OFFERING MEMORANDUM 166

GearyUNION SQUARE |

A PRIDE-OF-OWNERSHIP COMMERCIAL ASSET ADJACENT TO SAN FRANCISCO’S FAMED UNION SQUARE 166 GEARY STREET

exclusively listed by:

Vincent Schwab Senior Managing Director Investments San Francisco Office [email protected] Cell: (415) 828-4372 Tel: (415) 625-2171 Fax: (415) 989-9220 UNION GLicense: CA 00840133 SQUARE SAN FRANCISCO CONFIDENTIALITY AGREEMENT

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Institutional Property Advisors, a Division of Marcus & Millichap (“IPA”) and should not be made available to any other person or entity without the written consent of IPA. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. IPA and Marcus & Millichap have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, IPA and Marcus & Millichap have not verified, and will not verify, any of the information contained herein, nor has IPA or Marcus & Millichap conducted any investigation regarding these matters and they make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

Seller retains all rights and discretion to determine the offer and acceptance process including but not limited to the right to accept or reject any offer in its sole and absolute discretion. Seller shall only be bound by duly executed and enforceable agreements entered into, if any. ALL MATTERS PRIVILEGED AND CONFIDENTIAL.

NON-ENDORSEMENT NOTICE Institutional Property Advisors, a Division of Marcus & Millichap (“IPA”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of IPA or Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of IPA or Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR IPA ADVISOR FOR MORE DETAILS. www.IPAUSA.com Offices Throughout the U.S. and Canada

SPECIAL COVID-19 NOTICE All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.) UNION SQUARE San Francisco 166 GEARY IS PERCHED STEPS FROM UNION SQUARE, SURROUNDED 166 BY ABUNDANT HIGH-END RETAIL, EMPLOYMENT, AND HOSPITALITY. Geary UNION SQUARE IS A BUSTLING CORNERSTONE OF SAN FRANCISCO, SERVING AS A VITAL COSMIPOLITAN CITY CENTER

SECTION NAME 2 INVESTMENT OVERVIEW Institutional Property Advisors (IPA), as exclusive advisor, is pleased to offer investors the opportunity to purchase an interest in 166 Geary Street, a 16-story commercial condominium located adjacent to Union Square in San Francisco, . The offering totals 34,419 square feet of rentable area spread over the top 14 floors of the building, offering tenants breathtaking views in virtually every direction. The building is situated on a 5,380-square-foot lot, which is shared with the retail condominium owner. The buyer must assume the existing financing as summarized in this memorandum.

This investment opportunity is 79.5% leased demised into 31 separate suites in its current configuration. Cosmetology tenants and office users comprise 39% and 21% of the building’s area, respectively, with 3% tailoring tenants and the remainder in rentable condition, but currently vacant. Much of the tenancy has made large capital investments into their individual suites, making them more committed than the average tenant in the long- vcterm. This building should continue to stay occupied both through existing long-term tenancy commitments and from outside demand for both cosmetic and general office needs in San Francisco’s central business and shopping district. The building’s landmark location is one building off Union Square near BVLGARI and Chanel retailers, and directly across from Neiman Marcus and the well- known “Rotunda” restaurant, at the intersection of Geary & Stockton. Ample parking is available at the nearby Union Square and Sutter Stockton garages with total combined parking spaces exceeding 2,300 spaces. 166 Geary has an unbeatable downtown San Francisco location, offering walk, bike, and transit convenience and to its tenants and patrons, and is a true pride-of-ownership building. Completed in 1907, the asset has a rich history. The property survived the Great San Francisco Earthquake of 1906 and has been renamed from the 9.49% IRR Whitell Building to the Grace Building. Between 1909 and 1913, the Hastings College of the Law occupied the twelfth floor. ON 7-YEAR

Executive Summary Executive In addition to the current rentable area, the future owner has the potential to HOLD convert the usable basement of approximately 2,000 square feet to rentable space, with entrance from Geary. 166 Geary |

