0 1 Rates414,000 $ 14.97 Stemmons Freeway Office Vacancy Construction 25.5% 200,000 27.0% 20162018 Q4 Q1 114114 12,286,25712,286,2573,251,2783,191,72326.5% 26.0%131,294 (39,187)0 00 1 0 414,0001 $ 13.92414,000 $ 15.33 500,000 20172018 Q1 Q2 114115 12,286,25712,700,2573,241,4743,159,38226.4% 24.9% 9,804 446,3410 01 414,0001 414,0000 $ 14.04 0 $ 15.1526.5% 25.0% 100,000 2017 Q2 114 12,286,257 3,240,176 26.4% 1,298 0 0 1 414,000 $ 14.98 400,000 2018 Q3 115 12,700,257 3,283,905 25.9% -124,523 0 0 0 0 $ 15.22 0 2017 Q3STEMMONS FREEWAY 26.0% 24.5% 114 12,286,257 3,162,710 25.7% 77,466 0 0 1 414,000 $ 14.98 2018 Q4 115 12,700,257 3,204,663 25.2% 79,242 0 0 0 0 $ 15.22 300,000 2017 Q4 114 12,286,257 3,152,536 25.7% 10,174 0 0 1 414,000 $ 14.97 (100,000) 2019 Q1 115 12,700,257 3,177,320 25.0% 27,343 0 0 0 0 $ 15.4425.5% 24.0% 200,000 2018 Q1 114 12,286,257 3,191,723 26.0% SUBMARKET(39,187) 0 0 1 414,000 $ 15.33 20182019 Q2 Q2 115115 12,700,25712,700,2573,159,3823,155,23524.9% 24.8%446,341 22,085 1 414,0000 0 0 0 0 $ 15.15 0 $ 15.2525.0% 100,000 (200,000) 23.5% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 20182019 Q3 Q3 115115 12,700,25712,700,2573,283,9053,179,34625.9% 25.0%-124,523 -24,1110 00 0 0 0 0 $ 15.22 0 $ 15.93 24.5% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 20190 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20182019 Q4 Q4 115115 12,700,25712,700,2573,204,6633,237,83525.2% 25.5% 79,242 -58,4890 00 0 0 0 0 $ 15.22 0 $ 15.71 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (100,000) 20192020 Q1 Q1 115115 12,700,25712,700,2573,177,3203,239,33925.0% 25.5% 27,343 -1,504 0 00 0 0 0 0 $ 15.44 0 $ 15.9224.0% 2019 Q2 115 12,700,257 3,155,235 24.8% 22,085 0 0 0 0 $ 15.25 (200,000) 23.5% 2019 Q3 115 12,700,257 3,179,346 25.0% -24,111 0 0 0 0 $ 15.93 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Stemmons Freeway Overview 2016 2017 2017 2017 2017 2018Stemmons2018 2018 2018 2019 Freeway2019 2019 2019 Office2020 Quoted RatesQ4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4StemmonsQ1 Q2 Q3 Q4 FreewayQ1 Office Construction 2019 Q4 115 12,700,257 3,237,835 25.5% -58,489 0 0 0 0 $ 15.71 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Absorption vs Previous Qtr vs 12 Months Ago The Stemmons Freeway Submarket stretches $16.50 2020 Q1 115 12,700,257 3,239,339 25.5% -1,504 0 0 from the0 CBD up to0 the LBJ$ Freeway15.92 and 8,000,000 (1,504) -58,489 27,343 Farmers Branch. Most major tenants are Vacancy Stemmons $16.00 Freeway Office Quoted Rates Stemmons Freeway7,000,000 Office Construction vs Previous Qtr vs 12 Months Ago located in the southern portion of the Absorption vs Previous Qtr vs 12 Months Ago $16.50 25.5% 25.5% 25.0% submarket, near the Southwestern Medical $15.50 8,000,000 6,000,000 (1,504) -58,489 27,343 U/C SF vs Previous Qtr vs 12 Months Ago Center. Medical/healthcare firms account Vacancy $16.00 7,000,000 5,000,000 0 vs Previous Qtr0 vs 12 Months Ago 0 for a significant portion of the submarket’s $15.00 25.5% 25.5% 25.0% 6,000,000 Delivered SF vs Previous Qtr vs 12 Months Ago tenant base, as do state and federal agencies. $15.50 4,000,000 U/C SF vs Previous Qtr vs 12 Months Ago Nearly all new supply comes in the form of $14.50 5,000,000 0 0 0 0 0 0 $15.00 3,000,000 build-to-suits. For example, event services DeliveredQuoted RatesSF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago $14.00 4,000,000 giant Freeman broke ground headquarters in $14.50 2,000,000 0 16 0 16 0 15 late 2019. The 200,000 SF building will house 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago $14.00 $13.50 1,000,000 700 of the company’s 7,000 employees. It 2,000,000 16 Stemmons16 Freeway Vital15 Statistics is expected to be delivered in spring 2021. $13.50 $13.00 1,000,000 0 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 500,000 27.0%Southwest Airlines completed a 414,000-SF Stemmons Freeway Vital Statistics $13.00 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 office building in this submarket in 18Q2. $12.50 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 500,000400,000 27.0% 26.5% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019Q4 2019Q1 Q22020Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 $12.50 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction 400,000 26.5% The submarket boasts several transit 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 300,000 26.0% Delivered Under Construction amenities. Aside from the Stemmons Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 300,000200,000 26.0% 25.5% Freeway itself, DART provides rail service 200,000 25.5% 100,000 25.0%at the Southwestern Medical Center that 100,000 25.0% 0 24.5%takes passengers northwest to the D/FW 0 24.5% International Airport or south to Downtown (100,000)(100,000) 24.0% 24.0%Dallas. Dallas Love Field Airport, which is (200,000)(200,000) 23.5% 23.5%located within the submarket’s boundaries, 2016201620172017201720172017 20172017 2018201720182018201820182018201820192018201920192019 2019 20202019 2019 2020 is the metroplex’s second-largest airport Q4Q4Q1 Q1Q2 Q2Q3 Q3Q4 Q1Q4 Q2Q1 Q3Q2Q4 Q3Q1 Q4Q2 Q1Q3 Q4Q2 Q1Q3 Q4 Q1 behind D/FW. The airport has seen passenger Net Absorption Delivered Vacant % Net Absorption Delivered Vacant % traffic double since the repeal of the Wright Amendment in 2014, increasing the viability of development nearby.

