First Quarter 2012 • • Office Report SAN FRANCISCO OFFICE Lic #00832933 One Bush Street, Suite 400 • San Francisco, CA 94104 Tel: 415.445.8888 • Fax: 415.445.8886 www.ccareynkf.com

SAN FRANCISCO • OFFICE • FIRST QUARTER

TABLE OF CONTENTS

Coverage Map 1

Office Update and Q1 2012 in Review 2

Office Market Highlights – Leasing 3

Office Market Highlights – Sales & Development 5

North Financial District Market Summary 6

South Financial District Market Summary 7

North Waterfront / Jackson Square Market Summary 8

Van Ness / Civic Center Market Summary 9

Union Square Market Summary 10

SOMA Market Summary 11

Definitions 13

Agent Roster 14

SAN FRANCISCO • OFFICE • FIRST QUARTER

COVERAGE MAP

1

SAN FRANCISCO • OFFICE • FIRST QUARTER

OFFICE UPDATE AND Q1 2012 IN REVIEW

San Francisco’s overall economy occurred in the South Financial included One Beach Street, which showed a slight decline in the first District, including Salesforce.com’s sold for $37 million, or $376/rsf, to quarter due to the continued volatility 407,186-square-foot, 18-year, new American Assets Trust, and 715-717 of the national and global markets. lease at 50 Fremont Street, growing Market Street, which sold for $32 The local unemployment rate their San Francisco office SANfootprint FRANCISCO to million, OFICEor $393/rsf, •FIRST to Digital QUARTER Garage, increased from 7.3% in December to 1.1 million square feet. Following Inc. for their corporate headquarters. 7.6% in February 2012, while the Salesforce’s new lease, the company Several large office sales are unemployment rate also announced their withdrawal from pending, including , increased from 10.9% to 11.4% over their highly-anticipated, two million- 650 Townsend Street, Foundry the same period. The local economy square-foot campus development in Square I & IV, and 444 De Haro lost a total of 8,900 jobs since Mission Bay, as their rapid growth Street. December 2011. commands additional near-term expansion requirements that would Looking ahead, we expect the San Despite the slow-moving local not be fulfilled for several years. Francisco office market to show economy, the San Francisco office Additional South Financial District sustained improvement over the year market continued to show sustained leases included Macys.com, Inc.’s as the technology sector continues to improvement in the first quarter of 250,000 square feet and Riverbed grow and stabilize and additional 2012. Overall leasing activity in the Technology’s 167,788 square feet at sectors, including financial services, quarter totaled nearly 2.0 million the newly renovated 680 Folsom restore their office presence. square feet, although several large Street. Bank of America/Merrill Lynch spaces were vacated by tenants who signed the largest renewal of the VACANCY ▼ moved or expanded into other space, quarter of 121,986 square feet at 101 or for renovation purposes, bringing California Street. Q1'12 8.7% the positive net absorption to Q4'11 9.3% 550,673 square feet. Although The trend from the past year several submarkets had more space continued as the few remaining CLASS A ASKING RENTS ▲ vacated than leased in the first buildings with quality space in the quarter, the healthy pace of leasing CBD and “creative” space in SOMA Q1'12 $44.82 activity in the CBD boosted the showed the largest asking rate Q4'11 $42.11 overall market. As a result of the increases. CBD asking rates also CBD leasing activity, the San continued to increase and reach NET ABSORPTION ▼ Francisco office vacancy rate levels comparable to SOMA. Q1'12 550,673 decreased from 9.3% to 8.7% over Additionally, the San Francisco office the first quarter. Asking rates also tenant base continues to diversify as Q4'11 784,271 continued to increase in all four of the largest leases were submarkets. outside of the tech sector. TOP LEASES Salesforce.com Technology tenants continued to Although there were few sales drive leasing activity in the first transaction closed during the first 50 Fremont Street 407,186 quarter of 2012, accounting for six of quarter of 2012, pending sales Macys.com, Inc. the top ten transactions. However, transactions totaled 1.6 million 680 Folsom Street 238,000 only one of the leases took place in square feet and additional buildings SOMA as the majority of quality, for sale totaled 2.6 million square Riverbed Technology “creative” space has been leased feet, confirming the strengthening 680 Folsom Street 167,788 over the past few quarters. The most office market fundamentals. The significant leases signed this quarter largest office sales of the quarter

