Market Insights Dallas/Fort Worth 2Q 2020 - OFFICE

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 2017 Q1 2,752 266,197,192 49,588,276 18.6% (161,189) 14 1,757,956 46 6,666,159 $ 20.48 20.5% 1,500,000 2017 Q2 2,753 265,826,034 49,330,566 18.6% (113,448) 3 78,140 50 7,063,190 $ 20.59 20.0% 2017 Q3 2,761 266,587,443 49,116,732 18.4% 975,243 8 761,409 47 7,917,477 $ 20.82 1,000,000 2017 Q4 2,774 268,105,219 50,191,239 18.7% 428,629 15 1,636,786 34 6,422,741 $ 20.87 19.5% 500,000 2018 Q1 2,777 268,583,937 50,126,331 18.7% 558,266 8 939,781 28 5,932,960 $ 20.95 2018 Q2 2,786 270,160,733 51,525,438 19.1% (373,081) 9 1,622,598 22 4,615,002 $ 20.98 19.0% 0 2018 Q3 2,793 271,143,294 52,243,369 19.3% 264,630 7 982,561 19 3,920,764 $ 21.17 (same criterias as prior market reports) 2018 Q4 2,794 271,482,046 52,919,085 19.5% (336,964) 2 455,457 20 3,807,378 $ 21.22 18.5% DFW Office Markets (A, B, C) (500,000) 2019 Q1 2,797 272,416,601 52,627,162 19.3% 1,226,478 6 1,076,430 17 2,886,841 $ 21.20 (1,000,000) 2019 Q2 2,797 272,507,160 52,319,213 19.2% 393,448 5 292,528 16 2,703,047 $ 21.33 18.0% Existing Inventory Vacancy Delivered Inventory Under Construction 2019 Q3 2,798 272,769,681 53,439,377 19.6% (857,643) 3 495,361 17 2,748,269 $ 21.52 (1,500,000) 17.5% Net Quoted 2019 Q4 2,802 274,197,199 53,757,213 19.6% 1,109,682 5 1,447,518 14 1,799,751 $ 21.35 Period 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Under 2017 2017 2017 2017 2018 2018# Bldgs2018 2018 2019Total2019 RBA2019 2019Vacant2020 2020 SF Vacant % AbsorptionQ1 Q2 Q3 Q4# BldgQ1 Q2 Q3DeliveredQ4 Q1 Q2 #Q3 BldgsQ4 Q1 Q2 Rates Overall DFW Office Vacancy Overall DFW Office Net Absorption 2020 Q1 2,802 273,992,255 54,299,084 19.8% (746,815) 1 35,000 14 1,979,867 $ 21.63 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Construction 2020 Q2 2,800 273,879,992 55,203,948 20.2% (1,017,127) 1 220,000 15 1,927,867 $ 21.62 2017 Q1 2,752 266,197,192 49,588,276 18.6% (161,189) 14 1,757,956 46 6,666,159 $ 20.48 20.5% 1,500,000 2017 Q2 2,753 265,826,034 49,330,566 18.6% (113,448) 3 78,140 50 7,063,190 $ 20.59 20.0% Overall2017 Q3 DFW Office2,761 Quoted266,587,443 Rental Rates49,116,732 18.4% 975,243Overall DFW8 Office761,409 Construction47 7,917,477 $ 20.82 1,000,000 DFW Office Statistics by Market $21.80 2017 Q4 2,774 268,105,219 50,191,239 18.7%8,000,000 428,629 15 1,636,786 34 6,422,741 $ 20.87 Existing Vacancy Net Under Quoted 19.5% Market Deliveries $21.60 500,000 Inventory# Blds Total RBA Direct SF Total SF Absorption Const SF Rates 2018 Q1 2,777 268,583,937 50,126,331 18.7%7,000,000 558,266 8 939,781 28 5,932,960 $ 20.95 $21.40 Central Expressway 98 12,162,018 1,840,327 15.1% -81,342 0 30,000 $24.70 2018 Q2 2,786 270,160,733 51,525,438 19.1%6,000,000 (373,081) 9 1,622,598 22 4,615,002 $ 20.98 19.0% $21.20 0 Dallas CBD 79 28,702,872 7,709,068 26.9% 194,502 0 0 $21.18 2018 Q3 2,793 271,143,294 52,243,369 19.3%5,000,000 264,630 7 982,561 19 3,920,764 $ 21.17 East Dallas 171 7,378,386 1,210,736 16.4% 23,673 0 684,116 $22.13 $21.00 4,000,000 2018 Q4 2,794 271,482,046 52,919,085 19.5% (336,964) 2 455,457 20 3,807,378 $ 21.22 18.5% (500,000) Far North Dallas 446 49,793,696 10,408,426 20.9% -182,195 220,000 258,893 $24.51 $20.80 3,000,000 Ft Worth CBD 53 8,870,458 1,504,801 17.0% -65,628 0 0 $26.31 $20.60 2019 Q1 2,797 272,416,601 52,627,162 19.3%2,000,0001,226,478 6 1,076,430 17 2,886,841 $ 21.20 18.0% (1,000,000) Las Colinas 279 35,996,618 6,664,316 18.5% -144,599 0 27,475 $20.99 $20.40 2019 Q2 2,797 272,507,160 52,319,213 19.2%1,000,000 393,448 5 292,528 16 2,703,047 $ 21.33 LBJ Freeway 161 21,271,691 4,635,572 21.8% -159,183 0 0 $20.70 $20.20 2019 Q3 2,798 272,769,681 53,439,377 19.6% 0 (857,643) 3 495,361 17 2,748,269 $ 21.52 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 (1,500,000) Lewisville/Denton 148 6,964,777 868,946 12.5% -42,900 0 122,000 $18.35 $20.00 17.5% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2019 Q4 2,802 274,197,199 53,757,213 19.6% 1,109,682Q1 Q2 Q3 Q4 5Q1 Q2 Q31,447,518Q4 Q1 Q2 Q3 14Q4 Q1 Q2 1,799,751 $ 21.35 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Mid-Cities 385 21,934,917 5,578,061 25.4% -322,239 0 100,609 $18.43 $19.80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 North Fort Worth 44 2,461,682 227,195 9.2% -34,640 0 48,000 $20.45 201720202017 2017Q1 2017 2018 20182,8022018 2018273,992,2552019 2019 2019 201954,299,0842020 2020 19.8% (746,815) Delivered1 Under35,000 Construction 14 1,979,867 $ 21.63 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Northeast Ft Worth 48 3,520,727 612,512 17.4% -83 0 0 $17.28 2020 Q2 2,800 273,879,992 55,203,948 20.2% (1,017,127) 1 220,000 15 1,927,867 $ 21.62 Preston Center 52 4,837,427 634,963 13.1% -52,013 0 0 $29.23 Richardson/Plano 355 30,139,065 6,147,937 20.4% 12,428 0 0 $18.54 Overall DFW Office Construction South Ft Worth 195 10,604,684 1,368,619 12.9% -119,929 0 0 $21.74 Overall DFW Office Quoted Rental Rates Southwest Dallas 79 3,404,317 362,398 10.6% -2,912 0 0 $15.98 DFW Office Statistics by Market $21.80 8,000,000 Stemmons Freeway 114 12,625,666 3,230,037 25.6% 1,268 0 0 $16.13 Existing Vacancy Net Under Quoted Uptown/Turtle Creek 93 13,210,991 2,200,034 16.7% -41,335 0 656,774 $30.98 Market Deliveries $21.60 Inventory# Blds Total RBA Direct SF Total SF Absorption Const SF Rates 7,000,000 Totals 2,800 273,879,992 55,203,948 20.2% -1,017,127 220,000 1,927,867 $21.63 $21.40 Central Expressway 98 12,162,018 1,840,327 15.1% -81,342 0 30,000 $24.70 6,000,000 $21.20 Dallas CBD 79 28,702,872 7,709,068 26.9% 194,502 0 0 $21.18 5,000,000 East Dallas 171 7,378,386 1,210,736 16.4% 23,673 0 684,116 $22.13 $21.00 4,000,000 * Lewisville Denton doesn't have a tab Far North Dallas 446 49,793,696 10,408,426 20.9% -182,195 220,000 258,893 $24.51 $20.80 3,000,000 Ft Worth CBD 53 8,870,458 1,504,801 17.0% -65,628 0 0 $26.31 $20.60 2,000,000 Las Colinas 279 35,996,618 6,664,316 18.5% -144,599 0 27,475 $20.99 $20.40 1,000,000 LBJ Freeway 161 21,271,691 4,635,572 21.8% -159,183 0 0 $20.70 $20.20 0 Lewisville/Denton 148 6,964,777 868,946 12.5% -42,900 0 122,000 $18.35 $20.00 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Mid-Cities 385 21,934,917 5,578,061 25.4% -322,239 0 100,609 $18.43 $19.80 North Fort Worth 44 2,461,682 227,195 9.2% -34,640 0 48,000 $20.45 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Delivered Under Construction Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Northeast Ft Worth 48 3,520,727 612,512 17.4% -83 0 0 $17.28 Preston Center 52 4,837,427 634,963 13.1% -52,013 0 0 $29.23 Richardson/Plano 355 30,139,065 6,147,937 20.4% 12,428 0 0 $18.54 South Ft Worth 195 10,604,684 1,368,619 12.9% -119,929 0 0 $21.74 Southwest Dallas 79 3,404,317 362,398 10.6% -2,912 0 0 $15.98 Stemmons Freeway 114 12,625,666 3,230,037 25.6% 1,268 0 0 $16.13 Uptown/Turtle Creek 93 13,210,991 2,200,034 16.7% -41,335 0 656,774 $30.98 Totals 2,800 273,879,992 55,203,948 20.2% -1,017,127 220,000 1,927,867 $21.63

