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Dallas, Texas Allstate Bank of America

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Dallas, Texas Allstate Bank of America DALLAS, TEXAS ALLSTATE BANK OF AMERICA HFF, L.P., as exclusive advisor, is pleased to present to qualified investors the opportunity INVESTMENT HIGHLIGHTS to acquire the Fortune 100 Campus Portfolio MISSION CRITICAL FACILITIES — The assets are best-in-class properties that have been consisting of two mission critical office institutionally maintained and managed since they were developed. Furthermore, both tenants have campuses 100% occupied by Allstate (S&P: invested significant capital in the facilities in the past 24 months. AA-) and Bank of America (S&P: A-). The FORTUNE 100 TENANCY — The campuses are occupied by two Fortune 100 corporations, Bank of million square foot Portfolio offers the America (#24; S&P: A-) and Allstate (#79; S&P: AA-), both major employers in the Dallas/Fort Worth rare opportunity to acquire two corporate metroplex. campuses leased to Fortune 100 companies in one of the most dynamic economies in the PREMIER LOCATIONS — Both assets are located in DFW’s most desirable markets for corporate United States. users, Las Colinas and Far North Dallas. UPSIDE POTENTIAL — The Properties will trade at a discount to replacement cost and have future upside with in-place rates 25% below current market rates. BOOMING DFW ECONOMY — DFW continues to be the national leader in job growth, population growth and office absorption. DFW created 116,000 jobs in 2018, leading the country. NO. OF S&P CREDIT PROPERTY RSF BUILDINGS OCC% RATING LEASE EXP Bank of America Campus 553,799 2 100% A- Jan-26 Allstate Freeport Campus 458,338 4 100% AA- Jun-25 TOTAL/WEIGHTED AVERAGE 1,012,137 6 2 | OFFERING SUMMARY | BANK OF AMERICA CAMPUS ASSET OVERVIEW The Bank of America Campus is a 553,799 square-foot, single-tenant office campus located in Addison, Texas, in the thriving Far North Dallas market. The Property is fully leased to Bank of America, the third largest employer in the Dallas-Fort Worth metroplex with 20,000 employees, serving as a mission critical facility with 8 different lines of business at this location. Bank of America has approximately 7.0 years of remaining lease term and contractual rent bumps providing a stable, increasing income stream. The Bank of America Campus includes one two-story building (Hallmark I–built in 1977 and renovated in 1995) and one three-story building (Hallmark II–built in 1997) combined by a large common atrium lobby. The Property is centrally located along the Dallas North Tollway providing convenient access to retail, hospitality and restaurants. PROPERTY OVERVIEW Address: 16001 North Dallas Parkway Square Feet: 553,799 Addison, TX 75001 Building I # of Floors: 2 Market: Far North Dallas Building II # of Floors: 3 Submarket: Quorum/Bent Tree Site Area: 22.3 acres Year Built: 1977/1997 Parking Ratio: 3.7 spaces per 1,000 SF (2,038 total Percent Leased: 100.0% spaces | 1,300 covered spaces) 3 | OFFERING SUMMARY | TENANT COMMITMENT TOLLWAY LOCATION The Property serves as a mission critical location for Bank of America’s operations The Property’s location along the Dallas North Tollway at the intersection of Keller in the DFW area. The bank has invested significant capital in recent years into the Springs provides excellent visibility and superior ingress/egress. The Dallas North Property to accommodate employees from downtown and its recently shuttered Tollway is considered the primary north-south traffic artery for the region and Legacy location. This facility houses mission critical operations such as credit card connects travelers to the LBJ Freeway (I-635), President George Bush Turnpike printing, terrorism detection, and global technology. The Property is a strategic (SH-190), and the Sam Rayburn Tollway (SH-121). The proximity to these major location for the bank evidenced by recent capital investment in heavy on-site thoroughfares provides seamless access to regional and citywide destinations security and building upgrades. and residential areas. LONG-TERM STABLE CASH FLOW & INCREASING NOI CENTER OF VIBRANT RETAIL / RESTAURANT AREA The Property is 100% leased to Bank of America for 7.0 years through January 31, The Property is situated in the vibrant North Dallas corridor, proximate to some 2026, while contractual rent escalations provide revenue growth of more than of Dallas’ most popular shopping and dining destinations. The surrounding area 17% over the remaining lease term. The existing income stream provides a stable has become one of Dallas’ premier mixed-use environments, featuring more than foundation for continued growth and appreciation. 