Leasing At 20.5%, the vacancy rate in the Stemmons Freeway Submarket is structurally higher than the metro average of 15.6%. Vacancies have maintained a downward trend for many years and are now slightly below the submarket’s historical average.

The tenant profile in Stemmons Freeway is heavily weighted towards government and medical firms. Some of the larger office users include the FBI, the DEA, and the Dallas County government, as well as UT Southwestern and Parkland Hospital. This provides a steady base of stable tenants, and though big deals from corporate tenants are rare, the submarket can benefit from government agency or medical tenant expansions. For example, Dallas County took 55,000 SF at 1300 W. Mockingbird in early 2019.

Movers & Shakers Largest Vacancies: Tenant SF Building Pegasus Place – The Tower – 518,656 sf VNA 19,998 1420 W Mockingbird Lane 1950 N Stemmons Fwy – 159,063 sf

Stemmons Freeway

Stemmons Freeway Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Richardson / Plano Office Vacancy Richardson / Plano Office Net Absorption Construction 21.5% 2016 Q4 338 28,907,452 5,726,785 19.8% (275,298) 4 197,627 7 940,745 $ 19.66 600,000 2017 Q1 340 28,960,125 5,963,967 20.6% (184,509) 2 52,673 8 986,517 $ 19.50 21.0% 2017 Q2 340 28,960,125 5,900,870 20.4% 63,097 0 0 10 1,042,017 $ 19.48 400,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2017 Q3 341 29,273,125 6,016,198 20.6% 197,672 1 313,000 9 Quoted729,017 $ 20.00 20.5% Period Net Absorption Under Richardson / Plano Office200,000 Net Absorption 2017 Q4 # Bldgs346 Total29,755,867 RBA Vacant5,978,241 SF Vacant % 20.1% 520,699# Bldg Delivered5 # Bldgs482,742 5 Rates284,206 $ 20.04 Richardson / Plano Office Vacancy Construction 20.0% 21.5% 20162018 Q4 Q1 338349 28,907,45229,869,5735,726,7855,773,71619.8% 19.3%(275,298) 318,2314 197,6273 113,7067 940,7452 $ 19.66170,500 $ 19.04 600,000 0 20172018 Q1 Q2 340351 28,960,12530,040,0735,963,9675,798,07120.6% 19.3%(184,509) 146,1452 52,6732 170,5008 986,5170 $ 19.500 $ 18.7821.0% 19.5% 20172018 Q2 Q3 340351 28,960,12530,040,0735,900,8706,256,42320.4% 20.8%63,097 (458,352)0 00 10 0 1,042,0171 $ 19.4825,000 $ 18.79 400,000 (200,000) RICHARDSON/PLANO2017 Q3 341 29,273,125 6,016,198 20.6% 197,672 1 313,000 9 RICHARDSON/PLANO729,017 $ 20.00 20.5% 19.0% 2018 Q4 351 30,040,073 6,388,689 21.3% (132,266) 0 0 1 25,000 $ 18.83 200,000 2017 Q4 346 29,755,867 5,978,241 20.1% 520,699 5 482,742 5 284,206 $ 20.04 (400,000) 2019 Q1 351 30,040,073 6,080,466 20.2% 308,223 0 0 1 25,000 $ 18.6920.0% 18.5% 2018SUBMARKET Q1 349 29,869,573 5,773,716 19.3% 318,231 3 113,706 2 170,500 $ 19.04 0 20182019 Q2 Q2 351352 30,040,07330,065,0735,798,0716,048,20819.3% 20.1%146,145 52,198 2 170,5001 25,0000 0 0 $ 18.780 $ 18.5519.5% (600,000) 18.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 20182019 Q3 Q3 351352 30,040,07330,065,0736,256,4235,756,47520.8% 19.1%(458,352) 291,7330 00 1 0 25,0000 $ 18.790 $ 18.52 (200,000) 19.