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 2017 Q1 18.0% 100 12,421,962 1,417,738 11.4% (40,785) 0 0 0 0 $ 24.70 150,000 2017 Q2 100 12,421,962 1,422,873 11.5% (5,135) 0 0 0 0 $ 23.42 16.0% 100,000 2017 Q3 100 12,421,962 1,397,758 11.3% 25,115 0 0 0 0 $ 24.27 14.0% Existing Inventory Vacancy Delivered Inventory Under Construction 2017 Q4 100 12,421,962 1,460,232 11.8% (62,474) 0 0 0 Quoted 0 $ 23.96 50,000 Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Central12.0% Expressway Office Vacancy Central Expressway Office Net Absorption 2018 Q1 100 12,421,962 1,691,523 13.6% (231,291) 0 0 Construction0 0 $ 24.74 0 2017 Q1 100 12,421,962 1,417,738 11.4% (40,785) 0 0 0 0 $ 24.70 18.0% 10.0% 2018 Q2 100 12,421,962 1,594,962 12.8% 96,561 0 0 0 0 $ 24.34 150,000 (50,000) 2017 Q2 100 12,421,962 1,422,873 11.5% (5,135) 0 0 0 0 $ 23.42 16.0% 8.0% 2018 Q3 100 12,421,962 1,705,920 13.7% (110,958) 0 0 0 0 $ 24.76 100,000 2017 Q3 100 12,421,962 1,397,758 11.3% 25,115 0 0 0 0 $ 24.27 (100,000) 2018 Q4 100 12,421,962 1,951,634 15.7% (245,714) 0 0 0 0 $ 24.6914.0% 6.0% 2017 Q4 100 12,421,962 1,460,232 11.8% (62,474) 0 0 0 0 $ 23.96 50,000 12.0% (150,000) CENTRAL EXPRESSWAY2019 Q1 100 12,421,962 1,809,702 14.6% 141,932 0 0 0 0 $ 24.19 4.0% 2018 Q1 100 12,421,962 1,691,523 13.6% (231,291) 0 0 0 0 $ 24.74 0 2019 Q2 100 12,421,962 1,842,974 14.8% (33,272) 0 0 0 0 $ 24.8710.0% (200,000) OFFICE OVERALL MARKET INSIGHTS 2018 Q2 100 12,421,962 1,594,962 12.8% 96,561 0 0 0 0 $ 24.34 2.0% (50,000) SUBMARKET20182019 Q3 Q3 100100 12,421,96212,421,9621,705,9201,937,04313.7% 15.6%(110,958) (94,069)0 0 0 0 0 0 $ 24.760 $ 25.288.0% (250,000) 0.0% (100,000) 20182019 Q4 Q4 10099 12,421,96212,401,9621,951,6341,933,81615.7% 15.6%(245,714) (16,773)0 0 0 0 0 1 $ 24.6930,000 $ 25.286.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 (same criterias as prior market reports) 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 Q1 100 12,421,962 1,809,702 14.6% 141,932 0 0 0 0 $ 24.19 (150,000) DFW Office Markets (A, B, C) 2020 Q1 98 12,162,018 1,758,985 14.5% (65,113) 0 0 1 30,000 $ 25.054.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Binformed 2019 Q2 100 12,421,962 1,842,974 14.8% (33,272) 0 0 0 0 $ 24.87 (200,000) 2020 Q2 98 12,162,018 1,840,327 15.1% (81,342) 0 0 1 30,000 $ 24.702.0% 2019 Q3 100 12,421,962 1,937,043 15.6% (94,069) 0 0 0 0 $ 25.28 Existing Inventory Vacancy Delivered Inventory Under Construction (250,000) Net Quoted 0.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Period Under 2019 Q4 99 12,401,962 1,933,816 15.6% (16,773) 0 0 1 30,000 $ 25.28 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 # Bldgs Total RBA Vacant SF Vacant % Absorption # Bldg Delivered # Bldgs Rates Overall DFW Office Vacancy Overall DFW Office Net Absorption Central Expressway Office Quoted RatesQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1CentralQ2 Q3 Q4ExpresswayQ1 Q2 Office Construction Construction Central Expressway Overview 2020 Q1 98 12,162,018 1,758,985 14.5% (65,113) 0 0 1 30,000 $ 25.05 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2017 Q1 2,752 266,197,192 49,588,276 18.6% (161,189) 14 1,757,956 46 6,666,159 $ 20.48 20.5% 1,500,000 2020 Q2Absorption98 12,162,018vs Previous1,840,327 Qtr 15.1% vs (81,342)12 Months Ago 0 0 1 30,000 $ 24.70 $25.50 2017 Q2 2,753 265,826,034 49,330,566 18.6% (113,448) 3 78,140 50 7,063,190 $ 20.59 The submarket has a heavy concentration 8,000,000 20.0% (81,342) -65,113 -33,272 2017 Q3 2,761 266,587,443 49,116,732 18.4% 975,243 8 761,409 47 7,917,477 $ 20.82 1,000,000 of financial services, telecom, and tech Central Expressway Office Quoted Rates Central Expressway Office Construction 2017 Q4 2,774 268,105,219 50,191,239 18.7% 428,629 15 1,636,786 34 6,422,741 $ 20.87 firms. Though vacancies in Central Vacancy vs Previous Qtr vs 12 Months Ago $25.00 7,000,000 19.5% 500,000 Absorption 2018 Q1 2,777 268,583,937 50,126,331 18.7% 558,266 8 939,781 28 5,932,960 $ 20.95 vs Previous Qtr vs 12 Months Ago $25.50 Expressway have risen in recent quarters, 15.1% 14.5% 14.8% 8,000,000 6,000,000 2018 Q2 2,786 270,160,733 51,525,438 19.1% (373,081) 9 1,622,598 22 4,615,002 $ 20.98 (81,342) -65,113 -33,272 19.0% 0 U/C SF vs Previous Qtr vs 12 Months Ago $24.50 at 14.3% they are still in line with metro Vacancy $25.00 2018 Q3 2,793 271,143,294 52,243,369 19.3% 264,630 7 982,561 19 3,920,764 $ 21.17 (same criterias as prior market reports) vs Previous Qtr vs 12 Months Ago 7,000,000 5,000,000 2018 Q4 2,794 271,482,046 52,919,085 19.5% (336,964) 2 455,457 20 3,807,378 $ 21.22 18.5% (500,000) average. , Annual rent growth has 15.1%30,000 14.5%30,000 14.8% 0 DFW Office Markets (A, B, C) $24.00 6,000,000 2019 Q1 2,797 272,416,601 52,627,162 19.3% 1,226,478 6 1,076,430 17 2,886,841 $ 21.20 remained positive at 2.4%. The submarket DeliveredU/C SF SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago $24.50 4,000,000 18.0% (1,000,000) 2019 Q2 2,797 272,507,160 52,319,213 19.2% 393,448 5 292,528 16 2,703,047 $ 21.33 is usually heavily traded, and volume has 30,0000 30,000 0 0 0 5,000,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2019 Q3 2,798 272,769,681 53,439,377 19.6% (857,643) 3 495,361 17 2,748,269 $ 21.52 (1,500,000) $24.00 $23.50 3,000,000 17.5% Net pickedQuoted up in the past 12 months, with DeliveredQuoted Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 4,000,000 2019 Q4 2,802 274,197,199 53,757,213 19.6% 1,109,682 5 1,447,518 14 1,799,751 $ 21.35 Period 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Under Overall DFW Office Vacancy Overall DFW Office Net Absorption 2017 2017 2017 2017 2018 2018# Bldgs2018 2018 2019Total2019 RBA2019 2019Vacant2020 2020 SF Vacant % AbsorptionQ1 Q2 Q3 Q4# BldgQ1 Q2 Q3DeliveredQ4 Q1 Q2 #Q3 BldgsQ4 Q1 Q2 aboutRates $178 million in sales. A significant 0 0 0 2,000,000 2020 Q1 2,802 273,992,255 54,299,084 19.8% (746,815) 1 35,000 14 1,979,867 $ 21.63 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Construction 25 25 25 $23.50 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago $23.00 2020 Q2 2,800 273,879,992 55,203,948 20.2% (1,017,127) 1 220,000 15 1,927,867 $ 21.62 2017 Q1 2,752 266,197,192 49,588,276 18.6% (161,189) 14 1,757,956 46 6,666,159 portion$ 20.48 of recent volume was20.5% due to 25 25 25 1,500,000 2,000,000 1,000,000 2017 Q2 2,753 265,826,034 49,330,566 18.6% (113,448) 3 78,140 50 7,063,190 the sale$ 20.59 of the 1.35-million-SF Cityplace $23.00 20.0% Central Expressway Vital Statistics $22.50 1,000,000 Overall2017 Q3 DFW Office Quoted Rental Rates Overall DFW Office Construction Tower, the largest asset in the submarket. 0 2,761 266,587,443 49,116,732 18.4% 975,243 8 761,409 47 7,917,477 $ 20.82 1,000,000 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 DFW Office Statistics by Market Central Expressway Vital Statistics $22.50 $21.80 2017 Q4 2,774 268,105,219 50,191,239 18.7% 428,629 15 1,636,786 34 6,422,741 $ 20.87 200,000 18.0% 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Existing Vacancy 8,000,000 $22.00 Net Under Quoted 19.5% 150,000 500,000 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Market Inventory Deliveries $21.60 Leasing 200,000 18.0% 16.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 # Blds Total RBA Direct SF Total SF Absorption Const SF Rates 2018 Q1 2,777 268,583,937 50,126,331 18.7%7,000,000 558,266 8 939,781 28 5,932,960 $ 20.95 $22.00 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 150,000 Delivered Under Construction $21.40 6,000,000 Fundamentals in Central Expressway are 100,000 16.0% 14.0% 2017 2017 2017 2017 2018 2018Q1 2018Q2 2018Q32019Q42019Q12019 Q22019 2020Q3 2020Q4 Q1 Q2 Q3 Q4 Q1 Q2 Central Expressway 98 12,162,018 1,840,327 15.1% -81,342 0 30,000 $24.70 2018 Q2 2,786 270,160,733 51,525,438 19.1% (373,081) 9 1,622,598 22 4,615,002 $ 20.98 19.0% Delivered Under Construction $21.20 100,00050,000 0 14.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Dallas CBD 79 28,702,872 7,709,068 26.9% 194,502 0 0 $21.18 5,000,000 on a firm footing. At 14.3%, vacancies 12.0% 2018 Q3 2,793 271,143,294 52,243,369 19.3% 264,630 7 982,561 19 3,920,764 $ 21.17 50,000 East Dallas 171 7,378,386 1,210,736 16.4% 23,673 0 684,116 $22.13 $21.00 4,000,000 0 12.0% 2018 Q4 2,794 271,482,046 52,919,085 19.5% (336,964) 2 455,457 20 3,807,378 have$ trended21.22 well below both18.5% the metro 0 (500,000) 10.0% $20.80 3,000,000 (50,000) 10.0% Far North Dallas 446 49,793,696 10,408,426 20.9% -182,195 220,000 258,893 $24.51 average and the submarket’s historical (50,000) 8.0% Ft Worth CBD 53 8,870,458 1,504,801 17.0% -65,628 0 0 $26.31 $20.60 2019 Q1 2,797 272,416,601 52,627,162 19.3%2,000,0001,226,478 6 1,076,430 17 2,886,841 $ 21.20 (100,000) 8.0% average for a few years due18.0% to a lack (100,000) (1,000,000) 6.0% Las Colinas 279 35,996,618 6,664,316 18.5% -144,599 0 27,475 $20.99 $20.40 2019 Q2 2,797 272,507,160 52,319,213 19.2%1,000,000 393,448 5 292,528 16 2,703,047 $ 21.33 (150,000) 6.0% of new supply and generally steady (150,000) LBJ Freeway 161 21,271,691 4,635,572 21.8% -159,183 0 0 $20.70 $20.20 2019 Q3 2,798 272,769,681 53,439,377 19.6% 0 (857,643) 3 495,361 17 2,748,269 $ 21.52 (200,000) 4.0% 4.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 (1,500,000) Lewisville/Denton 148 6,964,777 868,946 12.5% -42,900 0 122,000 $18.35 $20.00 absorption in existing stock.17.5% In early (250,000) 2.0%2017 2017 20172.0%2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2019 Q4 2,802 274,197,199 53,757,213 19.6% 1,109,682Q1 Q2 Q3 Q4 5Q1 Q2 Q31,447,518Q4 Q1 Q2 Q3 14Q4 Q1 Q2 1,799,751 $ 21.35 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Mid-Cities 385 21,934,917 5,578,061 25.4% -322,239 0 100,609 $18.43 $19.80 2020, the 11 story ACS building was (300,000) 0.0%Q1 Q2 0.0%Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 201720202017 2017Q1 2017 2018 20182,8022018 2018273,992,2552019 2019 2019 201954,299,0842020 2020 19.8% (746,815) 1 35,000 14 1,979,867 $ 21.63 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 North Fort Worth 44 2,461,682 227,195 9.2% -34,640 0 48,000 $20.45 Delivered Under Construction 201720172017201720172017201720172018 2018 2018201820182018201920182019201920192019201920192020 20202019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 demolished to make way for a massive Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Northeast Ft Worth 48 3,520,727 612,512 17.4% -83 0 0 $17.28 2020 Q2 2,800 273,879,992 55,203,948 20.2% (1,017,127) 1 220,000 15 1,927,867 $ 21.62 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 $2.5 billion mixed-use development. Net Absorption Delivered Vacant % Preston Center 52 4,837,427 634,963 13.1% -52,013 0 0 $29.23 Net Absorption Delivered Vacant % Richardson/Plano 355 30,139,065 6,147,937 20.4% 12,428 0 0 $18.54 Overall DFW Office Construction South Ft Worth 195 10,604,684 1,368,619 12.9% -119,929 0 0 $21.74 One large move out/bankruptcy Overall DFW Office Quoted Rental Rates Southwest Dallas 79 3,404,317 362,398 10.6% -2,912 0 0 $15.98 DFW Office Statistics by Market contributed to the lion’s share of negative $21.80 8,000,000 Stemmons Freeway 114 12,625,666 3,230,037 25.6% 1,268 0 0 $16.13 Existing Vacancy Net Under Quoted net absorption in 2019. The 199,000 SF Uptown/Turtle Creek 93 13,210,991 2,200,034 16.7% -41,335 0 656,774 $30.98 Market Inventory Deliveries $21.60 7,000,000 # Blds Total RBA Direct SF Total SF Absorption Const SF Rates Walnut Hill Medical Center, when it opened, was among the nation’s most upscale hospitals, featuring chef-cooked Totals 2,800 273,879,992 55,203,948 20.2% -1,017,127 220,000 1,927,867 $21.63 $21.40 Central Expressway 98 12,162,018 1,840,327 15.1% -81,342 0 30,000 $24.70 meals, private rooms, and state-of-the-art technology for doctors. As of early 2020, the building was still6,000,000 100% vacant. $21.20 Dallas CBD 79 28,702,872 7,709,068 26.9% 194,502 0 0 $21.18 Excluding that “shock” to the market, the area overall has been moving in the right direction. With supply-side5,000,000 East Dallas 171 7,378,386 1,210,736 16.4% 23,673 0 684,116 $22.13 pressure unlikely, the biggest $21.00 risk for this submarket is the prospect of tenants jumping ship for properties4,000,000 in premier * Lewisville Denton doesn't have a tab Far North Dallas 446 49,793,696 10,408,426 20.9% -182,195 220,000 258,893 $24.51 urban submarkets like Uptown/Turtle $20.80 Creek and Preston Center or suburban submarkets like Upper Tollway/West3,000,000 Ft Worth CBD 53 8,870,458 1,504,801 17.0% -65,628 0 0 $26.31 Plano. Of the 14.7 million SF$20.60 in the submarket 7.4 million SF is considered 4 and 5 Star assets. The largest2,000,000 being the Las Colinas 279 35,996,618 6,664,316 18.5% -144,599 0 27,475 $20.99 1.3 million SF, 43 story, Cityplace $20.40 Tower. 1,000,000 LBJ Freeway 161 21,271,691 4,635,572 21.8% -159,183 0 0 $20.70 $20.20 0 Lewisville/Denton 148 6,964,777 868,946 12.5% -42,900 0 122,000 $18.35 $20.00 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Mid-Cities 385 21,934,917 5,578,061 25.4% -322,239 0 100,609 $18.43 $19.80 North Fort Worth 44 2,461,682 227,195 9.2% -34,640 0 48,000 $20.45 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Delivered Under Construction Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Northeast Ft Worth 48 3,520,727 612,512 17.4% -83 0 0 $17.28 Movers & Shakers Largest Vacancies: Preston Center 52 4,837,427 634,963 13.1% -52,013 0 0 $29.23 Tenant SF Building Cityplace Tower – 203,254 sf Richardson/Plano 355 30,139,065 6,147,937 20.4% 12,428 0 0 $18.54 STARR Companies 11,247 8401 N Central Expressway Walnut Hill Medical Center – 199,182 sf South Ft Worth 195 10,604,684 1,368,619 12.9% -119,929 0 0 $21.74 GSA 7,697 10000 N Central Expressway 8750 NorthPark Central – 132,037 sf Central Expressway Southwest Dallas 79 3,404,317 362,398 10.6% -2,912 0 0 $15.98 Istation 40,601 8150 N Central Expressway Stemmons Freeway 114 12,625,666 3,230,037 25.6% 1,268 0 0 $16.13 Cardiology & Uptown/Turtle Creek 93 13,210,991 2,200,034 16.7% -41,335 0 656,774 $30.98 Interventional Totals 2,800 273,879,992 55,203,948 20.2% -1,017,127 220,000 1,927,867 $21.63 Vascular Associates 17,622 8440 Walnut Hill Lane Central Expressway

