Downtown Office Market Report

2006 Colliers Bennett & Kahnweiler Market Report Chicago, IL

Table of Contents page

I. DOWNTOWN OFFICE MARKET OVERVIEW 1 Central Loop 2 West Loop 3 East Loop 4 North Michigan Avenue 4 River North 5 Year-end 2005 Downtown Office Market Statistics 6 Top Transactions – 2005 7 Chicago CBD Submarket Map 8

II. ABOUT COLLIERS BENNETT & KAHNWEILER INC. 9 CHICAGO

2006 Colliers Bennett & Kahnweiler Market Report downtown office Chicago, IL 2006

Outlook for Downtown and East Loop had a combined negative Headlines Chicago Office Mixed in 760,000 square feet of absorption. When considering fourth quarter results only, • Historically high vacancy rates 2006 the West Loop suffered with negative continued to plague the downtown Chicago’s central business district is office market in 2005 364,277 square feet of absorption. The broken into five submarkets and contains East Loop’s positive 294,421 square feet a total of nearly 127 million square feet. • Sublease vacancies have slowly was not enough to escape a negative year- decreased and now total only 1.8 The largest of these submarkets, the West to-date figure. percent Loop, has more than 40 million square feet of office properties alone. Slow leasing Major 2005 Transactions • Net absorption improved from 2004, velocity and a depressed job market is Three of the five largest lease transactions ending 2005 at positive 206,565 square resulting in historically high vacancy rates of the year occurred in the Central Loop: feet and excess supply. Although there was Seyfarth Shaw LLP’s 294,175-square-foot modest improvement in select submarkets lease at 131 S. Dearborn Street, Robert • The West Loop has dominated in the fourth quarter, statistics did not Morris College’s 270,000-square-foot new construction, however, both compare favorably to year-end 2004 the Central Loop and River North renewal and expansion at 401 South State results. markets have large scale projects that Street, and Exelon’s 250,000-square-foot are expected to deliver in 2008 and new lease at Two South Dearborn. In 2009. Vacancy and Absorption River North, the largest lease transaction The total overall downtown vacancy of the year occurred when Kirkland and rate ended the year at 19.5 percent, up Ellis signed a 600,000-square-foot lease at from 19.3 percent in the third quarter 300 N. LaSalle Street, a to-be-developed 2005 and 18.7 percent from year-end Class A office tower. In the West Loop, Downtown Office 2004. The sublease vacancy was healthy, Refco completed a 162,000-square-foot Market Snapshot remaining flat at 1.8 percent from year- renewal and expansion at 550 W. Jackson end 2004. The most dramatic change in Boulevard. vacancy rate occurred in the West Loop Year-end 2005 vs. Year-end 2004 which saw an increase from 20.2 percent 2006 Prognosis in 2004 to 21.9 percent in 2005. This is Rents should remain fairly stable in 2006, 2004 2005 not the result of tenant disinterest in the with minor increases expected in the market, but rather the addition of nearly healthier submarkets such as the West Vacancy rate 19.3% 19.5% two million square feet of new inventory Loop. Tenant concessions including rent over the past year. The most significant abatement and tenant improvement improvement in vacancy rate occurred in allowances are still tenant favorable, due to Absorption (347,832)sf 206,565sf River North, which posted 19.8 percent high vacancy rates coupled with increasing in 2004 and 17.1 percent in 2005. construction costs. New buildings with Class A Asking $31.77 $31.02 2006 delivery dates are expected to Net absorption totaled positive 206,565 Rents negatively impact the market’s overall square feet for the year, a sizable absorption and vacancy rates. improvement over the negative 347,832 square feet posted in 2004. Three markets achieved positive net absorption (West Loop, North Michigan Avenue, and River North) while the Central Loop