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SAN FRANCISCO • OFFICE • FIRST QUARTER

OFFICE MARKET HIGHLIGHTS - LEASING

Average Asking Rate ¹ 2012 2012 Submarket Total RSF * Vacant SF Vacancy % ³ Availability % Class A Class B Class C Q1 Net Absorption ² YTD Net Absorption North Financial District 28,482,631 2,374,258 8.3% 12.1% $44.50 $39.50 $29.00 288,520 288,520 South Financial District 25,008,173 1,322,213 5.3% 9.8% $46.00 $43.00 $34.00 358,936 358,936 North Waterfront/Jackson Sq. 5,959,986 545,371 9.2% 14.7% $42.00 $38.00 $32.00 (15,987) (15,987) Van Ness/Civic Center 7,381,620 894,439 12.1% 22.2% $36.00SAN $34.00FRANCISCO$28.00 OFICE15,535 •FIRST QUARTER15,535 Union Square 4,884,220 316,662 6.5% 11.3% $42.00 $40.00 $32.00 (40,712) (40,712) SOMA** 10,688,472 1,705,552 16.0% 20.3% $54.00 $45.00 $35.00 (55,619) (55,619) San Francisco Office Market 82,405,102 7,158,495 8.7% 13.5% $44.82 $40.52 $32.55 550,673 550,673 ** SOMA inventory includes the following markets: South Beach, Multimedia Gulch, Yerba Buena, South of Market, Potrero Hill, Showplace Square & Mission Bay

City-Wide Class A Historical Trends Quarter Total RSF Direct Vacant Sublet Vacant Vacancy Absorption Rental Rates ¹ 2008/Q1 47,322,203 2,754,242 365,733 6.6% 209,188 $46.91 Q2 47,595,475 3,243,799 393,792 7.6% (517,616) $46.94 Q3 47,595,475 3,448,110 744,607 8.8% (555,126) $44.07 Q4 48,151,794 4,587,686 841,335 11.3% (1,236,304) $41.26 2009/Q1 48,219,559 4,968,642 1,122,238 12.6% (661,859) $37.02 Q2 48,219,559 5,009,042 1,273,766 13.0% (190,864) $35.49 Q3 48,219,559 4,995,774 1,178,876 12.8% 108,158 $34.64 Q4 48,337,119 5,439,820 962,606 13.3% (227,776) $34.64 2010/Q1 48,337,137 5,809,095 812,902 13.7% (87,475) $34.78 Q2 48,337,137 5,841,640 876,466 13.9% (96,109) $35.02 Q3 48,337,137 5,908,685 836,353 14.0% (26,932) $35.64 Q4 48,363,449 6,106,107 588,634 13.8% 50,297 $36.69 2011/Q1 48,362,494 5,900,447 514,103 13.3% 206,666 $38.21 Q2 51,186,227 5,058,186 282,415 10.4% 136,331 $39.56 Q3 52,376,070 5,307,230 176,184 10.5% 113,737 $40.81 Q4 52,378,570 4,583,929 155,687 9.0% 676,793 $42.21 2012/Q1 52,184,548 4,021,785 156,496 8.0% 670,061 $44.81

CITY-WIDE CLASS A HISTORICAL VACANCY VS. LEASE RATES

$50.00 20.0%

12.6% $40.00 13.7% 13.3% 15.0%

$30.00 8.0% 10.0%

6.6% Vacancy Lease Rate

$20.00 5.0%

$10.00 0.0%

Year/Quarter

Lease Rate Vacancy Rate

1 Rates are quoted as full service ³ Vacancy is based on vacant square footage 2 Absorption is based on vacant square footage * Includes all classes of office space 3

SAN FRANCISCO • OFFICE • FIRST QUARTER

OFFICE MARKET HIGHLIGHTS – LEASING (CONT.)

