STATE OF THE MARKET REPORT 2021 | 2nd Quarter South

Office Market Report 2021 | 2nd Quarter

Market Conditions Tri-County Summary  Welcome to “Wall Street South”, many new to SFL - Unemployment Rate market tenants are fleeing or diversifying their footprint from the Northeast to the warm beaches 16.0% and favorable tax climate of . 14.0%  Leasing activity showed a strong uptick, with many 12.0% 10.0% tenants signing long term leases and reaffirming 8.0% confidence that tenants value working from an 6.0% office. 4.0%  Rental rates continue to increase slightly, highlighted 2.0% by the delivery of new office developments that are 0.0% commanding rent premiums. Broward County -Dade Palm Beach United States  Market conditions will continue to improve County County throughout the end of the year as the vaccine has 2020 Q2 2021 Q2 become more readily available and employees are beginning to return to the workplace. South Florida Absorption 2021 YTD

Highlights - Related Companies Purchased (100,000) CityPlace Tower for (200,000) $174,000,000 or $569/sf (300,000) Monarch Capital Purchased (400,000) Citigroup Center for Miami-Dade Broward Palm Beach $270,000,000 or $332/sf County County County Class A (383,862) (234,210) (7,598) South Florida has Class B (221,424) (129,194) (9,896) welcomed many new Net Absorption (605,286) (363,404) (17,494) companies due to its superior quality of life, strong international ties, Average Asking Rates and business-friendly tax structure. Class A Class B

South Florida - Under Construction $50.70 $46.84 (1.759,828 sf) $39.96 $35.12 Miami-Dade County 5% $30.02 (1,676,828 sf) $27.06 Broward County (0 sf) 95% Palm Beach County Miami-Dade County Broward County Palm Beach County (83,000 sf) Tower Commercial Real Estate / 1 Miami-Dade | Insights

2021 | 2nd Quarter

Miami | Historical Comparison Supply | Speculative Suburbs Y-O-Y Q2 2021 Q1 2021 Q2 2020 2850 Tigertail, a 180,000 SF office development by Related CHANGE Group, delivered this quarter at an impressive 100% leased Direct Vacancy % 17.3% 17.2% 12.4% -4.9% which demonstrates strong tenant demand for space in the submarket. Related Group will relocate Asking Rents (FS) $45.50 $44.71 $43.62 $1.88 from their office in Downtown Miami and occupy the top two floors of the project, other notable tenants include D1 YTD Absorption -605,286 -486,320 37,539 -642,825 Capital Partners, Knight Foundation, and Ratzan Law Group. Demand | New Neighbors 1 Southside Park, a mixed-use development encompassing Direct vacancy in the overall office market increased 10 bps 190,000 SF office by JDS Development Group, began over the span of a quarter and increased 490 bps year-over- foundation work this quarter. The massive mixed-use year to 17.3%. Cano Health, one of the country’s largest senior project will consist of 190,000 sf of office space, 1,175 health providers, has cemented its headquarters at Flagler apartments, 200-key Treehouse hotel by Barry Sternlicht’s Station by expanding from 29,834 sf to 115,358 sf. SG Group, 10,000 sf retail, 1,400 parking spaces, and a new fire station. The project is located in west in close Welcome to Miami. In the 2nd quarter Thoma Bravo, a Chicago proximity to and . based firm which invests primarily in software and technology companies, inked a 36,500 sf lease to occupy the top two floors Supply increased, absorption for the quarter was negative of 830 Brickell. D1 Capital Partners, the New York City based 118,966 sf with the Airport West submarket accounting for hedge fund, signed a 25,000-sf lease at 2850 Tigertail in 122,585 sf of the supply increase. Amadeus, a leading Coconut Grove. travel software company, is vacating its entire North American headquarters at One Park Square in Airport Bitcoin Bonanza. The Bitcoin 2021 conference was hosted in West, placing the entire 84,110 sf on the market for Miami this year at the Mana Convention Center. The sublease. conference kicked off with opening remarks from Miami Mayor Francis Suarez, a technology industry cheerleader who has been bullish about Bitcoin and its potential to attract innovative Rental Rates | Relative Discount businesses to Miami. Many business announcements were made, both Blockchain.com and Borderless Capital announcing Miami-Dade’s average gross asking rents were reported at they are moving their U.S. headquarters to Miami with plans to $45.50/sf, a $0.79 increase over the $44.71/sf reported at hire hundreds. The former American Airlines Arena in the end of the Q1 2021. Rental rates continue to increase downtown was also recently renamed the FTX Arena after the as new to market tenants seem less price sensitive San Francisco based cryptocurrency exchange. considering the relative discount from New York and other major markets. Wynwood ($62.69) and Airport West Under Construction - Submarket ($38.55), were the submarkets respectively reporting the highest and lowest Class A asking rents. SF % Pre-Leased