10 NEAR SAN FRANCISCO’S TALENT PIPELINE, LARGE TECH EMPLOYERS AND COVETED INVESTMENT FINANCIAL DISTRICT • As of March 2020, San Francisco was ranked 8th in the world and 2nd in HIGHLIGHTS the United States on the Global Financial Centre’s Index • Bay area employers are strategically located near prestigious universities, PRIDE OF OWNERSHIP COMMERCIAL ASSET including University California at Berkeley, Stanford University, ADJACENT TO SAN FRANCISCO’S FAMED University of San Francisco and University California at San Francisco UNION SQUARE • The subject is located within 1 mile of San Francisco’s Financial District • Generational opportunity to acquire large commercial (FiDi) with employers including Google, Salesforce, BlackRock, Quip and building in San Francisco’s Union Square LinkedIn • The building is 79.5% leased with 31 suites of mainly • As of 2020, San Francisco has the highest salaries, disposable income, and cosmetology tenants, including plastic surgery practices, median home prices in the world at $1.7 million hairdressers, nail salons, tailors, and dentists • Current tenants are sticky, with large capital investments into tenant improvements 166 GEARY IS SURROUNDED BY SAN FRANCISCO’S MOST FAMED TOURISM ATTRACTIONS • 2,374 24-hour public parking spaces within 1/4 Mile • San Francisco Travel reported a total of 26.2 million visitors to the city in • Exceptionally safe with 9-5 onsite manager and state-of-the- 2019, an increase of 1.4 percent compared to 2018 (www.sftravel.com) art CloudKeyz internet-connected security system • Total 2019 spending by visitors was $10.2 billion, up 2.7% ($10 billion) in • Tremendous amount of natural light with +/- 6 foot tall 2018 (www.sftravel.com) windows and unobstructed views in all four directions on • The subject is within 1 mile of the city’s most famed attractions including floors 7 and up Museum of Modern Art, The Open-Air Market at the Ferry Building, Union Square and the STRATEGICALLY LOCATED STEPS FROM UNION SQUARE WITH SURROUNDING HIGH-END RETAIL, EMPLOYMENT AND LOCAL DEMOGRAPHICS HAVE ONE OF THE HIGHEST HOSPITALITY SALARIES AND POPULATION DENSITIES IN THE • 166 Geary is located in an extremely dense quarter-mile UNITED STATES radius with a daytime population of about 95,000 people • In 2019, 166 Geary’s daytime population was 446,843 within 1 mile, • The asset is located in Union Square’s employment hub with 794,764 within 3 miles and 991,851 within 5 miles about 9.5 million square feet of office within a quarter mile • During that same period, average household income was $126,858 within 1 mile, $165,620 within 3 miles and $166,154 within 5 miles

• The property is surrounded by high-end hospitality including Summary Executive the Westin St. Francis, the Chancellor Hotel, Hotel Nikko, and Clift Royal Hotel • Steps away from the BART (Powell 166 Geary | Street 0.2 miles)

11 166 GEARY STREET, VIEWED FROM UNION SQUARE Executive Summary Executive 166 Geary |

12 166 GEARY STREET SUMMARY OF TERMS

INTEREST OFFERED Institutional Proprty Advisors has been selected to exclusively market for sale 166 Geary Street, San Francisco, CA, a 16-story condominiumed property adjacent to Union Square for the price of $32,950,000. Floors 3-16 of the property are included in the offering.

TERMS OF SALE Existing debt must be assumed by buyer. See page 56 in the Financial Overview section for details.

PROPERTY TOURS Prospective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be arranged with the Insti- tutional Property Advisors listing agents. At no time shall the tenants, on-site management or staff be contacted without prior approval. Executive Summary Executive 166 Geary |

13 101

NORTH BEACH Marina Blvd C o lu m b u s A v e B a y S t MARINA DISTRICT 101

t S n i l k n a r F 101 RUSSIAN HILL

t S e r o m l l i F

t S e d y H EMBARCADERO PRESIDIO t S o r e d a s i v i D 166 GEARY IS LOCATED WITHIN ONE B r o a d w a y MILE OF SAN FRANCISCO’S NOB HILL FINANCIAL DISTRICT, FINANCIAL DISTRICT WITH LOCAL EMPLOYERS 80 PACIFIC HEIGHTS INCLUDING GOOGLE, F r e m o n t S t

e v A o i d i s e r P 1 s t S t SALESFORCE, BLACKROCK, California St

QUIP LINKEDIN, AND 2 n d S t COUNTLESS OTHERS P i n e S t B u s h S t 3 r d S t

e v A h t 5 2 166 GEARY

O’Farrell St STREET4 th S t G e a r y S t California St LAUREL HEIGHTS 5 th S t 101 80 B r a n n a n S t 6 th S t