50 Fremont Street

Salesforce.comSAN FRANCISCO signed OFICE a new •FIRST lease QUARTERof 407,186 square feet at 50 Fremont Street, the largest lease transaction in Q1’12.

Significant Leases & Contiguous Spaces (By Square Footage) Largest Leases of Q1'12 Tenant Lessor (Sublessor) Address Sq. Ft. Salesforce.com TIAA-CREF 50 Fremont Street 407,186 Macys.com, Inc. TMG Partners 680 Folsom Street 238,000 Riverbed Technology TMG Partners 680 Folsom Street 167,788 Bank of America/Merrill Lynch ( R ) Hines 121,986 Kabam, Inc. Cornerstone Real Estate Advisers, Inc. 795 Folsom Street 63,222 Fremont Group ( C ) ( R ) GLL Real Estate Partners 60,337 RPX Corporation ( R ) ( E ) Paramount Group, Inc. One Market Street, Steuart 59,837 LinkedIn Corporation ( C ) Prudential Real Estate Investors One Montgomery Street 57,123 KIXEYE Brookfield 52,593 Lewis Brisbois Bisgaard & Smith LLP Brookfield 333 Bush Street 52,000

Q1 2012 Top Contiguous Spaces (vacant/available in the next 12 months) Address Lessor (Sublessor) Sq. Ft. 1275 Market Street TMG Partners/DivcoWest 385,000 500 Terry Francois Boulevard ( C ) Sobrato Development 305,260 Street Stockbridge Real Estate 281,982 370 Third Street Kilroy Realty Corporation 280,000 888 Brannan Street SKS Investments 260,000 499 Illinois Street - Building Two Alexandria Real Estate Equities 214,162 760 Market Street ( C ) Thor Equities LLC 171,493 1355 Market Street Shorenstein Realty Services LP 157,584 875 Stevenson Street Shorenstein Realty Services LP 140,000 1255 Battery Street Levi Strauss & Company 119,996 188 Spear Street Shorenstein Realty Services LP 110,826 444 De Haro Street ( C ) AREA Property Partners 106,360

( S ) = Sublease ( R ) = Renewal ( E ) = Expansion ( C ) = Cornish & Carey Commercial Newmark Knight Frank Involvement 4

SAN FRANCISCO • OFFICE • FIRST QUARTER

OFFICE MARKET HIGHLIGHTS – SALES & DEVELOPMENT

One Beach Street

American Assets Trust purchased One SAN FRANCISCO OFICE •FIRST QUARTER Beach Street from The Swig Company LLC for $36 million ($376/rsf).

Significant Sale & Development Statistics (By Square Footage) Largest Building Sales (By Square Footage) Building Seller Buye r Sq. Ft. 150 Hayes Street National Real Estate Advisors Academy of Art University 138,460 222 Sutter Street Equity One, Inc. N/A 128,595 One Beach Street The Swig Company LLC American Assets Trust 97,000 717 Market Street Ellis Partners LLC Digital Garage, Inc. 81,416 2 Bryant Street Aegon USA Realty Advisors LLC Strada Investment Group 53,495 332 Pine Street New Urban Properties LLC Skyline Pacific Properties LLC 51,522

Largest Buildings for Sale (Over 100,000 Square Feet) Building Seller Buye r Sq. Ft. 650 Townsend Street (Pending) TMG Partners/Farallon Capital Partners Zynga, Inc. 672,000 225 Bush Street (Pending) SEB Investment GmbH Flynn Holdings (Rumor) 566,644 555 Tishman Speyer Properties N/A 557,015 Pivotal Group, Inc. N/A 489,373 Foundry Square I (Pending) AREA Property Partners Ohio STRS 335,000 Foundry Square IV (Pending) Glenborough N/A 334,230 Beacon Capital Partners LLC N/A 307,000 685 Market Street Prudential Real Estate Investors N/A 219,831 901 Market Street Urban Realty Co., Inc. N/A 203,070 444 De Haro Street (Pending) ( C ) AREA Property Partners N/A 106,360 Projects Planned (By Square Footage) Building Owner Location Status Sq. Ft. 680 Folsom Street Rockwood Capital LLC/TMG Partners SFD Under Redevelopment 476,000 Tishman Speyer Properties SFD Entitled 430,000 350 Bush Street & 500 Pine Street Lincoln Property Company NFD Entitled/ On Hold 365,000 ( C ) GLL Real Estate Partners SFD Entitled / Marketing Space 350,000 535 Mission Street Beacon Capital Partners LLC SFD Entitled 307,000 Foundry Square III Wilson Meany Sullivan SFD Entitled 278,710