Premium Rent. We predict that rental rates will continue 600,000 80% to increase for the foreseeable future as Miami developers 500,000 60% will capitalize on the new to market trend and build 400,000 premium office product that’s suitable to the high 300,000 40% 200,000 standards of new to market tenants. New to market 20% tenants have shown to be less price sensitive as the rental 100,000 rates are still a relative discount to what they are 0 0% accustomed to in other markets. Brickell Coral Wynwood Aventura Miami (CBD) Gables Beach 19.1% 1.5M SF 34.33M SF $45.50/SF/FS Total Under Total Office Average Direct Vacancy Construction Inventory Asking Rate

Tower Commercial Real Estate / 2 Miami-Dade | Statistics

2021 | 2nd Quarter Existing YTD Under Direct Vacancy Total Q2 2021 2021 YTD Average Gross Class Inventory Completions Construction % Vacancy % Absorption Absorption Asking Rent Brickell A 5,519,681 0 552,301 13.8% 15.6% 9,561 (106,977) $63.00 B 953,538 0 0 24.6% 24.7% 1,017 (19,060) $36.31 Totals 6,473,219 0 552,301 15.4% 17.0% 10,578 (126,037) $59.07 Downtown Miami A 5,171,193 0 0 23.6% 25.2% (25,960) (52,485) $52.10 B 933,086 0 0 23.5% 23.8% 2,655 4,408 $34.25 Totals 6,104,279 0 0 23.5% 25.0% (23,305) (48,077) $49.37 Miami CBD 12,577,498 0 552,301 19.3% 20.9% (12,727) (174,114) $54.36 Airport West A 5,070,394 100,000 0 20.9% 26.4% (62,374) (235,519) $38.55 B 5,806,613 0 0 14.2% 15.4% (60,211) (194,189) $31.14 Totals 10,877,007 100,000 0 17.3% 20.5% (122,585) (429,708) $34.59 Aventura A 855,061 0 334,227 10.7% 11.2% 300 (4,204) $49.55 B 214,500 0 0 12.8% 14.7% 3,267 8,291 $45.01 Totals 1,069,561 0 334,227 11.1% 11.9% 3,567 4,087 $48.64 Coconut Grove A 523,493 180,000 0 7.7% 7.7% (5,108) 19,295 $59.22 B 647,581 0 0 9.8% 10.8% (2,356) (18,121) $44.23 Totals 1,171,074 180,000 0 8.8% 9.4% (7,464) 1,174 $50.93 Coral Gables A 4,496,581 0 163,741 15.6% 16.9% (5,985) (28,432) $44.45 B 1,654,316 0 0 10.9% 11.0% 10,031 (1,382) $38.09 Totals 6,150,897 0 163,741 14.3% 15.3% 4,046 (29,814) $42.74 Miami Beach A 666,750 0 144,430 11.7% 11.7% 1,593 9,475 $57.27 B 1,012,728 0 0 9.2% 9.4% 11,255 (3,191) $43.60 Totals 1,679,478 0 144,430 10.2% 10.3% 12,848 6,284 $49.03 Wynwood A 562,377 0 325,300 62.0% 62.0% 1,529 14,985 $62.69 B 238,119 0 0 0.0% 0.0% 1,820 1,820 $40.34 800,496 0 325,300 43.6% 43.6% 3,349 16,805 $56.04 Suburban Total 21,748,513 280,000 967,698 16.1% 18.1% (106,239) (431,172) $40.37 Miami-Dade Overall 34,326,011 280,000 1,519,999 17.3% 19.1% (118,966) (605,286) $45.50 Class A 22,865,530 280,000 1,519,999 18.8% 21.1% (86,444) (383,862) $50.70 Class B 11,460,481 0 0 14.4% 15.1% (32,522) (221,424) $35.12 Significant Investment Sales Citigroup Center One Biscayne Seller Seller 813,000 sf 691,980 sf CP Group Dow $270.0 M $225.0 M Chemical $332 psf $325 psf Buyer Monarch Buyer Downtown Miami Capital Downtown Miami CP Group & Significant Lease Transactions Rialto Capital

