CONFIDENTIAL OFFERING MEMORANDUM

INVESTMENT OPPORTUNITY 57, 63 & 65 STILLWATER AVENUE STAMFORD / CT 57, 63 & 65 STILLWATER AVENUE CONTENTS STAMFORD / CT

INVESTMENT SUMMARY 3

PROPERTY OVERVIEW 4 PROPERTY SITE PLAN 5 ZONING INFORMATION 6 LOCATION OVERVIEW 9

CONTENT 2 INVESTMENT 57, 63 & 65 STILLWATER AVENUE SUMMARY STAMFORD / CT

SUMMARY RHYS has been retained as the exclusive broker to sell three contiguous properties located at 57, 63 & 65 Stillwater Avenue in Stamford, CT. The properties are a combined 20,001 +/- square feet of retail, storage and residential on .58 +/- acres. The property is well positioned for a multitude of uses including, residential redevelopment, owner/user, or a value-add investment vehicle.

The 6 residential units are 100% occupied with rents substantially below market. The commercial buildings are roughly 30% occupied by a single tenant.

Located within walking distance to the new 750,000 sf + Stamford Hospital, the heart of , University of Connecticut’s Stamford campus and the Mill River Park, the property is attractive to a variety of tenants. INVESTMENT HIGHLIGHTS The property is located in the Village Commercial (V-C) zone, which allows for an FAR of 1.5, || Walking distance to a vast number of amenities including Stamford’s bustling downtown, a maximum building coverage of 50% and a minimum average unit size of 500 square feet. the recently expanded Stamford Hospital, Mill River Park, and UCONN Stamford’s Please see zoning information on page 6 for further details. expanding campus.

THE CITY || Unique opportunity to capture appreciation through the gentrification of the area Stamford, Connecticut is a 24/7 live, work, play city with over 20,000 apartment/ surrounding Stamford Hospital and Mill River Park condo units, over 100 restaurants, two on Broadway theaters and the newly formed Mill River Park. The city has experienced unparalleled growth in the last decade, which || Capitalizing on a strong and growing demand for workforce rental housing. is continuing with over 3,000 more residential units either under construction or in the || Cash flowing asset providing an investor with income through the approval process. planning stages.

THE OPPORTUNITY The property represents a unique opportunity for a purchaser to acquire a cash-flowing redevelopment site, an income producing property at a competitive price per square FOR MORE INFORMATION, PLEASE CONTACT: foot, or an opportunity to reposition the existing commercial space and increase in-place rents. Alex Haendler Greg Romano Director Senior Vice President ASKING PRICE 203.653.1744 203.653.1757 The Property is being offered for sale at $2,200,000. [email protected] [email protected]

INVESTMENT SUMMARY 3 57, 63 & 65 STILLWATER AVENUE BUILDING OVERVIEW STAMFORD / CT

57 STILLWATER AVENUE 63 STILLWATER AVENUE 65 STILLWATER AVENUE TOTAL TYPE: 6-UNIT MULTIFAMILY OFFICE/WAREHOUSE RETAIL Lot Size: 0.578 Acres Lot Size: .09 Acres Lot Size: .28 Acres Lot Size: .21 Acres Building Size: 20,001 Building Size: 3,612 sf Building Size: 13,344± sf Building Size: 3,045 sf Annual Rent: $105,144 Annual Rent: $43,500 Annual Rent: $61,644 Annual Rent: $0 Annual Expenses: $78,000 Expenses: $20,000 Expenses: $33,000 Expenses: $25,000 NOI: $27,000 MTM – no leases Lease with church expires April 2018 with a 3 year renewal option (approx. 6,000 sf)

