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Executive Summary EXECUTIVE SUMMARY INTRODUCTION Holliday Fenoglio Fowler, L.P. (‘HFF”) is pleased to present 1111 Superior (the “Property”), a 559,299 RSF office tower strategically located at “Main and Main” of Cleveland, Ohio’s central business district. The Property’s efficient floor plates, superior amenities and prime views of Lake Erie within an urban environment combine to present a rare opportunity for investors. Expertly managed and environmentally conscious, 1111 Superior is one of the few office buildings indowntown Cleveland to achieve the LEED Silver Certification. Anchored by the Cleveland Metropolitan School District (“CMSD,” S&P: AA; 92,358 RSF or 15.7% of the Property), 1111 Superior is 83.4% leased overall to a highly diverse tenant base with no single industry representing more than 24% of the leased square footage. The second largest tenant, Asurint, moved to the Property in 2016 and has recently expanded their leased footprint to 70,364 RSF or 11.7% of the Property. Asurint’s lease and subsequent expansions are indicative of the Property’s recent leasing activity, as over 220,000 RSF of new and expansion leases have been executed since 2015. An investor is well positioned to capitalize on this leasing momentum in order to lease the 41,780 RSF of contiguous high-rise vacancy on the 23rd through 25th floors, and backfill the top three (3) floors of the Property totaling 41,999 RSF once IBM gives back this space, anticipated to occur as early as 2019. KEY PROPERTY STATISITICS Property Address: 1111 Superior Avenue East, Cleveland, OH 44114 Submarket: Cleveland CBD; Nine-Twelve District Stories: 28 Stories, 350' Tall Rentable Square Feet: 599,299 RSF Year Built/Renovated: 1983/1995/2014 Total Percent Leased: 83.4% Remaining W.A.L.T.: 5.3 years Slab to Slab Ceiling Height: 10'6" Finished Ceiling Height: 8'6" Architect: Skidmore, Owings, & Merrill / Hatfield Building Engineering: Jaros, Baum, and Bolles Parking: 509 Covered Spaces (0.85 / 1,000) Typical Floor Plate: 23,454 Walk Score: 96 Transit Score: 86 Real Estate Tax Parcel: 101-35-038 Site Area (SF): 55,665 Site Area (Acres): 1.278 Zoning: G-R-E5; General Retail Business FAR: 11 Environmental Certification: LEED Silver 2 EXECUTIVE SUMMARY SUMMARY OF PRIMARY TENANTS % CURRENT REMAINING TENANT INDUSTRY FLOORS RSF SHARE COMMENCE. EXP. BY RENT ESCALAT. TERM (YRS) Cleveland Metropolitan School District (1) Education 17-19 92,358 15.4% Aug-13 Jul-23 $16.75 $0.50 5.1 Asurint (2) Technology 20-22 70,364 11.7% Feb-16 Jan-27 $16.50 Varies 8.6 MetLife Services & Solutions Legal Services 8-9 47,529 7.9% Nov-99 Nov-28 $15.76 Varies 10.4 IBM Corporation (3) Technology 26-28 41,999 7.0% Jul-16 Sep-21 $16.50 $0.50 3.3 Plante & Moran, PLLC Accounting 12 23,781 4.0% Oct-05 Dec-22 $16.50 $0.30 4.5 Weighted Average / Total 276,031 46.1% $16.46 6.6 (1) CMSD currently pays $16.75/RSF on 76,763 RSF (1st, 14th, 17th through 19th floors) and $15.75/RSF on 12,973 RSF located on the 2nd Floor. All office space escalates $0.50/RSF annually. Tenant also leases 2,622 RSF of storage space (included in the above total RSF) at $10/RSF through LXD. (2) Asurint will expand into 16,000 RSF effective 5/1/18; and 7,454 RSF effective 2/1/19. Tenant’s rent shall increase to $18.00/RSF on 2/1/22 with no further escalations. (3) IBM’s contractual LXD is 9/30/21, but analysis assumes Tenant exercises their termination option effective 9/30/19, which requires 9 months notice and Termination Fee of $780,775.29. The Property has attracted office users from a INVESTMENT HIGHLIGHTS multitude of sources including competitive and non-competitive CBD properties (approximately Contemporary Iconic Diverse Office Tower Tenancy 62% of recent new tenants), new businesses (19%), adjacent suburbs and submarkets (14%), High-Yield, State-of-the-Art Value-Add Returns Tenant Amenities and even other states who considered the entire downtown office market before selecting 1111 Sought After Diminishing CBD High Rise Vacancy Office Supply Superior (5%). Many of these companies seek efficient space, which positions 1111 Superior as Mark-to-Market Tenant Migration Opportunity to the CBD the office building of choice with its 20’6” column spacing, optimum bay depth and 10 potential corner offices per floor. The upsurge of adaptive PREVIOUS TENANT LOCATIONS reuse activity has also displaced Class B and C office tenants into Class A space. 1111 Superior provides upside for an investor through the lease 62% 19% 14% 5% up of the 99,747 RSF (16.6% of the Property) of DOWNTOWN NEW SUBURBS ANOTHER existing vacancy, and the ability to mark leases ENTRANT METRO to market upon renewal, thereby enhancing NOI over the hold period. 