1 Colliers Bennett & Kahnweiler Market Report downtown office Chicago, IL 2006

CENTRAL LOOP Notable 2005 Transactions Construction The Central Loop, with a total inventory Eight of the 15 largest transactions of the The long-anticipated Block 37 project of 37.5 million square feet, experienced a year occurred in the Central Loop. broke ground in the fourth quarter of strong fourth quarter as several notable 2005. The infamous land on State Street transactions were completed. This wasn’t between Randolph and enough, however, to create positive net Tenant/Buyer Location Size (sf) Lease/Sale Washington Streets has 131 South absorption for the year. The Central Loop Seyfarth Shaw LLP 294,175 Lease undergone numerous Dearborn Street was defined in 2005 by the large volume Robert Morris 401 South State Renewal/ starts and stops with 270,000 of tenants exiting the market and moving College Street Expansion potential development. Two South to the West Loop for newly constructed, Exelon 250,000 Lease With the signing of Dearborn upgraded space. 55 East Jackson Renewal/ CBS Channel 2 for DePaul University 126,000 Boulevard Expansion 100,000 square feet and One South Morningstar’s lease for Vacancy and Activity Barton Inc. 90,000 Lease The overall vacancy rate in the Central Dearborn 250,000 square feet, it Loop at year-end 2005 was 19.1 percent, Mittal Steel 1 S. Dearborn Street 53,484 Lease appears that the mixed- an improvement from the 19.7 percent Cool Savings 1 N. Dearborn 49,500 Lease use project will be a reality Renewal/ measured in third quarter, however a Quantitative Analysis 230 S. LaSalle St. 48,000 sometime in 2008 or significant increase from 17.8 percent at Expansion 2009. year-end 2004. Class A overall vacancy totaled 20.5 percent. On a positive Absorption note, sublease vacancies totaled only Net absorption in the Central Loop In 2005, Colliers 1.7 percent, virtually flat from year-end totaled negative 464,389 square feet in Bennett & 2004 and the second-lowest total of all 2005. While this was the worst of all K a h n w e i l e r r e p r e s e n t e d submarkets. submarkets, it was a slight improvement Booz Allen over the negative 567,630 square feet from Hamilton in a year-end 2004. However, in the fourth 30,200-square- foot lease at quarter alone positive net absorption 225 W. Wacker was achieved for the first Central Loop Drive Vacancy and Activity time in several consecutive

300,000 20.0% quarters, reaching 221,487 square feet, the result 19.5% 200,000 of several completed transactions mentioned 19.0% 100,000 above.

18.5%

0

18.0% Vacancy Rate Vacancy 2004Q4 2005Q1 2005Q2 2005Q3 2005Q4 Square Feet Absorbed Feet Square -100,000 17.5%

-200,000 17.0%

-300,000 16.5%

Absorption Vacancy

2 Colliers Bennett & Kahnweiler Market Report downtown office Chicago, IL 2006

WEST LOOP Absorption The West Loop, the largest of all A weak fourth quarter West Loop submarkets, contains 40.4 million square in the Class A segment Vacancy and Activity feet of inventory. Tenants are attracted (negative 460,237 square 600,000 23% to the area’s proximity to public feet) was highly detrimental 500,000 22% transportation and highway systems in to the West Loop’s year- 400,000 addition to the new construction options end absorption figures. 300,000 22% that the market offers. The West Loop has This led to negative 200,000 21% benefited from an East Loop and Central 364,277 square feet overall 100,000