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20182019 Q4 Q4 351 30,040,073 6,388,689 21.3% (132,266) 0 0 1 25,000 $ 18.83 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 352 30,065,073 6,269,125 20.9% (512,650) 0 0 0 0 $ 18.17 (400,000) 20192020 Q1 Q1 351352 30,040,07330,065,0736,080,4666,217,56320.2% 20.7%308,223 51,562 0 00 1 0 25,0000 $ 18.690 $ 18.4318.5% 2019 Q2 352 30,065,073 6,048,208 20.1% 52,198 1 25,000 0 0 $ 18.55 (600,000) 18.0% 2019 Q3 352 30,065,073 5,756,475 19.1% 291,733 0 0 0 0 $ 18.52 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Richardson/Plano Overview 2016 2017 2017 2017 2017 2018 2018Richardson/Plano2018 2018 2019 2019 2019 Office2019 2020 Quoted RatesQ4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4RichardsonQ1 Q2 Q3 Q4 / PlanoQ1 Office Construction 2019 Q4 352 30,065,073 6,269,125 20.9% (512,650) 0 0 0 0 $ 18.17 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Richardson is the home of the Absorption vs Previous Qtr vs 12 Months Ago $20.50 2020 Q1 352 30,065,073 6,217,563 20.7% 51,562 0 0 0 0 $ 18.43 8,000,000 Telecom Corridor, which contains 51,562 -512,650 308,223 a number of the world’s largest Vacancy vs Previous Qtr vs 12 Months Ago Richardson/Plano $20.00 Office Quoted Rates Richardson / Plano7,000,000 Office Construction telecommunications companies; Absorption20.7% vs Previous20.9% Qtr vs 12 Months Ago20.2% $20.50 8,000,000 6,000,000 Texas Instruments, Cisco, and Fujitsu 51,562U/C SF -512,650vs Previous Qtr 308,223vs 12 Months Ago $19.50 Vacancy $20.00 7,000,000 5,000,000 Network Communications to name a 0 vs Previous Qtr0 vs 12 Months Ago25,000 20.7% 20.9% 20.2% $19.00 few. Despite the moniker, Richardson Delivered SF vs Previous Qtr vs 12 Months Ago 6,000,000 4,000,000 U/C SF vs Previous Qtr vs 12 Months Ago $19.50 has a diverse tenant base, with 0 0 0 5,000,000 0 0 25,000 3,000,000 $19.00 $18.50 healthcare and insurance firms taking DeliveredQuoted RatesSF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 4,000,000 up a large portion of the submarket’s 0 18 0 18 0 19 2,000,000 $18.50 $18.00 3,000,000 office space. The submarket provides Quoted Rates vs Previous Qtr vs 12 Months Ago 1,000,000 a highly talented laborforce to draw 18 18 19 2,000,000 Richardson/Plano Vital Statistics $18.00 $17.50 from, with 58% of the population 1,000,000 0 600,000 21.5% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 possessing a bachelor’s degree or Richardson/Plano Vital Statistics $17.50 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 $17.00 0 600,000 21.5% 21.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 higher. 400,000 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019Q4 Q12019Q22020Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 $17.00 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction 400,000 21.0% 20.5% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 200,000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction CityLine has garnered most of the 20.5% 200,000 20.0% headlines in recent years, with build- 0 20.0% to-suits for State Farm (2 million SF) 0 19.5% (200,000) 19.5% and Raytheon (500,000 SF) opening (200,000) 19.0% 19.0% a few years ago to go along with (400,000) (400,000) 18.5% 18.5% thousands of new apartments and (600,000)(600,000) 18.0% 18.0% retail. The first speculative building at 2016201620172017201720172017 20172017 2018201720182018201820182018201820192018201920192019 2019 20202019 2019 2020 CityLine, 3400 CityLine, was delivered Q4Q4Q1 Q1Q2 Q2Q3 Q3Q4 Q1Q4 Q2Q1 Q3Q2Q4Q3Q1 Q4Q2 Q1Q3 Q2Q4 Q1Q3 Q4 Q1 in July 2017, but has only recently Net NetAbsorption Absorption DeliveredDelivered Vacant % Vacant % started to see an uptick in leasing activity. The submarket also benefits from DART access: Four DART rail stations are located here, more than any other suburban office submarket in the metroplex.