RICHMOND d v l B o l l e u g A DISTRICT 7 th S t SOMA G e a r y B l v d

d v l B o i d i s e r P k r a P K i n g S t Tu r k S t Golden Gate Ave 8 th S t

9 th S t

e v A c i n o s a M B a l b o a S t 1 0 th S t Property Description Property F e l l S t 80

y w H t a e r G

F u l t o n S t 166 Geary | O a k S t SAN FRANCISCO MISSION BAY

t S n a y n a t S 16 101 101 280

t S o r t s a C M a r k e t S t

t S n o t y a l C Frederick St t S d r 3

e v A h t 7

e v A o r e r t o P

e v A h t 9 1

t S m o s l o F an Ness Ave v A s s e N n Va S

t S n o i s s i M

alencia St S a i c n e l Va t S o r e r r e u G

d v l B t e s n u S Lincoln Way 1 6 t h S t t S s e r o l o D 101

1 7 t h S t THE CASTRO 280 1 MISSION DISTRICT REPRESENTATIVE FLOOR PLAN

TENTH FLOOR

OPEN OFFICE

PRIVATE OFFICE DN BREAK ROOM UP

SALON

SALON RECEPTION SALON Property Description Property 166 Geary | 18 G REPRESENTATIVE FLOOR PLAN PARCEL MAP

166 GEARY IS LOCATED WITHIN ONE MILE OF THE CITY’S MOST FAMED ATTRACTIONS INCLUDING MUSEUM OF MODERN ART, THE OPEN-AIR MARKET AT THE FERRY BUILDING, UNION SQUARE AND THE MOSCONE CENTER

UNION 166 GEARY SQUARE STREET Property Description Property 166 Geary | G 19 166 GEARY LOCAL COMMUTES

1 Minute Walk – Union Square 3 Minute Walk – Powell Street Bart Station 4 Minute Walk – Bart Station 7 Minute Walk – Westfield San Francisco 8 Minute BART ride – Financial District and 10 Minute Bart ride – Ferry Plaza Farmers Market 22 Minute Bart ride – 20 Minute Bart ride – Fisherman’s Wharf 30 Minute Bart ride – Mission Dolores Park

BART POWELL STREET STATION

UNION SQUARE

STOCKTON166 STREET GEARY FOUR STREET MINUTE WALK MARKET STREET 0.2 MI Property Description Property POWELL STREET STATION 166 Geary |

20 166 GEARY’S CLOSE PROXIMITY TO THE

POWELL STREET STATION

(PART OF BART’S CORRIDOR) PROVIDES TENANTS WITH IDEAL PUBLIC TRANSPORTATION TO ALL PARTS OF SAN FRANCISCO AND THE GREATER Description Property BAY AREA 166 Geary |

21 BUILDING LOBBY Property Description Property 166 Geary |

22 CLOUDKEYZ DIGITAL CARD SYSTEM ALLOWS FOR KEYLESS MOBILE TECHNOLOGY, GUEST, VISITOR, AND VENDOR ACCESS, VIDEO INTERCOM, ENHANCED SECURITY, AND MUCH MORE Property Description Property 166 Geary |

23 166 GEARY OVERLOOKING UNION SQUARE FACING SOUTHWEST Property Description Property 166 Geary |

24 166 GEARY FROM MAIDEN LANE SOUTH FACING SOUTH Property Description Property 166 Geary |

25 28 166 Geary | Property Description 29 166 Geary | Property Description 30 166 Geary | Property Description 31 166 Geary | Property Description 32 166 Geary | Property Description 33 166 Geary | Property Description BASEMENT – POSSIBILITY TO CREATE RENTABLE AREA IN THIS SPACE WITH ENTRANCE FROM GEARY STREET

(SPEAK TO LISTING AGENTS FOR MORE INFORMATION) Property Description Property 166 Geary |

34 35 166 Geary | Property Description 36 166 Geary | Property Description 11TH FLOOR SUITE, CURRENTLY UNDERGOING RENOVATIONS Description Property (DR. PAUL-RYAN LAKE) 166 Geary |

37 166 Geary UNION SQUARE | SAN FRANCISCO

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Institutional Property Advisors, IPA, and Marcus & Millichap are service marks of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap. All rights reserved. Union Square MARKET OVERVIEW Union Square LOCATION OVERVIEW SAN FRANCISCO The tech capital of the world. A financial and cultural hub. A tourism powerhouse.