115,358 SF 49,379 SF 36,500 SF 25,000 SF Flagler Station River Landing 830 Brickell 2850 Tigertail Renewal / Expansion Relocation New to Market New to Market Airport West Airport West Brickell Coconut Grove Tower Commercial Real Estate / 3 Miami-Dade | In the Pipeline

nd

2021 | 2 QuarterDevelopment Highlights

830 Brickell – Brickell The Plaza (South Tower) – Coral Gables 552,301 SF Office | Delivers Q1 2023 163,741 SF Office | Delivers Q4 2021

Starwood Capital HQ – Miami Beach The Gateway – Wynwood/Design District 144,430 SF Office | Delivers Q3 2021 205,000 SF Office | Delivers Q3 2021

Strata – Wynwood 2850 Tigertail Ave – Coconut Grove 87,510 sf Office | Delivers Q3 2021 180,000 SF Office | Delivered Q2 2021

The Onyx Tower – Aventura Terminal Island – Miami Beach 334,227 SF Office | Delivers Q3 2021 140,000 SF Office | Proposed

Tower Commercial Real Estate / 4 Broward | Insights

2021 | 2nd Quarter

Supply | Flight to Quality Broward County | Historical Comparison Y-O-Y Q2 2021 Q1 2021 Q2 2020 1700 Plantation Pointe, a 145,000 SF office development CHANGE by Torburn Partners, delivered during the 2nd quarter of 2021. Sunshine Health, a subsidiary of publicly traded life Direct Vacancy % 15.4% 14.8% 10.2% -5.2% insurance conglomerate Centene, is fully leasing the entire Asking Rents (FS) $35.37 $35.24 $34.70 building. Sunshine Health is consolidating its South Florida $0.67 operations from at least two offices in Sunrise into this new YTD Absorption (363,404) (229,781) (104,342) (259,062) development. Midtown Capital purchased the building from Torburn Partners during the 2nd quarter for $78,000,000 or $534/sf. Demand | HQ Hunting Hines is proposing a 600,000 SF mixed use project that Direct vacancy in the overall office market increased 60 bps over would include apartments, offices, retail, restaurants in the span of a quarter and increased 520 bps year-over-year to FAT Village. FAT Village (Food.Arts.Technology.) is an 15.4%, indicating an uptick in smaller tenants vacating based on emerging market that has attracted many creative the work from home trend during the pandemic. SW Broward business, studios, and restaurants to the area. The office (9.2%) and NW Broward (24.8%), were the submarkets development will be their “T3” design concept and timber respectively reporting the lowest and highest direct vacancies. design appealing to the creative tenants in this up-and- While leasing activity improved during the quarter, a majority of coming neighborhood. which occurred in Class B assets. Online pet retailer Chewy is Broward felt a slight correction in the 2nd quarter with relocating their headquarters, which will house 500 new nearly 129,046 sf of negative absorption, highlighted by employees, to Plantation and will lease 221,597 sf at 7600 & the SW Broward submarket. Majority of the absorption for 7700 W Sunrise Blvd. NationsBenefits, the supplemental health the quarter can be attributed to Carnival Cruise marketing benefits company, signed an expansion for 53,000 sf at 1801 NW over 80,000 sf of their space for sublease in the Huntington 66th Avenue and will now occupy more than 95,000 sf in the Square development in Miramar. building. Software provider Chetu, now based in Plantation, paid $25 million for its new headquarters located at 1500 Concord Rental Rates | Steady Steady Terrace. In the Downtown FTL market The Main and the top tier Las Olas properties are seeing the highest level of new to market Broward’s average gross asking rents were reported at and in-market demand. With the overall Class A vacancy rate $35.37/sf, a $0.13 increase over the $35.24/sf reported at currently at 26%, it has become a tenant favorable market with the end of the Q1 2021. Rental rates averages saw little Landlord's offering very aggressive terms and even short-term change with owners keeping asking rents the same while deals in order to retain existing tenant and capture demand. the market adjusts. Downtown FTL ($49.95) and NW Rental Rates vs Total Vacancy % Broward ($30.81), were the submarkets respectively reporting the highest and lowest Class A asking rents. $40.00 20.0%