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. 5 * 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 Dallas CBD Office Vacancy Dallas CBD Office Net Absorption Construction 2017 Q1 28.0% 78 28,453,921 7,657,143 26.9% (141,536) 0 0 1 261,537 $ 21.04 300,000 2017 Q2 78 28,453,921 7,630,317 26.8% 26,826 0 0 1 261,537 $ 21.05 27.5% 200,000 2017 Q3 78 28,453,921 7,713,354 27.1% (83,037) 0 0 1 261,537 $ 21.02 Existing Inventory Vacancy Delivered Inventory Under Construction 2017 Q4 78 28,453,921 7,821,880 27.5% (108,526) 0 0 2 Quoted365,656 $ 21.00 27.0% 100,000 Period Net Absorption Under Dallas CBD Office Net Absorption 2018 Q1 # Bldgs79 Total28,715,458 RBA Vacant7,817,047 SF Vacant % 27.2% 266,370# Bldg Delivered1 # Bldgs261,537 1 Rates104,119 $ 21.32 Dallas CBD Office Vacancy 0 Construction 26.5% 2017 Q1 28.0% 2018 Q2 78 79 28,453,92128,715,4587,657,1437,815,37826.9% 27.2%(141,536) 1,669 0 00 1 0 261,5371 $ 21.04104,119 $ 21.05 300,000 (100,000) 20172018 Q2 Q3 78 79 28,453,92128,715,4587,630,3177,724,41026.8% 26.9%26,826 90,968 0 00 1 0 261,5371 $ 21.05104,119 $ 20.63 26.0% 27.5% 200,000 (200,000) 20172018 Q3 Q4 78 78 28,453,92128,598,7537,713,3547,308,49827.1% 25.6%(83,037) 299,2070 00 1 0 261,5371 $ 21.02104,119 $ 20.69 2017 Q4 78 28,453,921 7,821,880 27.5% (108,526) 0 0 2 365,656 $ 21.00 27.0% 25.5% 100,000 DALLAS CBD2019 Q1 79 DISTRICT28,702,872 7,435,412 25.9% (22,795) 1 104,119 FORT0 0 $ 20.11WORTH CBD (300,000) 2018 Q1 79 28,715,458 7,817,047 27.2% 266,370 1 261,537 1 104,119 $ 21.32 0 2019 Q2 79 28,702,872 7,458,365 26.0% (22,953) 0 0 0 0 $ 20.5926.5% 25.0% (400,000) 2018 Q2 79 28,715,458 7,815,378 27.2% 1,669 0 0 1 104,119 $ 21.05 (100,000) SUBMARKET20182019 Q3 Q3 79 79 28,715,45828,702,8727,724,4107,483,05026.9% 26.1%90,968 (24,685)0 00 1 0 104,1190 $ 20.630 $ 20.9126.0% (500,000) 24.5% (200,000) 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 20182019 Q4 Q4 78 79 28,598,75328,702,8727,308,4987,466,66725.6% 26.0%299,207 16,383 0 00 1 0 104,1190 $ 20.690 $ 20.68 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 25.5% (300,000) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 20192020 Q1 Q1 79 79 28,702,87228,702,8727,435,4127,903,57025.9% 27.5%(22,795) (436,903)1 104,1190 0 0 0 0 $ 20.110 $ 21.19 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 (400,000) 20192020 Q2 Q2 79 79 28,702,87228,702,8727,458,3657,709,06826.0% 26.9%(22,953) 194,5020 00 0 0 0 0 $ 20.590 $ 21.1825.0% 2019 Q3 79 28,702,872 7,483,050 26.1% (24,685) 0 0 0 0 $ 20.91 (500,000) 24.5% Dallas CBD District 2019 Q4 79 28,702,872 7,466,667 26.0% 16,383 0 0 0 0 $ 20.68 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2017 2017 2017 2017 2018 2018 2018 2018Dallas2019 2019 CBD2019 Office2019 2020 Quoted2020 Rates Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 DallasQ3 Q4 Q1 CBDQ2 Office Construction The Dallas CBD is the metro’s primary office 2020 Q1 79 28,702,872 7,903,570 27.5% (436,903) 0 0 0 0 $ 21.19 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Absorption vs Previous Qtr vs 12 Months Ago $21.60 node, but the submarket has struggled for 2020 Q2 79 28,702,872 7,709,068 26.9% 194,502 0 0 0 0 $ 21.18 8,000,000 over the last few years. Its vacancy rate 194,502 -436,903 -22,953 $21.40 Dallas CBD Office Construction of 23.0% has been among the highest in Vacancy vs Previous Qtr vs 12 Months Ago Dallas CBD Office Quoted Rates 7,000,000 $21.20 the metroplex for decades. The submarket Absorption vs Previous Qtr vs 12 Months Ago $21.60 26.9% 27.5% 26.0% 8,000,000 6,000,000 contains a significant percentage of older $21.00 194,502U/C SF -436,903vs Previous Qtr -22,953vs 12 Months Ago $21.40 towers that are not competitive with new Vacancy vs Previous Qtr vs 12 Months Ago 7,000,000 5,000,000 0 0 0 $21.20 $20.80 assets in other prominent office submarkets, 26.9% 27.5% 26.0% 6,000,000 Delivered SF $21.00 4,000,000 such as Uptown/Turtle Creek and Upper U/C SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago $20.60 0 0 0 5,000,000 Tollway/West Plano. However, the submarket’s 0 0 0 $20.80 $20.40 3,000,000 low rents, transit amenities, and central DeliveredQuoted RatesSF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago $20.60 4,000,000 $20.20 location have helped keep a core group of 0 0 0 2,000,000 21 21 21 $20.40 3,000,000 tenants rooted here, and fundamentals have Quoted Rates vs Previous Qtr vs 12 Months Ago $20.00 $20.20 2,000,000 1,000,000 improved in recent years. 21 21 21 $19.80 Dallas CBD Vital Statistics $20.00 1,000,000 0 $19.60 About a decade ago, developers began to 400,000 28.0% $19.80 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Dallas CBD Vital Statistics 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 redevelop millions of square feet of obsolete $19.60 $19.40 400,000300,000 28.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 27.5% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019Q1 2020Q2 2020Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 inventory into alternative uses, such as Delivered Under Construction 300,000200,000 $19.40 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 multifamily, hotel, as well as retail projects. 27.5% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 27.0% Delivered Under Construction 200,000100,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 These conversions not only buoyed CBD 27.0% 100,000 26.5% office fundamentals, but they also helped 0 0 26.5% the submarket take steps to become a real (100,000) 26.0% (100,000) live/work/play environment. Furthermore, (200,000) 26.0% (200,000) 25.5% many older assets in the CBD have either 25.5% (300,000)(300,000) undergone or are undergoing major 25.0% (400,000)(400,000) 25.0% renovations and are adding amenities like (500,000)(500,000) 24.5% 24.5% parking to remain competitive with newer 2017201720172017201720172017 20172018 2018201820182018201820182019201820192019201920192019 20192020 20202019 2020 2020 properties in the Arts District and Uptown. Q1Q1Q2 Q2Q3 Q3Q4 Q4Q1 Q2Q1 Q3Q2 Q4Q3Q1 Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q2Q4 Q1 Q2 Net NetAbsorption Absorption DeliveredDelivered Vacant % Vacant % Leasing Business services and financial firms have been migrating north into nearby Uptown/ Turtle Creek for years, but the CBD has recently recaptured some momentum. 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 – 750,115 SF & Hampton 51,804 2200 Ross Avenue Bank of America Plaza – 494,437 SF Holiday Inn 7,610 1700 Pacific Avenue Comerica Bank Tower – 454,125 SF Manhattan Construction Company 6,404 211 N Record Street Dallas CBD Deloitte 24,360 717 Harwood Street Morgan, Lewis & Bockius LLP 22,249 1717 Mail Street Dallas CBD Ricoh USA 8,429 1999 Bryan 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. 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 2017 Q1 20.0% 54 8,759,065 1,214,024 13.9% 26,526 0 0 1 314,879 $ 24.10 200,000 18.0% 2017 Q2 54 8,759,065 1,107,422 12.6% 106,602 0 0 1 314,879 $ 25.06 150,000 2017 Q3 54 8,759,065 1,116,194 12.7% (8,772) 0 0 1 314,879 $ 25.11 16.0% 100,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2017 Q4 54 8,759,065 1,219,968 13.9% (103,774) 0 0 1 Quoted314,879 $ 25.68 14.0% Period Net Absorption Under 50,000 # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Fort Worth CBD Office Vacancy Fort Worth CBD Office Net Absorption 2018 Q1 53 8,657,851 1,249,504 14.4% (130,750) 0 0 Construction1 314,879 $ 25.48 12.0% 0 2017 Q1 54 8,759,065 1,214,024 13.9% 26,526 0 0 1 314,879 $ 24.10 20.0% 2018 Q2 53 8,870,458 1,264,766 14.3% 197,345 1 314,879 0 0 $ 27.45 10.0% 200,000 (50,000) 2017 Q2 54 8,759,065 1,107,422 12.6% 106,602 0 0 1 314,879 $ 25.06 18.0% 2018 Q3 53 8,870,458 1,537,168 17.3% (272,402) 0 0 0 0 $ 27.82 8.0% 150,000 (100,000) 2017 Q3 54 8,759,065 1,116,194 12.7% (8,772) 0 0 1 314,879 $ 25.11 16.0% 100,000 2018 Q4 53 8,870,458 1,552,467 17.5% (15,299) 0 0 0 0 $ 26.69 (150,000) 2017 Q4 54 8,759,065 1,219,968 13.9% (103,774) 0 0 1 314,879 $ 25.68 14.0% 6.0% 2019 Q1 53FORT8,870,458 1,654,471 WORTH18.7% (102,004) 0 CBD0 0 0 $ 26.49 50,000 (200,000) 2018 Q1 53 8,657,851 1,249,504 14.4% (130,750) 0 0 1 314,879 $ 25.48 12.0% 4.0% 0 20192018 Q2 Q2 53 8,870,458 1,528,974 17.2% 125,497 0 0 0 0 $ 26.21 (250,000) 53 8,870,458 1,264,766 14.3% 197,345 1 314,879 0 0 $ 27.45 10.0% 2.0% (50,000) 2019 Q3 53 8,870,458 1,618,324 18.2% (89,350) 0 0 0 0 $ 26.04 2018 Q3 53 8,870,458 1,537,168 17.3% SUBMARKET(272,402) 0 0 0 0 $ 27.82 8.0% (100,000) (300,000) 0.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 20192018 Q4 Q4 5353 8,870,4588,870,4581,552,4671,581,40117.5% 17.8% (15,299) 36,923 0 0 0 0 0 0 $ 26.690 $ 26.19 (150,000) 6.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 Q1 53 8,870,458 1,654,471 18.7% (102,004) 0 0 0 0 $ 26.49 2020 Q1 53 8,870,458 1,439,173 16.2% 142,228 0 0 0 0 $ 26.464.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2(200,000)Q3 Q4 Q1 Q2 2019 Q2 53 8,870,458 1,528,974 17.2% 125,497 0 0 0 0 $ 26.21 (250,000) 2020 Q2 53 8,870,458 1,504,801 17.0% (65,628) 0 0 0 0 $ 26.312.0% 2019 Q3 53 8,870,458 1,618,324 18.2% (89,350) 0 0 0 0 $ 26.04 (300,000) 0.0% 2019 Q4 53 8,870,458 1,581,401 17.8% 36,923 0 0Fort Worth0 CBD Overview0 $ 26.19 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2017 2017 2017 2017 2018 2018 2018Fort2018 Worth2019 2019 CBD2019 2019 Office2020 2020 Quoted Rates Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2FortQ3 WorthQ4 Q1 Q2CBD Office Construction 2020 Q1 53 8,870,458 1,439,173 16.2% 142,228 0 0The Fort Worth0 CBD is0 home to$ a26.46 heavy Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 Q2Absorption53 8,870,458vs Previous1,504,801 Qtr 17.0% vs (65,628)12 Months Ago 0 0concentration0 of energy0 companies,$ 26.31 leaving it $29.00 8,000,000 (65,628) 142,228 125,497 exposed to the effects of energy price swings. Fort Worth CBD Office Quoted Rates Fort Worth CBD Office Construction Vacancy vs Previous Qtr vs 12 Months Ago The good news is that at 13.6%, vacancies are $28.00 7,000,000 Absorption vs Previous Qtr vs 12 Months Ago below the metro average and have remained $29.00 17.0% 16.2% 17.2% 8,000,000 6,000,000 (65,628) 142,228 125,497 relatively stable. Also, the newest delivery, U/C SF vs Previous Qtr vs 12 Months Ago $27.00 Vacancy vs Previous Qtr vs 12 Months Ago the 280,000-SF Frost Tower, which opened $28.00 7,000,000 5,000,000 0 0 0 in early 2018, was about 70% leased in early 17.0% 16.2% 17.2% 6,000,000 Delivered SF $26.00 U/C SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 2020. The building boasts the highest rents $27.00 4,000,000 5,000,000 00 0 0 0 0 in downtown Fort Worth at about $40/SF, and $25.00 3,000,000 QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago there are very few buildings in the submarket $26.00 4,000,000 that are close to this mark. While rent growth 026 0 26 0 26 2,000,000 $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 3.2%. 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 0 400,000 Fort Worth CBD Vital Statistics 20.0%the submarket deals with the economic and 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 social fallout stemming from the coronavirus $23.00 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 400,000300,000 20.0% 18.0% $22.00 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 pandemic 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019Q12020Q2 2020Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 18.0% 16.0% $22.00 300,000200,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Delivered Under Construction 16.0% 14.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 200,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Delivered Under Construction 100,000 14.0% 12.0%Leasing 100,000 0 12.0% 10.0%Though Fort Worth has greater exposure 0 10.0% 8.0%to the energy industry than Dallas does, (100,000) 8.0% (100,000) 6.0%fundamentals have stayed intact. Vacancies 6.0% (200,000) have remained stable at 13.6%, below the 4.0% 4.0% (300,000) metro average of 16.2% . While XTO Energy’s (300,000) 2.0% 2.0% move from Fort Worth CBD Houston (a net loss (400,000) 0.0% 0.0% 201720172017201720172017201720172018 20182018 2018201820182018201920182019201920192019201920192020 20192020 2020 2020 of 1,600 employees) was expected to open up Q1Q1 Q2Q2Q3 Q3Q4 Q4Q1 Q1Q2 Q3Q2 Q4Q3 Q1Q4Q2Q1Q3 Q2Q4 Q3Q1 Q4Q2 Q1 Q2 a large chunk of office space in the submarket, NetNet Absorption Absorption DeliveredDelivered Vacant % 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 – 251,296 sf Oncor Electric Delivery 175,192 777 Main Street Bank of America Tower – Sundance – 161,363 sf Blaies & Hightower LLLP 13,000 420 Throckmorton St Burnett Plaza – 145,936 sf Fort Worth CBD Pope, Hardwick, W T Waggoner Bldg – 119,846 sf Christie, Schell, Kelly & Taplett LLP 11,259 500 W 7th Falcon Document Solutions 5,,000 301 Commerce St Fort Worth CBD

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 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 2017 Q1 22.0% 432 47,669,927 9,210,308 19.3% (265,479) 5 779,299 9 1,426,462 $ 22.96 800,000 2017 Q2 432 47,669,927 8,967,493 18.8% 242,815 0 0 9 1,426,462 $ 22.84 21.0% 2017 Q3 433 47,702,377 8,529,142 17.9% 470,801 1 32,450 10 1,839,157 $ 23.11 600,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2017 Q4 436 48,464,277 9,378,113 19.4% (101,711) 3 761,900 7 Quoted1,077,257 $ 22.73 400,000 Period Net Absorption Under 20.0% 2018 Q1 # Bldgs438 Total48,739,789 RBA Vacant9,956,052 SF Vacant %20.4% (287,787)# Bldg Delivered2 #275,512 Bldgs 5 Rates801,745 $ 23.11 Far North Dallas Office Vacancy Far North Dallas Office Net Absorption Construction 200,000 20182017 Q1Q2 22.0% 432439 47,669,92748,756,8259,210,30810,196,40319.3% 20.9%(265,479) (223,315)5 779,2991 17,0369 1,426,4625 $ 1,043,08222.96 $ 23.12 19.0% 800,000 20182017 Q2Q3 432441 47,669,92749,096,3898,967,4939,953,02318.8% 20.3% 242,815 582,944 0 20 339,5649 1,426,4625 $ 22.84944,540 $ 23.50 0 21.0% 600,000 20182017 Q3Q4 433441 47,702,37749,096,3898,529,14210,394,41717.9% 21.2% 470,801 (441,394)1 32,4500 100 1,839,1577 $ 23.11994,570 $ 23.58 18.0% 2017 Q4 436 48,464,277 9,378,113 19.4% (101,711) 3 761,900 7 1,077,257 $ 22.73 (200,000) FAR NORTH2019 Q1 443 DALLAS49,541,534 10,238,952 20.7% 600,610 2 445,145 7 688,818 $ 23.5420.0% 400,000 2018 Q1 438 48,739,789 9,956,052 20.4% (287,787) 2 275,512 5 801,745 $ 23.11 2019 Q2 444 49,556,934 10,377,990 20.9% (123,638) 1 15,400 6 673,418 $ 23.67 17.0% 200,000 (400,000) 2018 Q2 439 48,756,825 10,196,403 20.9% (223,315) 1 17,036 5 1,043,082 $ 23.12 19.0% SUBMARKET20192018 Q3 441445 49,096,38949,815,3079,953,02310,429,87520.3% 20.9% 582,944 206,488 2 339,5641 258,3735 944,5406 $ 23.50449,545 $ 23.81 0 (600,000) 16.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 20192018 Q4 441447 49,096,38949,870,95910,394,41710,506,88921.2% 21.1%(441,394) (21,362) 0 20 55,6527 994,5704 $ 23.58393,893 $ 23.8118.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019(200,000)2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 20202019 Q1 443448 49,541,53449,905,95910,238,95210,338,49420.7% 20.7% 600,610 203,395 2 445,1451 35,0007 688,8183 $ 23.54358,893 $ 24.28 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 17.0% (400,000) 20202019 Q2 444446 49,556,93449,793,69610,377,99010,408,42620.9% 20.9%(123,638) (182,195)1 15,4001 220,0006 673,4183 $ 23.67258,893 $ 24.51 2019 Q3 445 49,815,307 10,429,875 20.9% 206,488 1 258,373 6 449,545 $ 23.81 (600,000) 16.0% 2019 Q4 447 49,870,959 10,506,889 21.1% (21,362) 2 55,652 4 393,893 $ 23.81 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Far North Dallas Overview 2017 2017 2017 2017 2018 2018 2018Far2018 North2019 2019 Dallas2019 2019 Office2020 2020 Quoted Rates Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FarQ2 Q3 NorthQ4 Q1 DallasQ2 Office Construction Upper Tollway/West Plano has emerged as 2020 Q1 448 49,905,959 10,338,494 20.7% 203,395 1 35,000 3 358,893 $ 24.28 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Absorption vs Previous Qtr vs 12 Months Ago $25.00 one of the most dynamic office submarkets 2020 Q2 446 49,793,696 10,408,426 20.9% (182,195) 1 220,000 3 258,893 $ 24.51 8,000,000 (182,195) 203,395 -123,638 in Dallas-Fort Worth. The area has some Vacancy vs Previous Qtr vs 12 Months Ago Far North $24.50 Dallas Office Quoted Rates Far North Dallas7,000,000 Office Construction of the newest office stock in the metro. It Absorption20.9% vs Previous20.7% Qtr vs 12 Months Ago20.9% $25.00 now serves as a corporate hub for Toyota’s 8,000,000 6,000,000 (182,195)U/C SF vs203,395 Previous Qtr -123,638vs 12 Months Ago $24.00 North American headquarters and is a Vacancy $24.50 7,000,000 5,000,000 258,893 vs Previous358,893 Qtr vs 12 Months 673,418Ago major regional location for Liberty Mutual, 20.9% 20.7% 20.9% Delivered SF vs Previous Qtr vs 12 Months Ago $23.50 6,000,000 4,000,000 AmerisourceBergen, JPMorgan Chase, and U/C SF vs Previous Qtr vs 12 Months Ago $24.00 5,000,000 258,893220,000 358,89335,000 673,418 15,400 USAA. . Local tax services firm Ryan LLC $23.00 3,000,000 announced in late 2019 that it is planning to QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago $23.50 4,000,000 220,00025 35,000 24 15,400 24 2,000,000 move its headquarters to Legacy West, where $23.00 $22.50 3,000,000 it will house 550 jobs within a $338 million Quoted Rates vs Previous Qtr vs 12 Months Ago 1,000,000 25 24 24 2,000,000 office. The City of Plano approved $467,500 in Far North Dallas Vital Statistics $22.50 $22.00 1,000,000 0 economic incentives if the company agrees 1,000,000 Far North Dallas Vital Statistics 22.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 $22.00 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 to transfer, retain, or create 550 jobs by the $21.50 1,000,000800,000 22.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 21.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 end of March 2023. Ryan is relocating from a Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 DeliveredQ1 Q2 Under Construction 600,000800,000 $21.50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 173,000 SF space in the Galleria. Companies 21.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 20.0% Delivered Under Construction 400,000600,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 located here have access to a deep and 20.0% 400,000 well-educated labor pool. More than half of 200,000 19.0% 200,000 19.0% all adults have at least a bachelor’s degree, 0 0 18.0% and the Plano and Frisco independent school (200,000) 18.0% (200,000) 17.0% districts are among the best in the state. Also, 17.0% (400,000)(400,000) drawing new tenants is the abundance of (600,000)(600,000) 16.0% 16.0% land suitable for large campuses and high- 20172017201720172017201720172017201820182018 2018 20182018201920182019201920192019201920192020 20192020 2020 2020 end retail in the area. Furthermore, both the Q1Q1 Q2Q2Q3 Q3Q4 Q4Q1 Q1Q2 Q3Q2 Q4Q3 Q1Q4 Q2Q1Q3 Q2Q4 Q3Q1 Q4Q2 Q1 Q2 state and the City of Plano have shown a NetNet Absorption Absorption DeliveredDelivered Vacant % Vacant % willingness to dole out generous incentives for companies looking to relocate to or expand.