TENANT OVERVIEW 4 57, 63 & 65 STILLWATER AVENUE PROPERTY SITE PLAN STAMFORD / CT

SITE PLAN 5 57, 63 & 65 STILLWATER AVENUE ZONING INFORMATION STAMFORD / CT

11. V-C VILLAGE COMMERCIAL DISTRICT (208-40) 11.1 PURPOSE.

The Village Commercial District (VC District) is adopted pursuant to Section 8-2 and b. In addition to paragraph (a) above, the following uses may be allowed in the Stillwater 8-2j of the Connecticut General Statutes, as amended, and is intended to implement the Avenue neighborhood by special exception only: policies, goals and urban design principles articulated in the Master Plan of the City of Apartment Building for the Elderly; Café including Entertainment & Liquors; Clinic, Stamford, calling for preservation and development of a sustainable, transit oriented and Community Health Center; Colleges & Universities; Garages, Community; Hotel, Inn; pedestrian friendly “Main Street” character for the neighborhood centers of Stillwater, Nursing Home; Surgery Center/Out Patient; Food Catering; Gymnasium or Physical Culture and , including the development of new structures and uses with Establishment; Laboratories, research; and Restaurant including Entertainment & Liquors. appropriate architectural designs and the conservation and enhancement of the character of existing buildings, sites, streetscapes and pedestrian environments. These regulations “Pawn Shop, Second-Hand Store, Auction Store” shall not be allowed. (210-30) serve to encourage development that reflects and/or retains valuable elements of the City’s 11.3 DEVELOPMENT STANDARDS. cultural, social, economic, political and architectural history and the promotion of a vibrant commercial environment providing a broad array of amenities, services, and resources 4 - 13 essential to the neighborhood and community shopping needs of the City of Stamford, with The following standards shall apply to the development of property within the VC District: design controls to insure a compatible relationship to adjacent residential neighborhoods, and assurance that infrastructure impacts will be mitigated. This is accomplished by the Required step-back above 3rd story or at 35’, whichever is less establishment of design and use standards that apply to new and existing architectural Fig. 11.1: Required step-back facades, sites and buildings, and review procedures which serve to preserve, restore and a. Minimum Lot Size: enhance these resources, improve property values, promote and support a vibrant business b. Minimum Frontage: and residential environment, and enhance the architectural character and amenity of these c. Minimum Yards: areas as the retailing, business, civic and cultural centers of the City’s neighborhoods. (210- 30) not less than twelve (12) feet from the established curb line; Rear – 20 feet; Side – None required, but if provided must be at least four (4) feet (215-09) 11.2 AUTHORIZED USES. d. Maximum Building Height: 4 stories and 45 feet, subject to an additional twelve (12) foot a. In the VC District, a lot or building may be altered, arranged, designed, erected or used for step-back of the building facade, facing the street, above the third story or at a height of 35 any use permitted within the C-N Neighborhood Commercial District, including C-N special feet, whichever is less. For all applications filed after July 1, 2015, the twelve (12) foot step- exception uses, but specifically excluding Dwelling – Single Family; Dwelling – Two Family; back is measured from the plane of the building facade below. (see figure 11.1) (210-30; Boarding House, Rooming House; Auto Service Station; Laundry, Cleaning & Dyeing Agency; 215-09) Pawn Shop, Second-Hand Store, Auction Store; and Restaurant, Drive-In. In addition, “Community Center”, “Theatre” and “Ice Skating Rink, Indoor” shall be permitted uses, and e. Stillwater Avenue Neighborhood Large Lot Development: On lots with an area of one (1) "Café, excluding entertainment" shall be a use permitted by special exception provided that acre or greater, located north of Stillwater Avenue, east of Stillwater Place and west of Spruce the provisions of Section 14 of these Regulations shall not apply to any “Café excluding Street, where the Zoning Board, in its sole discretion, deems appropriate, the following entertainment” or “Restaurant excluding entertainment” within the VC District. Special standards may be allowed: exception uses shall be subject to determination and approval by the Zoning Board. (210-30) Continued... (216-04) SPECIFICATIONS 6 57, 63 & 65 STILLWATER AVENUE ZONING INFORMATION STAMFORD / CT