0 Loop exodus as many tenants moved in the fourth quarter, and 21% Vacancy Rate Vacancy -100,000 closer to the commuter train stations. positive 488,046 square Absorbed Feet Square 2004Q4 2005Q1 2005Q2 2005Q3 2005Q4 However, the significant new construction feet overall year-to-date. -200,000 20% has also hurt the market’s vacancy and However, the market was -300,000 20% absorption figures in recent quarters. still able to outperform -400,000 its year-end 2004 total of -500,000 19% Vacancy and Activity 428,428 square feet. Absorption Vacancy The year-end 2005 vacancy in the West Loop totaled 21.9 percent, a sizable It is expected that the absorption figures increase from both 20.1 percent in the will improve in the Class A segment in third quarter and 20.2 percent from year- 2006, with Class B and Class C properties end 2004. Sublease vacancies totaled 2.3 continuing to struggle across the entire percent, the highest of all submarkets. central business district. Class A overall vacancy totaled 22.8 percent, with only River North posting Construction a higher figure (23.4 percent). New Three additions to inventory in the West construction deliveries were the primary Loop totaling nearly two million square cause of the increase. feet were the primary cause of the vacancy increase in 2005 - Notable 2005 Transactions Drive, 111 South , and 550 W. Adams. 550 W. Adams, the site of USG Corporation’s new headquarters, is Tenant/Buyer Location Size (sf) Fifth Third Bank 222 S. Riverside 142,000 currently 70 percent leased. In 2005, Colliers Bennett & Kahnweiler represented Humana in a 55,282-square-foot lease at 550 W. Humana 550 W. Adams 55,282 Adams CATS/NIPC 233 S. Wacker Drive 52,200 101 N. Wacker Global Crossing 35,100 Drive RBC Dain Rauscher 500 W. Madison 39,921 American Marketing 311 S. Wacker Drive 31,233 Association 333 W. Wacker Sanchez Daniels 29,000 Drive One South Wacker Tetra Tech Inc. 26,000 Drive

3 Colliers Bennett & Kahnweiler Market Report downtown office Chicago, IL 2006

EAST LOOP The East Loop had very few large of conversions to office and residential The East Loop is bordered by State Street transactions completed in 2005. The two condominium. The addition of Millennium on the west, Lake Michigan on the east, largest were the 200,000-square-foot Blue Park to the area has helped attract the the Chicago River on the north, and Cross Blue Shield lease at 111 E. Wacker attention of both residential and retail Congress Parkway on the south. With a Drive and a 50,000-square-foot lease developers. Examples of condo conversion total inventory of nearly 25 million square renewal for Michael Best & Friedrich LLP include 310 S. Michigan Avenue which was feet, the East Loop continues to be plagued at 180 North Stetson Avenue. converted to residential, and the Garland by tenants seeking the conveniences of Building (111 N. Wabash) which was public transportation and better highway Absorption converted to office condo. In addition, 55 access. Although fourth quarter results measured E. Monroe is rumored to be a residential 294,421 square feet of positive net conversion candidate. Vacancy and Activity absorption, overall the East Loop suffered The overall vacancy rate in the East Loop in 2005, ending the year at negative NORTH MICHIGAN AVENUE at year-end 2005 was 19.6 percent, a 296,412 square feet. This number is down The tenant mix in the North Michigan substantial increase from 18.4 percent from the year-end 2004 figure of negative Avenue submarket is composed largely of in 2004. Surprisingly, the market has the 22,723. Class A space was impacted advertising, consulting, medical, and public lowest sublease vacancy rate of any other, the most prominently, measuring a relations companies. At this time, many ending 2005 with only 1.1 percent. devastating negative 351,375 square feet. of these companies are reluctant to grow Class C space actually achieved 171,091 and add staff, resulting in the market’s The market has recently suffered from square feet of positive absorption, with stagnation. the loss of some high-profile, large North Michigan Avenue being the only tenants including Kirkland and Ellis who other market whose Class C segment did Vacancy and Activity announced its intent to vacate AON not have negative absorption. The North Michigan Avenue submarket Center at 200 E. Randolph and occupy ended 2005 with a vacancy rate of 14.3 600,000 square feet at the proposed percent, down from 15.4 300 N. LaSalle Street. Other prominent East Loop Vacancy and Activity percent at year-end 2004. losses include Deloitte and Touche, who The North Michigan 400,000 21.0% occupied 400,000 square feet at 180 N. Avenue market has the Stetson and relocated to 111 S. Wacker 300,000 20.5% lowest vacancy rate of all

Drive and BP Amoco has 100,000 square 200,000 20.0% submarkets by far, with the feet of sublease space remaining at its next closest being River former corporate headquarters, the 100,000 19.5% North at 17.1 percent.

