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N E 400 NE LVD S B Spotlight Focus LIP IL PH Quarter in review the largest increases, ticking up by 20 ALLISON RD NE

Atlanta’s premier office submarket eased an average of $1.90 per square foot over Phipps into 2015 with modest first quarter gains. the past six months. 19 Plaza Y IV CHAS L E N 13 EN E O R 15 X O R

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KINGSBORO RD NE in previous quarters, primarily due to larger cost inflation, City of property tax OAK VALLEY RD NE move-ins being offset by several smaller increases, and new spec construction have 11 5 9 E 6 N 12 R D move-outs. all put upward pressure E C LA 7 P ER Lenox OW 8 T Square on Buckhead rental rates. 3 Mall 10 EAST PACES FERRY RD NE

However, landlords remained 51,058 However, no other factor W SHADOWLAWN AVE NE 2 bullish having increased Q1 2015 net absorption (s.f.) will impact tenants more Buckhead asking rental rates by an than the increasing pace

average of $0.62 per square of building sales. New PIEDMONT RD NE

foot over the quarter. This continues a trend investors are aggressively underwriting PEACHTREE RD NE EAST PACES FERRY RD NE LENOX RD NE seen since early 2013 in which rates have rates consistent with the current market, 1 Spotlight increased substantially over the period. The which effectively pulls up the average 400 few remaining large blocks available, spaces asking price of any space expected to BUCKHEAD AVE NE greater than 50,000 square feet, have seen become available. GREENVIEW AVE NE PHARR RD NE Rate growth continues Buckhead 7 14 Two

PEACHTREE RD NW 1 One Buckhead Plaza 8 15 Three Alliance Center Outlook $28.70 $28.58 $27.91 market, allowing fundamentals to $27.81continue to despite slow start to 2015. $26.97 2 Terminus 100 9 One Capital City Plaza 16 Monarch Plaza Strong demand$26.42 for Buckhead space is tighten. Three Alliance is under$26.85 construction $25.90 $25.60 3 Terminus 200 10 Buckhead Tower at Lenox Plaza 17 Monarch Tower expected to continue over the next 12 to 18 with an expected delivery$25.04 in mid to late 2016 Q1 2015 months as known active tenant requirements and new buildings at Buckhead Atlanta 4 Prominence in Buckhead 11 The Plaza 18 targeting space in the submarket total and 359 East Paces Ferry have been 5 Tower Place 100 12 One 19 Phipps Tower approximately 950,000 square feet. Activity announced but not officially broken ground. 6 Tower Place 200 13 One Alliance Center 20 3630 Peachtree Road is heavily concentrated2006 2007 in the 2008strengthening 2009 2010As such,2011 occupiers2012 2013 focused 2014 on Buckhead2015 financial and insurance sector. It will be will find fewer space options and increasing About The Buckhead Coalition some time till any new inventory will hit the rates over the coming months. THE BUCKHEAD COALITION is an influential nonprofit civic association, much like a chamber of commerce, for this affluent northern quadrant of the city of Atlanta. Its membership is limited to 100 CEOs of major 27.1% area firms, by invitation. Its mission is to “nurture the quality of life and Total help coördinate an orderly growth” within its 28 square miles, with a 23.9% 23.0% population of over 82,000. It was formed in 1988. Its founding President vacancy 20.1% is Sam Massell, a former Mayor of Atlanta. Its Chairman (changed every rate 16.9% 16.6% 15.7% 15.8% two years) is Jeffrey C. Sprecher, Chairman & Chief Executive Officer of 13.1% 13.7% Intercontinental Exchange.

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of Direct average $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. $28.70 $28.58 $27.91 $27.81 asking rent On behalf of its clients, the firm provides management and real estate $26.97 $26.85 Atlanta Corporate Office ($ p.s.f.) $26.42 outsourcing services for a property portfolio of 3.4 billion square $25.90 $25.60 3344 Peachtree Road NE, Suite 1100 $25.04 feet, or 316 million square meters, and completed $118 billion in Atlanta, 30326 sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has +1 404 995 2100 $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 www.jll.com/atlanta Prepared for the Buckhead Coalition by JLL Jones Lang LaSalle © 2015 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; Source: JLL Research however, no representation or warranty is made to the accuracy thereof. 03402_05.15

27.1% 23.9% 23.0% 20.1% 16.9% 16.6% 15.7% 15.8% 13.1% 13.7%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Atlanta Urban Skyline Occupied/not available Direct available Sublease available Committed floor Retail vacant floor Under construction/future available Not leasable (parking, residential) Atlanta’s Urban Skyline review includes speculative office buildings that meet one or more of the following criteria: greater than 400,000 total square feet, built or significant renovations since 1985, high-profile location, recognized tenant profile and/or architectural significance. Buckhead To see the entire Atlanta Urban Skyline please text “JLLSKYLINE” to 99699.

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One Terminus Terminus Prominence Tower Place Tower Place 3344 Atlanta Financial Center One Buckhead The Plaza Atlanta One Two Three Monarch Monarch The Phipps 3630 Buckhead 100 200 in Buckhead 100 Capital City Plaza Tower at Plaza One Alliance Alliance Alliance Plaza Tower Pinnacle Tower Peachtree Plaza Lenox Center Center Center Road Square

461,669 s.f. 655,000 s.f. 564,850 s.f. 424,252 s.f. 613,821 s.f. 259,888 s.f. 483,726 s.f. 894,724 s.f. 475,000 s.f. 348,152 s.f. 393,107 s.f. 650,827 s.f. 553,017 s.f. 491,888 s.f. 500,000 s.f. 368,688 s.f. 527,761 s.f. 424,350 s.f. 481,246 s.f. 436,309 s.f.

Buckhead is the tightest market with respect to Buckhead Available Large Block ≥ 50,000 square feet quality office space.

Recent Rate South Atlanta 2 Maximum Asking Rent Building Name Building Address Floors Change From To Block SF (f.s. unless noted) (psf) Buckhead 6 Peachtree at Lenox 3445 Peachtree Rd NE 126,336 6-12 $27.75 $3.25 Q3 2014 Q1 2015 Northlake 10 The Plaza 945 E Paces Ferry Rd NE 94,336 14-17 $28.25 $1.25 Q4 2014 Q1 2015 North Fulton 14 Terminus 200 3333 Piedmont Rd NE 53,132 5-7 $24.50 – – – Midtown 14 Piedmont Center 5-8 3525 Piedmont Rd NE 64,866 7 $22.13 – – – Central Perimeter 14 Two Buckhead Plaza 3050 Peachtree Rd NW 54,244 6-7 $22.50 net $3.50 Q3 2014 Q4 2014 Northeast 18 3344 Peachtree 3344 Peachtree Rd NE 52,798 17-18 $40.50 $3.00 Q3 2014 Q1 2015 Downtown 20

Northwest 20

Source: JLL Research Group Source: JLL Research Group