Frisco/The Colony is a rapidly growing suburban submarket in the metroplex. In 2000, the submarket’s office inventory was less than 700,000 SF, but today it’s 8.5 million SF. Office inventory isn’t the only thing that has seen rapid growth. Frisco is consistently ranked as one of the most desirable cities to live in by various publications and is one of the fastest-growing towns in the country. 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, Far North Dallas 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 Far North Dallas

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 SUBMARKET

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 2017 Q1 22.0% 432 47,669,927 9,210,308 19.3% (265,479) 5 779,299 9 1,426,462 $ 22.96 800,000 2017 Q2 432 47,669,927 8,967,493 18.8% 242,815 0 0 9 1,426,462 $ 22.84 21.0% 2017 Q3 433 47,702,377 8,529,142 17.9% 470,801 1 32,450 10 1,839,157 $ 23.11 600,000 2017 Q4 436 48,464,277 9,378,113 19.4% (101,711) 3 761,900 7 1,077,257 $ 22.73 20.0% 400,000 2018 Q1 438 48,739,789 9,956,052 20.4% (287,787) 2 275,512 5 801,745 $ 23.11 200,000 2018 Q2 439 48,756,825 10,196,403 20.9% (223,315) 1 17,036 5 1,043,082 $ 23.12 19.0% 2018 Q3 441 49,096,389 9,953,023 20.3% 582,944 2 339,564 5 944,540 $ 23.50 0 2018 Q4 441 49,096,389 10,394,417 21.2% (441,394) 0 0 7 994,570 $ 23.58 18.0% (200,000) 2019 Q1 443 49,541,534 10,238,952 20.7% 600,610 2 445,145 7 688,818 $ 23.54 2019 Q2 444 49,556,934 10,377,990 20.9% (123,638) 1 15,400 6 673,418 $ 23.67 17.0% (400,000) 2019 Q3 445 49,815,307 10,429,875 20.9% 206,488 1 258,373 6 449,545 $ 23.81 (600,000) 16.0% 2019 Q4 447 49,870,959 10,506,889 21.1% (21,362) 2 55,652 4 393,893 $ 23.81 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 Q1 448 49,905,959 10,338,494 20.7% 203,395 1 35,000 3 358,893 $ 24.28 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 Q2 446 49,793,696 10,408,426 20.9% (182,195) 1 220,000 3 258,893 $ 24.51 Far North Dallas Office Quoted Rates Far North Dallas Office Construction Absorption vs Previous Qtr vs 12 Months Ago $25.00 8,000,000 (182,195) 203,395 -123,638 Vacancy vs Previous Qtr vs 12 Months Ago $24.50 7,000,000 20.9% 20.7% 20.9% 6,000,000 U/C SF vs Previous Qtr vs 12 Months Ago $24.00 5,000,000 258,893 358,893 673,418 Delivered SF vs Previous Qtr vs 12 Months Ago $23.50 4,000,000 220,000 35,000 15,400 $23.00 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago 25 24 24 2,000,000 $22.50 1,000,000 Far North Dallas Vital Statistics $22.00 0 1,000,000 22.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 800,000 $21.50 21.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Delivered Under Construction 600,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 20.0% 400,000 200,000 19.0% 0 18.0% (200,000) 17.0% in 2021 when Keurig Dr. Pepper moves out of roughly 300,000 SF in Upper Tollway/West Plano. The firm will shift its headquarters (400,000) (600,000) 16.0% operations north to The Star in Frisco. The submarket experienced 450,000 SF of leasing activity in the first quarter of 2020. 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net Absorption Delivered Vacant % 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

Far North Dallas

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. 9 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 2017 Q1 172 7,555,462 1,207,949 16.0% (57,362) 0 0 1 294,820 $ 16.57 20.0% 200,000 2017 Q2 170 7,106,164 769,961 10.8% (11,310) 0 0 2 349,832 $ 17.00 18.0% 2017 Q3 170 7,106,164 833,664 11.7% (63,703) 0 0 3 379,832 $ 17.20 16.0% 150,000 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted 2017Period Q4 170 7,096,778 816,052 11.5%Net Absorption8,226 1 55,012 Under2 324,820 $ 17.28 14.0% 100,000 # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates East Dallas Office Vacancy East Dallas Office Net Absorption 2018 Q1 170 7,096,778 856,959 12.1% (40,907) 0 0 Construction2 324,820 $ 17.66 12.0% 2017 Q1 172 7,555,462 1,207,949 16.0% (57,362) 0 0 1 294,820 $ 16.57 20.0% 50,000 2018 Q2 171 7,126,778 961,283 13.5% (74,324) 1 30,000 1 294,820 $ 20.49 10.0% 200,000 2017 Q2 170 7,106,164 769,961 10.8% (11,310) 0 0 2 349,832 $ 17.00 18.0% 2018 Q3 171 7,126,778 1,005,149 14.1% (43,866) 0 0 1 294,820 $ 20.57 0 2017 Q3 170 7,106,164 833,664 11.7% (63,703) 0 0 3 379,832 $ 17.20 16.0% 8.0% 150,000 2018 Q4 171 7,126,778 1,037,461 14.6% (32,312) 0 0 1 294,820 $ 20.72 (50,000) WHITE ROCK/EAST2017 Q4 170 7,096,778 816,052 DALLAS11.5% 8,226 1 55,012WHITE2 324,820 $ 17.28ROCK/EAST14.0% 6.0% DALLAS100,000 20192018 Q1 170171 7,096,7787,378,386856,9591,276,64312.1% 17.3% (40,907) 12,426 0 10 294,8202 324,8200 $ 17.660 $ 22.92 12.0% 4.0% 50,000 (100,000) 20192018 Q2 171171 7,126,7787,378,386961,2831,176,98213.5% 16.0% (74,324) 99,661 1 30,0000 1 0 294,8200 $ 20.490 $ 20.4510.0% 2.0% 0 (150,000) SUBMARKET20192018 Q3 171171 7,126,7787,378,3861,005,1491,266,17214.1% 17.2% (43,866) (89,190) 0 00 1 0 294,8200 $ 20.570 $ 21.298.0% 2018 Q4 171 7,126,778 1,037,461 14.6% (32,312) 0 0 1 294,820 $ 20.72 0.0% (50,000) 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2019 Q4 171 7,378,386 1,404,519 19.0% (138,347) 0 0 1 469,000 $ 22.076.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2019 Q1 171 7,378,386 1,276,643 17.3% 12,426 1 294,820 0 0 $ 22.92 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 Q1 171 7,378,386 1,234,409 16.7% 170,110 0 0 2 684,116 $ 21.594.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2(100,000)Q3 Q4 Q1 Q2 2019 Q2 171 7,378,386 1,176,982 16.0% 99,661 0 0 0 0 $ 20.45 2020 Q2 171 7,378,386 1,210,736 16.4% 23,673 0 0 2 684,116 $ 22.132.0% 2019 Q3 171 7,378,386 1,266,172 17.2% (89,190) 0 0 0 0 $ 21.29 (150,000) 0.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2019 Q4 171 7,378,386 1,404,519 19.0% (138,347) 0 0 1 469,000 $ 22.07 East Dallas Overview 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 EastQ3 Q4 DallasQ1 Q2 Office Construction Garland is an inner-ring suburb located east 2020 Q1 171 7,378,386 1,234,409 16.7% 170,110 0 0 2 684,116 $ 21.59 Q1 Q2 Q3 Q4 Q1 Q2 Q3 EastQ4 Q1 DallasQ2 Q3 OfficeQ4 Q1 QuotedQ2 Rates of the northern path of demographic and 2020 AbsorptionQ2 171 7,378,386vs Previous1,210,736 Qtr 16.4% vs 1223,673 Months Ago 0 0 2 684,116 $ 22.13 $25.00 8,000,000 employment growth in Dallas. The central 23,673 170,110 99,661 East Dallas Office Quoted Rates East Dallas Office Construction commercial node in Garland composed Vacancy vs Previous Qtr vs 12 Months Ago 7,000,000 of industrial properties. There is only3.2 Absorption vs Previous Qtr vs 12 Months Ago $25.00 $20.00 16.4% 16.7% 16.0% 8,000,000 23,673 170,110 99,661 6,000,000 million SF of office inventory here, most of U/C SF Vacancy vs Previous Qtr vs 12 Months Ago 7,000,000 it being older and of mediocre quality. The vs Previous Qtr vs 12 Months Ago 5,000,000 684,116 684,116 0 $20.00 submarket saw a substantial reduction in 16.4% 16.7% 16.0% $15.00 6,000,000 its office inventory in 2017 when Raytheon’s DeliveredU/C SF SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago 4,000,000 5,000,000 684,1160 684,116 0 0 0 old campus was demolished to make way $15.00 3,000,000 for a new industrial park. Despite lackluster QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago $10.00 4,000,000 0 0 0 absorption, at 14.3% vacancies have typically 22 22 20 3,000,000 2,000,000 remained below the metro average of 15.6% Quoted Rates vs Previous Qtr vs 12 Months Ago $10.00 2,000,000 1,000,000 due to a lack of supply and the demolition of 22 22 20 $5.00 East Dallas Vital Statistics 1,000,000 some obsolete assets. $5.00 0 350,000 East Dallas Vital Statistics 20.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 The White Rock Submarket includes primarily 300,000350,000 20.0% 18.0% $- 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 250,000 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019Q12020Q2 2020Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 residential neighborhoods in sections of 300,000 18.0% 16.0% $- Delivered Under Construction 250,000 2017 2017 2017 2017 2018 2018Q1 2018Q2 2018Q32019Q42019Q12019 Q22019 2020Q3 2020Q4 Q1 Q2 Q3 Q4 Q1 Q2 Old East Dallas and those surrounding 200,000 16.0% 14.0% Delivered Under Construction 200,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 White Rock Lake. However, about half of the 150,000 14.0% 12.0% 100,000150,000 12.0% office inventory is in the Baylor University 100,000 10.0% 50,000 10.0% 50,000 8.0% Medical Center area, which is adjacent to 0 8.0% the nightlife and restaurant hot spot of Deep 0 6.0% (50,000)(50,000) 6.0% Ellum. Medical tenants dominate that area, (100,000)(100,000) 4.0% 4.0% and vacancies are structurally low. Assets in (150,000)(150,000) 2.0% 2.0% White Rock are typically smaller, and virtually (200,000)(200,000) 0.0% 0.0% 20172017201720172017201720172017201820182018 2018 2018201820192018201920192019201920192019202020192020 2020 2020 none of the inventory is 4 & 5 Star quality. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 The potential for growth in the submarket Net Absorption Delivered Vacant % Net Absorption Delivered Vacant % 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 has recently completed an office building that will allow it to consolidate its local operations in one facility.

The Confidential Gin Building has served as an anchor of creativity and innovation for 130 years. The historic property is next to Baylor Scott & Whites East Dallas campus and its new administrative center. The ownership group headed by August Family Partnership has done an almost $30 million renovation of the landmark space to convert it into office and retail space. The project is anticipated to be completed in late 2020.

Leasing Given weaker drivers for office space, vacancies in Garland generally trend 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 the first half of 2020. New tenants at The Epic include Uber, which is initially taking around 165,000 SF. Continued supply- side pressures are expected to keep vacancy rates elevated in the near term. For example, The Epic’s Phase Two recently broke East Dallas ground, and Uber is slated to take more space there. More 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. East Dallas

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. WHITE ROCK/EAST DALLAS SUBMARKET

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 2017 Q1 172 7,555,462 1,207,949 16.0% (57,362) 0 0 1 294,820 $ 16.57 20.0% 200,000 2017 Q2 170 7,106,164 769,961 10.8% (11,310) 0 0 2 349,832 $ 17.00 18.0% 2017 Q3 170 7,106,164 833,664 11.7% (63,703) 0 0 3 379,832 $ 17.20 16.0% 150,000 2017 Q4 170 7,096,778 816,052 11.5% 8,226 1 55,012 2 324,820 $ 17.28 14.0% 100,000 2018 Q1 170 7,096,778 856,959 12.1% (40,907) 0 0 2 324,820 $ 17.66 12.0% 50,000 2018 Q2 171 7,126,778 961,283 13.5% (74,324) 1 30,000 1 294,820 $ 20.49 10.0% 0 2018 Q3 171 7,126,778 1,005,149 14.1% (43,866) 0 0 1 294,820 $ 20.57 8.0% 2018 Q4 171 7,126,778 1,037,461 14.6% (32,312) 0 0 1 294,820 $ 20.72 6.0% (50,000) 2019 Q1 171 7,378,386 1,276,643 17.3% 12,426 1 294,820 0 0 $ 22.92 4.0% (100,000) 2019 Q2 171 7,378,386 1,176,982 16.0% 99,661 0 0 0 0 $ 20.45 2.0% 2019 Q3 171 7,378,386 1,266,172 17.2% (89,190) 0 0 0 0 $ 21.29 (150,000) 0.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2019 Q4 171 7,378,386 1,404,519 19.0% (138,347) 0 0 1 469,000 $ 22.07 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 Q1 171 7,378,386 1,234,409 16.7% 170,110 0 0 2 684,116 $ 21.59 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 Q2 171 7,378,386 1,210,736 16.4% 23,673 0 0 2 684,116 $ 22.13 East Dallas Office Quoted Rates East Dallas Office Construction Absorption vs Previous Qtr vs 12 Months Ago $25.00 8,000,000 23,673 170,110 99,661 Vacancy vs Previous Qtr vs 12 Months Ago 7,000,000 $20.00 16.4% 16.7% 16.0% 6,000,000 U/C SF vs Previous Qtr vs 12 Months Ago 5,000,000 684,116 684,116 0 $15.00 Delivered SF vs Previous Qtr vs 12 Months Ago 4,000,000 0 0 0 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago $10.00 22 22 20 2,000,000 1,000,000 East Dallas Vital Statistics $5.00 0 350,000 20.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 300,000 18.0% $- 250,000 16.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Delivered Under Construction 200,000 14.0% 150,000 12.0% 100,000 10.0% 50,000 0 8.0% (50,000) 6.0% (100,000) 4.0% (150,000) 2.0% Movers & Shakers Largest Vacancies: (200,000) 0.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Tenant SF Building Baylor Medical Plaza II – 40,501 sf Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Focus Real Estate LLC 20,667 10440 E Northwest Highway Forest Tower – 37,400 sf Net Absorption Delivered Vacant % State of TX Human & Health Services 8,781 1203 Sigma Court Baylor Medical Plaza III – 36,605 sf Carevide 8,716 2600 Commerce Way