Amoco building (now known as AON 0 19.0% Sublease vacancies totaled

Center). Efforts to backfill this glut of Rate Vacancy 1.9 percent.

-100,000 2004Q4 2005Q1 2005Q2 2005Q3 2005Q4 18.5% space have had limited success. However, Absorbed Feet Square Blue Cross Blue Shield of signed a -200,000 18.0% There were very few five-year lease for 200,000 square feet at -300,000 17.5% noteworthy transactions 111 E. Wacker Drive. A large percentage completed in 2005 by of tenants that are new to the East -400,000 17.0% North Michigan Avenue Absorption Vacancy Loop typically come from the North tenants. The largest was Michigan Avenue submarket because a 120,000-square-foot these tenants have already put a low Construction renewal for Brinks Hofer Gilson & Lione premium on convenient access to public Perhaps more than any other market, at the NBC Tower, 455 N. Cityfront transportation. the East Loop has experienced a number Plaza Drive. In addition, RREEF renewed

4 Colliers Bennett & Kahnweiler Market Report downtown office Chicago, IL 2006

its lease for 42,000 square feet at the RIVER NORTH John Hancock building, 875 N. Michigan Market conditions in River North are The largest transaction to occur in the Avenue. somewhat unusual in comparison to River North market in 2005 was Kirkland other submarkets. The vacancy rate has & Ellis’ 600,000-square-foot lease at the Absorption been volatile, making significant leaps proposed 300 N. LaSalle Street. This was After three consecutive quarters of from quarter to quarter, and the Class the largest transaction of 2005 in the positive net absorption, North Michigan B segment far outperformed the Class A entire central business district. Avenue fell to negative 47,620 square properties. feet in the fourth quarter. However, Absorption absorption for the year measured a Vacancy and Activity Despite the weakening in the Class A respectable positive 125,207 square feet, The overall vacancy rate in the River North segment, net absorption for the year was an improvement from negative 241,655 submarket ended 2005 at 17.1 percent, strong in River North, ending at 354,113 square feet of absorption at year-end down significantly from 19.8 percent at square feet. Only the West Loop posted 2004. year-end 2004. However, a higher figure. The Class A properties totaled negative 215,523 for the year, North Michigan Avenue Class A properties have an Vacancy and Activity overall vacancy while Class B properties carried the

120,000 16.0% rate of 23.4 River North

100,000 p e r c e n t , Vacancy and Activity

15.5% the highest 250,000 20.0% 80,000

percentage 19.5% 60,000 15.0% 200,000 of any 19.0% 40,000 b u i l d i n g 150,000 18.5% 20,000 14.5% class in any

Vacancy Rate Vacancy 18.0% 0 market. The 100,000 Square Feet Absorbed Feet Square 14.0% 17.5% -20,000

2004Q4 2005Q1 2005Q2 2005Q3 2005Q4 s u b l e a s e 50,000 17.0% Rate Vacancy -40,000 v a c a n c y 13.5% Absorbed Feet Square 16.5% -60,000 rate is 0

16.0% -80,000 13.0% average for -50,000 2004Q4 2005Q1 2005Q2 2005Q3 2005Q4 Absorption Vacancy the entire 15.5%

c e n t r a l -100,000 15.0%

b u s i n e s s Absorption Vacancy Construction district, ending the year at There have been no new additions to 2.0 percent. The downturn inventory in the past year in the North in Class A vacancies can largely be River North market in 2005 with positive Michigan Avenue submarket, however, attributed to IBM Corporation vacating 604,676 square feet of net absorption. there has been significant discussion nearly 280,000 square feet at IBM Plaza, The overall year-end total in 2004 was centered around potential office and 330 N. Wabash. The outlook for the positive 55,748 square feet. residential condo conversions. A number future is worse, as the Quaker Tower will of properties are being considered for lose Mesirow Financial, a 127,000-square- Construction conversion including the , foot tenant that that is moving to the While no new construction was delivered The Time Life Building, 900 North proposed 1.1 million-square-foot building to the River North market in 2005, nearly Michigan Avenue and 980 North Michigan at 351 N. Clark Street, along with Jenner two million square feet will be added to Avenue. & Block who is currently negotiating its the market with the completion of 351 N. lease for 375,000 square feet. Clark Street and 300 N. LaSalle.

