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Industrial Office Product Council in North Texas OFFICE: Searching for Value in the Dallas Office Market

Presentation Committee: David Leininger, DART, Rebecca Tudor, Twinrose Investments, Jack Wierzenski, DART Chris Harden, Cushman and Wakefield

Moderator: Paul Bennett, Granite Properties

Panelists: Jack Crews, JLL Bernard Branca, Eastdil Secured Todd Savage, HFF Murray Jardine, Tier Reit Jed Melson, CBRE

Paul Bennett, Senior Director of Investments, Granite Properties, Inc. (Moderator) Paul joined Granite in 2000 and is responsible for coordinating the efforts of the acquisition and disposition team, including market selection and underwriting, negotiation, financial analysis, and due diligence services. Before Paul joined Granite, he was the Senior Director of Investments for Insignia/ESG. He began his real estate career with Trammell Crow Company and held various positions with The Paragon Group and Price Waterhouse Coopers. Granite Properties is a privately held commercial real estate investment, development and management company founded in 1991, with offices in Dallas, Houston, Atlanta, Denver and Southern California. It has completed more than $6.1 billion in real estate transactions and more than 26 million square feet of real estate development and acquisitions.

Bernard Branca, Director, Eastdil Secured Mr. Branca is one of the initial members of the Eastdil Secured Dallas office. Over the past 5 years, Eastdil Secured has closed over $24 billion of Capital Market Transactions on Texas assets including $10.7 billion of Property Sales, $5.8 billion of Financings, $5.8 billion of Joint Ventures, and $1.8 billion of Loan Sales. Mr. Branca joins Eastdil Secured following 22 years with CBRE where he was Senior Vice President in the Debt and Structured Finance and Investment Sales groups specializing in the office sector. Mr. Branca comes to Eastdil with a wealth of investment-grade real estate transaction experience and has played an essential role in the sale and financing of single-asset and portfolio dispositions. Mr. Branca received his B.S. in economics from Southern Methodist University, and is a licensed Texas real estate salesman.

Jack Crews, Managing Director, Dallas-Capital Markets, JLL Jack is Managing Director of Jones Lang LaSalle focusing on the disposition and capitalization of office and mixed-use assets throughout the southwest. He has been involved in all aspects of the real estate industry since 1982 and specifically focused on the disposition and capitalization of assets since 1992. Over the past 25 years he has worked directly with his team to successfully complete the disposition or capitalization of assets in excess of $12.5 billion. Prior to joining JLL, Jack was a Principal with Trammell Crow Company prior to the acquisition of the firm by CBRE. He was responsible for building a team of 12 people that completed assignments in office, retail and industrial over a four year period. During this time the production in Dallas grew to over $1.5 billion in annual assignments. Prior to joining Trammell Crow Company Jack was a Senior Director and a founding member of the HFF, LP Capital Markets Group. During the six years with HFF he worked with senior management to execute assignments throughout Texas and hire other professionals in major markets connected to the core debt and equity business.

Todd Savage, Managing Director, HFF Mr. Savage is a Managing Director in HFF’s Dallas office with more than eighteen years of experience in commercial real estate finance and property advisory. Mr. Savage has worked on numerous investment brokerage, sale/leasebacks, and joint venture arrangements on behalf of institutional and corporate clients in the southwestern United States. During the course of his career, Mr. Savage has been involved in more than $15 billion in commercial real estate transactions.

Mr. Savage is a member of the North Texas ULI Industrial / Office Product Council, The Real Estate Council, the Associate Leadership Council, UTREFIC and the SMU Real Estate Society.

Murray Jardine is Senior Vice President at TIER REIT, a publicly-traded real estate investment trust where he focuses on sourcing new acquisition and development opportunities. He has over 25 years of experience in a variety of acquisition, development, asset management and portfolio management roles. Prior to joining TIER, Mr. Jardine spent 10 years at Sarofim Realty Advisors where he focused on office acquisitions and asset management. Mr. Jardine received a bachelor of business administration with a concentration in finance from The University of Texas at Austin. He is a member of NAIOP where he sits on the Office Acquisition Forum and is on the North Texas ULI Industrial Office Product Council.

Jed Melson has served as an Acquisitions Director at CBRE Global Investors since 201 6. In this role he focuses on commercial acquisition efforts in Texas and the Southeast Region. Prior to joining CBRE Global Investors he spent 1 1 years at Invesco Real Estate in Dallas, where he focused on acquisition efforts across the equity risk spectrum as well as debt origination. Mr. Melson received a Bachelor of Science from Texas A&M University and a Masters of Business Administration from Southern Methodist University. He is active in NAIOP National Forums and serves on the board of the Folsum Institute for Real Estate at SMU. He is based in Dallas, TX.