128 North Office Market Second Quarter 2015

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128 NORTH OFFICE MARKET SECOND QUARTER 2015

MARKETSTATUS

Inside... »»Absorption was positive for the seventh straight quarter, »»Burlington has absorbed 506,000 sf in the past twelve dropping vacancy 3.0 percentage points to 13.4 percent (a months; since the start of 2010, it has had just two quarters 14-year-low) in that time period. with net negative absorption.

»»Class A properties have absorbed 775,000 sf in the past »»The successful repositioning of prominent Route 128 year. North business parks such as The XChange in Bedford and The District in Burlington is representative of a market- »»Route 128 North has absorbed 4.8 percent of its inventory wide trend toward amenity-driven demand. over the past year, the most of any suburban submarket.

»»Wilmington is now 12.0 percent vacant; one year ago, it was 29.5 percent vacant. 128 NORTH OFFICE MARKET SECOND QUARTER 2015

ABSORPTION & VACANCY VACANCY BY SUBMARKET VACANCY RATE BY SUBMARKET ABSORPTION & VACANCY Class A & B, Office 128 North, Class A & B, Office

Absorption Qtrly Vacancy Rate 2015 Q2 5-Yr Average 700 25.0% 25.0% 600 500 20.0% 20.0% 400 Thousands SF 300 15.0% 15.0% 200 100 10.0% 10.0% - (100) 5.0% 5.0% (200) (300) 0.0% 0.0% 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 Cambridge Back Bay 128 West Financial Seaport 128 North 128 South 495 West 495 North District

ASKING RENTS NOTABLE SIGNED LEASES ASKING RENTS Notable Leases Signed Prepared by: Transwestern RBJ 128 North, Class A vs B, Office Recent transactions

Class A Class B $30.00 TENANT ADDRESS CITY SQFT

$25.00 Per Sq.Ft. Keurig Green Mountain, Inc. 201 Burlington Rd Bedford 41,705

$20.00 Everbridge 25 Corporate Dr Burlington 35,439

$15.00 Datawatch Corporation 4 Crosby Dr Bedford 20,360

$10.00 iRobot 6 Crosby Dr Bedford 19,555

$5.00 Mortgage Network, Inc. 99 Conifer Hill Dr Danvers 18,790

$0.00 EasCorp 35 Corporate Dr Burlington 15,772 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2

CONTIGUOUS BLOCKS PreparedLARGEST by: Transwestern RBJ CONTIGUOUS BLOCKS

Prepared by:CONTIGUOUS Transwestern RBJ BLOCKS LARGEST CONTIGUOUS BLOCKS Route 128 North, 2015 Q2 contiguous availabilities in distinct properties by size Contiguous blocks, one listing per property Class A Class B 120 BUILDING ADDRESS CITY AVAILABLE SF TYPE 100 600 Technology Park Dr, Bldg 10 Billerica 137,550 Direct 80

Number of Blocks 300 Concord Rd, Bldg A Billerica 133,804 Direct

60 805 Middlesex Tpke Billerica 122,342 Direct

40 4 Burlington Woods Burlington 100,883 Direct

20 201 Burlington Rd, North & South Bldg Bedford 92,500 Direct

0 701 Edgewater Dr Wakefield 85,489 Sublet 5 to 10K 10 to 20K 20 to 50K 50 to 100K 100 to 200K 200K + 128N

Prepared by: Transwestern RBJ

Prepared by: Transwestern RBJ Route 128 North Office Market Indicators by Town

DELIVERIES UNDER CONSTR. QUARTER NET LTM* NET DIRECT SUBLEASE TOTAL AVERAGE 4QTR*** SUBMARKET INVENTORY (SF) (SF) ABSORPTION ABSORPTION AVAILABILITY AVAILABILITY VACANCY RATE PSF** CHANGE Bedford 2,629 0 0 3 92 17.5% 0.1% 11.8% $27.64 12.8% Billerica 3,232 0 0 (28) 70 30.6% 2.4% 28.5% $21.00 - Burlington 6,669 0 102 64 506 10.7% 2.6% 8.8% $30.44 0.9% Concord 876 0 36 47 91 33.3% 4.7% 29.1% $23.00 - Wakefield 1,456 0 0 (5) 8 13.6% 7.3% 14.4% $25.67 0.2% Woburn 4,308 0 1028N (6) 20 13.1% 0.9% 8.3% $27.86 3.6% Route 128 North 26,074 0 138 135 1,095 17.9% 2.6% 13.4% $27.07 0.8% ALL AMOUNTS, EXCEPT PERCENTAGES AND DOLLAR FIGURES IN THOUSANDS *LTM = Last Twelve Months // **Class A asking rent // ***Twelve months change in asking lease rate Prepared by: Transwestern RBJ

REAL ESTATE OUTLOOK 128 NORTH OFFICE MARKET Q2 2015

Prepared by: Transwestern RBJ 495 NORTH OFFICE MARKET SECOND QUARTER 2015

MARKETSTATUS

Inside... »»I-495 North tenants absorbed 91,000 sf in Q2 2015, »»In Andover, Minuteman Office Park (1.0 million sf) and dropping vacancy to 22.0 percent as average Class A Phillips’ campus (650,000 SF) are both on the market for asking rents rose to $20.86 per sf. sale.

»»Large move-ins by UMass Lowell (22,000 sf), Lowell Five »»Absorption has totaled 510,000 sf over the past two Savings Bank (21,000 sf) and Jabra (32,000 sf) dropped years, while the rest of I-495 has absorbed 340,000 sf. Lowell’s vacancy rate to 12.1 percent. »»Sales of Littleton Corporate Center and Nashoba »»Vacancy continues to be skewed by large blocks of Corporate Center continued the recent trend of I-495 empty space, as nearly half of the submarket’s vacant North office parks trading hands; Brickstone Square, Cross space sits in just ten buildings. Point and 495 Business Center have also all sold in the past year. 495 NORTH OFFICE MARKET SECOND QUARTER 2015

ABSORPTION & VACANCY VACANCY BY SUBMARKET VACANCY RATE BY SUBMARKET ABSORPTION & VACANCY 495 North, Class A & B, Office Class A & B, Office

Absorption Qtrly Vacancy Rate 2015 Q2 5-Yr Average 300 25.0% 25.0% 250 24.0% 200 20.0% 23.0% Thousands SF 150 15.0% 100 22.0% 50 21.0% 10.0% - 20.0% (50) 5.0% 19.0% (100) (150) 18.0% 0.0% 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 Cambridge Back Bay 128 West Financial Seaport 128 North 128 South 495 West 495 North District

ASKING RENTS NOTABLE SIGNED LEASES ASKING RENTS Notable Leases Signed Prepared by: Transwestern RBJ 495 North, Class A vs B, Office Recent transactions

Class A Class B $25.00 TENANT ADDRESS CITY SQFT

Per Sq.Ft. $20.00 Draeger Medical 6 Technology Dr Andover 128,400

Affirmed Networks 35 Nagog Park Acton 45,866 $15.00 MRV 300 Apollo Dr Chelmsford 21,623 $10.00 Lowell Five Savings Bank 55 Technology Dr Lowell 21,443

$5.00 Borrego Solar 55 Technology Dr Lowell 12,723

$0.00 Echo Therapeutics 295 Foster St Littleton 10,132 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2