Leasing CityLine, particularly State Farm’s build-to-suit campus, has garnered many of the headlines, and rightly so. In fact, the moves by State Farm (roughly 2 million SF) and Raytheon (nearly 500,000 SF) represented a 12% increase in the submarket’s occupied square footage. Over the longterm, more businesses are likely to want to locate here as CityLine continues to become more urbanized, boasting high-end retail and new apartments. Tenants looking for larger space in Richardson will find that CityLine contains plenty of room to construct additional build-to-suits. In terms of speculative deals in CityLine, Transwestern Dallas and Malouf Interests completed the first multi-tenant property in the building park, 3400 CityLine. The 313,000-SF project delivered 100% vacant in July 2017. The asset remained vacant for more than one year after delivering but has generated some leasing activity of late. These leases were headlined by DXC Technology, which signed for roughly 100,000 SF in early 2019 and Generational Group, which took 31,000 SF in late 2018.

Plenty of large blocks are on the market, and many landlords are reportedly fishing for single-tenant users. Through mid-2019, roughly 12 properties had more than 100,000 SF of contiguous space available, and just under 17 buildings had more than 50,000 SF.

The Plano office submarket has not experienced the same type of growth as its neighbors over the last decade. Most northern Dallas suburbs have enjoyed explosive job growth, coupled with strong absorption and plenty of new

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. 16 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice.