San Francisco, the largest city in the Bay Area, and has a population of 884,000. It is the financial, cultural and technology center of the western United States and enjoys a reputation as one of the most cosmopolitan cities in the world. The Bay area is home to Fortune 500 tech employers including Telsa, eBay, Facebook, Apple Adobe Systems, and countless more. San Francisco’s venture capital community dominates tech investment with 44% of all investments coming from HIGHLY EDUCATED TALENT POOL the Bay totaling $45.9B in 2019 (Crunchbase). The city is renowned AND PREMIER TECH EMPLOYERS for its excellent transportation infrastructure, access to talent, famous tourist attractions, and breathtaking views. The region is a central hub of higher education that has prompted companies like Google, Facebook, Salesforce and Accenture to open offices to take advantage of the talent. The Area is TRANSPORTATION INFRASTRUCTURE home to the University of California at Berkeley, Stanford University, the University of San Francisco, and San Francisco State University. San Francisco is a pioneer in physical infrastructure for mass transit and green transportation initiatives, including (BART), Municipal Railway and Bus System (MUNI), and the San Francisco WORLD RENOWNED CULTURAL AND TOURIST ATTRACTIONS International Airport (SFO). The BART train system connects the , San Francisco, and parts of the Peninsula through 51 stations. Thirteen The , Fisherman’s Wharf, Ghirardelli Square … miles south of the city, in San Mateo County, SFO is an international San Francisco’s attractions are world famous and attract 26 million gateway, with the largest international terminal in North America. The visitors a year. The Golden Gate Bridge, known as one of the Seven MUNI system is an interconnected network of streetcars, light rail vehicles, Wonders of the Modern World, connects San Francisco with Marin diesel buses, electric trolley coaches and cable cars providing transportation County. Fisherman’s Wharf is a family entertainment hub with

Market Overview Market around the city. museums, shopping and restaurants including Ripley’s Believe It or Not! Museum, Ghirardelli Square and Scoma’s restaurant. San Francisco’s culture attractions include the , the San Francisco Museum of Modern Art and Davies Symphony Hall, home 166 Geary | of the San Francisco Symphony. 40 G SAN FRANCISCO Coral Gables is known as “THE CITY MARKETBEAUTIFUL” for its abundance DRIVERS of greenery and Revival Mediterranean-style architecture

INTERNATIONAL CITY HOME TO 150 multinational corporations and 20 consulates and 26.2 MILLION WORLD REKNOWN foreign government offices VISITORS AND HEALTHCARE GATEWAY $10.2 BILLION AND HIGHER WORLDWIDE TO MARIN, IN TOURISM EDUCATION TECH HUB NAPA, SONOMA REVENUE INSTITUTIONS NOTABLE EMPLOYERS AND COUNTIES, IN 2019 CONVENTIONBacardi USA, HBO Latin, Doctors Hospital,AND Baptist PREMIER DESTINATIONHealth South Florida and The UniversityNATIONAL of Miami PARKS

SUPERIOR TRANSPORTATION INFRASTRUCTURE: BART, MUNI, SFO Market Overview Market 166 Geary | G 41 SAN FRANCISCO

ATTRACTIONS INTERNATIONAL SHOPPING WORLD FAMOUS AND TRAVEL ATTRACTIONS DESTINATION SUPERIOR

ABUNDANT ART TRANSPORTATION GOLDEN GATE BRIDGE UNION SQUARE AND CULTURAL INFRASTRUCTURE FISHERMAN’S WHARF WESTFIELD SF CENTRE LANDMARKS DAVIES SYMPHONY HALL MARKET STREET BART MISSION DELORES PARK IKEA SF Mo MA FERRY TERMINAL FERRY PLAZA FERRY BUILDING FARMERS MARKET MARKETPLACE ASIAN ART MUSEUM MUNI MISSION DELORES PARK CALIFORNIA ACADEMY SFO OF SCIENCES

