Building 77 Unique Waterfront Opportunity Market Drivers Emerging Brooklyn Waterfront/ Tech Triangle

 Growing emphasis on talent attraction has increased demand for commercial space in Brooklyn

 Core Brooklyn office market now features over 25M rsf

 Brooklyn’s Tech Triangle is retaining growing, Brooklyn- based firms and attracting technology & creative firms from

 Vacancy rates in the single digits and dramatic rental rate appreciation over the past 12-18 months

1 Brooklyn Navy Yard 4.5M SF portfolio; 100% Leased for 10 years

 $250M of infrastructure improvements; $750M of development activity

 Commitment to job creation for industrial, R&D, creative & tech tenants

2 Building 77: Today Industrial Warehouse Built in 1942

3 Building 77: Opportunity 1M SF, Fully Redeveloped Property

FLOOR 16 11,000 sf FLOOR 15 66,000 sf FLOOR 14 74,000 sf *FLOOR 13 80,000 sf *FLOOR 12 80,000 sf *FLOOR 11 80,000 sf *FLOOR 10 80,000 sf FLOOR 9 80,000 sf FLOOR 8 80,000 sf FLOOR 7 80,000 sf FLOOR 6 80,000 sf FLOOR 5 80,000 sf FLOOR 4 80,000 sf FLOOR 3 80,000 sf FLOOR 2 73,000 sf

*LEASED: FLOORS 10-13 CEILING HEIGHTS: 11’11” & 10’3”

4 Building 77: Redevelopment Overview Complete renovation Program

 $140M capital program, including

 New glass and metal exterior/façade with new window wall system

 Redesigned lobby featuring double-height entrances

 All new MEP and HVAC systems

 New (passenger) and modernized (freight) elevators

 Substantial power capacity, telecom service and systems redundancy

 Targeted LEED Silver certification

5 Large Efficient Floor plates Typical Floor Plan

20’

20’ Flushing Brooklyn Waterfront Brooklyn

6 FLEXIBLE, OPEN Floor plans

7 UNOBSTRUCTED PANAROMIC Views Brooklyn & Manhattan SKYLINEs

8 2oK SF PRIVATE ROOF DECK AVAILABLE for exclusive tenant use

9 Transportation options

 5-10 minute shuttle ride to 7 MTA stations & 16 lines

 Proximity to BQE, Brooklyn, Manhattan & Williamsburg bridges

 130 spaces for tenant parking

 Brooklyn Greenway & 5 stations

10 As-of-Right Incentives $20/SF of ANNUAL occupancy Savings

Tax Benefits -NYC Relocation and Employment Assistance $15/SF Program (REAP) -Exemption from real estate taxes $1-2/SF -Exemption from Commercial Occupancy Tax $1-2/SF Energy Savings -Energy Cost Savings Program (ECSP) $1-2/SF

Total annual Benefits $18-21/sf$18-21 /sf

Additionally, Building 77 is designated as a Foreign Trade Zone

11 Project Timeline Achievement of key milestones

2014 Target Date - Project Funding - Interior Demolition Complete - Finalize Construction Documents

2015 - Award Core & Shell Contracts FEB 2015

2016 - Complete New Facade MAY 2016 - TCO / Turnover for Tenant Fit-out Q3 2016

12 Project Team Highly Experienced and qualified Team

• Citi Field, Queens, NY Owner’s Representative • American Banknote Building, Bronx, NY

• MTA Fulton Street Transit Center Construction Manager • 11 Times Square, , NY

• City Hall Renovation, New York, NY Project Architect • Empire State Building Revitalization

• Baruch College, New York, NY MEP Engineer • Dow Jones & Company, New York, NY

• Whitehall Ferry Terminal, New York, NY Structural Engineer • Tweed Courthouse, New York, NY

• Interactive Corp (IAC) Bldg, NY, NY Geotechnical Engineer • Hearst Tower, New York, NY

• Bank of America Tower, New York, NY Vertical Transportation • Willis Tower, Chicago, IL

• FDR Four Freedoms Park, New York, NY Lighting Designer • Brooklyn Public Library, Brooklyn, NY

• JFK Intl Airport, American Airlines IT/ Acoustics Consultant • IAC Headquarters, New York, NY

13 Building 77 Unique Brooklyn Opportunity

 Completely renovated waterfront property with unobstructed views of the Brooklyn and Manhattan skylines

 Competitively priced before annual as of right incentives estimated at $20/sf

 Large, flexible floor plans and potential 500K sf contiguous block

 Ability for anchor tenant to influence design and building operations

 Foreign Trade Zone designated

 Estimated completion date: Q3 2016

14 Contact

For Leasing Information:

Michael Shenot 212.812.5702 [email protected]

Paul Mas 212.812.5869 [email protected]

Michael Berg 212.812.5923 [email protected]

Edward DiTolla 212.812.5922 [email protected]

Ruby Hwang 212.812.5713 [email protected]

Darren Ferguson 212.418.2671 [email protected]

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