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2233 Wisconsin Avenue, NW MID-ATLANTIC CAPITAL MARKETS GROUP Washington, DC

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2233 Wisconsin Avenue, NW MID-ATLANTIC CAPITAL MARKETS GROUP Washington, DC 2233 Wisconsin Avenue, NW MID-ATLANTIC CAPITAL MARKETS GROUP Washington, DC OFFERING MEMORANDUM Georgetown Plaza Executive Overview ...........................................................6 Economic & Market Overview ......................................... 14 Property Specifications ................................................... 24 Tenancy ......................................................................... 36 Financial Analysis .......................................................... 52 DEAL CONTACTS Gerald P. Trainor James V. Cardellicchio 202.775.7091 202.775.7094 [email protected] [email protected] Wesley M. Machowsky Kimberly S. Mughal 202.775.7038 202.775.7029 [email protected] [email protected] FINANCING LEASING Gideon Gil Joe Michel 212.841.9231 202.775.7016 [email protected] [email protected] MID-ATLANTIC CAPITAL MARKETS GROUP EXECUTIVE OVERVIEW 6 EXECUTIVE OVERVIEW Transwestern’s Mid-Atlantic Capital Markets Group, as the exclusive advisor PROPERTY AT-A-GLANCE for the owner is pleased to present the opportunity to acquire 2233 Wisconsin Avenue, NW (the “Property”). This 5-story, 150,315 SF boutique office building with neighborhood retail is ADDRESS: 2233 Wisconsin Avenue, NW located in the heart of the highly coveted Upper Georgetown submarket of Washington, DC. BUILT / RENOVATED: 1964 / 2015 The Property is currently 87.4% occupied with an average lease term remaining of 4 years, 10 months. In 2015, it underwent $1.5 million dollar renovation, upgrading the lobby, restrooms, SQUARE FOOTAGE: 150,315 SF and common areas. This core-plus opportunity provides investors stable cash flow and upside through the lease-up of the existing vacancies coupled with the potential to grow existing TYPICAL FLOOR: 29,000 SF office and retail below-market leases to market upon rollover. Furthermore, investors have the STORIES: 5 long term potential to capitalize on the Property’s additional density. 174 spaces below grade Upper Georgetown is a vibrant, 24/7 community, catering to an affluent mix of young PARKING RATIO: 1.70 / 1,000 82 surface spaces professionals and well educated families. It is part of Washington, DC’s most resilient retail 256 total spaces district, where tenants, residents, and visitors alike enjoy an unparalleled amenity base of over OCCUPANCY: 87.4% 250,000 square feet of shopping, hotels, bars, and restaurants. Furthermore, the Property is seated atop one of the most prominent points in Washington, DC, enabling tenants to enjoy IN-PLACE NOI: $2,636,795 unobstructed views of the Naval Observatory, National Cathedral, Rock Creek Park, and the STABILIZED NOI: $3,266,462 Washington Monument. The Property’s unique configuration enables a high proportion of windowed offices and an abundance of natural light to flow in. Its flexible floor plates are able Children’s Hospital to accommodate both smaller local tenants and larger block users. MAJOR TENANTS: MedStar Theodore’s Furniture SUMMARY OF TERMS INTEREST OFFERED: Leasehold (89 yr remaining) DEBT: Free and clear OFFERS DUE: Thursday, May 26, 2016 at 2:00pm MID-ATLANTIC CAPITAL