CONTEMPORARY JEWISH MUSEUM Market Overview Market 166 Geary |

42 11

101 166 GEARY 13

NORTH BEACH Marina Blvd 8 C o lu m b u s A v e POINTS OF INTEREST B a y S t MARINA DISTRICT 101 1 UNION SQUARE t S n i l k n a r F 101 RUSSIAN HILL

t S e r o m l l i F

2 BART - POWELL STREET STATION t S e d y H EMBARCADERO PRESIDIO t S o r e d a s i v i D 3 UBER HQ B r o a d w a y

NOB HILL 4 ST FRANCIS MEMORIAL HOSPITAL FINANCIAL DISTRICT FINANCIAL DISTRICT & SALESFORCE 166 80 5 PACIFIC HEIGHTS TOWER F r e m o n t S t

e v A o i d i s e r P 1 s t S t 6 WESTFIELD SAN FRANCISCO CITY CENTRE California4 St Geary142 n d S t 5 7 UCSF MEDICAL CENTER AT MISSION BAY P i n e S t 1 B u s h S t 3 r d S t

e v A h t 5 2

8 GHIRARDELLI SQUARE O’Farrell St 4 th S t G e a r y S t 9 California St LAUREL HEIGHTS 9 SAN FRANCISCO MUSEUM OF MODERN ART 5 th S t 101 MARKET STREET 80 B r a n n a n S t 6 th S t 6 10 UNIVERSITY OF SAN FRANCISCO 14 RICHMOND d v l B o l l e u g A DISTRICT 7 th S t SOMA G e a r y B l v d

11 GOLDEN d v l B o i d i s e r P k r a P GATE BRIDGE K i n g S t Tu r k S t Golden Gate Ave 8 th S t

9 th S t 12 DAVIES SYMPHONY HALL 10 e v A c i n o s a M 12 B a l b o a S t 1 0 th S t 13 FISHERMANS WHARF F e l l S t 3 80 y w H t a e r G

F u l t o n S t 14 MARKET STREET RETAIL O a k S t SAN FRANCISCO MISSION BAY

15 MISSION DOLORES PARK t S n a y n a t S 14 101 101 280 2 Market Overview Market t S o r t s a C M a r k e t S t

t S n o t y a l C Frederick St t S d r 3

e v A h t 7

e v A o r e r t o P

e v A h t 9 1 7 t S m o s l o F an Ness Ave v A s s e N n Va S

t S n o i s s i M

alencia St S a i c n e l Va t S o r e r r e u G

d v l B t e s n u S MARKET STREET Lincoln Way 1 6 t h S t t S s e r o l o D

101 166 Geary |

1 7 t h S t THE CASTRO 280 1 15 MISSION 2 DISTRICT 43 UNION SQUARE A VITAL AND VIBRANT, COSMOPOLITAN CITY CENTER Union Square is a 2.6-acre public plaza bordered by Geary, Powell, Post and Stockton Streets in downtown San Francisco, California. Union Square’s name is derived from the pro-Union rallies held there by Thomas Starr King that happened before and during the United States Civil War. The monument itself is also a tribute to the sailors of the United States Navy. Union Square was built and dedicated by San Francisco’s first American mayor John Geary in 1850. “Union Square” also refers to the central shopping, hotel, and theater district that surrounds the plaza for several blocks. Market Overview Market 166 Geary |

44 LARGEST COLLECTIONS OF DEPARTMENT STORES, UPSCALE BOUTIQUES, GIFT SHOPS, ART GALLERIES, AND BEAUTY SALONS IN THE UNITED STATES,

UNION SQUARE A VITAL AND VIBRANT, COSMOPOLITAN CITY CENTER 166 Geary

UNION SQUARE BOASTS ONE OF THE LARGEST COLLECTIONS OF DEPARTMENT STORES, UPSCALE BOUTIQUES, GIFT SHOPS, ART GALLERIES, AND BEAUTY SALONS Market Overview Market IN THE UNITED STATES 166 Geary |

45 UNION SQUARE SELECT PREMIER RETAILERS

ONE OF THE MOST EXPENSIVE RETAIL DESTINATIONS IN THE WORLD. COMPARABLE TO RODEO DRIVE IN LOS ANGELES... Property Description Property 166 Geary | 46G UNION SQUARE SELECT PREMIER RETAILERS

ONE OF THE MOST EXPENSIVE RETAIL DESTINATIONS IN THE WORLD. COMPARABLE TO RODEO DRIVE IN LOS ANGELES...