CONTIGUOUS BLOCKS PreparedLARGEST by: Transwestern RBJ CONTIGUOUS BLOCKS Prepared by:CONTIGUOUS Transwestern RBJ BLOCKS LARGEST CONTIGUOUS BLOCKS I-495 North, 2015 Q2 contiguous availabilities in distinct properties by size Contiguous blocks, one listing per property Class A Class B 60 BUILDING ADDRESS CITY AVAILABLE SF TYPE 50 400 Network Center Dr, 400 Tewksbury 283,369 Direct

Number of Blocks 900 Chelmsford St, Cross Point Lowell 254,244 Sublet

30 100 Brickstone Sq Andover 197,419 Direct

20 100 Nagog Park Acton 194,800 Direct

10 5 Technology Park Dr, Bldg 3 Westford 160,200 Direct 50 Minuteman Rd Andover 155,100 Direct 0 5 to 10K 10 to 20K 20 to 50K 50 to 100K 100 to 200K 200K + 495N

Prepared by: Transwestern RBJ

Prepared by: Transwestern RBJ I-495 North Office Market Indicators by Town

DELIVERIES UNDER CONSTR. QUARTER NET LTM* NET DIRECT SUBLEASE TOTAL AVERAGE 4QTR*** SUBMARKET INVENTORY (SF) (SF) ABSORPTION ABSORPTION AVAILABILITY AVAILABILITY VACANCY RATE PSF** CHANGE Act/Box/Littleton 2,765 0 0 (4) 55 25.5% 5.0% 19.6% $19.00 - Andover 4,176 0 0 24 (1) 30.0% 1.6% 24.1% $21.05 9.6% Chelmsford 2,367 0 0 (0) 43 28.3% 3.5% 20.1% $21.09 2.5% Lowell 2,098 0 0 72 (2) 31.1% 2.9% 12.1% $21.00 7.0% Westford 2,282 0 32 495N 13 (50) 14.8% 12.1% 17.5% $21.04 20.3% I-495 North 15,601 0 32 91 8 29.1% 4.0% 22.0% $20.86 7.9% ALL AMOUNTS, EXCEPT PERCENTAGES AND DOLLAR FIGURES IN THOUSANDS *LTM = Last Twelve Months // **Class A asking rent // ***Twelve months change in asking lease rate

Prepared by: Transwestern RBJ

REAL ESTATE OUTLOOK 495 NORTH OFFICE MARKET Q2 2015

Prepared by: Transwestern RBJ 128 WEST OFFICE MARKET SECOND QUARTER 2015

MARKETSTATUS

Inside... »»Route 128 West’s positive absorption streak continued »»Large pending move-ins for Vistaprint and now Clarks with another 324,000 sf of space leased this quarter, the Americas will likely boost occupancy in Route 128 West most in any quarter since 2011. in the next 12 months, possibly necessitating more speculative construction in the submarket’s core cities »»Class A vacancy, now at 6.7 percent, has surpassed its and towns. own record low in each of the past six quarters. »»Not only did TripAdvisor drive the most absorption »»Lexington absorbed 157,000 sf, the most in eight years. this quarter with the delivery of its new Needham »»Class A rents in Newton-Needham-Wellesley have HQ, but the subsequent sale of the new building by increased 30.6 percent in the past two years. Normandy Real Estate Partners to U.S. Realty Advisors ($133.0 million, 281,000 sf, $474.26 per sf) was Route 128 West’s most significant of the past year. 128 WEST OFFICE MARKET SECOND QUARTER 2015

ABSORPTION & VACANCY VACANCY BY SUBMARKET VACANCY RATE BY SUBMARKET ABSORPTION & VACANCY 128 West, Class A & B, Office Class A & B, Office

Absorption Qtrly Vacancy Rate 2015 Q2 5-Yr Average 600 25.0% 25.0% 500 20.0% 20.0% 400 Thousands SF 300 15.0% 15.0% 200

100 10.0% 10.0%

- 5.0% 5.0% (100)

(200) 0.0% 0.0% 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 Cambridge Back Bay 128 West Financial Seaport 128 North 128 South 495 West 495 North District

ASKING RENTS NOTABLE SIGNED LEASES Notable Leases Signed Prepared ASKINGby: Transwestern RENTS RBJ 128 West, Class A vs B, Office Recent transactions

Class A Class B $40.00 TENANT ADDRESS CITY SQFT $35.00

Per Sq.Ft. Clarks Americas, Inc. 1265 Main St Waltham 120,000 $30.00

$25.00 NetCracker Technology Corporation 95 Sawyer Rd Waltham 67,257

$20.00 RTI International 307 Waverley Oaks Rd Waltham 28,405

$15.00 Berkshire Bank 81 Hartwell Ave Lexington 11,705 $10.00 TIBCO Software 880 Winter St Waltham 11,682 $5.00

$0.00 Inotek Pharmaceuticals 91 Hartwell Ave Lexington 11,125 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2

CONTIGUOUS BLOCKS PreparedLARGEST by: Transwestern RBJ CONTIGUOUS BLOCKS Prepared by:CONTIGUOUS Transwestern RBJ BLOCKS LARGEST CONTIGUOUS BLOCKS Route 128 West, 2015 Q2 contiguous availabilities in distinct properties by size Contiguous blocks, one listing per property Class A Class B 70 BUILDING ADDRESS CITY AVAILABLE SF TYPE 60 300 Boylston St, Atrium Center Chestnut Hill 287,200 Direct 50

Number of Blocks 185 Wyman St Waltham 108,953 Sublet 40 20 Maguire Rd Lexington 101,868 Direct 30 1075 Main St Waltham 88,234 Direct 20 275 Wyman St Waltham 77,682 Sublet 10 93 Worcester St, Wellesley Gateway Wellesley 77,000 Direct 0 5 to 10K 10 to 20K 20 to 50K 50 to 100K 100 to 200K 200K + 128W

Prepared by: Transwestern RBJ

Prepared by: Transwestern RBJ Route 128 West Office Market Indicators by Town

DELIVERIES UNDER CONSTR. QUARTER NET LTM* NET DIRECT SUBLEASE TOTAL AVERAGE 4QTR*** SUBMARKET INVENTORY (SF) (SF) ABSORPTION ABSORPTION AVAILABILITY AVAILABILITY VACANCY RATE PSF** CHANGE Lexington 2,900 0 0 157 140 10.8% 0.5% 11.9% $24.49 2.2% Needham 2,081 281 0 270 273 7.4% 1.8% 2.8% $33.67 12.2% Newton 3,444 0 0 28 79 10.9% 3.0% 6.4% $36.83 1.4% Waltham 11,203 0 755 (169) 393 12.4% 4.7% 10.8% $31.75 1.7% Wellesley 1,982 0 0 128W (5) (34) 15.9% 0.4% 9.8% $44.50 0.1% Route 128 West 22,453 281 1,042 324 883 11.5% 3.1% 9.1% $33.43 0.6% ALL AMOUNTS, EXCEPT PERCENTAGES AND DOLLAR FIGURES IN THOUSANDS *LTM = Last Twelve Months // **Class A asking rent // ***Twelve months change in asking lease rate

Prepared by: Transwestern RBJ

REAL ESTATE OUTLOOK 128 WEST OFFICE MARKET Q2 2015

Prepared by: Transwestern RBJ 128 SOUTH OFFICE MARKET SECOND QUARTER 2015

MARKETSTATUS

Inside... »»Absorption was positive for the 10th straight quarter, »»Braintree-Quincy has absorbed 259,000 sf in the past with the current 185,000 sf of net absorption being the two years, nearly four times as much as Canton-Dedham- most of any quarter of that streak. Norwood-Westwood.