$30.00 15.0% Rental rates remain relatively flat across Broward County as supply has increased in recent quarters, highlighted by $20.00 10.0% sublease space which has shifted the paradigm from Landlord pricing power to the Tenant. Based on limited $10.00 5.0% new supply and continued corporate relocations to $0.00 0.0% Broward, the market is well positioned to capture demand 2Q17 2Q18 2Q19 2Q20 2Q21 and increased rates as recovery begins in the 2nd half of 2021. Average Asking Rate ($/sf) Vacancy (%)

17.6% 0 SF 21.7M SF $35.37/SF/FS Total Under Total Office Average Direct Vacancy Construction Inventory Asking Rate

Tower Commercial Real Estate / 5 Broward | Statistics

2021 | 2nd Quarter

Existing YTD Under Direct Vacancy Total Q2 2021 2021 YTD Average Gross Class Inventory Completions Construction % Vacancy % Absorption Absorption Asking Rent FT. Lauderdale A 4,724,293 0 0 23.4% 26.1% -2,766 -7,052 $49.95 B 355,780 0 0 7.8% 7.8% 4,467 5,582 $32.68 CBD Totals 5,080,073 0 0 22.3% 24.8% 1,701 -1,470 $48.74 Commercial Blvd A 455,684 0 0 17.2% 18.1% 2,166 -2,930 $32.92 B 353,372 0 0 27.5% 31.5% -73 -5,301 $23.37 Totals 809,056 0 0 21.7% 24.0% 2,093 -8,231 $28.75 Cypress Creek A 1,775,437 0 0 13.7% 14.7% 11,985 -6,954 $32.56 B 1,456,681 0 0 9.4% 9.8% -31,213 12,699 $24.80 Totals 3,232,118 0 0 11.8% 12.5% -19,228 5,745 $29.06 Hallandale A 27,744 0 0 23.5% 23.5% 1,557 1,557 $44.00 B 466,934 0 0 11.6% 11.6% 1,616 -11,950 $31.45 Totals 494,678 0 0 12.3% 12.3% 3,173 -10,393 $32.15 Hollywood A 507,144 0 0 13.8% 13.8% 2,415 -5,669 $35.39 B 692,084 0 0 17.8% 19.7% -3,750 -20,726 $30.75 Totals 1,199,228 0 0 16.1% 17.2% -1,335 -26,395 $32.71 NE Broward A 288,653 0 0 25.2% 31.9% 4,048 4,048 $31.42 B 1,330,032 0 0 8% 10.0% 2,843 -24,156 $25.91 Totals 1,618,685 0 0 11.4% 13.9% 6,891 -20,108 $26.89 NW Broward A 588,645 0 0 17.5% 18.8% -19,652 -14,304 $30.81 B 569,641 0 0 32.5% 33.8% -7,677 -114,649 $26.15 Totals 1,158,286 0 0 24.8% 26.1% -27,329 -128,953 $28.52 Plantation A 1,499,252 0 0 12.3% 13.2% -21,583 -35,572 $38.92 B 1,155,303 0 0 8.1% 9.6% 6,886 25,485 $26.13 Totals 2,654,555 0 0 10.5% 11.6% -14,697 -10,087 $33.35 Sawgrass A 1,781,504 0 0 17.6% 20.3% -12,028 -66,315 $34.67 B 987,143 0 0 9.4% 11.3% 0 -358 $28.66 Totals 2,768,647 0 0 14.6% 17.1% -12,028 -66,673 $32.52 SW Broward A 2,364,746 0 0 9.5% 15.4% -75,457 -101,019 $35.83 B 377,005 0 0 7.4% 7.4% 7,170 4,180 $25.80 2,741,751 0 0 9.2% 14.3% -68,287 -96,839 $34.45 Suburban Total 16,677,004 0 0 13.3% 15.4% -130,747 -361,934 $31.30 Broward Total 21,757,077 0 0 15.4% 17.6% -129,046 -363,404 $35.37 Class A 14,013,102 0 0 17.1% 19.8% -109,315 -234,210 $39.96 Class B 7,743,975 0 0 12.3% 13.5% -19,731 -129,194 $27.06 Significant Investment Sales 1700 Plantation Pointe Weston Corporate Center (Portfolio)