5 Colliers Bennett & Kahnweiler Market Report downtown office Chicago, IL 2006

Year-end 2005 Downtown Office Market Statistics

Total Total Direct Sublease Total Total Direct Total Total Net Net Sublease SF Vacancy Class Bldgs Inventory Direct SF Vacant Total Vacant SF Vacancy Vacancy Vacancy Rate Net Sublease Net Absorption - Absorption Vacant Rate - Sq. Ft. Rate Rate - 4th Quarter Absorption Absorption 4th Qtr. YTD-Sq. Ft. Prior Qtr.

CENTRAL LOOP/LASALLE

A 21 19,168,442 3,410,551 527,531 3,938,082 17.8% 2.8% 20.5% 21.1% 71,166 38,312 109,478 (359,474)

B 31 15,919,414 2,576,481 114,275 2,690,756 16.2% 0.7% 16.9% 17.6% 75,672 31,599 107,271 (87,677)

C 12 2,377,174 509,073 13,002 522,075 21.4% 0.5% 22.0% 22.2% 8,062 (3,324) 4,738 (17,238)

Subtotal: 64 37,465,030 6,496,105 654,808 7,150,913 17.3% 1.7% 19.1% 19.7% 154,900 66,587 221,487 (464,389)

WEST LOOP

A 28 26,656,932 5,434,408 631,928 6,066,336 20.4% 2.4% 22.8% 19.6% (445,373) (14,864) (460,237) 989,190

B 30 10,462,454 1,914,796 275,134 2,189,930 18.3% 2.6% 20.9% 21.6% 65,452 (378) 65,074 (300,932)

C 21 3,232,857 584,371 9,620 593,991 18.1% 0.3% 18.4% 19.3% 30,886 0 30,886 (200,212)

Subtotal: 79 40,352,243 7,933,575 916,682 8,850,257 19.7% 2.3% 21.9% 20.1% (349,035) (15,242) (364,277) 488,046

EAST LOOP

A 9 9,601,228 1,859,162 202,036 2,061,198 19.4% 2.1% 21.5% 22.6% 86,721 21,200 107,921 (351,375)

B 21 9,892,171 1,765,507 70,661 1,836,168 17.8% 0.7% 18.6% 20.4% 184,354 1,301 185,655 (116,128)

C 27 5,070,552 917,258 2,021 919,279 18.1% 0.0% 18.1% 18.1% (27,319) 28,164 845 171,091

Subtotal: 57 24,563,951 4,541,927 274,718 4,816,645 18.5% 1.1% 19.6% 20.8% 243,756 50,665 294,421 (296,412)

N. MICHIGAN AVE.

A 10 5,382,663 664,095 91,378 755,473 12.3% 1.7% 14.0% 13.6% (19,337) (1,801) (21,138) 83,914

B 18 5,454,381 588,125 123,648 711,773 10.8% 2.3% 13.0% 12.6% (12,980) (10,913) (23,893) 40,791

C 6 555,667 166,529 0 166,529 30.0% 0.0% 30.0% 29.5% (2,589) 0 (2,589) 502

Subtotal: 34 11,392,711 1,418,749 215,026 1,633,775 12.5% 1.9% 14.3% 14.4% -34,906 -12,714 -47,620 125,207

RIVER NORTH

A 4 2,864,966 670,018 0 670,018 23.4% 0.0% 23.4% 22.4% (27,267) 0 (27,267) (215,523)

B 18 7,720,220 959,582 234,271 1,193,853 12.4% 3.0% 15.5% 17.0% 171,727 -52,383 119,344 604,676

C 29 2,366,970 327,355 22,320 349,675 13.8% 0.9% 14.8% 12.4% (50,026) (6,199) (56,225) (35,040)