»»Class A vacancy dropped to 14.7 percent, the lowest it »»The number of available blocks has dropped across all has been since 2008. size ranges in the past twelve months.

»»Availability dropped for the third straight quarter to 19.0 »»With availability dropping with each passing quarter, percent, due in part by major lease commitments by State asking rents are likely to jump up in the coming periods Street and General Dynamics in Quincy and Westwood, as more amenities come online and larger companies respectively. continue to target the region for space that still offers an attractive, affordable close-suburban option. 128 SOUTH OFFICE MARKET SECOND QUARTER 2015

ABSORPTION & VACANCY VACANCY BY SUBMARKET VACANCY RATE BY SUBMARKET ABSORPTION & VACANCY 128 South, Class A & B, Office Class A & B, Office

Absorption Qtrly Vacancy Rate 2015 Q2 5-Yr Average 250 25.0% 25.0% 200 150 20.0% 20.0%

Thousands SF 100 15.0% 15.0% 50 - 10.0% 10.0% (50)

(100) 5.0% 5.0% (150) (200) 0.0% 0.0% 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 Cambridge Back Bay 128 West Financial Seaport 128 North 128 South 495 West 495 North District

ASKING RENTS NOTABLE SIGNED LEASES Notable Leases Signed Prepared ASKINGby: Transwestern RENTS RBJ 128 South, Class A vs B, Office Recent transactions

Class A Class B $25.00 TENANT ADDRESS CITY SQFT

Per Sq.Ft. $20.00 General Dynamics 101 Station Dr Westwood 90,167

State Street Corp. 1 Heritage Dr Quincy 90,000 $15.00 Larson Allen CPA 300 Crown Colony Dr Quincy 19,936 $10.00 Atlantic Power 3 Allied Dr Dedham 17,365

$5.00 Spectra Energy Corporation 249 Vanderbilt Ave Norwood 16,000

$0.00 KAF Financial Group 10 Forbes Rd Braintree 14,844 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2

CONTIGUOUS BLOCKS PreparedLARGEST by: Transwestern RBJ CONTIGUOUS BLOCKS Prepared by:CONTIGUOUS Transwestern RBJ BLOCKS LARGEST CONTIGUOUS BLOCKS Route 128 South, 2015 Q2 contiguous availabilities in distinct properties by size Contiguous blocks, one listing per property Class A Class B 60 BUILDING ADDRESS CITY AVAILABLE SF TYPE 50 100 Technology Center Dr Stoughton 197,000 Direct

Number of Blocks 100 Upland Dr, Bldg N1 Norwood 184,868 Direct

30 108 Myrtle St Quincy 119,565 Direct

20 101 Station Dr, University Station Westwood 117,967 Direct

10 500 River Ridge Dr Norwood 94,657 Direct 1 Heritage Dr, Heritage Landing I Quincy 92,500 Direct 0 5 to 10K 10 to 20K 20 to 50K 50 to 100K 100 to 200K 200K + 128S

Prepared by: Transwestern RBJ

Prepared by: Transwestern RBJ Route 128 South Office Market Indicators by Town

DELIVERIES UNDER CONSTR. QUARTER NET LTM* NET DIRECT SUBLEASE TOTAL AVERAGE 4QTR*** SUBMARKET INVENTORY (SF) (SF) ABSORPTION ABSORPTION AVAILABILITY AVAILABILITY VACANCY RATE PSF** CHANGE Braintree 1,989 0 0 (24) 2 15.2% 0.4% 13.6% $21.25 0.2% Quincy 4,472 0 0 87 137 13.2% 0.7% 14.6% $21.81 1.1% Braintree/Quincy 6,461 0 0 64 139 13.8% 0.6% 14.3% $21.65 0.9% Can/Ded/Nor/West 4,172 0 0 87 95 20.2% 2.6% 20.7% $24.25 3.6% Route 128 South 12,545 0 0 185 382 17.4% 1.6% 17.2% $22.01 2.5% 128S ALL AMOUNTS, EXCEPT PERCENTAGES AND DOLLAR FIGURES IN THOUSANDS *LTM = Last Twelve Months // **Class A asking rent // ***Twelve months change in asking lease rate

Prepared by: Transwestern RBJ

REAL ESTATE OUTLOOK 128 SOUTH OFFICE MARKET Q2 2015

Prepared by: Transwestern RBJ FINANCIAL DISTRICT OFFICE MARKET SECOND QUARTER 2015

MARKETSTATUS

Inside... »»Tenants absorbed 290,000 sf in the Financial District’s »»Class B rents have increased 18.2 percent over the past fifth straight positive quarter below 10.0 percent for the two years. first time since 2008. »»Large move-ins by Santander, Fragomen Worldwide and »»Class A rents increased to $50.46, a recent high, though Homesite Insurance reflect the Financial District’s enduring they are still 76.5 percent of the submarket’s 2008 peak. appeal to its traditional Class A financial services/legal/ insurance tenant base. »»Class B vacancy has dropped from 14.0 percent to 9.1 percent in the past two years, as smaller, non-traditional »»Demand will likely continue to thrive in Boston’s most Financial District tenants continue to target the submarket central submarket, as possibilities for future construction as a value play in relation to Cambridge and the Seaport become apparent with the BRA approving development District. projects for Faneuil Hall and Congress Square. FINANCIAL DISTRICT OFFICE MARKET SECOND QUARTER 2015

ABSORPTION & VACANCY VACANCY BY SUBMARKET VACANCY RATE BY SUBMARKET ABSORPTION & VACANCY Financial District, Class A & B, Office Class A & B, Office

Absorption Qtrly Vacancy Rate 2015 Q2 5-Yr Average 400 18.0% 25.0% 300 16.0% 200 14.0% 20.0%

Thousands SF 100 12.0% 15.0% - 10.0% (100) 8.0% 10.0% (200) 6.0% (300) 4.0% 5.0% (400) 2.0% (500) 0.0% 0.0% 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 Cambridge Back Bay 128 West Financial Seaport 128 North 128 South 495 West 495 North District

ASKING RENTS NOTABLE SIGNED LEASES ASKING RENTS Notable Leases Signed Prepared by: Transwestern RBJ Financial District, Class A vs B, Office Recent transactions

Class A Class B $60.00 TENANT ADDRESS CITY SQFT Sq. Ft. Sq.