Seller Seller 145,983 sf 149,500 sf Torburn KBS $78.00 M $52.25 M Partners $534 psf $349 psf Buyer Midtown Buyer Plantation Capital Partners SW Broward Banyan Street Significant Lease Transactions Capital

221,597 SF 53,049 SF 25,000 SF 16,447 SF Plantation Pointe 1801 Building Hillsboro Center II 200 E Broward New Expansion New Renewal Plantation Plantation NE Broward Fort Lauderdale CBD Tower Commercial Real Estate / 6 Broward | In the Pipeline

2021 | 2nd Quarter Development Highlights

The Main Las Olas – Downtown Ft. Lauderdale 550 Building – Downtown Ft. Lauderdale 373,400 SF Office | Delivered 4Q 2020 100,316 SF Office | Delivered 1Q 2020

The Edison – SW Broward Spirit Airlines HQ – Dania Beach 165,400 SF Office | Delivered Q1 2020 500,000 SF Office | Delivers 2022

Metropica – Sunrise Hines - Downtown Ft. Lauderdale 125,000 SF Office | Proposed 250,000 SF Office | Proposed

1895 Griffin Road – Dania Beach 275,000 SF Office | Proposed

Tower Commercial Real Estate / 7 Palm Beach | Insights

2021 | 2nd Quarter

Supply | Live, Work, Play Palm Beach County | Historical Comparison Y-O-Y Q2 2021 Q1 2021 Q2 2020 Palm Beach county only has 83,000 sf of office space CHANGE under construction as of the 2nd quarter, we predict Direct Vacancy % 12.8% 13.8% 12.2% 0.6% vacancy rates to continue to decrease with the lack of new supply. Asking Rents (FS) $40.17 $38.95 $37.83 $2.34 Related Companies’ 360 Rosemary, a 300,000 YTD Absorption (17,494) (19,315) 41,194 (58,688) square-foot Class A office development, delivered nd during the 2 quarter at an outstanding 95% leased. Wall Street South Notable tenants include NewDay USA, Benefit Street Demand | Partners, Point72, Benefit Street Partners, Direct vacancy in the overall office market decreased Susquehanna, Comvest Partners, Norwest Equity 100 bps over the span of a quarter and increased 60 bps Partners, and Lewis Longman Walker. year-over-year to 12.8%, indicating some recovery from the COVID-19 pandemic. Leasing activity showed strong Related Companies’ One Flagler, a 270,000 square- progress, although it may take a while for some of these foot state-of-the-art Class A office designed by David deals to get inked. Absorption for the quarter clocked in Childs, is set to break ground in the later half of this slightly positive at 1,680 sf, which demonstrated year. The 25-story building will extend the Flagler stability and signs of recovery after the downturn waterfront with greenspace and a signature caused by the pandemic. restaurant. The building will be designed with unobstructed views, a full building back-up generator Chromalloy, an integrated solutions provider, inked a and some floors will offer private terraces. 22,224-sf lease at Fairway Office Center. NFP, the New York-based leading insurance broker, leased 15,010-sf at DiVosta Towers. Palm Beach has drawn media Rental Rates | Up Up & Away attention calling it Wall Street South, we have seen Average gross rental rates rose in Palm Beach County strong new to market activity from the Northeast and by 6.19% year-over-year to $40.17/sf in the 2nd elsewhere and expect it to accelerate throughout 2021. quarter of 2021. Class A rental rates reached $46.84/sf market-wide. Palm Beach Island ($69.10) Rental Rates vs Total Vacancy and the Suburbs ($32.65), were the submarkets $45.00 20.0% respectively reporting the highest and lowest Class A $40.00 asking rents. 15.0% $35.00 The most notable rental rate increased occurred in 10.0% West Palm Beach CBD Class A Assets with rates $30.00 increasing by 13.13% year-over-year to $66.17 in the 5.0% 2nd quarter. This can be attributed to strong new to $25.00