( C ) = Cornish & Carey Commercial Newmark Knight Frank Involvement 5

SAN FRANCISCO • OFFICE • FIRST QUARTER

NORTH FINANCIAL DISTRICT MARKET SUMMARY

Bank of America/Merrill Lynch SAN FRANCISCO OFICE •FIRST QUARTER renewed at 101 California Street for 121,986 square feet.

8.3% overall vacancy in Q1’12, compared to 9.1% in Q4’11.

288,520 square feet of positive absorption in Q1’12, compared to 350,633 square feet of positive absorption in Q4’11.

1st Quarter, 2012 Vacancy Vacant (SF) Availability Net Absorption Asking Rates Building Class Total RSF Overall Overall Direct Sublet Overall Current Quarter Q4'11 Overall ¹ A 21,399,538 7.9% 1,701,108 1,602,248 98,860 11.7% 254,595 298,562 $44.50 B 6,698,304 9.7% 652,185 636,160 16,025 13.9% 47,346 59,615 $39.50 C 384,789 5.4% 20,965 19,893 1,072 6.3% (13,421) (7,544) $29.00 28,482,631 8.3% 2,374,258 2,258,301 115,957 12.1% 288,520 350,633

CLASS A HISTORICAL VACANCY VS. LEASE RATES

$50.00 20.0%

14.2% $40.00 13.6% 14.0% 15.0%

$30.00 7.9% 10.0% 6.6% Vacancy Lease Rate $20.00 5.0%

$10.00 0.0%

Year/Quarter

Lease Rate Vacancy Rate

1 Rates are quoted as full service

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SAN FRANCISCO • OFFICE • FIRST QUARTER

SOUTH FINANCIAL DISTRICT MARKET SUMMARY

Salesforce.com leased 407,186 square feet at 50 Fremont Street. SAN FRANCISCO OFICE •FIRST QUARTER

5.3% overall vacancy in Q1’12, compared to 6.7% in Q4’11.

358,936 square feet of positive absorption in Q1’12, compared to 214,212 square feet of positive absorption in Q4’11.

1st Quarter, 2012 Vacancy Vacant (SF) Availability Net Absorption Asking Rates Building Class Total RSF Overall Overall Direct Sublet Overall Current Quarter Q4'11 Overall ¹ A 20,263,393 5.0% 1,016,605 986,970 29,635 9.4% 394,002 223,522 $46.00 B 3,606,797 4.8% 172,957 172,057 900 9.8% 1,367 (9,310) $43.00 C 1,137,983 11.7% 132,651 132,651 0 16.4% (36,433) 0 $34.00 25,008,173 5.3% 1,322,213 1,291,678 30,535 9.8% 358,936 214,212

CLASS A HISTORICAL VACANCY VS. LEASE RATES

$50.00 20.0%

$40.00 15.0% 11.8% 11.2% 10.4% $30.00 10.0%

6.2% 5.0% Vacancy Lease Rate $20.00 5.0%

$10.00 0.0%

Year/Quarter

Lease Rate Vacancy Rate

1 Rates are quoted as full service

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SAN FRANCISCO • OFFICE • FIRST QUARTER

NORTH WATERFRONT/JACKSON SQUARE MARKET SUMMARY

Samsung leased 25,000 square feet at 735 Battery Street. SAN FRANCISCO OFICE •FIRST QUARTER

9.2% overall vacancy in Q1’12, compared to 8.9% in Q4’11.