11.3 DEVELOPMENT STANDARDS. CONTINUED

Parking structures below grade or fully enclosed behind active uses or with roof or upper k. Parking, Loading and Vehicle Access: The amount, location and dimensions of parking and deck not more than twenty-five feet above average grade and suitably enclosed and/or loading and dimensions of driveways shall comply with the standards of Section 12 of these landscaped and screened from pedestrian views to the satisfaction of the Board, may be Regulations, as modified by the following special standards applicable to development within excluded from the calculations of building coverage and floor area. (210-30) the VC District. f. Minimum Building Height: Fourteen (14) feet to the top of the front wall (1) Parking for residential dwelling units shall be provided at the following minimum rates: one (1.0) space for every studio unit, one and one-quarter (1.25) spaces for every one- g. Maximum Building Coverage: 50% Parking structures with roof or upper deck not more bedroom unit, one and one-half (1.5) spaces for every two-bedroom unit, and one and two- than five (5) feet above average finished grade, measured at the perimeter of the parking thirds (1 2/3) spaces for every three-bedroom unit. structure, suitably enclosed and/or landscaped to the satisfaction of the Board, may be excluded from the calculation of building coverage. (2) Parking for retail and/or personal service establishments shall be provided at the minimum rate of three (3.0) spaces for each one thousand (1,000) square feet of gross floor area, h. Floor Area Ratio: Building floor area shall not exceed a ratio of 1.50, defined as the total provided that there shall be no parking requirement for the initial 3,500 square feet of retail gross floor area of all uses including dwelling unit area contained within buildings, divided business floor area for each parcel. by the area of the lot, but excluding from such calculation portions of a building housing mechanical equipment and the gross floor area of parking structures below-grade or fully (3) Parking for non-residential uses may be reduced by one (1.0) space for every twenty-five enclosed within the building behind solid facades, or with roof or upper-deck not more than (25) feet of lot frontage on a public street right-of-way having a width of not less than fifty five (5) feet above average finished grade measured at (50) feet. the perimeter of the parking structure, suitably enclosed and/or landscaped to the (4) Parking spaces shall be provided at a point not more than 500 feet distant in a direct line satisfaction of the Board. Basement space dedicated exclusively to ground floor commercial from the nearest part of any commercial use served, and at a point not more than 1,000 feet uses, not to exceed a Floor Area Ratio of .1 or the floor area of the ground floor commercial distant in a direct line from the nearest part of any residential use served. use, whichever is less, may also be excluded from the maximum Floor Area Ratio calculation. Continued... (215-26)

Residential Density: Residential density shall be determined by the maximum floor area permitted, provided that the average floor area of dwelling units shall be not less than five hundred (500) square feet. j. Below Market Rate Housing: Proposed development establishing ten (10) or more dwelling units shall provide not less than ten percent (10%) of the total number of dwelling units as Below Market Rate (BMR) units, affordable to households earning not more than fifty percent (50%) of the Stamford SMSA Median income, in accordance with the standards, definitions and procedures contained within Article III, Section 7.4 of these Regulations; provided however, that BMR units provided on-site shall be comparable in average size to the average size of market rate units. SPECIFICATIONS 7 57, 63 & 65 STILLWATER AVENUE ZONING INFORMATION STAMFORD / CT

11.3 DEVELOPMENT STANDARDS. CONTINUED

(5) Shared Parking: The shared use of parking may be permitted, subject to Special Exception approval by the Zoning Board, where a finding is made by the Zoning Board that individual uses such as residential, office, and retail will experience peak parking demand at different times. In such cases, the Zoning Board may authorize a reduction in parking by recognizing the opportunity to share common parking spaces, including off-street public parking facilities, in accordance with the general methodology entitled "Shared Parking", published by the Urban Land Institute in 1983, as amended and updated. Shared parking may be considered for multiple uses on individual parcels as well between two or more parcels, subject to Zoning Board approval of a suitable parking management plan and legal agreement, recorded on the land records, assuring the continued availability of the shared parking spaces on the affected properties for the life of the proposed development or use.