$50.00 Per CIC Boston 50 Milk St Boston 56,416

$40.00 State Street Bank 100 Summer St Boston 37,384

$30.00 Beacon Health Options 200 State St Boston 34,096

$20.00 Manion Gaynor & Manning 125 High St Boston 31,303

$10.00 Boston Private Wealth Management 1 Federal St Boston 24,272 Rapid7 100 Summer St Boston 21,026 $0.00 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2

CONTIGUOUS BLOCKS PreparedLARGEST by: Transwestern RBJ CONTIGUOUS BLOCKS

Prepared by:CONTIGUOUS Transwestern RBJ BLOCKS LARGEST CONTIGUOUS BLOCKS Financial District, 2015 Q2 contiguous availabilities in distinct properties by size Contiguous class A blocks, one listing per property Class A Class B 80 BUILDING ADDRESS CITY AVAILABLE SF TYPE 70

60 53 State St, Exchange Place Boston 382,332 Direct

Number of Blocks 50 100 Summer St Boston 192,952 Direct

40 125 High St, High Street Tower Boston 129,554 Direct 30 1 Beacon St Boston 105,786 Direct 20 100 Federal St Boston 103,288 Direct 10

0 One Financial Ctr Boston 88,659 Direct 5 to 10K 10 to 20K 20 to 50K 50 to 100K 100 to 200K 200K + FD

Prepared by: Transwestern RBJ

Prepared by: Transwestern RBJ Financial District Office Market Indicators by Class

DELIVERIES UNDER CONSTR. QUARTER NET LTM* NET DIRECT SUBLEASE TOTAL AVERAGE 4QTR** SUBMARKET INVENTORY (SF) (SF) ABSORPTION ABSORPTION AVAILABILITY AVAILABILITY VACANCY RATE PSF CHANGE Class A 26,666 0 0 250 973 14.7% 0.9% 9.3% $50.46 2.0% Class B 9,277 0 0 40 95 14.9% 1.0% 9.1% $40.33 5.1% Financial District 35,944 0 0 290 1,068 14.8% 0.9% 9.2% $48.41 2.6% ALL AMOUNTS, EXCEPT PERCENTAGES AND DOLLAR FIGURES IN THOUSANDS *LTM = Last Twelve Months // **Twelve months change in asking lease rate FD

Prepared by: Transwestern RBJ

REAL ESTATE OUTLOOK FINANCIAL DISTRICT OFFICE MARKET Q2 2015

Prepared by: Transwestern RBJ BACK BAY OFFICE MARKET SECOND QUARTER 2015

MARKETSTATUS

Inside... »»In the second quarter of 2015, Back Bay experienced »»Class A rents increased just 1.0 percent in the past year 81,000 sf of positive absorption, dropping the vacancy rate to $58.61, where they remain highest in the downtown to 8.1 percent. Boston market.

»»Vacancy rates in the Back Bay market have remained »»Class B rents, currently $44.62 per sf, are up 20.3% from below than 9.0 percent since the end of 2010. two years ago.

»»Architectural Resources Cambridge moved into 23,000 sf »»With availability in Cambridge at an all-time low, more at 501 Boylston Street while InsightSquared leased 45,000 tenants will likely filter into Back Bay, which still offers one sf at Copley Place, showing the potential spillover from the of the best office-retail experiences in Greater Boston. hot Cambridge submarket into Back Bay. BACK BAY OFFICE MARKET SECOND QUARTER 2015

ABSORPTION & VACANCY VACANCY BY SUBMARKET VACANCY RATE BY SUBMARKET ABSORPTION & VACANCY Back Bay, Class A & B, Office Class A & B, Office

Absorption Qtrly Vacancy Rate 2015 Q2 5-Yr Average 700 12.0% 25.0% 600 10.0% 500 20.0% 400 Thousands SF 8.0% 300 15.0% 200 6.0% 100 10.0% 4.0% - (100) 5.0% 2.0% (200) (300) 0.0% 0.0% 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 Cambridge Back Bay 128 West Financial Seaport 128 North 128 South 495 West 495 North District

ASKING RENTS NOTABLE LEASES SIGNED ASKING RENTS Notable Leases Signed Prepared by: Transwestern RBJ Back Bay, Class A vs B, Office Recent transactions

Class A Class B $70.00 TENANT ADDRESS CITY SQFT $60.00

Per Sq.Ft. InsightSquared 4 Copley Pl Boston 45,379 $50.00 AIR Worldwide 1 Copley Pl Boston 24,147 $40.00 Bracebridge Capital 888 Boylston St Boston 12,000 $30.00 Silversmith Capital Partners 177 Huntington Ave Boston 8,149 $20.00 Kensington Capital Management 177 Huntington Ave Boston 8,149 $10.00

$0.00 Paratek Pharmaceuticals 75 Park Plaza Boston 8,104 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2

CONTIGUOUS BLOCKS PreparedLARGEST by: Transwestern RBJ CONTIGUOUS BLOCKS

Prepared by:CONTIGUOUS Transwestern RBJ BLOCKS LARGEST CONTIGUOUS BLOCKS Back Bay, 2015 Q2 contiguous availabilities in distinct properties by size Contiguous class A blocks, one listing per property Class A Class B 25 BUILDING ADDRESS CITY AVAILABLE SF TYPE 20 200 Clarendon St, John Hancock Tower Boston 179,994 Direct

Number of Blocks 15 888 Boylston St Boston 104,000 Direct 1 Copley Pl, Tower 1 Boston 93,987 Direct 10 101 Huntington Ave Boston 54,778 Direct

5 501 Boylston St Boston 53,161 Direct

0 200 Berkeley St, Berkeley Bldg Boston 50,266 Direct 5 to 10K 10 to 20K 20 to 50K 50 to 100K 100 to 200K 200K + BB

Prepared by: Transwestern RBJ

Prepared by: Transwestern RBJ Back Bay Office Market Indicators by Class

DELIVERIES UNDER CONSTR. QUARTER NET LTM* NET DIRECT SUBLEASE TOTAL AVERAGE 4QTR** SUBMARKET INVENTORY (SF) (SF) ABSORPTION ABSORPTION AVAILABILITY AVAILABILITY VACANCY RATE PSF CHANGE Class A 10,367 0 425 86 41 11.4% 0.9% 7.1% $58.61 1.0% Class B 3,517 0 0 (4) 32 15.1% 1.0% 11.0% $44.62 1.1% Back Bay 13,884 0 425 81 73 12.4% 0.9% 8.1% $56.49 0.5% ALL AMOUNTS, EXCEPT PERCENTAGES AND DOLLAR FIGURES IN THOUSANDS *LTM = Last Twelve Months // **Twelve months change in asking lease rate BB

Prepared by: Transwestern RBJ

REAL ESTATE OUTLOOK BACK BAY OFFICE MARKET Q2 2015

Prepared by: Transwestern RBJ SEAPORT DISTRICT OFFICE MARKET SECOND QUARTER 2015

MARKETSTATUS

Inside... »»The Seaport District experienced its first quarter of »»Construction continues in the Seaport with PwC’s and negative absorption in three years, though the drop is likely Goodwin Procter’s projects scheduled for completions in aberrational with a number of large move-ins scheduled 2015 and 2016 respectively, while new spec towers from for the second half of the year. Skanska USA and Tishman Speyer are set to commence construction this year. »»Class B rents hit an all-time high of $41.98 per sf, as demand continues to filter into well-located brick-and- »»A number of high-profile completions will likely boost beam-type space. absorption numbers for the rest of 2015, while more construction continues to supplement Greater Boston’s »»Keryx Biopharmacueticals and Intarcia Therapeutics fastest-growing submarket. leased a combined 56,000 sf at 1 Marina Park Drive, both growing their presences in Greater Boston’s newest haven for biotechnology and life sciences firms. SEAPORT DISTRICT OFFICE MARKET SECOND QUARTER 2015

ABSORPTION & VACANCY VACANCY BY SUBMARKET VACANCY RATE BY SUBMARKET ABSORPTION & VACANCY Seaport, Class A & B, Office Class A & B, Office