Subtotal: 51 12,952,156 1,956,955 256,591 2,213,546 15.1% 2.0% 17.1% 17.4% 94,434 -58,582 35,852 354,113

DOWNTOWN TOTAL

A 72 63,674,231 12,038,234 1,452,873 13,491,107 18.9% 2.3% 21.2% - -334,090 42,847 -291,243 146,732

B 118 49,448,640 7,804,491 817,989 8,622,480 15.8% 1.7% 17.4% - 484,225 -30,774 453,451 140,730

C 95 13,603,220 2,504,586 46,963 2,551,549 18.4% 0.3% 18.8% - -40,986 18,641 -22,345 (80,897)

TOTAL: 285 126,726,091 22,347,311 2,317,825 24,665,136 17.6% 1.8% 19.5% - 109,149 30,714 139,863 206,565

6 Colliers Bennett & Kahnweiler Market Report downtown office Chicago, IL 2006

Top Transactions - 2005

Tenant/Buyer Location Size (sf) Lease/Sale Market Kirkland & Ellis 300 N. LaSalle Street 600,000 New Lease River North Seyfarth Shaw LLP 131 South Dearborn Street 294,175 New Lease Central Loop Robert Morris College 401 South State Street 270,000 Renewal/ Expansion Central Loop Exelon Two South Dearborn 250,000 New Lease Central Loop Refco 550 West Jackson Boulevard 162,000 Renewal/ Expansion West Loop Fifth Third Bank 222 S. Riverside 142,000 Lease West Loop DePaul University 55 East Jackson Boulevard 126,000 Renewal/ Expansion Central Loop Brinks Hofer Gilson & Lione 455 N. Cityfront Plaza Dr. 120,000 Renewal N. Michigan Ave. Barton Inc. One South Dearborn 90,000 New Lease Central Loop Encyclopedia Brittanica 325 North State Street 72,107 New Lease River North Humana 550 W. Adams 55,300 New Lease West Loop Mittal Steel 1 S. Dearborn Street 53,484 New Lease Central Loop CATS/NIPC 233 S. Wacker Drive 52,200 New Lease West Loop Cool Savings 1 N. Dearborn 49,500 New Lease Central Loop Quantitative Analysis 230 S. LaSalle St. 48,000 Renewal/Expansion Central Loop Michael Best & Friedrich LLP 180 North Stetson Street 44,000 New Lease East Loop RREEF 875 N. Michigan 42,000 Renewal N. Michigan Ave. Chicago Teachers Union Merchandise Mart 41,600 Renewal River North Global Crossing 101 N. Wacker Drive 35,100 Renewal West Loop RBC Dain Rauscher 500 W. Madison 39,921 Renewal West Loop Bryan Cave 161 N. Clark 35,100 Renewal/Expansion Central Loop Innerworkings 600 W. Chicago 35,000 New Lease River North American Marketing Association 311 S. Wacker Drive 31,233 Renewal West Loop Butler Rubin 70 W. Madison 31,000 Renewal Central Loop Booz Allen Hamilton 225 W. Wacker 30,200 New Lease Central Loop Destiny Health 200 West Monroe Street 29,000 New Lease Central Loop Sanchez Daniels 333 W. Wacker Drive 29,000 Renewal West Loop Select Hotels Group 200 West Monroe Street 28,119 New Lease Central Loop Witkoff Group 105 W. Adams 27,000 Renewal Central Loop Tetra Tech Inc. One South Wacker Drive 26,000 New Lease West Loop Smith Barney 190 S. LaSalle Street 22,000 New Lease Central Loop Bernstein 227 W. Monroe Street 21,000 Renewal Central Loop ING Clarion Realty Services 209 South LaSalle Street 21,000 Renewal River North Proactive Inc. 600 W. Chicago Avenue 20,000 New Lease River North