(6) When the total amount of parking required by these Regulations is in excess of ten (10) spaces, the access driveways or roadways provided for access to a required off- street parking area shall be not less than eighteen feet (18') and not more than twenty feet (20’) in width between curbs for two-way operation and not less than ten feet (10') and not more than twelve feet (12’) in width for one-way operation, provided further that in no case shall parking be permitted within the required minimum width of any such driveway. Access to parking areas serving ten (10) or fewer spaces shall be not less than ten feet (10') and not more than twelve feet (12’) in width for either one-way or two-way operation.

(7) The standards of Sections 12-B and 12-C of these Regulations shall not apply. (215-09)

(8) Where fifty (50) or more parking spaces are provided, the Zoning Board, by issuance of a special exception, may permit tandem parking, provided tandem spaces shall not exceed twenty percent (20%) of the required parking. (215-09)

SPECIFICATIONS 8

LOCATION OVERVIEW STAMFORD, CT

9 57, 63 & 65 STILLWATER AVENUE THE LOCATION 600 SUMMER STREET STAMFORD/ STAMFORD / CT

STAMFORD CONNECTICUT Stamford is located in the coastal Southwestern portion of Fairfield County, Stamford has a vibrant downtown area with restaurants, retail shopping and a variety Connecticut. It is just 33 miles from New York City and is the main branch of the of entertainment. The central business district contains over 1.7 million square-feet of New Haven Line on the Metro-North Railroad. The 2010 Census recorded Stamford’s retail space, 4 major hotels and thousands of residential units. There are more than 80 population as 122,643, but as of 2016, the population had risen to 129,113 making it the restaurants and clubs, hundreds of stores and services, movie and live theaters, galleries third largest city in the state and seventh largest in New England. and special events year-round, attracting thousands of people into Stamford regularly.

Stamford is vibrant, culturally diverse, rich in history and is known for its thriving The Stamford Downtown Special Services District (DSSD) is responsible for creating, economy, major transportation center and booming downtown district. Stamford is managing and promoting a quality environment for people and has a mission to also home to four Fortune 500 Companies, nine Fortune 1000 Companies, and thirteen enhance the economic vitality of Stamford Downtown. The DSSD’s 2016 Demographic Courant 100 Companies, as well as numerous divisions of large corporations. Survey indicates that 38% of downtown residents are between the ages of 25-44 with a median income of $108,000, which adds significant buying power to the downtown Accessibility is a key contributing factor for companies looking to relocate to Stamford. economy. The growth of the residential sector has transformed the atmosphere and With over 55,000 commuters accessing Metro-North and Amtrak lines daily, the the economy of downtown, creating an active day and nighttime community. Today, Stamford Transportation Center is a major transportation hub and the busiest train 7,080 residential units (more than 10,000 people) exist downtown compared to 3,250 station between New York City and Boston. Stamford is also located within 30-60 residences in 1992. minutes of four major airports including LaGuardia, John F. Kennedy, Newark, and Westchester, and is easily accessible from both Interstate 95 (Exits 6-9) and the Merritt The Central Business District of Stamford is an economically thriving area with major Parkway (Exits 33-35). establishments including The Stamford Town Center Mall and the 772,000-square foot University of Connecticut Stamford campus. The Stamford Town Center Mall is located The city provides a wide-range of public transportation options including CTtransit in the heart of downtown and is the eighth-largest shopping mall in Connecticut with local and regional buses which link neighborhoods with urban centers and provide over 100 retailers. Additionally, the Harbor Point development in the South End of connections within and between communities, and the Greyhound and Peter Pan Stamford is one of the largest private-sector development projects in the United States, intercity buses. Stamford has an additional rapidly growing network of private shuttle attracting retailers, hedge funds and thousands of new employees. With more than bus connections to employment and residential complexes. The Harbor Point Trolley is 217,000 jobs in Stamford, the city maintains the largest labor force in Connecticut, a free form of transportation that connects Stamford Downtown and Harbor Point and and boasts unemployment levels that are consistently lower than the state and runs every day in a 14-stop, 30-minute clockwise loop. For those with personal vehicles, federal unemployment rates. According to the Connecticut Department of Labor, the there are more than 9,500 parking spaces in 15 locations around the downtown area, unemployment rate in Stamford is currently 3.8% with a labor force of 71,142 people. making it convenient to work, shop and dine.