3 EXECUTIVE SUMMARY PROPERTY 599,299 RSF, 28-Story Class A trophy office tower One of the few LEED Silver certified buildings in downtown Cleveland Designed by world-renowned Architect Skidmore, Owings and Merrill LOCATION “Main & Main”, epicenter of downtown Cleveland Central location in the Nine-Twelve Financial District Gateway to the Theater District and Playhouse Square Center AMENITIES & FEATURES Vibrant, recently renovated lobby with modern floor-to-ceiling LED illuminated wall The lobby also features marble floors, marble columns, and 18’ ceilings Unimpeded views of Lake Erie, City of Cleveland, and surrounding parks Brand-new conferencing facilities with multiple video screens, break-out rooms, and lounge Brand-new, state-of-the-art fitness facility features weights, cardio equipment, showers, exposed ceilings, and Lake Erie views Separate yoga room that is adjacent to the fitness facility TENANCY Over 220,000 RSF of new/expansion leases have been executed since 2015; occupancy increased from 50% in 2014 to 83.4% today 30.3% of the Property is leased to Investment Grade tenancy Diverse tenant base with no one industry representing more than 24% of building Attracts tenants from the CBD, suburbs, and out- of-state MARKET Over 5 million SF in adaptive reuse projects drastically improved Cleveland office fundamentals New multi-housing supply supports the live-work- play lifestyle downtown 4 EXECUTIVE SUMMARY MARK TO MARKET OPPORTUNITY WITH BELOW MARKET RENTS 1111 Superior presents an ideal opportunity to increase rents, bridging the gap between in-place rents and the current market rents for the Property, which are currently $17.50/RSF for the low-rise floors (Floors 1-15) and $19.00/RSF for the high-rise floors (Floors 16-28). The weighted average in-place rental rate at the Property is currently $16.41/RSF which is $1.00 to $2.50 less than the Property’s market rents. Significant opportunity lies within the 23 tenants, totaling 181,209 RSF or 30.2% of the Property, that roll between 2018 and 2022. These tenants together have an in-place rental rate of $16.31/RSF and upon expiration will be 12.3% below market. This includes IBM who leases the top three floors of the building totaling 41,999 RSF, which represents a prime mark to market opportunity as Tenant’s rent will be more than 13% below market, whether they exercise their termination option (effective 9/30/19) or hold the space through lease maturity (9/30/21). 1111 Superior’s rollover profile and current vacancy will allow an investor to increase future revenues by marking leases to market upon renewal, thereby substantially enhancing the Property’s revenues and value throughout the investment period. CONTRACT RENTS UPON EXPIRATION VS. MARKET RENT GROWTH (2018-2022) $22.00 12% $20.54 $21.00 $19.94 10% $20.00 $19.36 $18.80 $19.00 $18.25 8% $18.00 6% $17.00 $17.55 $17.47 $17.52 Rent / RSF $16.00 4% % RSF Expiring $16.10 $15.00 2% $14.79 $14.00 $13.00 0% 2018 2019* 2020 2021 2022 * Includes IBM % RSF Expiring Weighted Average Rent/RSF Upon LXD Average Market Rent/RSF 5 EXECUTIVE SUMMARY LOCAL AMENITIES RESTAURANTS RETAIL ➊ Oasis Café ➊ PNC Bank A CONTEMPORARY, ICONIC OFFICE TOWER ➋ Urban Farmer ➋ CVS Pharmacy ➌ Pho Thang Café ➌ Rocket Fizz 1111 Superior has been successfully repositioned as a top-tier office tower ➍ Captain Tony's Pizza ➍ The Tea Lab ➎ Tomaydo Tomahhdo ➎ The Restock CLE amidst a Cleveland office market in which over 5 million square feet of office ➏ Guys Pizza Co. ➏ Surroundings Home Décor space has been redeveloped into residential and hospitality uses over the last ➐ Porcelli's Bistro ➐ Nick's Sports Corner ➑ Tea House Noodles ➑ Peterson Nut six years. At 28 stories and 599,299 RSF, the Property offers an encyclopedic ➒ Potbelly Sandwich Shop ➒ U.S. Bank ➓ Anna in the Raw ➓ Budget Car Rental amenity package in an irreplaceable live-work-play location. Tremendous ⓫ Winking Lizard ⓫ West Marine ⓬ ⓬ leasing success followed the 2014 renovation, evidenced by over 220,000 Asia Kitchen Heinen's ⓭ 45h Street Bar and Grill ⓭ FedEx Office RSF of positive absorption in the last 3 years. 1111 Superior’s unmistakable ⓮ Pickwick & Frolic ⓮ Victoria's Secret & PINK ⓯ Butcher and the Brewer ⓯ Brooks Brothers curtain reflective glass design is a product of the world-class architect ⓰ Zocalo Mexican Grill & Tequileria ⓰ Payless ShoeSource ⓱ ⓱ Skidmore, Owings, & Merrill, whose other notable projects include the Willis Society Lounge Claire's ⓲ Red, the Steakhouse ⓲ GameStop Tower, the One World Trade Center, and the Burj Khalifa. The Property was ⓳ Chinato ⓳ The Children's Place ⓴ Barrio ⓴ Papyrus completed in 1983 as the headquarters for Eaton Corporation, extensively 21 Sushi 86 21 Bath & Body Works 22 Helio Terra Vegan Café 22 FirstMerit Bank renovated in 1995 and 2014, and remains one of the most iconic properties in 23 Flannery's Pub the Midwest region.
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