Absorption Qtrly Vacancy Rate 2015 Q2 5-Yr Average 500 25.0% 25.0%

400 20.0% 20.0%

Thousands SF 300 15.0% 15.0% 200 10.0% 10.0% 100

5.0% 5.0% -

(100) 0.0% 0.0% 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 Cambridge Back Bay 128 West Financial Seaport 128 North 128 South 495 West 495 North District

ASKING RENTS NOTABLE SIGNED LEASES ASKING RENTS Notable Leases Signed Prepared by: Transwestern RBJ Seaport, Class A vs B, Office Recent transactions

Class A Class B $60.00 TENANT ADDRESS CITY SQFT

$50.00 Per Sq.Ft. Boston Beer Company One Design Ctr Boston 54,156

$40.00 Intarcia Therapeutics One Marina Park Dr Boston 28,762

$30.00 Keryx Biopharmaceuticals 1 Marina Park Dr Boston 27,223

$20.00 Crimson Hexagon 253 Summer St Boston 22,882

$10.00 Session M 2 Seaport Ln Boston 17,949

$0.00 Halloran Consulting Group 266 Summer St Boston 6,177 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2

CONTIGUOUS BLOCKS PreparedLARGEST by: Transwestern RBJ CONTIGUOUS BLOCKS Prepared by:CONTIGUOUS Transwestern RBJ BLOCKS LARGEST CONTIGUOUS BLOCKS Seaport District, 2015 Q2 contiguous availabilities in distinct properties by size Contiguous class A blocks, one listing per property Class A Class B 20 18 BUILDING ADDRESS CITY AVAILABLE SF TYPE 16 100-110 Northern Ave Boston 138,982 Direct 14

Number of Blocks 101 Seaport Blvd, Seaport Square Boston 77,646 Direct 12 10 300 A St, Harbor Corporate Center Boston 49,096 Direct 8 155 Seaport Blvd, Seaport West Boston 32,852 Direct 6 4 22 Boston Wharf Rd Boston 30,000 Direct 2 1 Marina Park Dr, One Marina Park Boston 25,861 Direct 0 5 to 10K 10 to 20K 20 to 50K 50 to 100K 100 to 200K 200K + SEA

Prepared by: Transwestern RBJ

Prepared by: Transwestern RBJ Seaport Office Market Indicators by Class

DELIVERIES UNDER CONSTR. QUARTER NET LTM* NET DIRECT SUBLEASE TOTAL AVERAGE 4QTR** SUBMARKET INVENTORY (SF) (SF) ABSORPTION ABSORPTION AVAILABILITY AVAILABILITY VACANCY RATE PSF CHANGE Class A 2,988 0 800 (5) 24 6.0% 2.1% 10.2% $56.59 - Class B 5,427 0 0 (19) 156 15.1% 1.8% 10.7% $41.98 6.5% Seaport District 8,415 0 800 (24) 181 11.9% 1.9% 10.5% $50.26 2.8% ALL AMOUNTS, EXCEPT PERCENTAGES AND DOLLAR FIGURES IN THOUSANDS *LTM = Last Twelve Months // **Twelve months change in asking lease rate SEA

Prepared by: Transwestern RBJ

REAL ESTATE OUTLOOK SEAPORT DISTRICT OFFICE MARKET Q2 2015

Prepared by: Transwestern RBJ CAMBRIDGE OFFICE MARKET SECOND QUARTER 2015

MARKETSTATUS

Inside... »»Cambridge tenants absorbed 106,000 sf, dropping »»Major build-to-suit activity continued to be active this vacancy to 5.8 percent as availability hit an all-time low of quarter, with large leases by Bristol-Meyers Squibb and 5.9 percent. Sanofi kicking off two new developments on Binney Street.

»»Class A asking rents in East Cambridge, now at $70.15 per »»Historically high prices and a lack of availability have sf, have hit an all-time high for the third-straight quarter. not deterred tenant interest in Cambridge, which likely will continue to experience active leasing velocity and low »»The number of 20,000 sf to 50,000 sf options in turnover time and remain one of the crown jewels of the Cambridge has dropped from 11 to 3 in the past six national real estate market. months.

»»Vacancy in Mid and West Cambridge combined is just 2.8 percent. CAMBRIDGE OFFICE MARKET SECOND QUARTER 2015

ABSORPTION & VACANCY VACANCY BY SUBMARKET VACANCY RATE BY SUBMARKET ABSORPTION & VACANCY Cambridge, Class A & B, Office Class A & B, Office

Absorption Qtrly Vacancy Rate 2015 Q2 5-Yr Average 600 12.0% 25.0%

500 10.0% 20.0% 400

Thousands SF 8.0% 300 15.0% 200 6.0% 10.0% 100 4.0% - 5.0% 2.0% (100)

(200) 0.0% 0.0% 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 Cambridge Back Bay 128 West Financial Seaport 128 North 128 South 495 West 495 North District

ASKING RENTS NOTABLE SIGNED LEASES ASKING RENTS Notable Leases Signed Prepared by: Transwestern RBJ Cambridge, Class A vs B, Office Recent transactions

Class A Class B $70.00 TENANT ADDRESS CITY SQFT $60.00

Per Sq.Ft. Hubspot 2 First St Cambridge 59,772 $50.00 Alnylam Pharmaceuticals 101 Main St Cambridge 48,599 $40.00 Phillips 2 First St Cambridge 41,201 $30.00 MIT 600 Technology Sq Cambridge 25,308 $20.00 MIT 245 First St Cambridge 19,470 $10.00

$0.00 Eli Lilly 450 Kendall St Cambridge 17,000 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2

CONTIGUOUS BLOCKS PreparedLARGEST by: Transwestern RBJ CONTIGUOUS BLOCKS Prepared by:CONTIGUOUS Transwestern RBJ BLOCKS LARGEST CONTIGUOUS BLOCKS Cambridge, 2015 Q2 contiguous availabilities in distinct properties by size Contiguous class A blocks, one listing per property Class A Class B 20 18 BUILDING ADDRESS CITY AVAILABLE SF TYPE 16 50 Hampshire St, One Cambridge Place Cambridge 96,128 Direct 14

Number of Blocks 55 Cambridge Pky Cambridge 82,490 Direct 12 10 25 First St, Davenport Bldg Cambridge 42,656 Sublet 8 245 First St, Kendall Square Cambridge 19,805 Direct 6 4 1 Main St, One Main Street Cambridge 18,644 Sublet 2 100 Cambridgepark Dr, Bldg 1 Cambridge 15,927 Direct 0 5 to 10K 10 to 20K 20 to 50K 50 to 100K 100 to 200K 200K + Cambridge

Prepared by: Transwestern RBJ

Prepared by: Transwestern RBJ Cambridge Office Market Indicators by Submarket

DELIVERIES UNDER CONSTR. QUARTER NET LTM* NET DIRECT SUBLEASE TOTAL AVERAGE 4QTR*** SUBMARKET INVENTORY (SF) (SF) ABSORPTION ABSORPTION AVAILABILITY AVAILABILITY VACANCY RATE PSF** CHANGE East Cambridge 7,443 0 0 92 (50) 4.5% 1.7% 7.3% $70.15 11.4% Mid Cambridge 2,063 0 66 10 65 1.8% 0.2% 0.3% $58.00 - West Cambridge 1,666 0 0 4 5 5.1% 4.2% 5.9% $42.99 6.4% Cambridge 11,172 0 66 106 20 4.1% 1.8% 5.8% $63.40 11.7% ALL AMOUNTS, EXCEPT PERCENTAGES AND DOLLAR FIGURES IN THOUSANDS Cambridge *LTM = Last Twelve Months // **Class A asking rent // ***Twelve months change in asking lease rate