Richardson_Plano

Richardson_Plano RICHARDSON/PLANO SUBMARKET

Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Richardson / Plano Office Vacancy Richardson / Plano Office Net Absorption Construction 21.5% 2016 Q4 338 28,907,452 5,726,785 19.8% (275,298) 4 197,627 7 940,745 $ 19.66 600,000 2017 Q1 340 28,960,125 5,963,967 20.6% (184,509) 2 52,673 8 986,517 $ 19.50 21.0% 2017 Q2 340 28,960,125 5,900,870 20.4% 63,097 0 0 10 1,042,017 $ 19.48 400,000 2017 Q3 341 29,273,125 6,016,198 20.6% 197,672 1 313,000 9 729,017 $ 20.00 20.5% 200,000 2017 Q4 346 29,755,867 5,978,241 20.1% 520,699 5 482,742 5 284,206 $ 20.04 20.0% 2018 Q1 349 29,869,573 5,773,716 19.3% 318,231 3 113,706 2 170,500 $ 19.04 0 2018 Q2 351 30,040,073 5,798,071 19.3% 146,145 2 170,500 0 0 $ 18.78 19.5% 2018 Q3 351 30,040,073 6,256,423 20.8% (458,352) 0 0 1 25,000 $ 18.79 (200,000) 19.0% 2018 Q4 351 30,040,073 6,388,689 21.3% (132,266) 0 0 1 25,000 $ 18.83 (400,000) 2019 Q1 351 30,040,073 6,080,466 20.2% 308,223 0 0 1 25,000 $ 18.69 18.5% 2019 Q2 352 30,065,073 6,048,208 20.1% 52,198 1 25,000 0 0 $ 18.55 (600,000) 18.0% 2019 Q3 352 30,065,073 5,756,475 19.1% 291,733 0 0 0 0 $ 18.52 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 Q4 352 30,065,073 6,269,125 20.9% (512,650) 0 0 0 0 $ 18.17 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 Q1 352 30,065,073 6,217,563 20.7% 51,562 0 0 0 0 $ 18.43 Richardson/Plano Office Quoted Rates Richardson / Plano Office Construction Absorption vs Previous Qtr vs 12 Months Ago $20.50 8,000,000 51,562 -512,650 308,223 Vacancy vs Previous Qtr vs 12 Months Ago $20.00 7,000,000 20.7% 20.9% 20.2% 6,000,000 U/C SF vs Previous Qtr vs 12 Months Ago $19.50 5,000,000 0 0 25,000 $19.00 Delivered SF vs Previous Qtr vs 12 Months Ago 4,000,000 0 0 0 $18.50 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago 18 18 19 2,000,000 $18.00 1,000,000

Richardson/Plano Vital Statistics $17.50 0 600,000 21.5% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 $17.00 400,000 21.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction 20.5% 200,000 20.0% 0 19.5% (200,000) 19.0% (400,000) 18.5% construction; meanwhile, the Plano Submarket has been relatively quiet. The submarket has performed in a counter- (600,000) 18.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 cyclical fashion, with vacancies rising until recently. In the last year, there have been three leases over 20,000 SF, all Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Net Absorption Delivered Vacant % located within Hall Park.

Despite recent move-outs, there has been some positive leasing momentum in the submarket, especially at the newly renovated Legacy Central. Samsung moved into 216,000 SF at Legacy Central in early 2019. In mid-2019, an undisclosed tenant signed a 108,000 SF lease in the same park, with an estimated move-in date of March 2020. construction; meanwhile, the Plano Submarket has been relatively quiet. The submarket has performed in a counter- cyclical fashion, with vacancies rising until recently. In the last six months, there have been two leases over 20,000 SF, and both are in Legacy Central.

Movers & Shakers Largest Vacancies: Tenant SF Building 601 Data Dr – 423,123 sf Crawford & Company 72,915 830 S Greenville Avenue Legacy Central 2 – 299,730 sf Appen, Inc. 50,206 3033 W PGBT 465 Independence Pky – 251,347 sf Campbell Glen II – 205,816 sf