market demand and limited supply , also factoring in $20.00 0.0% the relative discount and savings that companies 2Q17 2Q18 2Q19 2Q20 2Q21 relocating from the Northeast receive. Average Asking Rate ($/sf) Vacancy (%)

14.2% 83,000 SF 20.5M SF $40.17/SF/FS Total Under Total Office Average Direct Vacancy Construction Inventory Asking Rate

Tower Commercial Real Estate / 8 Palm Beach | Statistics

2021 | 2nd Quarter Existing YTD Under Direct Vacancy Total Q2 2021 2021 YTD Average Gross Class Inventory Completions Construction % Vacancy % Absorption Absorption Asking Rent West Palm Beach CBD A 2,513,378 300,000 0 10.7% 12.0% 3,876 7,892 $66.17 B 742,716 0 0 21.9% 23.9% -3,735 -4,071 $36.79 CBD Totals 3,256,094 300,000 0 13.3% 14.7% 141 3,821 $59.47 Boca Raton North A 2,410,622 0 0 15.3% 17.4% -2,861 -4,985 $36.93 B 1,792,772 0 0 13.2% 16.4% -4,761 39,762 $30.26 Totals 4,203,394 0 0 14.4% 17.0% -7,622 34,777 $34.09 Boca Raton East A 1,726,418 0 0 13.0% 13.7% 3,766 3,964 $39.37 B 621,882 0 0 11.2% 11.2% 7,183 5,182 $31.82 Totals 2,348,300 0 0 12.5% 13.1% 10,949 9,146 $37.37 Boca Raton West A 2,151,057 0 0 13.3% 14.2% -7,721 -1,764 $47.33 B 777,086 0 0 7.0% 7.6% 4,503 9,775 $35.56 Totals 2,928,143 0 0 11.6% 12.5% -3,218 8,011 $44.21 Boca Raton Totals 9,479,837 0 0 13.1% 14.6% 109 51,934 $38.03 Boynton A 0 0 0 0.0% 0.0% 0 0 $0.00 B 580,363 0 0 12.0% 12.0% 11,580 9,538 $26.87 Totals 580,363 0 0 12.0% 12.0% 11,580 9,538 $26.87 Delray Beach A 96,233 0 83,000 1.2% 1.2% 24,388 24,388 $57.56 B 1,236,368 0 0 5.3% 8.4% -36,308 -36,146 $29.34 Totals 1,332,601 0 83,000 5.0% 7.9% -11,920 -11,758 $31.38 Jupiter A 157,586 0 0 8.5% 8.5% -2,500 -6,624 $37.89 B 394,852 0 0 5.9% 5.9% -2,663 4,188 $27.91 Totals 552,438 0 0 6.7% 6.7% -5,163 -2,436 $30.76 North Palm Beach A 1,280,567 0 0 16.0% 17.3% 3,066 -5,003 $44.17 B 1,005,776 0 0 13.2% 13.2% -325 -8,787 $29.41 Totals 2,286,343 0 0 14.7% 15.5% 2,741 -13,790 $37.68 Palm Beach A 195,014 0 0 7.0% 11.8% -582 396 $69.10 B 420,793 0 0 15.5% 15.5% 4,234 -16,371 $60.55 Totals 615,807 0 0 12.8% 14.3% 3,652 -15,975 $63.26 WPB Suburban A 942,610 0 0 17.1% 18.5% 10,950 -25,862 $32.65 B 1,518,872 0 0 14.3% 15.1% -10,269 -12,966 $27.39 2,461,482 0 0 15.4% 16.4% 681 -38,828 $29.40 Suburban Total 17,308,871 0 83,000 12.7% 14.1% 1,680 -21,315 $36.53 Palm Beach Overall 20,564,965 300,000 83,000 12.8% 14.2% 1,821 -17,494 $40.17 Class A 11,473,485 300,000 83,000 13.4% 14.8% 32,382 -7,598 $46.84 Class B 9,091,480 0 0 12.0% 13.5% -30,561 -9,896 $30.02 Significant Investment Sales CityPlace Tower One Clearlake Centre