East Dallas

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. 11 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 20.0% 2017 Q1 271 33,482,517 5,239,734 15.6% 490,124 3 635,118 5 922,335 $ 20.45 2,000,000 2017 Q2 271 33,482,517 5,387,389 16.1% (147,655) 0 0 6 1,138,735 $ 21.04 18.0% 2017 Q3 272 33,623,654 5,210,103 15.5% 318,423 1 141,137 6 2,122,964 $ 21.28 16.0% 1,500,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2017 Q4 272 33,623,654 5,247,581 15.6% (37,478) 0 0 6 Quoted2,122,964 $ 21.23 14.0% 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 2018 Q1 273 33,873,654 5,091,884 15.0% 405,697 1 250,000 Construction6 2,122,964 $ 20.92 12.0% 20.0% 20182017 Q2Q1 271274 33,482,51734,040,3525,239,7345,621,67515.6% 16.5% 490,124 (363,093)3 635,1181 166,6985 922,3355 $ 1,956,26620.45 $ 20.90 10.0% 2,000,000 500,000 2017 Q2 271 33,482,517 5,387,389 16.1% (147,655) 0 0 6 1,138,735 $ 21.04 18.0% 2018 Q3 276 34,404,852 5,957,710 17.3% 28,465 2 364,500 3 1,591,766 $ 21.52 8.0% 20182017 Q4Q3 272276 33,623,65434,404,8525,210,1035,907,04415.5% 17.2% 318,423 50,666 1 141,1370 60 2,122,9643 $ 1,591,76621.28 $ 21.7816.0% 1,500,000 0 2017 Q4 272 33,623,654 5,247,581 15.6% (37,478) 0 0 6 2,122,964 $ 21.23 14.0% 6.0% LAS 2019COLINAS Q1 277 34,621,252 5,819,370 16.8% 304,074 1 216,400 2 1,375,366 $ 21.59 1,000,000 2018 Q1 273 33,873,654 5,091,884 15.0% 405,697 1 250,000 6 2,122,964 $ 20.92 12.0% 4.0% (500,000) 2019 Q2 277 34,621,252 5,903,713 17.1% (84,343) 0 0 3 1,402,841 $ 21.85 2018 Q2 274 34,040,352 5,621,675 16.5% (363,093) 1 166,698 5 1,956,266 $ 20.90 10.0% 2.0% 500,000 SUBMARKET20192018 Q3 276277 34,404,85234,621,2525,957,7105,789,85417.3% 16.7% 28,465 113,859 2 364,5000 30 1,591,7663 $ 1,402,84121.52 $ 21.80 (1,000,000) 8.0% 0.0% 20192018 Q4 276279 34,404,85235,996,6185,907,0445,534,63117.2% 15.4% 50,666 1,630,5890 20 1,375,3663 1,591,7661 $ 21.7827,475 $ 21.19 0 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 6.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 20202019 Q1 277279 34,621,25235,996,6185,819,3706,519,71716.8% 18.1% 304,074 (985,086)1 216,4000 20 1,375,3661 $ 21.5927,475 $ 20.92 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 4.0% (500,000) 2019 Q2 277 34,621,252 5,903,713 17.1% (84,343) 0 0 3 1,402,841 $ 21.85 2020 Q2 279 35,996,618 6,664,316 18.5% (144,599) 0 0 1 27,475 $ 20.992.0% 2019 Q3 277 34,621,252 5,789,854 16.7% 113,859 0 0 3 1,402,841 $ 21.80 (1,000,000) 0.0% Las Colinas Overview 2019 Q4 279 35,996,618 5,534,631 15.4% 1,630,589 2 1,375,366 1 27,475 $ 21.19 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2017 2017 2017 2017 2018 2018 2018Las2018 2019Colinas2019 2019 Office2019 2020 Quoted2020 Rates Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2LasQ3 Q4ColinasQ1 Q2 Office Construction The submarket’s central location in the 2020 Q1 279 35,996,618 6,519,717 18.1% (985,086) 0 0 1 27,475 $ 20.92 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 metroplex and accessibility to D/FW Absorption vs Previous Qtr vs 12 Months Ago $22.00 2020 Q2 279 35,996,618 6,664,316 18.5% (144,599) 0 0 1 27,475 $ 20.99 8,000,000 Airport have fostered a groundswell well (144,599) -985,086 -84,343 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 Absorption18.5% vs Previous18.1% Qtr vs 12 Months Ago17.1% $22.00 $21.50 master-planned mixed-use development, 8,000,000 6,000,000 (144,599)U/C SF vs-985,086 Previous Qtr -84,343vs 12 Months Ago DFW/Freeport/Coppell has added about Vacancy vs Previous Qtr vs 12 Months Ago 7,000,000 5,000,000 27,475 27,475 1,402,841 20 buildings, or 2.7 million SF of new 18.5% 18.1% 17.1% $21.50 $21.00 Delivered SF vs Previous Qtr vs 12 Months Ago 6,000,000 4,000,000 inventory. Companies like 7-Eleven, U/C SF vs Previous Qtr vs 12 Months Ago 5,000,000 CoreLogic, Nokia, Signet Jewelers (Zales), 27,4750 27,475 0 1,402,841 0 $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 0 0 0 2,000,000 21 21 22 3,000,000 construction and in planning. Quoted Rates vs Previous Qtr vs 12 Months Ago $20.50 1,000,000 2,000,000 21 Las 21Colinas Vital Statistics22 $20.00 The Urban Center/Wingren submarket 1,000,000 0 $20.00 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 is located within the City of Irving and 2,000,000 Las Colinas Vital Statistics 20.0% is comprised of the master-planned 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 18.0% $19.50 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 1,500,0002,000,000 20.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 community of Las Colinas. What began in 16.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1DeliveredQ2 Under Construction 18.0% $19.50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1972, the area was one of the first planned 1,500,000 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 1,000,000 16.0% 14.0% Delivered Under Construction communities in the United States. As a Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1,000,000 14.0% 12.0% result of its unique amenities, including 500,000 500,000 12.0% 10.0% a monorail (Las Colinas Area Personal 0 10.0% 8.0% Transit System) and Lake Carolyn, where 0 8.0% (500,000) 6.0% residents and employees could enjoy a (500,000) 6.0% 4.0% gondola ride or a stroll along with one of (1,000,000) 4.0% (1,000,000) 2.0% the many walkways. The area experienced 2.0% (1,500,000)(1,500,000) 0.0% 0.0% a building boom with 9.1 million SF or 20172017201720172017201720172017201820182018 2018 2018201820192018201920192019201920192019202020192020 2020 2020 90% of the submarket was built during Q1Q1 Q2Q2Q3Q3Q4 Q4Q1 Q1Q2 Q2Q3 Q4Q3 Q1Q4 Q2Q1Q3 Q2Q4 Q3Q1 Q4Q2 Q1 Q2 this period, with companies like Verizon, NetNet Absorption Absorption DeliveredDelivered Vacant % Vacant % Kimberly-Clark, and several other Fortune 500 companies relocating headquarters or significant operations to the area. Fueled by the increased connectivity provided by D/FW International Airport, the area still boasts one of the highest concentrations of Fortune 500/1000 companies in the United States, with seven Fortune 500 and five Fortune 1000 companies calling the area home

Leasing Thanks to healthy absorption over the past few years, the vacancy rate in the D-FW Freeport/Coppell Submarket has remained stable at 18.0%. 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.

Vacancies in the Urban Center are now hovering just above the metro average at 19.9% after trending well above that mark for decades.The submarket lost its second-biggest tenant, Pioneer Natural Resources, in 2019. The firm is moving from Williams Square in the Urban Center to the Hidden Ridge development in the neighboring Office Center/West LBJ Submarket. While most of the 500,000 SF Pioneer is set to vacate has not been backfilled yet, WeWork signed on for 75,000 SF at Williams Square in early 2019. Movers & Shakers Tenant SF Building Largest Vacancies: Las Colinas American Athletic Conference 18,000 545 E John Carpenter Fwy Williams Square – West Tower – 363,157 sf Informative Research 15,936 8150 Springwood Drive 3200 Olympus Blvd – 250,000 sf Eym Group 14,057 450 E John Carpenter Fwy 1801 Valley View Ln - 208,593 sf Nautilus Hyosung America Inc 31,289 225 E John Carpenter Fwy 3401 Olympus Blvd – 200,000 sf Las Colinas Optym 12,573 3401 Olympus Blvd 3501 Olympus Blvd – 200,000 sf Goosehead 12,343 3401 Olympus Blvd

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. 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 2017 Q1 24.5% 165 21,475,716 4,821,287 22.4% 13,130 0 0 0 0 $ 19.41 300,000 2017 Q2 165 21,475,716 4,815,868 22.4% 5,419 0 0 0 0 $ 19.56 24.0% 2017 Q3 165 21,475,716 4,600,264 21.4% 215,604 0 0 0 0 $ 19.83 23.5% 200,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2017 Q4 165 21,475,716 4,654,644 21.7% (54,380) 0 0 0 Quoted 0 $ 20.14 23.0% Period Net Absorption Under 100,000 # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates LBJ Freeway Office Vacancy LBJ Freeway Office Net Absorption 2018 Q1 164 21,419,966 4,552,803 21.3% 46,091 0 0 Construction0 0 $ 20.04 22.5% 0 2017 Q1 165 21,475,716 4,821,287 22.4% 13,130 0 0 0 0 $ 19.41 24.5% 2018 Q2 164 21,419,966 4,676,776 21.8% (123,973) 0 0 0 0 $ 20.01 22.0% 300,000 24.0% 20182017 Q2Q3 165164 21,475,71621,419,9664,815,8684,750,06722.4% 22.2% 5,419 (73,291)0 0 0 0 0 0 $ 19.560 $ 20.22 (100,000) 2017 Q3 165 21,475,716 4,600,264 21.4% 215,604 0 0 0 0 $ 19.83 23.5% 21.5% 200,000 2018 Q4 164 21,419,966 5,105,797 23.8% (355,730) 0 0 0 0 $ 20.43 2017 Q4 165 21,475,716 4,654,644 21.7% (54,380) 0 0 0 0 $ 20.14 23.0% 21.0% 100,000 (200,000) 2019 Q1 162 21,321,303LBJ5,024,596 FREEWAY23.6% (17,462) 0 0 0 0 $ 20.47 2018 Q1 164 21,419,966 4,552,803 21.3% 46,091 0 0 0 0 $ 20.04 22.5% 20.5% 2019 Q2 161 21,271,691 4,969,051 23.4% 5,933 0 0 0 0 $ 20.31 0 (300,000) 2018 Q2 164 21,419,966 4,676,776 21.8% (123,973) 0 0 0 0 $ 20.01 22.0% 20.0% 20192018 Q3Q3 164161 21,419,96621,271,6914,750,0674,923,83022.2% SUBMARKET23.1% (73,291) 45,221 0 0 0 0 0 0 $ 20.220 $ 20.44 (100,000) (400,000) 21.5% 19.5% 20192018 Q4Q4 164161 21,419,96621,271,6915,105,7974,721,80823.8% 22.2%(355,730) 202,022 0 0 0 0 0 0 $ 20.430 $ 20.30 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 21.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019(200,000)2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 Q1 162 21,321,303 5,024,596 23.6% (17,462) 0 0 0 0 $ 20.47 2020 Q1 161 21,271,691 4,476,389 21.0% 245,419 0 0 0 0 $ 20.4020.5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 Q2 161 21,271,691 4,969,051 23.4% 5,933 0 0 0 0 $ 20.31 (300,000) 2020 Q2 161 21,271,691 4,635,572 21.8% (159,183) 0 0 0 0 $ 20.7020.0% 2019 Q3 161 21,271,691 4,923,830 23.1% 45,221 0 0 0 0 $ 20.44 (400,000) 19.5% 2019 Q4 161 21,271,691 4,721,808 22.2% 202,022 0 0 0 0 $ 20.30 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2017 2017 2017 2017 2018 2018 2018LBJ2018 2019Freeway2019 2019 2019Office2020 2020Quoted Rates Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2LBJQ3 Q4FreewayQ1 Q2 Office Construction 2020 Q1 161 21,271,691 4,476,389 21.0% 245,419 0 0LBJ Freeway0 Overview0 $ 20.40 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 Q2Absorption161 21,271,691vs Previous4,635,572 Qtr 21.8% vs (159,183)12 Months Ago 0 0This submarket0 has0 struggled$ 20.70 for some $21.00 8,000,000 (159,183) 245,419 5,933 time, with a vacancy rate of 21.5%, the Vacancy vs Previous Qtr vs 12 Months Ago submarket has been trending well above LBJ Freeway Office Quoted Rates LBJ Freeway Office7,000,000 Construction Absorption vs Previous Qtr vs 12 Months Ago the metro average for decades. However, $21.00 $20.50 21.8% 21.0% 23.4% 8,000,000 (159,183) 245,419 5,933 6,000,000 U/C SF vs Previous Qtr vs 12 Months Ago fundamentals have improved in recent Vacancy vs Previous Qtr vs 12 Months Ago 7,000,000 0 0 0 years, as has rent growth, reaching 5% 5,000,000 21.8% 21.0% 23.4% $20.50 $20.00 Delivered SF annually. 6,000,000 U/C SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 4,000,000 00 0 0 0 0 5,000,000 Stronger leasing dynamics have pushed $20.00 3,000,000 QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago $19.50 4,000,000 0 0 0 vacancy rates lower throughout the last 2,000,000 21 20 20 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago decade. However, at 19.5% vacancies are $19.50 back on the rise, as the submarket has 2,000,000 1,000,000 21 LBJ 20Freeway Vital Statistics20 $19.00 experienced 100,000 SF of net absorption 1,000,000 0 $19.00 300,000 LBJ Freeway Vital Statistics 24.5%over the last 12 months. Anemic rent 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 24.0%growth is being felt throughout the $18.50 200,000300,000 24.5% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019Q12020Q2 2020Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 24.0% 23.5%submarket, especially among 3 Star $18.50 200,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Delivered Under Construction 100,000 23.5% 23.0%buildings. However, if demand improves, 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Delivered Under Construction 100,000 23.0% 0 22.5%rent growth could stand to pick up once 0 22.5% 22.0%again, since the submarket is unlikely to (100,000) 22.0% 21.5% (100,000) 21.5% see new supply anytime soon (200,000) 21.0% (200,000) 21.0% 20.5% 20.5%Leasing (300,000)(300,000) 20.0% 20.0%At 21.5% vacancies are high in East LBJ, (400,000)(400,000) 19.5% 19.5% 201720172017201720172017201720172018 20182018 2018 20182018201920182019201920192019201920192020 20192020 2020 2020 although they have fallen the past several Q1Q1 Q2Q2Q3 Q3Q4 Q4Q1 Q1Q2 Q3Q2 Q4Q3 Q1Q4 Q2Q1Q3 Q2Q4 Q3Q1 Q4Q2 Q1 Q2 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 94,000 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 Veritex Community Bank 26,418 12750 Merit Drive Gold’s Gym 24,839 5440 Lyndon B Johnson Fwy LBJ Freeway Maxim Healthcare Services 1 8,048 5001 Lyndon B Johnson Fwy Sedgwick 9,648 2711 Lyndon B Johnson Fwy LBJ Freeway