Prepared by: Transwestern RBJ

REAL ESTATE OUTLOOK CAMBRIDGE OFFICE MARKET Q2 2015

Prepared by: Transwestern RBJ Recent Activity | Route 128 North Office Lease Comparables

Date Start Free Signed Date Tenant Address SF Term Rent Schedule Rent TI 6/15 10/15 Datawatch 4 Crosby Drive, 20,360 7 yrs Mos 1-9.5: Free 9.5 mos $43.00 Bedford Mos 9.5-12: $25.90 Gross Yr 2: $26.40 Gross Yr 3: $26.90 Gross Yr 4: $27.40 Gross Yr 5: $27.90 Gross Yr 6: $28.40 Gross Yr 7: $28.90 Gross 4/15 2/16 MediaTek 120 Presidential 39,906 6 yrs Yr 1: $29.50 Gross None $9.00 Wireless Way, Woburn Yr 2: $30.50 Gross Yr 3: $31.50 Gross Yr 4: $32.50 Gross Yr 5: $33.50 Gross Yr 6: $34.50 Gross 4/15 7/15 Keurig Green 201 Burlington 41,705 7 yrs, 7 $28.75 Gross with $0.50 annual 7 mos $42.00 Mountain Coffee Road, Bedford mos escalations Recent Activity | Route 128 North Office Lease Comparables

Date Start Free Signed Date Tenant Address SF Term Rent Schedule Rent TI 2/15 10/15 Vestmark, Inc. 100 55,422 10 yrs, Yr 1: $28.00 Gross 3 mos $22.50 (renewal & Quannapowitt 3 mos Yr 2: $28.50 Gross expansion) Parkway, Yr 3: $29.00 Gross Wakefield Yr 4: $29.50 Gross Yr 5: $30.00 Gross Yr 6: $30.50 Gross Yr 7: $31.00 Gross Yr 8: $31.50 Gross Yr 9: $32.00 Gross Yr 10: $32.50 Gross 1/15 6/15 Kapa BioSystems 200 Ballardvale 29,360 6 yrs, 4 Mos 1-4: $0.00 4 mos $45.00 Street, (expansi mos Mos 5-12: $19.50 Gross (pay on Wilmington on) 20,000 SF) Yr 2: $20.00 Gross Yr 3: $21.00 Gross Yr 4: $22.00 Gross Yr 5: $23.00 Gross Yr 6 +: $24.00 Gross 12/14 4/15 The Stowe Group 500 Edgewater 10,000 5 yrs, 3 Yr 1: $25.00 Gross 3 mos $31.00 Drive, mos Yr 2: $25.00 Gross Wakefield Yr 3: $25.00 Gross Yr 4: $26.50 Gross Yr 5: $26.50 Gross Recent Activity | I-495 North Office Lease Comparables

Date Start Free Signed Date Tenant Address SF Term Rent Schedule Rent TI 8/15 2/16 Comcast 5 Omni Way, 131,430 13 yrs, 6 mos Yr 1: $16.25 NNN (on 107,760 SF) None $63.00 Chelmsford Yr 2: $16.75 NNN (on 107,760 SF) Mos 25-30: $17.25 NNN (on 107,760 SF) Mos 31-36: $17.25 NNN (one 131,430 SF) Yr 4: $17.75 NNN Yr 5: $18.25 NNN Yr 6: $18.75 NNN Yr 7: $19.25 NNN Yr 8: $19.75 NNN Yr 9: $20.25 NNN Yr 10: $20.75 NNN Yr 11: $21.25 NNN Yr 12: $21.75 NNN Yr 13: $22.25 NNN Mos 156-162: $22.75 NNN

Taxes: $0.58 CAM: $5.85 7/15 11/15 ZeeVee, 295 Foster 13,325 5 yrs, 4 mos Mos 1-4: Free 4 mos Turnkey Inc. Street, Littleton Mo 5: $13.18 Gross Mos 6-12: $15.00 Gross Yr 2: $15.25 Gross Yr 3: $15.50 Gross Yr 4: $15.75 Gross Yr 5: $16.00 Gross Mos 61-64: $16.25 Gross Recent Activity | I-495 North Office Lease Comparables

Date Start Free Signed Date Tenant Address SF Term Rent Schedule Rent TI 7/15 11/15 Broadcom 200 Brickstone 60,272 (26,717 7 yrs Mos 1-3: Free 3 mos $10.00 on 4th Square, Andover SF on 1st Floor Mo 4: $17.00 Gross on 4th floor floor and $30 and 33,555 SF (33,555 SF) and free on 1st floor on 1st floor on 4th Floor) (26,717 SF) Mos 5-12: $17.50 Gross Yr 2: $18.00 Gross Yr 3: $18.50 Gross Yr 4: $19.00 Gross Yr 5: $19.50 Gross Yr 6: $20.00 Gross Yr 7: $20.50 Gross 6/15 3/16 Affirmed Networks 35 Nagog Park, 45,866 1 yr Yr 1: $16.00 Gross None None (renew and expand) Acton

4/15 5/15 New York Life 10 New England 8,193 7 yrs $20.00 Gross with $0.50 annual None $20.00 Insurance (renewal) Business Center, escalations Andover 4/15 4/15 MRV 300 Apollo 21,623 5 yrs, 5 $13.50 NNN with 3% annual None $15.00 Communications Drive, mos escalations (renewal) Chelmsford Taxes & CAM: $7.13 Recent Activity | I-495 North Office Lease Comparables

Date Start Free Signed Date Tenant Address SF Term Rent Schedule Rent TI 3/15 1/16 Aspire Lifestyles 300 Apollo 32,874 5 yrs $13.50 NNN with $0.50 annual None $18.00 (renewal & Drive, escalations Also responsible downsize) Chelmsford for 50% of Taxes & CAM: $7.13 corridor construction ($111,000) 3/15 7/15 Draeger Medical 6 Technology 128,400 6 yrs (5 $13.25 NNN with $0.50 annual None $10.00 (renewal – 1 year Drive, Andover yrs of escalations early) new term) 3/15 6/15 Alku 200 Brickstone 16,250 7 yrs, 4 Mos 1-4: Free 4 mos $20.00 Square, mos Mos 5-12: $17.50 Gross on 11,000 SF Andover Mos 13-24: $18.00 Gross on 14,000 SF Mos 25-36: $18.50 Gross on 16,250 SF Yr 4: $19.00 Gross Yr 5: $19.50 Gross Yr 6: $20.00 Gross Yr 7: $20.50 Gross 3/15 4/15 Munich RE 200 Brickstone 6,689 3 yrs $19.75 Gross with $0.50 annual None As-is (renewal) Square, Andover escalations