Richardson_Plano Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Uptown / Turtle Creek Office Vacancy Uptown / Turtle Creek Office Net Absorption Construction 18.0% 2016 Q4 88 11,916,027 1,423,473 11.9% 188,530 0 0 4 1,265,543 $ 28.55 300,000 2017 Q1 88 11,916,027 1,503,213 12.6% (73,846) 0 0 4 1,265,543 $ 28.54 16.0% 200,000 2017 Q2 88 11,916,027 1,516,353 12.7% (13,140) 0 0 5 1,300,305 $ 27.95 14.0% Existing Inventory Vacancy Delivered Inventory Under Construction 100,000 2017 Q3 88 11,916,027 1,515,399 12.7% 954 0 0 5 Quoted1,300,305 $ 28.26 Period Net Absorption Under 12.0% Uptown / Turtle Creek Office Net Absorption # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Uptown / Turtle Creek Office Vacancy 0 2017 Q4 88 11,916,027 1,518,605 12.7% (3,206) 0 0 Construction5 1,300,305 $ 28.48 18.0% 10.0% 20182016 Q4Q1 8888 11,916,02711,916,0271,423,4731,546,00211.9% 13.0% 188,530 (27,397)0 0 4 0 1,265,5435 $ 1,300,30528.55 $ 28.99 300,000 (100,000) 20182017 Q1Q2 8889 11,916,02712,410,3271,503,2131,970,99412.6% 15.9% (73,846) (424,992)0 10 494,3004 1,265,5434 $ 28.54806,005 $ 29.2216.0% 8.0% 200,000 (200,000) 20182017 Q2Q3 8890 11,916,02712,540,3271,516,3531,977,44212.7% 15.8% (13,140) 123,552 0 10 130,0005 1,300,3053 $ 27.95676,005 $ 29.8814.0% 6.0% UPTOWN/TURTLE2017 Q3 CREEK UPTOWN/TURTLE CREEK100,000 88 11,916,027 1,515,399 12.7% 954 0 0 5 1,300,305 $ 28.26 (300,000) 2018 Q4 92 12,995,784 2,209,103 17.0% 223,796 2 455,457 2 512,589 $ 29.8312.0% 4.0% 2017 Q4 88 11,916,027 1,518,605 12.7% (3,206) 0 0 5 1,300,305 $ 28.48 0 2019 Q1 92 12,995,784 2,212,352 17.0% (3,249) 0 0 2 512,589 $ 30.0710.0% (400,000) SUBMARKET2018 Q1 88 11,916,027 1,546,002 13.0% (27,397) 0 0 5 1,300,305 $ 28.99 2.0% (100,000) 20192018 Q2Q2 8992 12,410,32712,995,7841,970,9942,085,12615.9% 16.0%(424,992) 127,226 1 494,3000 4 0 806,0052 $ 29.22512,589 $ 30.648.0% (500,000) 0.0% (200,000) 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 20192018 Q3Q3 9093 12,540,32713,216,3321,977,4422,089,08515.8% 15.8% 123,552 216,589 1 130,0001 220,5483 676,0052 $ 29.88656,774 $ 30.876.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 (300,000) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 20192018 Q4Q4 9293 12,995,78413,216,3322,209,1031,974,07117.0% 14.9% 223,796 115,014 2 455,4570 2 0 512,5892 $ 29.83656,774 $ 31.154.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 (400,000) 20202019 Q1Q1 9293 12,995,78413,216,3322,212,3522,158,55917.0% 16.3% (3,249) (184,488)0 0 2 0 512,5892 $ 30.07656,774 $ 31.492.0% 2019 Q2 92 12,995,784 2,085,126 16.0% 127,226 0 0 2 512,589 $ 30.64 (500,000) 0.0% 2019 Q3 93 13,216,332 2,089,085 15.8% 216,589 1 220,548 2 656,774 $ 30.87 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Uptown / Turtle Creek Overview 2016 2017 2017 2017 2017 2018Uptown2018 2018 /2018 Turtle2019 2019 Creek2019 2019 Office2020 Quoted RatesQ4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 UptownQ4 Q1 Q2 /Q3 TurtleQ4 Q1 Creek Office Construction 2019 Q4 93 13,216,332 1,974,071 14.9% 115,014 0 0 2 656,774 $ 31.15 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Uptown/Turtle Creek is the premier office Absorption vs Previous Qtr vs 12 Months Ago $32.00 2020 Q1 93 13,216,332 2,158,559 16.3% (184,488) 0 0 2 656,774 $ 31.49 8,000,000 submarket in Dallas-Fort Worth, boasting (184,488) 115,014 -3,249 the highest rents in the metro. It offers Uptown / Turtle Creek Office Quoted Rates Uptown / Turtle Creek7,000,000 Office Construction Vacancy vs Previous Qtr vs 12 Months Ago $31.00 all of the transportation, infrastructure, Absorption vs Previous Qtr vs 12 Months Ago $32.00 16.3% 14.9% 17.0% 8,000,000 6,000,000 and amenity advantages of a CBD (184,488)U/C SF 115,014vs Previous Qtr -3,249vs 12 Months Ago Vacancy $30.00 7,000,000 5,000,000 but has a more upscale class of office 656,774 vs Previous656,774 Qtr vs 12 Months Ago512,589 $31.00 16.3% 14.9% 17.0% 6,000,000 product than the Dallas CBD Submarket. Delivered SF vs Previous Qtr vs 12 Months Ago 4,000,000 U/C SF vs Previous Qtr vs 12 Months Ago The submarket is the premier live/work/ $30.00 $29.00 5,000,000 656,7740 656,774 0 512,589 0 3,000,000 play environment, home to over 200 QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 4,000,000 restaurants and 160 shops, making it one $29.00 $28.00 2,000,000 031 0 31 0 30 3,000,000 of the most pedestrian-friendly places Quoted Rates vs Previous Qtr vs 12 Months Ago 1,000,000 $28.00 2,000,000 in Texas. The tenant base is primarily 31 Uptown / 31Turtle Creek Vital30 Statistics $27.00 1,000,000 0 made up of law firms, financial firms, and 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 600,000 18.0% $27.00 other professional services companies. Uptown / Turtle Creek Vital Statistics 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 16.0% $26.00 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 All of these factors, coupled with land 400,000600,000 18.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 DeliveredQ4 Q1 Under Construction 16.0% 14.0% $26.00 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 constraints that are unique to this area, 400,000 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Delivered Under Construction make Uptown/Turtle Creek an attractive 200,000 14.0% 12.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 submarket for institutional investors. 200,000 12.0% 10.0% 0 10.0% 0 8.0% (200,000) 8.0% 6.0% As tenants continue their flight to (200,000) 6.0% 4.0% quality, the area has realized healthy (400,000) 4.0% (400,000) leasing activity recently—for example, 2.0% 2.0% (600,000)(600,000) 0.0% 0.0% Harwood No. 10, a 231,000 SF office 201620162017201720172017201720172017 20172018 2018 20182018201820182019201820192019201920192019 20192020 2019 2020 tower delivered in 2019. The 22-story Q4Q4 Q1Q1Q2 Q2Q3 Q3Q4 Q4Q1 Q2Q1 Q3Q2 Q4Q3 Q1Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q4 Q1 office building features unique office NetNet Absorption Absorption DeliveredDelivered Vacant % Vacant % garden terraces, floor to ceiling glass, and adjacent gardens that align a cobblestone pathway. As of early 2020, the building was 76% leased, with asking rents estimated to range from $45-55/SF. Real estate investment trust, CyrusOne, specializing in data centers, was one of the first tenants to sign on, taking the top three floors. The submarket has been a hotbed for new construction, with 78,000 SF delivered in the past four quarters and 1.2 million SF currently under construction. Even with all this new construction, at 3.6%, the area is experiencing some of the highest levels of growth in the metroplex.