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. 13 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% 2017 Q1 377 21,814,329 3,936,963 18.0% (115,773) 1 158,225 7 288,143 $ 16.95 200,000 2017 Q2 378 21,829,583 4,307,732 19.7% (355,515) 1 15,254 7 287,889 $ 17.05 25.0% 0 2017 Q3 380 21,958,923 4,342,896 19.8% 94,176 2 129,340 5 158,549 $ 17.10 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted (200,000) 2017Period Q4 384 22,067,472 4,502,781 20.4%Net Absorption(51,336) 4 108,549 Under1 50,000 $ 17.12 # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Mid20.0% Cities Office Vacancy Mid Cities Office(400,000) Net Absorption 2018 Q1 382 21,812,007 4,107,904 18.8% 139,412 0 0 Construction1 50,000 $ 17.24 2017 Q1 377 21,814,329 3,936,963 18.0% (115,773) 1 158,225 7 288,143 $ 16.95 30.0% (600,000) 2018 Q2 383 21,868,477 4,036,358 18.5% 71,546 0 0 2 66,440 $ 17.32 15.0% 200,000 2017 Q2 378 21,829,583 4,307,732 19.7% (355,515) 1 15,254 7 287,889 $ 17.05 (800,000) 2018 Q3 384 21,918,477 4,078,046 18.6% 8,312 1 50,000 1 16,440 $ 17.3625.0% 0 2017 Q3 380 21,958,923 4,342,896 19.8% 94,176 2 129,340 5 158,549 $ 17.10 2018 Q4 (200,000) (1,000,000) 2017 Q4 384384 22,067,47221,918,4774,502,7813,951,76920.4% 18.0% (51,336) 126,277 4 108,5490 10 50,0001 $ 17.1216,440 $ 17.25 10.0% MID-CITIES OFFICE MID-CITIES20.0% OFFICE (400,000) (1,200,000) 20192018 Q1 382384 21,812,00721,918,4774,107,9043,808,42418.8% 17.4% 139,412 143,345 0 00 10 50,0001 $ 17.2416,440 $ 17.27 5.0% (600,000) 20192018 Q2 383384 21,868,47721,918,4774,036,3583,861,15218.5% 17.6% 71,546 (52,728) 0 00 20 66,4404 $ 17.3297,699 $ 17.4015.0% (1,400,000) (800,000) SUBMARKET20192018 Q3 384385 21,918,47721,934,9174,078,0465,343,46518.6% 24.4% 8,312 (1,465,873)1 50,0001 16,4401 16,4404 $ 100,60917.36 $ 18.28SUBMARKET (1,600,000) 2018 Q4 384 21,918,477 3,951,769 18.0% 126,277 0 0 1 16,440 $ 17.25 10.0% 0.0% (1,000,000) 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2019 Q4 385 21,934,917 5,261,056 24.0% 82,409 0 0 4 100,609 $ 18.26 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2019 Q1 384 21,918,477 3,808,424 17.4% 143,345 0 0 1 16,440 $ 17.27 (1,200,000) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 Q1 385 21,934,917 5,255,822 24.0% 5,234 0 0 4 100,609 $ 18.44 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 Q2 384 21,918,477 3,861,152 17.6% (52,728) 0 0 4 97,699 $ 17.40 5.0% (1,400,000) 2020 Q2 385 21,934,917 5,578,061 25.4% (322,239) 0 0 4 100,609 $ 18.43 2019 Q3 385 21,934,917 5,343,465 24.4% (1,465,873) 1 16,440 4 100,609 $ 18.28 (1,600,000) 0.0% 2019 Q4 385 21,934,917 5,261,056 24.0% 82,409 0 0 4 100,609 $ 18.26 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Mid-Cities Overview 2020 Q1 385 21,934,917 5,255,822 24.0% 5,234 0 0 4 100,609 $ 18.44 Q1 Q2 Q3 Q4 Q1 Q2 Q3 MidQ4 Q1 CitiesQ2 Q3 OfficeQ4 Q1 QuotedQ2 Rates Mid Cities Office Construction Despite the net absoprtion of -71,000 in the 2020 AbsorptionQ2 385 21,934,917vs Previous5,578,061 Qtr 25.4% vs (322,239)12 Months Ago 0 0 4 100,609 $ 18.43 $19.00 last 12 months, the leasing dynamics in 8,000,000 (322,239) 5,234 -52,728 Mid Cities Office Quoted Rates Mid Cities Office Construction Arlington/Mansfield are relatively healthy. Vacancy 7,000,000 vs Previous Qtr vs 12 Months Ago $18.50 However, the submarket will likely feel the Absorption vs Previous Qtr vs 12 Months Ago $19.00 25.4% 24.0% 17.6% 8,000,000 impact of the coronavirus pandemic over the (322,239) 5,234 -52,728 6,000,000 U/C SF next few months, though the full scope of Vacancy vs Previous Qtr vs 12 Months Ago 7,000,000 vs Previous Qtr vs 12 Months Ago $18.50 $18.00 5,000,000 any potential downturn is uncertain at this 100,609 100,609 97,699 25.4% 24.0% 17.6% 6,000,000 point. At 10.3% the vacancy rate is below the DeliveredU/C SF SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago 4,000,000 $18.00 $17.50 5,000,000 metro average of 16.2% and rent growth of 100,6090 100,6090 97,699 0 0.5% has fallen behind the with the market 3,000,000 QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago 4,000,000 $17.50 average of 2.5%. 0 0 0 18 18 17 $17.00 3,000,000 2,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago The Arlington/Mansfield submarket is geared 18 18 17 $17.00 2,000,000 1,000,000 toward distribution and manufacturing $16.50 Mid Cities Vital Statistics 1,000,000 0 functions. As a result, warehouses and 400,000 Mid Cities Vital Statistics 30.0% $16.50 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 industrial parks are more likely to be built 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 200,000400,000 30.0% $16.00 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 in this area than office facilities. The area is 25.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019Q12020Q2 2020Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 200,0000 $16.00 Delivered Under Construction home to stadiums for the Dallas Cowboys 25.0% 2017 2017 2017 2017 2018 2018Q1 2018Q2 2018Q3 2019Q42019Q12019Q22019 Q32020 2020Q4 Q1 Q2 Q3 Q4 Q1 Q2 0 Delivered Under Construction and Texas Rangers, as well as the original Six (200,000) 20.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 (400,000)(200,000) 20.0% Flags. The City of Arlington has one of the (400,000) (600,000) 15.0% most educated labor force in Texas, ranking (600,000) 15.0% (800,000) 2nd in the state for the percentage of adults (800,000) 10.0% 10.0% with a bachelor’s degree or higher. This is (1,000,000)(1,000,000) (1,200,000) due to the high concentration of institutions (1,200,000) 5.0% 5.0% of higher learning found in the area. These (1,400,000)(1,400,000) (1,600,000) 0.0% include the University of Texas at Arlington, (1,600,000) 0.0% 20172017201720172017201720172017201820182018 2018 2018201820192018201920192019201920192019202020192020 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Tarrant County College Southeast Campus, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net Absorption Delivered Vacant % and 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 10.3% the the vacancy rate in Arlington/Mansfield submarket trend below the D-FW metro average of 16.2%. Occupancies didn’t take much of a hit during the downturn, and the submarket has seen steady absorption over the last decade. 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 Mid Cities Office rates have shifted higher, trending above 35%. Also, JPMorgan Chase’s auto finance group occupies 386,000 SF here, and though the company has not left its location in the submarket, it could potentially move or downsize, shifting employees to its new campus in Legacy West. Mid Cities Office

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. 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% 2017 Q1 377 21,814,329 3,936,963 18.0% (115,773) 1 158,225 7 288,143 $ 16.95 200,000 2017 Q2 378 21,829,583 4,307,732 19.7% (355,515) 1 15,254 7 287,889 $ 17.05 25.0% 0 2017 Q3 380 21,958,923 4,342,896 19.8% 94,176 2 129,340 5 158,549 $ 17.10 (200,000) 2017 Q4 384 22,067,472 4,502,781 20.4% (51,336) 4 108,549 1 50,000 $ 17.12 20.0% (400,000) 2018 Q1 382 21,812,007 4,107,904 18.8% 139,412 0 0 1 50,000 $ 17.24 (600,000) 2018 Q2 383 21,868,477 4,036,358 18.5% 71,546 0 0 2 66,440 $ 17.32 15.0% 2018 Q3 384 21,918,477 4,078,046 18.6% 8,312 1 50,000 1 16,440 $ 17.36 (800,000) 2018 Q4 384 21,918,477 3,951,769 18.0% 126,277 0 0 1 16,440 $ 17.25 10.0% (1,000,000) 2019 Q1 384 21,918,477 3,808,424 17.4% 143,345 0 0 1 16,440 $ 17.27 (1,200,000) 2019 Q2 384 21,918,477 3,861,152 17.6% (52,728) 0 0 4 97,699 $ 17.40 5.0% (1,400,000) 2019 Q3 385 21,934,917 5,343,465 24.4% (1,465,873) 1 16,440 4 100,609 $ 18.28 (1,600,000) 0.0% 2019 Q4 385 21,934,917 5,261,056 24.0% 82,409 0 0 4 100,609 $ 18.26 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 Q1 385 21,934,917 5,255,822 24.0% 5,234 0 0 4 100,609 $ 18.44 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 Q2 385 21,934,917 5,578,061 25.4% (322,239) 0 0 4 100,609 $ 18.43 Mid Cities Office Quoted Rates Mid Cities Office Construction Absorption vs Previous Qtr vs 12 Months Ago $19.00 8,000,000 (322,239) 5,234 -52,728 Vacancy 7,000,000 vs Previous Qtr vs 12 Months Ago $18.50 25.4% 24.0% 17.6% 6,000,000 U/C SF vs Previous Qtr vs 12 Months Ago $18.00 5,000,000 100,609 100,609 97,699 Delivered SF vs Previous Qtr vs 12 Months Ago 4,000,000 $17.50 0 0 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% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 200,000 $16.00 0 25.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 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% Movers & Shakers Largest Vacancies: (1,400,000) Tenant SF Building American Airlines HQ 1 – 714,107 sf (1,600,000) 0.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Six Flags Entertainment Corp 40,842 1000 Ballpark Way American Airlines HQ 2 – 569,834 sf Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 SBA 33,000 14951 Kingsport Rd 4200 Buckingham Rd – 120,580 sf Net Absorption Delivered Vacant % Universal North America 10,247 4300 Centreway Place AA Credit Union – 104,7856 sf Arrow Electronics, Inc 23,228 1401 Nolan Ryan Expy CTI Foods 12,860 2106 E State Highway 114 MG Bryan Equipment Co 10,100 4441 W Airport Freeway

Mid Cities Office

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. 15 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 2017 Q1 16.0% 53 4,743,639 519,390 10.9% (26,563) 0 0 1 173,583 $ 28.14 120,000 2017 Q2 53 4,743,639 564,449 11.9% (45,059) 0 0 1 173,583 $ 28.06 14.0% 100,000 2017 Q3 53 4,743,639 603,556 12.7% (39,107) 0 0 1 173,583 $ 28.46 80,000 Existing Inventory Vacancy Delivered Inventory Under Construction 12.0% 2017 Q4 53 4,862,610 696,251 14.3% 26,276 1 173,583 0 Quoted0 $ 29.24 60,000 Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Preston Center Office Vacancy Preston Center Office Net Absorption 2018 Q1 53 4,862,610 670,682 13.8% 25,569 0 0 Construction0 0 $ 29.67 10.0% 40,000 2017 Q1 53 4,743,639 519,390 10.9% (26,563) 0 0 1 173,583 $ 28.14 16.0% 20,000 2018 Q2 53 4,862,610 673,982 13.9% (3,300) 0 0 0 0 $ 29.58 8.0% 120,000 0 20182017 Q3Q2 5353 4,743,6394,862,610564,449597,288 11.9% 12.3% (45,059) 76,694 0 00 10 173,5830 $ 28.060 $ 28.6414.0% 100,000 2017 Q3 53 4,743,639 603,556 12.7% (39,107) 0 0 1 173,583 $ 28.46 6.0% 80,000 (20,000) 2018 Q4 53 4,862,610 495,737 10.2% 101,551 0 0 0 0 $ 28.7312.0% 2017 Q4 53 4,862,610 696,251 14.3% 26,276 1 173,583 0 0 $ 29.24 60,000 (40,000) 4.0% PRESTON2019 Q1 53CENTER4,862,610 569,126 11.7% (73,389) 0 STEMMONS0 0 0 $ 29.1310.0% FREEWAY 40,000 2018 Q1 53 4,862,610 670,682 13.8% 25,569 0 0 0 0 $ 29.67 (60,000) 2019 Q2 52 4,837,427 547,291 11.3% (3,348) 0 0 0 0 $ 29.33 20,000 2018 Q2 53 4,862,610 673,982 13.9% (3,300) 0 0 0 0 $ 29.58 8.0% 2.0% (80,000) 0 SUBMARKET20192018 Q3 5352 4,862,6104,837,427597,288535,745 12.3% 11.1% 76,694 11,546 0 00 00 0 0 $ 28.640 $ 29.36 (100,000) 6.0% 0.0% (20,000) 20192018 Q4 5352 4,862,6104,837,427495,737630,828 10.2% 13.0% 101,551 (95,083) 0 00 00 0 0 $ 28.730 $ 29.18 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 (40,000)2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 Q1 53 4,862,610 569,126 11.7% (73,389) 0 0 0 0 $ 29.13 4.0% 2020 Q1 52 4,837,427 582,950 12.1% 47,878 0 0 0 0 $ 28.90 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 (60,000)Q3 Q4 Q1 Q2 20202019 Q2 5252 4,837,4274,837,427547,291634,963 11.3% 13.1% (3,348) (52,013) 0 00 00 0 0 $ 29.330 $ 29.232.0% (80,000) 2019 Q3 52 4,837,427 535,745 11.1% 11,546 0 0 0 0 $ 29.36 (100,000) 0.0% 2019 Q4 52 4,837,427 630,828 13.0% (95,083) 0 0 0 0 $ 29.18 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2017 2017 2017 2017 2018 2018 2018Preston2018 2019 Center2019 2019 2019 Office2020 2020 Quoted Rates Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 PrestonQ2 Q3 Q4 CenterQ1 Q2 Office Construction Preston Center Overview 2020 Q1 52 4,837,427 582,950 12.1% 47,878 0 0 0 0 $ 28.90 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 AbsorptionQ2 vs Previous Qtr vs 12 Months Ago $30.00 Preston Center is one of the premier 52 4,837,427 634,963 13.1% (52,013) 0 0 0 0 $ 29.23 8,000,000 submarkets, with a highly educated labor (52,013) 47,878 -3,348 Preston Center Office Construction pool to draw from in North Dallas. A large Vacancy Preston Center Office Quoted Rates 7,000,000 vs Previous Qtr vs 12 Months Ago $29.50 portion of the tenant base at Preston Center Absorption vs Previous Qtr vs 12 Months Ago $30.00 13.1% 12.1% 11.3% 8,000,000 6,000,000 is made up of financial and professional (52,013) 47,878 -3,348 U/C SF vs Previous Qtr vs 12 Months Ago services firms. The area is also highly Vacancy vs Previous Qtr vs 12 Months Ago $29.00 7,000,000 5,000,000 0 0 0 $29.50 amenitized, with 165 restaurants and plenty 13.1% 12.1% 11.3% 6,000,000 Delivered SF 4,000,000 of high-end shopping found at the Plaza of U/C SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago $29.00 $28.50 5,000,000 Preston Center. At $40.00/SF, the submarket 00 0 0 0 0 3,000,000 boasts the second-highest rents in the QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago 4,000,000 $28.50 2,000,000 market, which is impressive considering that 290 0 29 0 29 $28.00 3,000,000 60% of the building stock was constructed Quoted Rates vs Previous Qtr vs 12 Months Ago 1,000,000 between 1980 and 1990. Buildings built this 29 29 29 $28.00 2,000,000 $27.50 decade still command an average rental Preston Center Vital Statistics 1,000,000 0 rate of nearly $38/SF. The submarket has one $27.50 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 200,000 Preston Center Vital Statistics 16.0% 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 of the highest concentrations of 4 & 5 Star $27.00 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 150,000200,000 16.0% 14.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019Q12020Q2 2020Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 assets, comprising 66% of the total inventory. $27.00 Delivered Under Construction 14.0% 150,000 12.0% 2017 2017 2017 2017 2018 2018Q1 2018Q2 2018Q3 2019Q42019Q12019Q22019 Q32020 2020Q4 Q1 Q2 Q3 Q4 Q1 Q2 100,000 Delivered Under Construction 12.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 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% 6.0% dip below 90%. After a few years of weakness (50,000) (50,000) 4.0% in 2016 and 2017, occupancies tightened, as 4.0% (100,000) the recently completed Terraces at Douglas (100,000) 2.0% 2.0% Center (173,500 SF) leased up. Almost 80% (150,000)(150,000) 0.0% 0.0% of the submarket’s RBA exceeding 50,000 SF 20172017201720172017201720172017201820182018 20182018 2018201820192018201920192019201920192019202020192020 2020 2020 Q1Q1 Q2Q2 Q3Q3Q4 Q4Q1 Q1Q2 Q2Q3 Q4Q3 Q1Q4 Q2Q1Q3Q2Q4 Q3Q1 Q4Q2 Q1 Q2 is 4 & 5 Star, aligning with the rate in both Net Absorption Delivered Vacant % Uptown/Turtle Creek and the Dallas CBD. Net Absorption Delivered Vacant % 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 Ameriprise 10,844 5960 Berkshire Lane Preston Center Amegy Bank 4,437 3100 Monticello Avenue