7 15 Colliers Bennett & Kahnweiler Market Report downtown office Chicago, IL 2006

Downtown Chicago Submarket Parameters

W. Oak St. E. Walton Pl. E. Delaware Pl. E. Chestnut St.

W. Chicago Ave. E. Chicago Ave. N. La Salle Blvd. N. Wells St. N. Wells E. Superior St. E. Huron St. MICHIGAN N. Halsted St. N. Milwaukee Ave. N. Dearborn St. E. Erie St. AVENUE

N. Clark St. E. Ontario St. N. Orleans St. RIVER E. Ohio St. E. Grand Ave. 94 NORTH E. Illinois St. N. Michigan Ave.

90 N. Franklin St. W. Hubbard St.

W. Kinzie St. N. State St.

E. Wacker Dr. Chicago River

W. Lake St. EAST LOOP W. Randolph St.

W. Washington Blvd. WEST 41 LOOP W. Madison St. CENTRAL W. Monroe St. LOOP S. Wacker Dr. S. Wacker W. Adams St. S. Columbus Dr. S. Jefferson St. S. Jefferson W. Jackson Blvd. Ave. S. Wabash Lake Michigan S. Canal St. S. State St. S. Franklin St. W. Van Buren St. S. Michigan Ave. S. Clinton St. S. Des Plaines St.

290 W. Congress Pkwy. W. Harrison St.

E. Balbo Dr.

W. Polk St. SOUTH LOOP W. 9th St. W. Taylor St.

W. Roosevelt Rd.

8 About Colliers Bennett & Kahnweiler Inc. Colliers Bennett & Kahnweiler Inc. is a full-service real estate company offering office, retail, investment and industrial brokerage; development; and property/asset/facility management. Headquartered in Rosemont, Illinois, the firm also maintains offices in downtown Chicago and Denver, Colorado. In total, some 140 persons are employed by the firm — more than half of which are brokerage professionals.

Headquarters Branch Offices Colliers Bennett & Kahnweiler Inc. Colliers Bennett & Kahnweiler Inc. 6250 N. River Road, Suite 11-100 200 S. Wacker Drive, Suite 3030 Rosemont, IL 60018 Chicago, IL 60606 847/698-8444 (main number) 312/648-9150 (main number) 847/698-8445 (fax) 312/648-9149 (fax) www.colliersbk.com Colliers Bennett & Kahnweiler Inc. Principals 4643 South Ulster Street, Suite 1000 David Kahnweiler, SIOR Denver, CO 80237 President and CEO 303/745-5800 (main number) Chairman, Colliers USA 303/745-5888 (fax)

William Fausone, SIOR Chief Operating Officer

Daniel Arends Colliers International David Bercu, SIOR Colliers Bennett & Kahnweiler Inc. is a Richard Berger, SIOR shareholder in Boston-based Colliers Gerald Cernick International Property Consultants, a Robert Chodos, SIOR worldwide commercial real estate cor- Kevin Clifton poration. Colliers provides immediate Steven Disse, SIOR access to more than 9,100 professionals Jeffrey Kahan in 248 offices throughout 57 countries on Gregory Pacelli, SIOR six continents. Jack Rosenberg, SIOR Colliers International is composed of the Richard Berger best local real estate companies in key Robert Chodos world markets. Each member provides Directors of Corporate Office Group immense local insight as to customs, trends and cultural standards; a sound experiential Kevin Clifton base and an extraordinary staff of profes- Director of Suburban Office Group sionals committed to all Colliers Interna- tional clients. James Degnan, SIOR Director of Industrial Services Group Market coverage of Colliers International spans the Americas, Europe, Africa, the Jeffrey Kahan Middle East and Asia/Pacific. Director of Investment Services Group

Michael L. Richwine Director of Retail Services Group

Brenda Crisp Senior Vice President Colliers Real Estate Management Services LLC 9 6250 N. River Road Suite 11-100 Rosemont, Illinois 60018

Phone: 847-698-8444 Fax: 847-698-8445 www.colliersbk.com