3/15 3/15 HNTB 300 Apollo 21,018 6 yrs, 2 $14.00 NNN with $0.50 annual 3 mos $30.00 Corporatoion Drive, mos escalations (relocate and Chelmsford Taxes & CAM $7.13 expansion) 2/15 11/15 Toyota Lexus 100 Apollo 7,710 5 yrs, 7 $19.00 Gross with $0.50 annual 3 mos $15.00 Financial Services Drive, mos escalations Chelmsford Recent Activity | Route 128 West Office Lease Comparables Date Start Free Signed Date Tenant Address SF Term Rent Schedule Rent TI 8/15 11/15 Cytel 460 Totten Pond Expansion: 5 yrs Yr(s) 1: $26.00 Gross 5 mos $30.00 Road 3,031 5 mos Yr(s) 2: $27.00 Gross Yr(s) 3: $28.00 Gross Yr(s) 4: $29.00 Gross Yr(s) 5: $30.00 Gross

Extension: 4 yrs Mo(s) 1-6: $26.00 Gross None As-Is 3,891 6 mos Mo(s) 7-18: $27.00 Gross Mo(s) 19-30: $28.00 Gross Mo(s) 31-42: $29.00 Gross Mo(s) 43-54: $30.00 Gross

7/15 1/15 PMA 460 Totten Pond 3,420 5 yrs Yr(s) 1: $26.00 Gross 3 mos Turnkey Company Road, Waltham 3 mos Yr(s) 2: $27.00 Gross est. @ Yr(s) 3: $28.00 Gross $40.00 Yr(s) 4: $29.00 Gross Yr(s) 5: $30.00 Gross 7/15 1/17 EuroPro 77 A Street, 153,000 12 yrs Yr(s) 1: $27.50 NNN None $57.50 Needham Yr(s) 2: $28.25 NNN Yr(s) 3: $29.00 NNN Yr(s) 4: $29.75 NNN Yr(s) 5: $30.50 NNN Yr(s) 6: $31.25 NNN Yr(s) 7: $32.00 NNN Yr(s) 8: $32.75 NNN Yr(s) 9: $33.50 NNN Yr(s) 10: $34.25 NNN Yr(s) 11: $35.00 NNN Yr(s) 12: $35.75 NNN Recent Activity | Route 128 West Office Lease Comparables

Date Start Free Signed Date Tenant Address SF Term Rent Schedule Rent TI 9/15 2/16 Faber, 890 Winter Street, 8,853 7 yrs Yr(s) 1: $36.00 Gross 9 mos Turnkey Dauefer & Waltham 9 mos Yr(s) 2: $37.00 Gross est. @ Itrato Yr(s) 3: $38.00 Gross $45.00 Yr(s) 4: $39.00 Gross Yr(s) 5: $40.00 Gross Yr(s) 6: $41.00 Gross Yr(s) 7: $42.00 Gross 9/15 3/16 Inflexxion 890 Winter Street, 11,650 10 yrs Yr(s) 1:$36.00 Gross 11 mos Turnkey Waltham 11 mos Yr(s) 2: $36.75 Gross est. @ Yr(s) 3: $37.50 Gross $50.00 Yr(s) 4: $38.25 Gross Yr(s) 5: $39.00 Gross Yr(s) 6: $39.75 Gross Yr(s) 7: $40.50 Gross Yr(s) 8: $41.25 Gross Yr(s) 9: $42.00 Gross Yr(s) 10: $42.75 Gross 7/15 9/15 Charles River 890 Winter Street, Extension: Extension: Extension: None As Is Interactive Waltham 6,064 2 yrs 10/1/19-8/31/20: $39.00 Gross 6 mos 9/1/20-8/31/21: $40.00 Gross 9/1/21-3/31/22: $41.00 Gross

Expansion: Expansion: Expansion: 12 mos Turnkey 3,259 6 yrs 9/1/15-8/31/16: Free 7 mos 9/1/16-8/31/17: $36.00 Gross 9/1/17-8/31/18: $37.00 Gross 9/1/18-8/31/19: $38.00 Gross 9/1/19-8/31/20: $39.00 Gross 9/1/20-8/31/21: $40.00 Gross 9/1/21-3/31/22: $41.00 Gross Recent Activity | Route 128 West Office Lease Comparables

Date Start Free Signed Date Tenant Address SF Term Rent Schedule Rent TI 6/15 10/15 Wells Fargo 20 William Street, 11,947 7 yrs Yr(s) 1: $39.00 Gross None $25.00 Wellesley Yr(s) 2: $43.00 Gross Yr(s) 3: $44.00 Gross Yr(s) 4: $45.00 Gross Yr(s) 5: $46.00 Gross Yr(s) 6: $47.00 Gross Yr(s) 7: $48.00 Gross 6/15 8/15 Covergys 60 William Street, 3,596 5 yrs Yr(s) 1: $43.50 Gross with 3% annual 3 mos $15.00 Wellesley 3 mos increases

6/15 3/16 Silverlink 67 South Bedford 26,572 3 yrs $29.00 Gross with $1.00 annual escalations None $12.00 Communicati Street, Burlington ons 4/15 7/15 Dwyer & 25 Burlington 5,268 3 yrs Yr(s) 1: $34.00 Gross None As-Is Duddy Mall Road, Yr(s) 2: $35.00 Gross Burlington Yr(s) 3: $36.00 Gross 2/15 5/15 Citrix 15 Network Drive, 42,000 7 yrs Yr(s) 1: $34.50 Gross 4 mos $40.00 Burlington 4 mos Yr(s) 2: $35.50 Gross Yr(s) 3: $36.50 Gross Yr(s) 4: $37.50 Gross Yr(s) 5: $38.50 Gross Yr(s) 6: $39.50 Gross Yr(s) 7: $40.50 Gross Recent Activity | Route 128 South Office Lease Comparables

Date Start Signed Date Tenant Address SF Term Rent Schedule Free Rent TI 9/15 11/16 Competitive 50 Braintree Hill 20,026 5 yrs Yr(s) 1: $23.50 Gross None $25.00 Power Ventures Office Park, Yr(s) 2: $24.50 Gross Braintree Yr(s) 3: $25.50 Gross Yr(s) 4: $26.50 Gross Yr(s) 5: $27.50 Gross 9/15 1/15 CliftonLarson 300 Crown 17,218 7 yrs Yr(s) 1: $24.00 Gross 2 mos $15.00 Allen Colony Drive, 6 mos Yr(s) 2: $24.75 Gross Quincy Yr(s) 3: $25.50 Gross Yr(s) 4: $26.25 Gross Yr(s) 5: $27.00 Gross Yr(s) 6: $27.75 Gross Yr(s) 7: $28.50 Gross Yr(s) 8: $29.25 Gross 8/15 9/15 TIAA CREF 50 Braintree Hill 8,360 5 yrs Yr(s) 1: $22.50 Gross 3 mos $35.00 Office Park, 3 mos Yr(s) 2: $23.50 Gross Braintree Yr(s) 3: $24.50 Gross Yr(s) 4: $25.50 Gross Yr(s) 5: $26.50 Gross 7/15 9/15 WiPro 1900 Crown 9,352 7 yrs Yr(s) 1: $23.00 Gross 3 mos $35.00 Colony Drive, 3 mos Yr(s) 2: $23.75 Gross Quincy Yr(s) 3: $24.50 Gross Yr(s) 4: $25.25 Gross Yr(s) 5: $26.00 Gross Yr(s) 6: $26.75 Gross Yr(s) 7: $27.50 Gross Lease Comparables | Financial District