Leasing Occupancies tend to be much healthier in Uptown/Turtle Creek than in the overall Dallas-Fort Worth market, with the spread averaging about 300 basis points for most of this cycle. After this most recent round of spec supply, there are two significant projects in the pipeline. Construction is underway on Hillwood’s Victory Commons, and Kaizen Development Partners’ The Link. The two buildings will add a combined 656,700 SF to the submarket.

Uptown/Turtle Creek is the most live/work/play submarket in Dallas-Fort Worth, and apartment development has been active this cycle. Since the start of 2010, more than 10,000 apartment units have delivered within this submarket’s boundaries, among the most in any submarket in the nation. High-end apartment construction makes Uptown/Turtle Creek a more desirable employment node by bringing in new households, density and higher incomes. While coworking has not taken hold here to the extent that it has in some coastal metros yet, Uptown/Turtle Creek has seen a few co-working firms take significant blocks in recent years.

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. 18 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice.

Uptown_Turtle Creek

Uptown_Turtle Creek UPTOWN/TURTLE CREEK SUBMARKET

Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Uptown / Turtle Creek Office Vacancy Uptown / Turtle Creek Office Net Absorption Construction 18.0% 2016 Q4 88 11,916,027 1,423,473 11.9% 188,530 0 0 4 1,265,543 $ 28.55 300,000 2017 Q1 88 11,916,027 1,503,213 12.6% (73,846) 0 0 4 1,265,543 $ 28.54 16.0% 200,000 2017 Q2 88 11,916,027 1,516,353 12.7% (13,140) 0 0 5 1,300,305 $ 27.95 14.0% 2017 Q3 88 11,916,027 1,515,399 12.7% 954 0 0 5 1,300,305 $ 28.26 100,000 12.0% 2017 Q4 88 11,916,027 1,518,605 12.7% (3,206) 0 0 5 1,300,305 $ 28.48 0 10.0% 2018 Q1 88 11,916,027 1,546,002 13.0% (27,397) 0 0 5 1,300,305 $ 28.99 (100,000) 2018 Q2 89 12,410,327 1,970,994 15.9% (424,992) 1 494,300 4 806,005 $ 29.22 8.0% (200,000) 2018 Q3 90 12,540,327 1,977,442 15.8% 123,552 1 130,000 3 676,005 $ 29.88 6.0% (300,000) 2018 Q4 92 12,995,784 2,209,103 17.0% 223,796 2 455,457 2 512,589 $ 29.83 4.0% (400,000) 2019 Q1 92 12,995,784 2,212,352 17.0% (3,249) 0 0 2 512,589 $ 30.07 2.0% 2019 Q2 92 12,995,784 2,085,126 16.0% 127,226 0 0 2 512,589 $ 30.64 (500,000) 0.0% 2019 Q3 93 13,216,332 2,089,085 15.8% 216,589 1 220,548 2 656,774 $ 30.87 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 Q4 93 13,216,332 1,974,071 14.9% 115,014 0 0 2 656,774 $ 31.15 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 Q1 93 13,216,332 2,158,559 16.3% (184,488) 0 0 2 656,774 $ 31.49 Uptown / Turtle Creek Office Quoted Rates Uptown / Turtle Creek Office Construction Absorption vs Previous Qtr vs 12 Months Ago $32.00 8,000,000 (184,488) 115,014 -3,249 7,000,000 Vacancy vs Previous Qtr vs 12 Months Ago $31.00 16.3% 14.9% 17.0% 6,000,000 U/C SF vs Previous Qtr vs 12 Months Ago $30.00 5,000,000 656,774 656,774 512,589 Delivered SF vs Previous Qtr vs 12 Months Ago 4,000,000 $29.00 0 0 0 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago 31 31 30 $28.00 2,000,000 1,000,000 $27.00 Uptown / Turtle Creek Vital Statistics 0 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 600,000 18.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 16.0% $26.00 400,000 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 14.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Delivered Under Construction 200,000 12.0% 10.0% 0 8.0% (200,000) 6.0% 4.0% (400,000) 2.0% (600,000) 0.0% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Movers & Shakers Largest Vacancies: Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Net Absorption Delivered Vacant % Tenant SF Building 2401 Cedar Springs Rd – 208,130 sf Frost Brown Todd 30,137 2101 Cedar Springs Rd 2501 Cedar Springs Rd – 110,415 sf Wrike 27,034 3030 Olive Street The Centrum – 100,317 sf Morgan Stanley 25,206 2121 Pearl Street 2100 McKinney Ave – 76,95 sf

Uptown_Turtle Creek BRADFORD COMMERCIAL REAL ESTATE SERVICES