15,987 square feet of negative absorption in Q1’12, compared to 29,686 square feet of negative absorption in Q4’11.

1st Quarter, 2012 Vacancy Vacant (SF) Availability Net Absorption Asking Rates Building Class Total RSF Overall Overall Direct Sublet Overall Current Quarter Q4'11 Overall ¹ A 1,755,228 12.8% 224,226 214,475 9,751 14.9% (1,194) 587 $42.00 B 3,163,774 9.0% 283,317 277,517 5,800 14.3% (9,210) (31,365) $38.00 C 1,040,984 3.6% 37,828 36,578 1,250 15.5% (5,583) 1,092 $32.00 5,959,986 9.2% 545,371 528,570 16,801 14.7% (15,987) (29,686)

CLASS A HISTORICAL VACANCY VS. LEASE RATES

$50.00 20.0% 17.8%

$40.00 11.5% 14.1% 12.8% 15.0%

$30.00 10.0% 6.9% Vacancy Lease Rate $20.00 5.0%

$10.00 0.0%

Year/Quarter

Lease Rate Vacancy Rate

1 Rates are quoted as full service

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SAN FRANCISCO • OFFICE • FIRST QUARTER

VAN NESS/CIVIC CENTER MARKET SUMMARY

One Kings Lane signed a lease at 1355 Market SAN FRANCISCO OFICE •FIRST QUARTER Street for 51,821 square feet.

12.1% overall vacancy in Q1’12, compared to 12.3% in Q4’11.

15,535 square feet of positive absorption in Q1’12, compared to 74,625 square feet of positive absorption in Q4’11.

1st Quarter, 2012 Vacancy Vacant (SF) Availability Net Absorption Asking Rates Building Class Total RSF Overall Overall Direct Sublet Overall Current Quarter Q4'11 Overall ¹ A 3,726,430 13.6% 507,560 507,560 0 25.8% 21,308 15,241 $36.00 B 2,483,035 14.2% 353,759 353,759 0 26.0% 1,892 58,973 $34.00 C 1,172,155 2.8% 33,120 32,590 530 2.9% (7,665) 411 $28.00 7,381,620 12.1% 894,439 893,909 530 22.2% 15,535 74,625

CLASS A HISTORICAL VACANCY VS. LEASE RATES

$50.00 40.0%

$40.00 30.0%

21.4% 22.2% $30.00 20.0% 13.6% Vacancy Lease Rate $20.00 3.6% 10.0% 4.6%

$10.00 0.0%

Year/Quarter

Lease Rate Vacancy Rate 1 Rates are quoted as full service

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SAN FRANCISCO • OFFICE • FIRST QUARTER

UNION SQUARE MARKET SUMMARY

Appirio, Inc. leased 25,000 square feet at SAN FRANCISCO OFICE •FIRST QUARTER 760 Market Street.

6.5% overall vacancy in Q1’12, compared to 6.0% in Q4’11.

40,712 square feet of negative absorption in Q1’12, compared to 24,711 square feet of positive absorption in Q4’11.

1st Quarter, 2012 Vacancy Vacant (SF) Availability Net Absorption Asking Rates Building Class Total RSF Overall Overall Direct Sublet Overall Current Quarter Q4'11 Overall ¹ A 294,125 7.8% 23,066 19,066 4,000 8.4% (2,567) 8,080 $42.00 B 2,748,379 6.2% 169,842 168,059 1,783 13.6% (32,220) 7,153 $40.00 C 1,841,716 6.7% 123,754 117,654 6,100 8.2% (5,925) 9,478 $32.00 4,884,220 6.5% 316,662 304,779 11,883 11.3% (40,712) 24,711

CLASS A HISTORICAL VACANCY VS. LEASE RATES

39.6% $50.00 40.0%

$40.00 31.6% 30.0%

$30.00 20.0% Vacancy

Lease Rate 7.8% $20.00 10.0% 5.4% 3.1%

$10.00 0.0%

Year/Quarter

Lease Rate Vacancy Rate 1 Rates are quoted as full service

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SAN FRANCISCO • OFFICE • FIRST QUARTER

SOMA MARKET SUMMARY

Kabam, Inc. leased 63,222 square feet at 795 Folsom Street.