GRANT AVE

UNION SQUARE IS AN ICONIC RETAIL AND FASHION DESTINATION GLORY CHEN GLORY

ST GEARY

GROUND ZERO UNION SQUARE COMMANDS SOME OF THE HIGHEST RETAIL ASK-

ING RENTS IN THE NATION. 166 Geary AT UPWARDS OF MAIDEN LN $500 SF/YR

STOCKTON ST

Property Description Property POST ST POST UnionSQUARE 166 Geary | G 47 WORLD CLASS UNION SQUARE HOTELS Market Overview Market 166 Geary |

48 OFFICE TENANTS WITHIN 1/4 MILE

BUILDING TENANTS BUILDING TENANTS Slack, DemandForce, WeWork, Consulate General of Ireland, Alfa 1 Pacific Place – 22 4th Street 8 McKesson Plaza - 1 Post Street HackerOne, Credible, On24 Tech Consulting

2 Monadnock Building – 685 Market St. Uber, BigCommerce 9 One Eleven Sutter Turo Inc, Natural Resources Defense Council

San Francisco Surgery Center, San Francisco 3 Phelan Building - 760 Market Street Flexport 10 450 Sutter Center For Facial Plastic Reconstruction 4 835 Market Street San Francisco University, SF Weekly

5 88 Knotel, Felicis Ventures

Accent International 6 - 870 Market Street Study Abroad, Homebase 9 7 Stitch Fix, Open Table 7

GRANT AVENUE 5 10 UNION 8 SQUARE MARKET2 STREET 166 Geary 3 Market Overview Market MARKET STREET

6 4 1 166 Geary |

49 DEMOGRAPHICS – UNION SQUARE

POPULATION SUMMARY 1 MILE 3 MILES 5 MILES 2000​ 109,802​ 363,533​ 619,573​ IN 2018, THE POPULATION WITHIN 1 MILE OF 2010​ 122,853​ 384,338​ 640,586​ 166 GEARY STREET WAS 140,025, AN INCREASE 2018​ 140,025​ 431,149​ 703,624​ 2023*​ 149,475​ 455,940​ 734,906​ OF 28% SINCE 2000. THE POPULATION IN THE SAME AREA IS PROJECTED TO BE 149,475 FIVE YEARS FROM NOW, AN INCREASE OF ABOUT AVERAGE HH INCOME SUMMARY​ 7%. THE MEDIAN AGE IN THE AREA IS 39.4, 1 MILE 3 MILES 5 MILES COMPARED TO THE U.S. AVERAGE OF 37.95.​ 2000​ $55,075​ $81,172​ $81,777​ 2010​ $78,972​ $107,591​ $109,889​ 2018​ $126,858​ $165,620​ $166,154​ BETWEEN 2000 AND 2018, THE AVERAGE 2023*​ $157,819​ $199,956​ $200,042​ HOUSEHOLD INCOME WITHIN 1 MILE OF 166 GEARY STREET CLIMBED 130% TO $126,858, COMPARED TO THE 2018 U.S. AVERAGE OF BACHELOR’S DEGREE OR HIGHER $58,754. THE AVERAGE HOUSEHOLD INCOME 1 MILE 3 MILES 5 MILES IN THE SAME AREA IS PROJECTED TO 2000​ 36.6%​ 50.7%​ 47.6%​ 2010​ 45.6%​ 59.6%​ 54.6%​ INCREASE ANOTHER 24% IN THE NEXT FIVE 2018​ 49.6%​ 62.8%​ 58.5%​ YEARS, TO $157,819. 2023*​ 50.4%​ 63.1%​ 58.9%​ Market Overview Market 166 Geary |