Preston Center

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. 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 2017 Q1 27.0% 114 12,277,861 3,292,722 26.8% 7,645 0 0 1 414,000 $ 14.02 500,000 2017 Q2 114 12,277,861 3,231,063 26.3% 61,659 0 0 1 414,000 $ 14.97 26.5% 2017 Q3 114 12,277,861 3,156,251 25.7% 74,812 0 0 1 414,000 $ 14.96 400,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2017 Q4 114 12,277,861 3,142,277 25.6% 13,974 0 0 1 Quoted414,000 $ 14.97 26.0% Period Net Absorption Under 300,000 # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Stemmons Freeway Office Vacancy Stemmons Freeway Office Net Absorption 2018 Q1 114 12,277,861 3,175,642 25.9% -33,365 0 0 Construction1 414,000 $ 15.32 25.5% 2017 Q1 27.0% 200,000 2018 Q2 114115 12,277,86112,691,8613,292,7223,149,49626.8% 24.8% 7,645 440,1460 01 414,0001 414,0000 $ 14.020 $ 15.14 500,000 2017 Q2 114 12,277,861 3,231,063 26.3% 61,659 0 0 1 414,000 $ 14.97 2018 Q3 115 12,691,861 3,273,055 25.8% -123,559 0 0 0 0 $ 15.2126.5% 25.0% 100,000 2017 Q3 114 12,277,861 3,156,251 25.7% 74,812 0 0 1 414,000 $ 14.96 400,000 2018 Q4 115 12,691,861 3,192,204 25.2% 80,851 0 0 0 0 $ 15.21 2017 Q4 114 12,277,861 3,142,277 25.6% 13,974 0 0 1 414,000 $ 14.97 26.0% 24.5% 300,000 0 2019 STEMMONSQ1 115 12,691,861 3,228,353 25.4% -36,149 FREEWAY0 0 0 0 $ 15.42 2018 Q1 114 12,277,861 3,175,642 25.9% -33,365 0 0 1 414,000 $ 15.32 25.5% 200,000 (100,000) 20182019 Q2 Q2 115114 12,691,86112,625,6663,149,4963,138,91024.8% 24.9%440,146 23,2481 414,0000 0 0 0 0 $ 15.140 $ 15.23 24.0% 20182019 Q3 Q3 115114 12,691,86112,625,6663,273,0553,170,07225.8% SUBMARKET25.1%-123,559 -31,1620 00 0 0 0 0 $ 15.210 $ 15.9225.0% 100,000 (200,000) 23.5% 20182019 Q4 Q4 115114 12,691,86112,625,6663,192,2043,228,56125.2% 25.6% 80,851 -58,4890 00 0 0 0 0 $ 15.210 $ 15.70 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 24.5% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 20190 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 20192020 Q1 Q1 115114 12,691,86112,625,6663,228,3533,231,30525.4% 25.6%-36,149 -2,744 0 00 0 0 0 0 $ 15.420 $ 15.91 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 (100,000) 2019 Q2 114 12,625,666 3,138,910 24.9% 23,248 0 0 0 0 $ 15.23 24.0% 2020 Q2 114 12,625,666 3,230,037 25.6% 1,268 0 0 0 0 $ 16.13 2019 Q3 114 12,625,666 3,170,072 25.1% -31,162 0 0 0 0 $ 15.92 (200,000) 23.5% 2019 Q4 114 12,625,666 3,228,561 25.6% -58,489 0 0 0 0 $ 15.70 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2017 2017 2017 2017 2018 2018Stemmons2018 2018 2019 2019 Freeway2019 2019 2020 Office2020 Quoted RatesQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1StemmonsQ2 Q3 Q4 Q1 FreewayQ2 Office Construction 2020 Q1 114 12,625,666 3,231,305 25.6% -2,744 0 0 Stemmons0 Freeway0 Overview$ 15.91 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 Q2Absorption114 12,625,666vs Previous3,230,037 Qtr 25.6% vs 121,268 Months Ago 0 0 The Stemmons0 Freeway0 Submarket$ 16.13 stretches $16.50 8,000,000 1,268 -2,744 23,248 from the CBD up to the LBJ Freeway and Stemmons $16.00 Freeway Office Quoted Rates Stemmons Freeway Office Construction Vacancy vs Previous Qtr vs 12 Months Ago Farmers Branch. Most major tenants are 7,000,000 Absorption vs Previous Qtr vs 12 Months Ago located in the southern portion of the $16.50 25.6% 25.6% 24.9% 8,000,000 6,000,000 1,268 -2,744 23,248 submarket, near the Southwestern Medical $15.50 U/C SF vs Previous Qtr vs 12 Months Ago $16.00 Vacancy vs Previous Qtr vs 12 Months Ago Center. Medical/healthcare firms account for 7,000,000 5,000,000 25.6%0 25.6% 0 24.9% 0 a significant portion of the submarket’s tenant $15.00 $15.50 6,000,000 DeliveredU/C SF SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago base as well as state and federal agencies. 4,000,000 $14.50 5,000,000 0 0 0 0 0 0 Nearly all new supply comes in the form of $15.00 3,000,000 DeliveredQuoted RatesSF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago build-to-suits. For example, event services 4,000,000 $14.50 $14.00 0 0 0 giant Freeman broke ground headquarters in 2,000,000 16 16 15 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago late 2019. The 200,000 SF building will house $14.00 $13.50 1,000,000 16 16 15 700 of the company’s 7,000 employees. It 2,000,000 Stemmons Freeway Vital Statistics is expected to be delivered in spring 2021. $13.50 $13.00 1,000,000 0 Stemmons Freeway Vital Statistics Southwest Airlines completed a 414,000-SF 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 500,000 27.0% $13.00 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 office building in this submarket in 18Q2. 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 500,000 27.0% $12.50 400,000 26.5% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019Q1 2020Q2 Q32020Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 $12.50 Delivered Under Construction 400,000 26.5% 2017 2017 2017 2017 2018 2018Q1 2018Q22018Q32019Q42019 Q12019 2019Q2 2020Q3 2020Q4 Q1 Q2 Q3 Q4 Q1 Q2 300,000 26.0%The submarket boasts several transit Delivered Under Construction Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 300,000 26.0% amenities. Aside from the Stemmons 200,000 25.5% 200,000 25.5% Freeway itself, DART provides rail service 100,000 25.0%at the Southwestern Medical Center that 100,000 25.0% takes passengers northwest to the D/FW 0 0 24.5% 24.5%International Airport or south to Downtown (100,000)(100,000) 24.0% 24.0%Dallas. Dallas Love Field Airport, which is located within the submarket’s boundaries, (200,000)(200,000) 23.5% 23.5% 2017201720172017201720172017 20172018 2018201820182018201820182019201820192019201920192019 20192020 20202019 2020 2020 is the metroplex’s second-largest airport Q1Q1Q2 Q2Q3 Q3Q4 Q4Q1 Q2Q1 Q3Q2 Q4Q3Q1 Q4Q2 Q1Q3 Q2Q4 Q1Q3 Q2Q4 Q1 Q2 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. Despite older, low-quality inventory and structurally high vacancies, there is potential for growth here. KDC’s West Love mixed-use development is helping breathe life into the area of the submarket just south of Love Field, and the Design District is well on its way to becoming a true live/work/play environment, spurred by multifamily development and major investments from Dunhill Partners and other developers.

Leasing At 21.6%, the vacancy rate in the Stemmons Freeway Submarket is structurally higher than the metro average of 16.2%. 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 a 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 Stemmons Freeway VNA 19,998 1420 W Mockingbird Lane 1950 N Stemmons Fwy – 159,063 sf Comerica Service Center – 142,600 sf 7800 Ricchi Tower – 139,842 sf Stemmons Freeway

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. 17 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 2017 Q1 21.5% 342 28,997,746 5,963,967 20.6% (184,509) 2 52,673 9 1,025,543 $ 19.51 600,000 2017 Q2 342 28,997,746 5,900,870 20.3% 63,097 0 0 11 1,081,043 $ 19.49 21.0% 2017 Q3 343 29,310,746 6,016,198 20.5% 197,672 1 313,000 11 783,228 $ 20.02 400,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2017 Q4 348 29,793,488 5,978,241 20.1% 520,699 5 482,742 7 Quoted338,417 $ 20.03 20.5% Period Net Absorption Under 200,000 2018 Q1 # Bldgs352 Total29,946,220 RBA Vacant5,773,716 SF Vacant % 19.3% 357,257# Bldg Delivered4 # Bldgs152,732 3 Rates185,685 $ 19.03 Richardson / Plano Office Vacancy Richardson / Plano Office Net Absorption Construction 20.0% 20172018 Q1 Q2 21.5% 342355 28,997,74630,131,9055,963,9675,818,65420.6% 19.3%(184,509) 140,7472 52,6733 185,6859 1,025,5430 $ 19.510 $ 18.77 600,000 0 2017 Q2 342 28,997,746 5,900,870 20.3% 63,097 0 0 11 1,081,043 $ 19.49 2018 Q3 355 30,131,905 6,276,206 20.8% (457,552) 0 0 1 25,000 $ 18.7821.0% 19.5% 20172018 Q3 Q4 343355 29,310,74630,131,9056,016,1986,409,26220.5% 21.3%197,672 (133,056)1 313,0000 11 0 783,2281 $ 20.0225,000 $ 18.84 400,000 (200,000) 2017 Q4 348 29,793,488 5,978,241 20.1% 520,699 5 482,742 7 338,417 $ 20.03 20.5% 19.0% RICHARDSON/PLANO2019 Q1 355 30,131,905 6,101,039 20.2% 308,223 0 0 RICHARDSON/PLANO1 25,000 $ 18.69 200,000 2018 Q1 352 29,946,220 5,773,716 19.3% 357,257 4 152,732 3 185,685 $ 19.03 (400,000) 2019 Q2 356 30,156,905 6,086,721 20.2% 34,258 1 25,000 0 0 $ 18.5520.0% 18.5% 2018 Q2 355 30,131,905 5,818,654 19.3% 140,747 3 185,685 0 0 $ 18.77 0 2018SUBMARKET2019 Q3 Q3 355355 30,131,90530,139,0656,276,2065,777,14820.8% 19.2%(457,552) 291,7330 00 1 0 25,0000 $ 18.780 $ 18.5219.5% (600,000) 18.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 20182019 Q4 Q4 355355 30,131,90530,139,0656,409,2626,293,89821.3% 20.9%(133,056) (516,750)0 00 1 0 25,0000 $ 18.840 $ 18.18 (200,000) 19.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 20192020 Q1 Q1 355355 30,131,90530,139,0656,101,0396,160,36520.2% 20.4%308,223 133,5330 00 1 0 25,0000 $ 18.690 $ 18.44 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 (400,000) 20192020 Q2 Q2 356355 30,156,90530,139,0656,086,7216,147,93720.2% 20.4%34,258 12,428 1 25,0000 0 0 0 0 $ 18.550 $ 18.5418.5% 2019 Q3 355 30,139,065 5,777,148 19.2% 291,733 0 0 0 0 $ 18.52 (600,000) 18.0% 2019 Q4 355 30,139,065 6,293,898 20.9% (516,750) 0 0 0 0 $ 18.18 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2017 2017 2017 2017 2018 2018 2018Richardson/Plano2018 2019 2019 2019 2019 Office2020 2020 Quoted RatesQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1RichardsonQ2 Q3 Q4 Q1 / PlanoQ2 Office Construction Richardson/Plano Overview 2020 Q1 355 30,139,065 6,160,365 20.4% 133,533 0 0 0 0 $ 18.44 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Absorption vs Previous Qtr vs 12 Months Ago $20.50 Richardson is the home of the 2020 Q2 355 30,139,065 6,147,937 20.4% 12,428 0 0 0 0 $ 18.54 8,000,000 Telecom Corridor, which contains 12,428 133,533 34,258 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 Absorption20.4% vs Previous20.4% Qtr vs 12 Months Ago20.2% $20.50 telecommunications companies; 8,000,000 6,000,000 Texas Instruments, Cisco, and Fujitsu 12,428U/C SF 133,533vs Previous Qtr 34,258vs 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 Ago 0 20.4% 20.4% 20.2% few. Despite the moniker, Richardson Delivered SF vs Previous Qtr vs 12 Months Ago $19.00 6,000,000 4,000,000 U/C SF vs Previous Qtr vs 12 Months Ago $19.50 5,000,000 has a diverse tenant base, with 0 0 0 0 0 25,000 $18.50 3,000,000 healthcare and insurance firms taking DeliveredQuoted RatesSF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago $19.00 4,000,000 up a large portion of the submarket’s 019 0 18 25,000 19 2,000,000 3,000,000 Quoted Rates $18.50 $18.00 office space. The submarket provides vs Previous Qtr vs 12 Months Ago 1,000,000 a highly talented laborforce to draw 19 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% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 possessing a bachelor’s degree or Richardson/Plano Vital Statistics $17.50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 $17.00 0 higher. 600,000 21.5% 21.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 400,000 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019Q1 Q22020Q32020Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 $17.00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Delivered Under Construction 400,000 21.0% 20.5% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 200,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Delivered Under Construction CityLine has garnered most of the 20.5% headlines in recent years, with build- 200,000 20.0% 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% a few years ago to go along with 19.0% (400,000) 18.5% thousands of new apartments and (400,000) 18.5% retail. The first speculative building at (600,000)(600,000) 18.0% 18.0% 2017201720172017201720172017 20172018 2018201820182018201820182019201820192019201920192019 20192020 20202019 2020 2020 CityLine, 3400 CityLine, was delivered Q1Q1Q2 Q2Q3 Q3Q4 Q4Q1 Q2Q1 Q3Q2 Q4Q3Q1 Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q2Q4 Q1 Q2 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 Richardson_Plano had more than 50,000 SF.