Date Start Free Signed Date N/R/E Tenant Building Floor SF Term Rent Schedule Rent TI

9/15 3/16 N Localytics 2-3 Center Plaza 3 54,940 7 yrs $44.00 w/$1.00 annual 2 mos $75.00 2 mos increases

12 mo. phased occupancy

7/15 10/15 E Income Research + 100 Federal Street 29 13,028 7 yrs Yrs 1-3: $60.00 None $65.00 Management 10 Yrs 4-7: $64.00 mos

6/15 3/17 N Houghton Mifflin 125 High Street 5-8 160,000 15 yrs $47.00 effective rent None $90.00

6/15 10/15 N State Street Corp. 100 Summer Street 7 37,384 8 yrs $47.00 w/$1.00 annual 5 mos $65.00 increases

6/15 9/15 R Rackemann, 160 Federal Street 13-15 75,263 7 yrs $46.00 w/$1.00 annual 6 mos $30.00 Sawyer & Brewster 8 mos increases

6/15 8/15 E Tokai 255 State Street 6 15,981 3 yrs Yrs 1-3: $52.50 None As-is Pharmaceuticals

5/15 9/16 R GID Investments 125 High Street 27, 28 47,006 5 yrs $62.50 w/ $1.00 annual 2 mos $15.00 increases

4/15 10/15 N Manion Gaynor 125 High Street 5 (p), 6 31,000 10 yrs $45.00 w/ $1.00 annual 5 mos $70.00 increases

4/15 9/15 N XL Caitlin 60 State Street 22 6,259 9 yrs $56.50 w/$1.00 annual 3 mos $55.00 8 mos increases Lease Comparables | Back Bay

Date Start Free Signed Date N/R/E Tenant Building Floor SF Term Rent Schedule Rent TI

9/15 11/16 R/E MacMillan 75 Arlington Street 7, 8 48,828 10 yrs $46.00 w/$1.00 annual None $60.00 Publishing increases

6/15 10/17 N SCS Financial 888 Boylston Street 10 26,000 12 yrs Yrs 1-3: $72.00 None $80.00 Yrs. 4-6: $73.00 Yrs. 7-9: $74.00 Yrs. 10-12: $75.00

5/15 9/15 N Silversmith Capital 177 Huntington 25 8,149 10 yrs Yrs 1-3: $66.00 4 mos $85.00 Avenue 4 mos Yr 4: $69.00 Yr 5: $70.00 Yr 6: $71.00 Yr 7: $72.00 Yr 8: $73.00 Yr 9: $74.00

4/15 8/15 N Kensington Capital 177 Huntington 21 8,149 10 yrs $58.00 w/ $1.00 annual 4 mos $70.00 Management Avenue 4 mos increases

4/15 5/15 R Goji (Consumers 31 Saint James 4 23,433 8 yrs $39.00 w/$1.00 annual None $15.00 United) Avenue 3 mos increases

2/15 1/16 R/E Cornerstone 699 Boylston Street 4-6 37,699 10 yrs Yr 1: $49.00 7 mos $65.00 on Research Yr 2: $50.00 existing 4th: 15,115 Yr 3: $53.00 premises (expansion) Yr 4: $54.00 5th: 14,850 Yr 5: $55.00 $70.00 on 6th: 7,704 Yr 6: $56.00 expansion Yr 7: $57.00 premises Yr 8: $58.00 Yrs 9-10: $59.00 Recent Activity | Cambridge Office Lease Comparables

Date Start Free Signed Date N/R/E Tenant Building SF Term Rent Schedule Rent TI 8/15 1/16 N IBM 75-125 Binney Street 176,000 10 yrs Yr(s) 1-10: $70.40 NNN w/ None $30.00 2.5% annual bumps

8/15 9/15 N ThinkingPhones (SL) 10 Fawcett Street 8,750 1 yr Mo(s) 1-18: $25.00 Gross None “As is” 6 mos

6/15 8/15 N NuoDB (SL) 215 First Street 15,077 2 yrs Mo(s) 1: Free 1 mo “As-is” 1 mo Mo(s) 2-6: $39.75 NNN Mo(s) 7-18: $40.75 NNN Mo(s) 19-25: $41.75 NNN

6/15 9/15 N GNS Healthcare 196-198 Broadway 10,132 5 yrs Yr(s) 1-5: $60.00 Gross w/ None $40.00 $1.00 annual bumps

5/15 6/15 N Clinical Ink 10 Canal Park 5,227 5 yrs Yr(s) 1-5: $57.00 Gross w/ None Turnkey $1.00 annual bumps est. at $80.00

4/15 10/15 N Philips 2 Canal Park 48,000 10 yrs Yr(s) 1-10: $61.50 Gross w/ None $60.00 $1.00 annual bumps

4/15 4/16 N Alnylam 101 Main Street 48,599 5 yrs Yr(s) 1-5: $72.00 Gross w/ None $45.00 Pharmaceuticals 2 mos $1.00 annual bumps

3/15 4/15 N Alnylam 101 Main Street 23,350 4 yrs Yr(s) 1-4: $74.00 Gross w/ None $12.00 Pharmaceuticals $1.00 annual bumps

3/15 7/15 NAkamai 50 Hampshire Street 67,054 None $30.00 Technologies 6th Floor: 10 yrs Yr(s) 1-10: $66.00 Gross w/ 33,525 $1.00 annual bumps

1/16 7th Floor: 9 yrs Yr(s) 1-10: $67.00 Gross w/ 33,592 6 mos $1.00 annual bumps Recent Activity | Cambridge Office Lease Comparables

Date Start Free Signed Date N/R/E Tenant Building SF Term Rent Schedule Rent TI 3/15 9/15 N Foundation Medicine 10 Canal Park 38,411 5 yrs Yr(s) 1: $54.00 Gross None $50.00 Yr(s) 2: $55.00 Gross Yr(s) 3: $56.00 Gross Yr(s) 4: $57.00 Gross Yr(s) 4: $58.00 Gross

3/15 1/16 N Reed Elsevier 50 Hampshire Street 33,588 10 yrs Yr(s) 1-10: $66.00 Gross w/ None $60.00 $1.00 annual bumps

2/15 4/15 N Sqrrl Data (SL) 125 CambridgePark 6,215 1 yr Mo(s) 1-15: $32.00 Gross None “As is” Drive 3 mos

2/15 2/15 N Sage Therapeutics 215 First Street 2,683 2 yrs Yr(s) 1-2+: $39.00 Gross 3 mos “As is” (SL) 7 mos

1/15 1/16 R MIT Tech Review One Main Street 13,827 5 yrs Yr(s) 1-5: $67.00 Gross w/ 3 mos $30.00 2 mos $1.00 annual bumps In lieu of add’l TI

1/15 11/15 R Bessemer Ventures 196-198 Broadway 4,602 5 yrs Yr(s) 1-5: $59.00 Gross w/ None “As is” $1.00 annual bumps

1/15 5/15 R/E Adharmonics 210 Broadway Expansion 5 yrs Yr(s) 1-5: $58.00 Gross w/ None $30.00 8,750 $1.00 annual bumps

10/18 Extension 1 yr Mo(s) 1-7: $61.00 Gross “As-is” 6,010 7 mos Mo(s) 8-19: $62.00 Gross