23,700 multi-family units and 5.1 million SF of retail within a 2-mile radius of the FAR NORTH DALLAS MARKET Property. Major nearby retail destinations include The Village on the Parkway, Restaurant Row, Prestonwood Town Center, and Galleria Dallas. The Bank of America Campus is located in the Quorum/Bent Tree submarket within the Far North Dallas office market. The market has demonstrated significant growth in rents during the last five years, as average market rental rates have increased over 20%. This submarket has also led the DFW market in office absorption during that time period. The Far North Dallas market is a preferred corporate location with Bank of America, Toyota, FedEx, Liberty Mutual and JP Morgan all calling it home. 4 | OFFERING SUMMARY | INVESTMENT GRADE TENANT The Bank of America Corporation is an American multinational investment bank and financial services company based in Charlotte, North Carolina. The company is the second-largest bank in the U.S. with $2.35 trillion in total assets, representing 17% of the total assets held by the 15 largest banks in the United States. Bank of America’s domestic footprint covers approximately 85% of the U.S. population with over 4,400 retail financial centers and 16,100 ATMs. Additionally, Bank of America is the second-largest bank in Texas, with $121 billion in total assets in the state. Moody’s recently placed Bank of America on review for upgrade due to Bank of America’s strengthening profitability, especially from its non-capital markets businesses, continued maintenance of its conservative risk appetite, and stable capital ratios despite an increase in capital payouts. BANK OF AMERICA CORP. (ALL) CREDIT RATINGS S&P: A- Moody’s: A3 $272.38B $87.97B $28.15B 2018 Y-O-Y GROWTH Market Cap Q4 2018 T-12 Revenue Q4 2018 T-12 Net Income Revenue: 18.4% Fitch: A+ Net Income: 54.4% BANK OF AMERICA (BAC) HIGHLIGHTS 2ND LARGEST #24 MARKET LEADING EFFICIENCY RATIO DIVERSITY OF INCOME SUPERIOR GROWTH Banking Institution in the U.S. on the 2018 Fortune 500 List of 57%, down from 88% in 2014, demonstrating the from consumer banking and wealth in Capital Return, with $25.6 effectiveness of expense-management management segments, reducing the firm’s billion returned to shareholders dependence on its investment banking and in 2018 capital markets business. 5 | OFFERING SUMMARY | DOWNTOWN DALLAS 14 Miles 23,700 Apartment Units Within a 2-Mile Radius of the Property GALLERIA DALLAS 3 Miles | 1.8 Million SF ADDISON WALK NORTHWOOD CLUB BELT LINE QUOROM SHOPPING CENTER VILLAGE ON THE PARKWAY PRESTONWOOD TOWN CENTER 357,731 SF Future 2020 Cotton Belt Stop Cotton Belt Line AURA 5515 278 Units POST ADDISON CIRCLE 92% Occupied 1,334 Units 93% Units Future 2020 Cotton Belt Stop 15777 QUORUM ALLEGRO ADDISON CIRCLE 414 Units 393 Units 95% Occupancy 91% Occupancy AURA PRESTONWOOD Quorum Dr 322 Units BROADSTONE 5151 97% Occupancy 245 Units 90% Occupancy 180,407 VPD Dallas North Tollway Keller Springs Rd 10,525 VPD 6 | OFFERING SUMMARY | ALLSTATE FREEPORT CAMPUS ASSET OVERVIEW The Allstate Freeport Campus is a 458,338 square-foot, single-tenant, Class A office campus located in Irving, Texas, one of DFW’s most prominent locations for corporate headquarters with nine Fortune 1000 companies headquartered in Irving. Allstate Insurance Company has been at the Property since completion, which serves as the company’s regional headquarters with a current lease term of approximately 6.4 years. The campus is comprised of four separate buildings built from 1991 to 1996 to Allstate’s specifications. Allstate has invested significant capital into the Property recently including two new chillers, a UPS system, and building an additional 150 parking spaces on the adjacent land site owned by the tenant to accommodate continued growth at the campus. PROPERTY OVERVIEW Address: 8675, 8701-8711 Freeport Parkway & Square Feet: 458,338 8901 Esters Boulevard 8675 Freeport Pkwy # of Floors: 5 Irving, TX 75063 8701-8711 Freeport Pkwy # of Floors: 3 Market: Las Colinas 8901 Esters Blvd # of Floors: 3 Submarket: DFW Freeport/Coppell Site Area: 23.7 acres Year Built: 1991/1996 Parking Ratio: 3.2 spaces per 1,000 SF (1,504 total Percent Leased: 100.0% spaces | 739 covered spaces) 7 | OFFERING SUMMARY | LAS COLINAS LOCATION SUBSTANTIAL DISCOUNT TO REPLACEMENT COST The Allstate Freeport Campus is strategically located with superb highway The Allstate Freeport Campus offers investors the opportunity to acquire a Class A infrastructure – sitting near the intersection of Texas State Highway 121 and John office asset at a substantial discount to replacement cost. Due to the high-quality Carpenter Freeway (SH-114) and adjacent to Dallas/Fort Worth International nature of the asset and the rising cost of new construction, the replacement cost Airport. The Property is positioned near some of the top retail, entertainment, and of comparable assets would likely be as much as $300 per RSF. mixed-use developments that Dallas/Fort Worth has to offer. These developments MISSION CRITICAL LOCATION include the 1,000-acre Cypress Waters master-planned community, $200 million Toyota Music Factory, and the $100 million Gables Water Street. Additionally, The Property been a strategic location for Allstate Insurance Company for over over 3,100 apartments have delivered in the Las Colinas market since 2015, 27 years, serving as the Texas regional headquarters.
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