16.0% overall vacancy in Q1’12, compared to 15.2% in Q4’11.

55,619 square feet of negative absorption in Q1’12, compared to 149,776 square feet of positive absorption in Q4’11.

1st Quarter, 2012 Vacancy Vacant (SF) Availability Net Absorption Asking Rates Building Class Total RSF Overall Overall Direct Sublet Overall Current Quarter Q4'11 Overall ¹ Q4'11 A 4,745,834 14.9% 705,716 691,466 14,250 17.9% 3,917 130,801 $54.00 $50.00 B 5,576,861 16.9% 944,836 910,570 34,266 22.6% (59,536) 73,975 $45.00 $40.50 C 365,777 15.0% 55,000 55,000 0 16.0% 0 (55,000) $35.00 $29.50 10,688,472 16.0% 1,705,552 1,657,036 48,516 20.3% (55,619) 149,776

CLASS A HISTORICAL VACANCY VS. LEASE RATES

$55.00 40.0%

$45.00 30.0%

20.6% 19.6% $35.00 17.2% 20.0% 14.9% Vacancy Lease Rate $25.00 11.4% 10.0%

$15.00 0.0%

Year/Quarter

Lease Rate Vacancy Rate 1 Rates are quoted as full service

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SAN FRANCISCO • OFFICE • FIRST QUARTER

SOMA MARKET SUMMARY (CONT.)

1st Quarter, 2012 # of Average Asking 2012 Submarket Buildings Total RSF Vacant SF Vacancy % Availability % Rate* Q1 Net Absorption South Beach/Multimedia Gulch 54 5,403,576 584,630 10.8% 15.3% $50.00 (48,220) SAN FRANCISCO OFICE •FIRST QUARTER Yerba Buena 19 2,273,723 423,642 18.6% 20.2% $42.00 (17,842) Potrero Hill/Showplace Square 13 1,055,899 132,167 12.5% 27.2% $42.00 6,062 Mission Bay 6 1,955,274 582,647 29.8% 30.4% $55.00 4,381

SOMA Office Market 92 10,688,472 1,723,086 16.1% 20.3% $48.62 (55,619)

*Rates are based on a weighted full service average for available space only.

Top SOMA Buildings Average Asking Building Stories Total RSF Vacancy % Total Vacant SF Direct SF Sublease SF Rate¹ 185 Berry Street 6 940,079 5.8% 54,725 37,191 17,534 $55.00 301 Brannan Street 6 69,090 0.0% 0 0 0 N/A 475 Brannan Street 4 226,869 0.0% 0 0 0 N/A 444 De Haro Street 2 152,706 1.9% 2,919 2,919 0 $45.00 303 Second Street 10 700,945 3.0% 20,887 20,887 0 $49.00 501 Second Street 7 207,809 2.3% 4,772 4,772 0 $50.00 625 Second Street 4 134,847 0.0% 0 0 0 N/A 500 Terry Francois Boulevard 6 305,260 100.0% 305,260 305,260 0 $55.00 370 Third Street 7 390,000 71.8% 280,000 280,000 0 $47.00 123 Townsend Street 6 138,735 0.0% 0 0 0 N/A 139 Townsend Street 5 57,782 0.0% 0 0 0 N/A 410 Townsend Street 4 73,755 0.0% 0 0 0 N/A 650 Townsend Street 6 710,400 10.5% 74,465 74,465 0 $42.00 Totals: 4,108,277 18.1% 743,028 725,494 17,534 $50.33

1 Rates are Quoted as Full Service

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SAN FRANCISCO • OFFICE • FIRST QUARTER

DEFINITIONS

Available Square Feet - Vacant Square Feet plus space that is marketed as available but not currently vacant, including sublease and redevelopment space. SAN FRANCISCO OFICE •FIRST QUARTER Availability Rate - Available Square Feet divided by the RSF.