MARKETS GROUP OFFERING HIGHLIGHTS Secure Cash Flow — Diverse Mix of Tenants Upside Potential — Lease-Up of Vacancy Class A Location — Unparalleled Amenity Base Additional Density — 44,000 SF Well Below Replacement Cost Tight Retail Market — Most Resilient Market in DC (3.6% Vacancy) Tight Office Market — 5.6% Vacancy in Submarket Robust Demographics Quality Product — Recently Renovated 8 PAGEEXECUTIVE TITLE OVERVIEW GEORGETOWN PLAZA 2233 Wisconsin Avenue, NW INVESTMENTDC_2233WI_VALU_2016-05-02 HIGHLIGHTS Washington, DC Lease Expiration Schedule Secure Cash Flow Expiration UpsideCY CY PotentialCY CY — Lease-UpCY CY ofCY VacancyCY CY CY CY Lease Expiration Schedule Suite Date Tenant Vacant 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+ 100% ► 87.4% leased to 0310a diverse 8/31/16 mix Riskof Servicestenants 1,133► Lease-up of vacant suites (18,983 SF) 95.1% 0230 3/31/17 Skin, LLC 2,900 95.1% 100.0% ► Average lease term0308 remaining 4/30/17 1st of Washington 4 years, Mortg 10 ► Opportunity793 to roll below market office and retail 90% 0408 4/30/17 Republic of Burundi 2,554 months; Property0217 enjoys 3/31/18a high Elements level Center of tenant leases to2,734 market 0317 4/30/18 Child's Natl Med Ctr 17,165 80% 73.7% retention with most0400 tenants 4/30/18 renewing Maslow Media Group upon lease ► Future 8,412increases in market rents will be above 0414 7/31/18 M&V Dreyfus Fndt'n 1,586 69.1% 70% 0412 10/31/18 Story House Prod 1,704 64.1% expiration SB1-5A 10/31/18 Story Hse Prod - sto average274 due to a tight office market - 5.3% vacancy 60.0% SB1-7 10/31/18 Story Hse Prod - sto 405 60% ► Upper Georgetown’s0301 high 12/31/18 concentration Dragon Travel (passports) of owner- factor 780 0216 4/30/19 Islamic Rep of Afghan 3,176 48.6% 50% occupied properties,0303 coupled 5/31/19 withRoger Locker the scarcity of new ► Capitalize on the595 site’s elevation as one of the 0224 6/30/19 Lucy Intn'l Law (LOI) 859 39.5% office development0307 limits 6/30/19 investment Victoria Starbuck opportunities, highest points733 in Washington, DC to garner 40% 0315 8/31/19 State Farm (LOI) 907 thereby constraining0305 supply 10/31/19 and Kim Gentin driving rents up. additional antenna453 revenue 30% 0222 11/30/19 Generations Visa Svcs 1,521 0226 11/30/19 Generations Visa Svcs 2,192 17.5% 0503 11/30/19 Aviation Sup'lr Assc 3,189 20% Class A Location 0102 3/31/20 Eivind+Hans of G/town 2,232 13.4% 0103 3/31/20 Eivind+Hans of G/town 819 10% ► Vibrant 24/7 urban0212A locale 3/31/20 with Eivind+Hans 250,000 of G/town SF of shopping, hotels, restaurants, and bars614 within walking distance. LL101 5/31/20 Breadsoda 2,614 12.6% 0.8% 4.2% 22.0% 9.1% 11.4% 4.1% 5.1% 4.6% 21.3% 0.0% 4.9% ► Upper GeorgetownSB1-2 is the 5/31/20 original Breadsoda live-work-play - sto location with staying power over time.549 0% 0232 6/30/20 1st Washington Mortg 1,293 Vacant 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+ SB1-8 6/30/20 1st Wash Mortg - sto 110 ► Excellent visibility on Wisconsin Avenue, Upper Georgetown’s main thoroughfare. Annual Expirations Cummulative Expirations 0240 10/31/20 Rep of Gambia 2,988 ► 0410 10/31/20 Embassy of Serbia 5,971 (as a percentage of NRA per calendar year) Upper Georgetown0501 is centrally 1/31/21 Quatt located Associates to multiple parts of the Washington, DC metropolitan4,226 region, including 0228 4/30/21 DMP Group 1,880 the West End, Georgetown,0215 1/31/22 the G/town CBD, Dialysis Bethesda, (davi and Chevy Chase. 