Richardson_Plano

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. 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 2017 Q1 21.5% 342 28,997,746 5,963,967 20.6% (184,509) 2 52,673 9 1,025,543 $ 19.51 600,000 2017 Q2 342 28,997,746 5,900,870 20.3% 63,097 0 0 11 1,081,043 $ 19.49 21.0% 2017 Q3 343 29,310,746 6,016,198 20.5% 197,672 1 313,000 11 783,228 $ 20.02 400,000 2017 Q4 348 29,793,488 5,978,241 20.1% 520,699 5 482,742 7 338,417 $ 20.03 20.5% 200,000 2018 Q1 352 29,946,220 5,773,716 19.3% 357,257 4 152,732 3 185,685 $ 19.03 20.0% 2018 Q2 355 30,131,905 5,818,654 19.3% 140,747 3 185,685 0 0 $ 18.77 0 2018 Q3 355 30,131,905 6,276,206 20.8% (457,552) 0 0 1 25,000 $ 18.78 19.5% 2018 Q4 355 30,131,905 6,409,262 21.3% (133,056) 0 0 1 25,000 $ 18.84 (200,000) 19.0% 2019 Q1 355 30,131,905 6,101,039 20.2% 308,223 0 0 1 25,000 $ 18.69 (400,000) 2019 Q2 356 30,156,905 6,086,721 20.2% 34,258 1 25,000 0 0 $ 18.55 18.5% 2019 Q3 355 30,139,065 5,777,148 19.2% 291,733 0 0 0 0 $ 18.52 (600,000) 18.0% 2019 Q4 355 30,139,065 6,293,898 20.9% (516,750) 0 0 0 0 $ 18.18 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 Q1 355 30,139,065 6,160,365 20.4% 133,533 0 0 0 0 $ 18.44 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 Q2 355 30,139,065 6,147,937 20.4% 12,428 0 0 0 0 $ 18.54 Richardson/Plano Office Quoted Rates Richardson / Plano Office Construction Absorption vs Previous Qtr vs 12 Months Ago $20.50 8,000,000 12,428 133,533 34,258 Vacancy vs Previous Qtr vs 12 Months Ago $20.00 7,000,000 20.4% 20.4% 20.2% 6,000,000 U/C SF vs Previous Qtr vs 12 Months Ago $19.50 5,000,000 0 0 0 Delivered SF vs Previous Qtr vs 12 Months Ago $19.00 4,000,000 0 0 25,000 $18.50 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago 19 18 19 2,000,000 $18.00 1,000,000

Richardson/Plano Vital Statistics $17.50 0 600,000 21.5% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 $17.00 400,000 21.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Delivered Under Construction 20.5% 200,000 20.0% 0 19.5% (200,000) 19.0% (400,000) 18.5% The Plano office submarket has not experienced the same type of growth as its neighbors over the last decade. (600,000) 18.0% Most northern Dallas suburbs have enjoyed explosive job growth, coupled with strong absorption and plenty of new 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 construction; meanwhile, the Plano Submarket has been relatively quiet. The submarket has performed in a counter- Net Absorption Delivered Vacant % cyclical fashion, with vacancies rising until recently. In the last year, there have been three leases over 20,000 SF, all 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.

Movers & Shakers Largest Vacancies: Tenant SF Building 601 Data Dr – 423,123 sf Crawford & Company 72,915 830 S Greenville Avenue 465 Independence Pky – 251,347 sf Appen, Inc. 50,206 3033 W President George Bush Turnpike Legacy Central 2 – 228,230 sf Chewy 57,000 930 E Campbell Rd Campbell Glen II – 205,816 sf Healthcare Associates 31,447 8080 State Highway 121 The Tower Lakeside Campus – 179,461 sf Debt Blue Inc 30,290 1125 E Campbell Rd Legacy Central 1 – 104,000 sf Argo 27,364 1500 N Greenville Ave Highlands Residential Mortgage Ltd 25,736 950 W Bethany Drive Berry Appleman and Leiden LLP 23,810 2400 N Glenville Drive Richardson_Plano

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. 19 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 2017 Q1 20.0% 90 12,170,836 1,503,213 12.4% (32,607) 0 0 4 1,265,543 $ 28.40 300,000 2017 Q2 90 12,170,836 1,516,353 12.5% (13,140) 0 0 5 1,300,305 $ 27.82 18.0% 200,000 2017 Q3 90 12,170,836 1,730,399 14.2% (214,046) 0 0 5 1,300,305 $ 28.13 16.0% Existing Inventory Vacancy Delivered Inventory Under Construction Quoted 100,000 2017Period Q4 90 12,170,836 1,518,605 12.5%Net Absorption211,794 0 0 Under5 1,300,305 $ 28.48 14.0% # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Uptown / Turtle Creek Office Vacancy Uptown / Turtle Creek Office Net Absorption 2018 Q1 90 12,170,836 1,546,002 12.7% (27,397) 0 0 Construction5 1,300,305 $ 28.99 12.0% 0 2017 Q1 90 12,170,836 1,503,213 12.4% (32,607) 0 0 4 1,265,543 $ 28.40 20.0% 2018 Q2 91 12,665,136 1,970,994 15.6% (424,992) 1 494,300 4 806,005 $ 29.22 10.0% 300,000 (100,000) 2017 Q2 90 12,170,836 1,516,353 12.5% (13,140) 0 0 5 1,300,305 $ 27.82 18.0% 2018 Q3 92 12,795,136 1,977,582 15.5% 123,412 1 130,000 3 676,005 $ 29.88 200,000 2017 Q3 90 12,170,836 1,730,399 14.2% (214,046) 0 0 5 1,300,305 $ 28.13 16.0% 8.0% (200,000) 2018 Q4 2017 Q4 9094 12,170,83613,250,5931,518,6052,209,24312.5% 16.7%211,794 223,796 0 20 455,4575 1,300,3052 $ 28.48512,589 $ 29.83 100,000 UPTOWN/TURTLE CREEK UPTOWN/TURTLE14.0% 6.0% CREEK (300,000) 2019 Q1 94 13,250,593 2,257,642 17.0% (48,399) 0 0 2 512,589 $ 30.07 2018 Q1 90 12,170,836 1,546,002 12.7% (27,397) 0 0 5 1,300,305 $ 28.99 12.0% 4.0% 0 20192018 Q2Q2 9193 12,665,13613,205,4431,970,9942,300,26615.6% 17.4%(424,992) (87,774)1 494,3000 4 0 806,0052 $ 29.22512,589 $ 30.64 (400,000) 10.0% 2.0% (100,000) 20192018 Q3Q3 92 12,795,136 1,977,582 15.5% 123,412 1 130,000 3 676,005 $ 29.88 SUBMARKET93 13,210,991 2,089,225 15.8% 216,589 1 220,548 2 656,774 $ 30.878.0% (200,000) (500,000) 2018 Q4 94 13,250,593 2,209,243 16.7% 223,796 2 455,457 2 512,589 $ 29.83 0.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2019 Q4 93 13,210,991 1,974,211 14.9% 115,014 0 0 2 656,774 $ 31.156.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2019 Q1 94 13,250,593 2,257,642 17.0% (48,399) 0 0 2 512,589 $ 30.07 (300,000) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 Q1 93 13,210,991 2,158,699 16.3% (184,488) 0 0 2 656,774 $ 31.494.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 Q2 93 13,205,443 2,300,266 17.4% (87,774) 0 0 2 512,589 $ 30.64 (400,000) 2020 Q2 93 13,210,991 2,200,034 16.7% (41,335) 0 0 2 656,774 $ 30.982.0% 2019 Q3 93 13,210,991 2,089,225 15.8% 216,589 1 220,548 2 656,774 $ 30.87 (500,000) 0.0% 2019 Q4 93 13,210,991 1,974,211 14.9% 115,014 0 0 2 656,774 $ 31.15 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 UptownQ1 Q2 Q3 /Q4 TurtleQ1 Q2 Creek Office Construction Uptown / Turtle Creek Overview 2020 Q1 93 13,210,991 2,158,699 16.3% (184,488) 0 0 2 656,774 $ 31.49 Q1 Q2 Q3 Q4 Q1 Q2UptownQ3 Q4 / Q1TurtleQ2 Q3CreekQ4 Q1 OfficeQ2 Quoted Rates Uptown/Turtle Creek is the premier 2020 Q2Absorption93 13,210,991vs Previous2,200,034 Qtr 16.7% vs (41,335)12 Months Ago 0 0 2 656,774 $ 30.98 $32.00 8,000,000 office submarket in Dallas-Fort Worth, (41,335) -184,488 -87,774 Uptown / Turtle Creek Office Quoted Rates Uptown / Turtle Creek Office Construction boasting the highest rents in the metro. Vacancy vs Previous Qtr vs 12 Months Ago $31.00 7,000,000 Absorption vs Previous Qtr vs 12 Months Ago $32.00 The area is still one of the most sought 16.7% 16.3% 17.4% 8,000,000 (41,335) -184,488 -87,774 6,000,000 after areas of the metroplex, offering all U/C SF $30.00 Vacancy vs Previous Qtr vs 12 Months Ago $31.00 7,000,000 of the transportation, infrastructure, and vs Previous Qtr vs 12 Months Ago 5,000,000 656,77416.7% 16.3%656,774 17.4% 512,589 $29.00 6,000,000 amenity advantages of a CBD but has DeliveredU/C SF SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago $30.00 4,000,000 5,000,000 newer stock than the neighboring Dallas 656,7740 656,774 0 512,589 0 $29.00 $28.00 3,000,000 CBD. The area is the premier live/work/ QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 4,000,000 play environment, home to over 200 0 0 0 2,000,000 31 31 31 $28.00 3,000,000 restaurants, and 160 shops, making it one Quoted Rates vs Previous Qtr vs 12 Months Ago $27.00 31 31 31 2,000,000 1,000,000 of the most pedestrian-friendly places $27.00 in Texas. Nearly 75% of the submarket’s Uptown / Turtle Creek Vital Statistics $26.00 1,000,000 0 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 600,000 Uptown / Turtle Creek Vital Statistics 20.0% $26.00 office product is 4 & 5 Star, and of that, 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 several buildings are considered trophy 600,000 20.0% 18.0% $25.00 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 400,000 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019Q12020Q2 2020Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 18.0% 16.0% $25.00 Delivered Under Construction assets. The tenant base is primarily 400,000 2017 2017 2017 2017 2018 2018Q1 2018Q2 2018Q32019Q42019Q12019 Q22019 2020Q3 2020Q4 Q1 Q2 Q3 Q4 Q1 Q2 16.0% Delivered Under Construction comprised of law firms, financial 200,000 14.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 200,000 14.0% 12.0% firms, and other professional services 12.0% 0 10.0% companies. All of these factors, coupled 0 10.0% 8.0% with land constraints that are unique (200,000) 8.0% (200,000) 6.0% 6.0% to this area, make Uptown/Turtle Creek (400,000)(400,000) 4.0% 4.0% an attractive submarket for institutional 2.0% 2.0% investors. (600,000)(600,000) 0.0% 0.0% 201720172017201720172017201720172018 20182018 2018 20182018201920182019201920192019201920192020 20192020 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 As tenants continue their flight to quality, Net Absorption Delivered Vacant % Net Absorption Delivered Vacant % the area has realized healthy leasing activity recently—for example, Harwood No. 10, a 231,000 SF office tower delivered in 2019. The 22-story office building features unique office garden terraces, floor to ceiling glass, and adjacent gardens that align a cobblestone pathway. As of mid-2020, the building was 81% 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.

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 the last decade. 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 commands a significant premium to the CBD, partly due to asking rents on newer buildings. But another significant factor is the lack of parking found in the buildings in the CBD. Although DART runs through the CBD, a lack of parking can significantly affect an asset’s trajectory. Average parking ratios in Uptown (roughly three spaces per 1,000 SF), while not high relative to suburban Dallas-Fort Worth submarkets, are nearly double those in the CBD (1.5 per 1,000 SF). Uptown_Turtle Creek

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. 20 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 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 2017 Q1 20.0% 90 12,170,836 1,503,213 12.4% (32,607) 0 0 4 1,265,543 $ 28.40 300,000 2017 Q2 90 12,170,836 1,516,353 12.5% (13,140) 0 0 5 1,300,305 $ 27.82 18.0% 200,000 2017 Q3 90 12,170,836 1,730,399 14.2% (214,046) 0 0 5 1,300,305 $ 28.13 16.0% 2017 Q4 90 12,170,836 1,518,605 12.5% 211,794 0 0 5 1,300,305 $ 28.48 14.0% 100,000 2018 Q1 90 12,170,836 1,546,002 12.7% (27,397) 0 0 5 1,300,305 $ 28.99 12.0% 0 2018 Q2 91 12,665,136 1,970,994 15.6% (424,992) 1 494,300 4 806,005 $ 29.22 10.0% (100,000) 2018 Q3 92 12,795,136 1,977,582 15.5% 123,412 1 130,000 3 676,005 $ 29.88 8.0% (200,000) 2018 Q4 94 13,250,593 2,209,243 16.7% 223,796 2 455,457 2 512,589 $ 29.83 6.0% 2019 Q1 94 13,250,593 2,257,642 17.0% (48,399) 0 0 2 512,589 $ 30.07 (300,000) 4.0% 2019 Q2 93 13,205,443 2,300,266 17.4% (87,774) 0 0 2 512,589 $ 30.64 (400,000) 2.0% 2019 Q3 93 13,210,991 2,089,225 15.8% 216,589 1 220,548 2 656,774 $ 30.87 (500,000) 0.0% 2019 Q4 93 13,210,991 1,974,211 14.9% 115,014 0 0 2 656,774 $ 31.15 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 Q1 93 13,210,991 2,158,699 16.3% (184,488) 0 0 2 656,774 $ 31.49 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 Q2 93 13,210,991 2,200,034 16.7% (41,335) 0 0 2 656,774 $ 30.98 Uptown / Turtle Creek Office Quoted Rates Uptown / Turtle Creek Office Construction Absorption vs Previous Qtr vs 12 Months Ago $32.00 8,000,000 (41,335) -184,488 -87,774 Vacancy vs Previous Qtr vs 12 Months Ago $31.00 7,000,000 16.7% 16.3% 17.4% 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 $29.00 4,000,000 0 0 0 $28.00 3,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago 31 31 31 2,000,000 $27.00 1,000,000

Uptown / Turtle Creek Vital Statistics $26.00 0 600,000 20.0% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 18.0% $25.00 400,000 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 16.0% Delivered Under Construction Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 200,000 14.0% 12.0% 0 10.0% 8.0% (200,000) 6.0% (400,000) 4.0% 2.0% (600,000) 0.0% Movers & Shakers Largest Vacancies: 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Tenant SF Building 2401 Cedar Springs Rd – 208,137 sf Net Absorption Delivered Vacant % Forst Brown Todd 30,137 2101 Cedar Springs Rd Parkside Tower – 149,804 sf Wrike 27,034 3030 Olive Street 2501 Cedar Springs Rd – 110,415 sf Morgan Stanley 25,206 2121 Pearl Street The Centrum – 100,317 sf CBRE 19,742 2825 Oak lawn Ave Baker Hosteller 19,699 2850 N Harwood Street Megatel Homes 19,187 2101 Cedar Springs Rd Lurin Capital 13,316 2850 N Harwood Street Riveron Consulting 12,870 2515 McKinney Avenue

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. 21 BRADFORD COMMERCIAL REAL ESTATE SERVICES