Average Asking Lease Rate - The rate determined by multiplying the asking full service lease rate for each building in the summary by its associated Available Square Feet, summing the products, then dividing by the sum of the Available Square Feet. Rates are reported on an annual basis.

Market Coverage - Includes office buildings 10,000 square feet and above located in North Financial District, South Financial District, and SOMA, and office buildings 5,000 square feet and above located in Union Square, Van Ness/Civic Center, and North Waterfront/Jackson Square.

Net Absorption - The change in Occupied Square Feet from one quarter to the next.

Rentable Square Footage - The gross building square footage minus the elevator core, flues, pipe shafts, vertical ducts, balconies, and stairwell areas.

Occupied Square Feet - Building area not considered vacant.

Vacancy Rate - Vacant Square Feet divided by the RSF.

Vacant Square Feet - Available Square Feet that is either physically vacant or immediately available, including sublease space.

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SAN FRANCISCO • OFFICE • FIRST QUARTER

AGENT ROSTER

OFFICE LEASING INVESTMENTS RESEARCH COORDINATOR

Roman Adler Jim Lucas Russ Sherman Jackie Treviño 415.274.4434 415.445.5106 415.445.5104 415.445.5133 [email protected] [email protected] [email protected] [email protected] SAN FRANCISCO OFICE •FIRST QUARTER

Jonathan Allen John Norton CAPITAL GROUP MARKETING/SALES ASST. 415.445.5138 415.445.5137 [email protected] [email protected] Matt Benoit Natelle Fitzgerald

Karl Baldauf Bart O’Connor 415.445.5173 415.274.4415 415.445.5117 415.445.5102 [email protected] [email protected] [email protected] [email protected] Ben Bullock Kathryn Jackson Bill Benton Mike Sample 415.445.5139 415.445.5161 415.274.4434 415.445.5158 [email protected] [email protected] [email protected] [email protected] Will Connors Madeline Kieselhorst Mike Brown Will Scovill 415.445.5166 415.445.5114 415.274.4423 415.445.5134 [email protected] [email protected] [email protected] [email protected] Erik Doyle Tiffany LaRue John Cashin Nick Slonek 415.445.5111 415.445.5121 415.445.5112 415.445.5100 [email protected] [email protected] [email protected] [email protected] Sean Fulp Raquel Ledesma Donnette Clarens Mark Sweeney 415.445.5123 415.445.5136 415.445.5120 415.445.8886 [email protected] [email protected] [email protected] [email protected] David Galuski Angie Myers Bryan Courson Chip Wiser 415.445.5169 415. 274.4436 415.445.5155 415.445.5159 [email protected] [email protected] [email protected] [email protected] Allison Gorelick Melinda Miyagishima Nathan Crawford Cassidy Zerrer 415.445.5131 415.445.5108 415.274.4439 415.274.4432 [email protected] [email protected] [email protected] [email protected] Mike Hegseth Cynthia Morales Kevin Delehanty 415.445.5113 415.445.5149 RETAIL LEASING [email protected] [email protected] 415.445.5132 [email protected] Tracy Chiao Kyle Ladewig OFFICE ADMIN. Shannon Dolan 415.445.5140 415.445.5103 415.445.5105 [email protected] [email protected] BK Masterson [email protected] Erika Elliott Ryan Sitov 415.445.8888 Riccardo Gale 415.445.5124 415.445.5170 [email protected] 415.445.5119 [email protected] [email protected] Rachel Pagan [email protected] Tom Neuburger Brad Zampa 415.445.5121 Rob Hanlein 415.445.5129 415.445.5115 [email protected] 415.445.5145 [email protected] [email protected] [email protected] Julie Taylor Nicole Zanghi Liz Hart 415.445.5128 415.445.5142 415.513.2170 [email protected] [email protected] [email protected]

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SAN FRANCISCO • OFFICE • FIRST QUARTER

SAN FRANCISCO OFICE •FIRST QUARTER

2