10 57, 63 & 65 STILLWATER AVENUE LOCATION MAP STAMFORD / CT

UCONN STAMFORD CAMPUS

STAMFORD HOSPITAL

MILL RIVER TOWNE PARK CENTER MALL

57, 63 & 65 STILLWATER AVENUE

STAMFORD TRANSPORTATION TRAVEL TIME CENTER Transportation Center 0.7 miles / 4 min I-95 S at Exit 7 0.5 miles / 3 min 11 Merritt Parkway 4.2 miles / 10 min 57, 63 & 65 STILLWATER AVENUE A CITY ON THE RISE STAMFORD / CT

The rapid and consistent growth that the City of Stamford has witnessed in recent years is due, in part, to the arrival of a young, prosperous, and well-educated labor force seeking a plethora of new jobs, a vibrant lifestyle, and transit-oriented convenience to Manhattan. The relocation of multiple high-quality companies (of diverse industries) to Stamford further solidifies the city’s status as one of the most desirable business hubs in the Northeast.

KEY DEMOGRAPHIC HIGHLIGHTS

129,113 $127,754 3.8%

Stamford's population has grown by 5.3% The city's average household income Stamford's unemployment rate has since 2010, making it the third largest city has increased by 11.6% since 2010 and is been cut by almost half since 2010 in Connecticut and the seventh largest in well above state and national averages. (7.2%) and is significantly lower than in New England. any of Connecticut's other major cities.

12 CORPORATE CLIMATE 600 SUMMER STREET / STAMFORD CT

LANDMARK SQUARE

GOVERNMENT CENTER

STAMFORD TRANSPORTATION CENTER

FUTURE HOME OF 57, 63 & 65 STILLWATER AVENUE RECENT NOTABLE STAMFORD / CT CORPORATE ADDITIONS

Telecommunications Consumer Products Financial Services Professional Services 500,000+/- SF 155,000+/- SF 137,953+/- SF 118,000+/- SF 406 Washington Boulevard 200 Elm Street 2200 Atlantic Street 200 Elm Street

Apparel/Retail Entertainment Management Healthcare Insurance 91,000+/- SF 61,578+/- SF 61,000+/- SF 49,674+/- SF 181 Harbor Drive 290 Harbor Drive 260 Long Ridge Road 200 First Stamford Place

Food and Beverage Financial Services Biosciences Professional Services 43,500+/- SF 36,782+/- SF 29,464+/- SF 29,000+/- SF 201 Tresser Boulevard 400 Atlantic Street 333 Ludlow Street 200 Elm Street

14 57, 63 & 65 STILLWATER AVENUE AN EXPANDING LANDSCAPE STAMFORD / CT SIGNIFICANT NEW DEVELOPMENTS & CONSTRUCTION

CHARTER COMMUNICATIONS URBY STAMFORD UCONN STAMFORD DORMS

Charter Communications is relocating its corporate Known as the “hole in the ground” by Stamford residents UConn Stamford’s first residence hall was completed headquarters from 400 Atlantic Street in Downtown for decades, this 4.3-acre pit is being redeveloped into in August 2017 with a total of six stories and 116 units. Stamford to a new 500,000-square-foot facility built an 11-building, 648-unit housing development known as The student dormitory currently houses 260 full-time by Building and Land Technology at 406 Washington “Urby Stamford.” The project will be built in two phases. students, most of which are in their first year at the Boulevard. In exchange for incentives, Charter The first phase will complete a majority of the project by university. The residence hall has peaked student interest Communications has committed to add more than constructing 464 units. The remaining 184 units will be and enrollment for the fall semester has increased from 1,000 jobs in Connecticut and invest $100 million in the built in phase two, and all 11 structures will be attached. 2,100 to 2,300 students. Additionally, there was a 500 state over the next seven years. A 2,800-square-foot café is also planned for the site in percent increase among incoming students who listed addition to other amenities. the Stamford campus as their first choice. The size of the incoming class has also grown to 550 students compared to 370 in the previous year.