50 Source: Marcus & Millichap Research Services UNION SQUARE 3 STAR OFFICE YOY RENTAL GROWTH

18.0% UNION SQUARE 3 STAR OFFICE 16.4% 16.2% 16.0% 15.5% RENT PER SF 14.2% 14.0% $70.00 $63.52 $62.39 12.0% $59.27 $60.00 $58.28 $58.64 $56.50 10.0% $50.00 $48.58 8.0% $42.55 7. 2% $40.00 6.0% $36.88 $30.00 4.0% 3.6% YOY Rental Growth

Rent Per SF $20.00 2.0% 1.1% 0.7% 0.0% $10.00

(2.0%) 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD $0.00 Year (1.4%) (4.0%) 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD Year

UNION SQUARE 3 STAR OFFICE VACANCY RATE 52,881 16.0% 13.3% 14.0%

12.0%

10.0% 8.7% 8.1% 8.0% 7. 5% 6.6% 6.7% 6.0% 5.2% 4.9% Vacancy Rate 4.0% 4.0%

2.0% Overview Market

0.0% 2023*

2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD

Year 166 Geary |

Source: CoStar 3 star is a CoStar Research Services metric. 166 Geary is classified as a 3 Star building by CoStar. 51 DEMOGRAPHICS – DOWNTOWN SF

DOWNTOWN SAN FRANCISCO DOWNTOWN SAN FRANCISCO POPULATION SUMMARY AVERAGE HH INCOME SUMMARY

$180,000

210,000 207,491 $160,000 $164,355 204,804 $134,060 205,000 $140,000

200,000 $120,000

195,000 $100,000

190,000 188,680 $80,000 $97,386 184,573 $78,267 $60,000

Population 185,000

180,000 $40,000 Average HH Income 175,000 $20,000

170,000 $0

2000 2010 2018 2023* 2000 2010 2018 2023* Year (* Projected) Year (* Projected) Source CoStar Source CoStar

THE DOWNTOWN SAN FRANCISCO SUBMARKET HAS SEEN EXCEPTIONAL DEMOGRAPHIC GROWTH DUE TO ITS PROXIMITY TO PRESTIGIOUS UNIVERSITIES AND LARGE TECH EMPLOYERS. BETWEEN 2010 AND 2018, THE SUBMARKET’S POPULATION INCREASED APPROXIMATELY 8.50% FROM 188,680 TO 204, 804. DURING THAT SAME PERIOD, AVERAGE Property Description Property HOUSEHOLD INCOME INCREASED 37.7%, FROM $97,386 TO $134,060. DOWNTOWN SAN FRANCISCO HAS AN EXCEPTIONALLY WELL EDUCATED

166 Geary | POPULATION, WITH AT LEAST 59% OF ITS RESIDENTS HAVING OBTAINED AT LEAST A BACHELOR’S DEGREE. 52 DOWNTOWN SAN FRANCISCO BACHELOR’S DEGREE OR HIGHER SUMMARY

62.0% 59. 3% 59. 2% 60.0% 58.0% 56.0% 54.0% 55.5% 52.0% 50.0% UNION SQUARE 50.0% 48.0% POPULATION:

Bachelor’s Degree or Higher 46.0% 44.0% 140,025 2000 2010 2018 2023* Within 1-Mile of 166 Geary Source CoStar Year (* Projected) Source CoStar

In 2018, the population within 1-mile of 166 Geary Street was 140,025, an increase of 28% since 2000. The population in the same area is projected to be 149,475 five years from now, an increase of about 7%. The median age in the area is 39.4, compared to the U.S. average of 37.95. Property Description Property 166 Geary |

53 76 166 Geary | Comparable Properties 166 Geary

Contact the listing agents with further questions:

Vincent Schwab Senior Managing Director Investments San Francisco Office [email protected] Cell: (415) 828-4372 Tel: (415) 625-2171 Fax: (415) 989-9220 License: CA 00840133

For additional questions regarding financing, please contact:

Danny Abergal Senior Managing Director Capital Markets Marcus & Millichap Capital Corporation Encino, California [email protected] Tel: (818) 212-2715 Comparable Properties Comparable 166 Geary |

77 166

UNIONGeary SQUARE | SAN FRANCISCO

EXCLUSIVELY LISTED BY

Vincent Schwab Senior Managing Director Investments San Francisco Office [email protected] Cell: (415) 828-4372 Tel: (415) 625-2171 Fax: (415) 989-9220 License: CA 00840133