3,497 0520 5/31/22 Broadbranch/CM2 4,116 ► Ground floor retailers0101 of 2/28/23 the EinsteinProperty & Noah Corpcomprise a neighborhood shopping center, home to casual3,037 0105 10/31/23 Corepower Yoga 3,894 eateries, Breadsoda0212 & Einstein 2/29/24 Frank+Lohsen Bros. Bagels, Archit and lifestyle brands, CorePower Yoga & Eivind 2,165 0535 4/30/24 Noral Group 2,761 and Hans. 0100 7/31/24 Theodore's Furniture 10,819 SB1-5A 7/31/24 Theodore's Furn - sto 360 ► A Whole Foods, WashingtonSB1-6 7/31/24 Sports Theodore's Club, Furn - sto Balance Gym, Chipotle, and 229 0300 9/30/24 Elite Phys Therapy 3,154 Sweetgreen are all0500 within 10/31/24 walking Medstar: distanceG/town Med to the Property, providing 8,889 0500A 10/31/24 Medstar: G/town Med 82 yet another highly0525 desired 10/31/24 tenant Medstar: amenity. G/town Med 3,625 LL100 2/28/26 Glover Park Hardware 7,420 ► Permanent unobstructed0302 1/31/22 views Spec are Tenant guaranteed due to870 0311 3/31/22 Spec Tenant 2,442 the Property’s location0405 directly 7/31/22 Spec behind Tenant the Naval 2,057 SB1-1 8/31/22 Spec Tenant - sto 244 Observatory, home0502 to the 11/30/22 Vice Spec President Tenant of 2,229 SB1-3 11/30/22 Spec Tenant - sto 157 the United States.SB1-9 2/28/23 Spec Tenant - sto 384 SB3-2 8/31/23 Spec Tenant - sto 136 0210 11/30/23 Spec Tenant 2,970 SB3-3 11/30/23 Spec Tenant - sto 373 SB3-1 2/29/24 Spec Tenant - sto 48 0420 9/30/24 Spec Tenant 6,866 SB2-2 5/31/19 Spec Tenant - sto 207 0 01/00 0 0 01/00 0 0 01/00 0 0 01/00 0 0 01/00 0 Annual Total Square Feet 18,983 1,133 6,247 33,060 13,625 17,190 6,106 7,613 6,931 32,084 0 7,420 % of Leased Area (150,392 SF) 12.6% 0.8% 4.2% 22.0% 9.1% 11.4% 4.1% 5.1% 4.6% 21.3% 0.0% 4.9% BOMA Sq Ftg Adjustments Various 7/01/16 Net BOMA Adjustments (77) Total Building Square Footage: 150,315 BOMA Square Feet p r o p e r t y v a l u a t i o n PROPOSED FAR INCREASE= 44,000 SF TOTAL PROPOSED FAR= 164,163 SF NOTE: A PROPOSED FAR TO INCR EASE BY 6,823 SF (DIS- PLACED DENSITY FROM SHAFT & BALCONY DEDUC- T IONS @ EXIST BLDG) ADDITIONAL FAR = 44,000 SF A EXISTING FAR= 136,454 SF (APPROX) ADDITIONABOVE (5 STORIES) LEGEND RESIDENTIAL RETAIL AMENITY MECHANICAL 2% FAR DEDUCT (SHAFTS) 0 40’ 80’ 3% FAR DEDUCT (BALCONY) LEGEND PROPOSED FAR INCREASE = 44,000 SF 2 2 33 W I S C O N S I N AV E NUE WA S H I N GTO N , D C D R A F T ADDITIONAL FAR - ALTERNATIVES 02 RESIDENTIAL March 14, 2013 ©2013 Shalom Baranes Associates, PC shalom baranes associatesarchitects RETAIL C A R R P R O PERT I E S A 0 40’ 80’ XP03.dgn 3/12/2013 10:31:08 AM SCALE 1:40 AMENITY 2233 WISCONSIN AVENUE WASHINGTON, DC DRAFT TYPICAL FLOOR PLAN - RESIDENTIAL 05 MECHANICAL CARR PROPERTIES March 14, 2013 ©2013 Shalom Baranes Associates, PC shalom baranes associates architects 0 40’ 80’ XP03.dgn 3/13/2013 6:36:40 PM SCALE 1:40 A Additional Density ► Opportunity to increase density to reach maximum FAR of 2.5 2233 WISCONSIN AVENUE WASHINGTON, DC DRAFT GROUND FLOOR PLAN - RESIDENTIAL / RETAIL 04 CARR PROPERTIES March 14, 2013 ©2013 Shalom Baranes Associates, PC shalom baranes associates architects • The site is currently improved with 1.9 FAR SF, thereby leaving 0.6 FAR SF for future residential development.
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