15 57, 63 & 65 STILLWATER AVENUE AN EXPANDING LANDSCAPE STAMFORD / CT SIGNIFICANT NEW DEVELOPMENTS & CONSTRUCTION

STAMFORD HOSPITAL HARBOR POINT MILL RIVER PARK

Completed in September of 2016, the redevelopment One of the largest active redevelopment projects Thanks largely to millions of dollars in donations of Stamford Hospital includes innovative technological in the country, the $3.5 billion Harbor Point project and the efforts of the City of Stamford and the Mill advances, new all-private patient rooms, an expanded has transformed Stamford’s South End peninsula River Collaborative, Mill River Park has recently been Emergency Department, as well as an Intensive Care into Connecticut’s most dynamic neighborhood of transformed into a 28-acre, world-class urban park Unit. The hospital is now a centralized location for luxury residences and Class A office and retail space. that meets the recreational and civic needs of a diverse its Heart and Vascular Institute, which is the only Encompassing over 100 acres along Stamford’s downtown population. The park now provides areas for cardiovascular health program in Lower Fairfield County. waterfront, Harbor Point has become a true “Live, Work & active and passive recreation in a serene downtown setting, Play” community, located just minutes from the Stamford including the recently completed Brownstein/Selkowitz Train Station. There are over 2,360 existing apartments Pavilion that houses the Nissen Carousel. Ground was in nine unique residential buildings, which will ultimately recently broken on the Steven & Alexandra Cohen Skating grow to over 4,000 units. Paired with 1,000,000 square Center and Fountain, which will offer residents an outdoor feet of commercial space and 20 acres of public parks, skating venue during the winter months and an interactive Harbor Point is the gold standard for mixed-use, transit fountain from the spring through fall, providing year-round oriented developments. entertainment for all ages.

16 57, 63 & 65 STILLWATER AVENUE RESIDENTIAL DEVELOPMENTS STAMFORD / CT

An increased desire to live in Downtown Stamford has resulted in the construction of many DEVELOPMENTS COMPLETED IN THE LAST TEN YEARS new residential buildings. In the next three years, more than 3,000 units are planned to be 27 MULTIFAMILY DEVELOPMENTS TOTALING 4,753 UNITS COMPLETED IN LAST TEN YEARS developed. The following pages showcase the various residential developments and hotels within close proximity to the subject property, including developments completed in the # DEVELOPMENT # UNITS last ten years and those that are currently under construction or proposed. 1 Parallel 41 124 DEVELOPMENTS CURRENTLY UNDER CONSTRUCTION OR PROPOSED 2 The Moderne 62 12 DEVELOPMENTS TOTALING 3,217 UNITS CURRENTLY UNDER CONSTRUCTION OR PROPOSED 3 Summer Place 48

4 The BLVD 94 # DEVELOPMENT # UNITS 5 Stamford 170 1 The Residence at Summer Street 104 6 The Verano 58 2 9-43 West Main 110 7 Element One 175 3 Vela on the Park 209 8 The Summer House 226 4 Marriott Residence Inn 131 9 66 Summer Street 209 5 245 Atlantic 212 10 UConn Stamford Dorms 116 6 Atlantic Station Phase I 325 11 75 Tresser 344 7 Atlantic Station Phase II 325 12 Bedford Hall 82 8 URBY Stamford 648 13 Highgrove 93 N.P. 1000 Commons Park North 392 14 Glenview House 146 N.P. Davenport Landing 218 15 Eastside Commons 108 N.P. Stamford Landing 108 16 Metro Green Terrace 131 N.P. P4/P5 435 17 Metro Green Residences 100