Seller Seller 306,007 sf 221,079 sf W.R. Berkley Velocis $174.00 M $60.70 M Corporation $569 psf $274 psf Buyer Related Buyer West Palm Beach CBD Companies West Palm Beach CBD Tricera Capital Significant Lease Transactions

22,224 SF 16,795 SF 15,010 SF 10,675 SF Fairway Office Center Phillips Point West Divosta Towers 360 Rosemary New New to Market New to Market New to Market North Palm Beach West Palm Beach CBD North Palm Beach West Palm Beach CBD Tower Commercial Real Estate / 9 Palm Beach | In the Pipeline

nd 20202021 | 2nd Quarter Development Highlights

360 Rosemary – West Palm Beach CBD One Flagler – West Palm Beach CBD 300,000 SF Office | Delivered 2Q 2021 270,000 SF Office | Proposed

4th & 5th Delray – Delray Beach Divosta Towers – North Palm Beach 4 Stories; 41,900 SF Office | Delivered 2Q 2019 2 Towers; 223,943 SF of Office | Delivered 3Q 2020

One West Palm – West Palm Beach Atlantic Crossing Phase – Delray Beach 200,000 SF Office | Project on Hold 83,000 SF Office | Delivers Q3 2021

The Offices at the District – Palm Beach Gardens The Press – West Palm Beach 121,000 SF Office | Proposed 140,000 SF Office | Delivered Q2 2021

Tower Commercial Real Estate / 10 Contact Information Offices

JON BLUNK LAUREL OSWALD Miami President Executive Director 1 SE 3rd Avenue, Suite 1010 305-400-9887 305-867-3625 Miami, FL, 33131 [email protected] [email protected] 305-400-0760

CRISTINA GLARIA CONNIE D. THOMAS, CCIM Fort Lauderdale Senior Vice President Senior Managing Director 100 SE 3rd Avenue, Suite 1605 305-867-3626 561-288-9251 Ft. Lauderdale, FL, 33394 [email protected] [email protected] 954-628-5355

R. MICHAEL ERICKSON Boca Raton JOODY ANDRE 2225 Glades Road, Suite 124A Senior Managing Director Marketing Director Boca Raton, FL 33431 561-288-9254 305-749-9312 561-572-9887 [email protected] [email protected]

Boca Raton SCOTT ALLEN HARRISON MISCHEL 5200 Town center Circle, Suite 105 Senior Managing Director Director Boca Raton, FL 33486 954-613-1533 305-935-4374 561-572-9887 [email protected] [email protected]

West Palm Beach MIKE MOORE 222 Lakeview Ave, Suite 950 Business Development Director West Palm Beach, FL 33401 954-613-1544 561-572-9887 [email protected]

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