HOTELS IN THE AREA N.P. The Key at Yale and Towne 107

# HOTEL # ROOMS N.P. 111 Harbor Point 228

1 Hampton Inn & Suites Stamford 99 N.P. Baypointe 109

2 Stamford Suites Hotel 45 N.P. Beacon Harbor Point 239

3 Courtyard by Marriott Stamford Downtown 115 N.P. 101 Park Place 336

4 Hotel Zero Degrees 97 N.P. Infinity Harbor Point 242

5 Sheraton Stamford Downtown 375 N.P. Postmark Apartments 400

6 Stamford Marriott Hotel & Spa 500 N.P. The Vault Apartments 252

N.P. Stamford Crowne & Conference Center 448 N.P. 121 Towne Apartments 32917 N.P. Hilton Stamford Hotel and Executive Meeting Center 484 N.P. The Lofts at Yale and Towne 225 CONFIDENTIAL OFFERING MEMORANDUM

The information contained in this Offering Memorandum is confidential, furnished solely for the purpose In this Offering Memorandum, certain documents and other materials are described in summary of review by a prospective purchaser of certain information relating to the property mentioned herein form. The summaries do not purport to be complete, nor necessarily accurate descriptions of the full (the “Property”), and is not to be used for any other purpose or made available to any other person agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are without the prior written consent of RHYS. expected to independently review all documents and consult with their own advisors.

The material is subject to errors and omissions, and based in part upon information supplied by sources This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal deemed reasonably reliable. Summaries of any documents are not intended to be comprehensive or without notice or liability and does not constitute a recommendation,endorsement or advice as to the all-inclusive, but rather, only an outline of some of the provisions contained therein. No warranty or value of the Property by RHYS or the Owner. Each prospective purchaser is to rely solely upon its own representation, expressed or implied, is made by Owner, RHYS or any of their respective affiliates, as to the investigation, evaluation and judgment as to the advisability of purchasing the Property described herein. accuracy or completeness of the information contained herein or any other written or oral communication transmitted to a prospective purchaser in the course of its evaluation of the Property. No legal liability is Owner and RHYS expressly reserve the right, at their sole discretion, to reject any or all expressions of assumed or to be implied in connection with such information or such other communications. interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice and without liability. Owner shall have no legal commitment or obligation to Without limiting the generality of the foregoing, the information shall not be deemed a representation any purchaser or other party reviewing this Offering Memorandum or making an offer to purchase of the state of affairs of the Property since the date of preparation of the information. Prospective the Property unless a definitive written agreement for the purchase of the Property has been fully purchasers should make their own evaluations, projections and conclusions without reliance upon executed, delivered, and approved by the Owner and any conditions to Owner’s obligations thereunder materials contained herein and conduct their own independent due diligence, including engineering have been satisfied or waived. RHYS is not authorized to make any representations or agreements on and environmental inspections, to determine the condition of the Property and whether the Property is behalf of Owner. suitable for purchase and/or investment, as well as the existence of any potentially hazardous materials.

This Offering Memorandum was prepared by RHYS and has been reviewed by Owner. It contains select information pertaining to the Property and does not purport to be all inclusive or to contain all of the information a prospective purchaser may desire. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond the preparer's control and, therefore are subject to material change or variation. An opportunity to reasonably inspect the Property will be made available to qualified prospective purchasers. Any and all parties reviewing this offering memorandum or inspecting the Property shall rely exclusively on their own due diligence and/or investigations. FOR SALE INFORMATION, PLEASE CONTACT:

ALEX HAENDLER Director 203.653.1744 [email protected]

GREG ROMANO Senior Vice President 203.653.1757 [email protected]

+1 203.274.9800 / rhysre.com

9 West Broad Street Stamford, Connecticut 06902

RHYS disclaims any warranty of any kind, expressed or implied, as to any matter whatsoever relating to this service. In no event shall RHYS be liable for any indirect, special, incidental or consequential damages arising out of any use of or reliance on any content or information contained herein.