150 North Wacker Drive

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EXECUTIVE SUMMARY Holliday Fenoglio Fowler, L.P. (“HFF”) Holliday Fenoglio Fowler, L.P. (“HFF”) is pleased to present the sale of the 100% fee simple interest in 150 North Wacker Drive (the “Property”) located in the heart of Chicago’s Central Business District’s (“CBD”) most desirable submarket, the West Loop. The 31-story office tower is located one block east of Chicago’s Ogilvie Transportation Center on Wacker Drive – the home to many of Chicago’s most prestigious firms. The Property, consisting of 246,613 rentable square feet (“RSF”), is currently 91.9% leased and offers a significant mark to market opportunity in a best-in-class location on Wacker Drive. The Property is easily accessible via three major highways and the Chicago Transit Authority’s (“CTA”) transit and bus system, yet is still located in one of the most walkable areas of the city. Given the extensive common area renovations and recent leasing momentum, 150 North Wacker is a truly unique investment opportunity to acquire a rare asset with a premier Wacker Drive address and significant upside potential.

KEY PROPERTY STATISTICS

Location: 150 North Wacker

Submarket: West Loop

Total Rentable Area: 246,613 RSF

Stories: 31

Percent Leased: 91.9%

Weighted Average Lease Term: 4.0 Years

Date Completed/Renovated: 1970/2002/2015

Average Floor Plates: 9,300 RSF

Finished Ceiling Height: 8'9''

Slab to Slab Ceiling Height: 11'8''

Architect: Joel R. Hillman

Parking: 134 Parking Stalls; Valet facilitates up to 160 Vehicles

Transit Score: 100

Walk Score: 98

2 EXECUTIVE SUMMARY

INVESTMENT HIGHLIGHTS

NO. 1 Recognizable Wacker Drive and Chicago River Location NO. 2 Extensive High Quality Lobby and Common Area Renovations NO. 3 Tremendous Leasing Momentum with Mark to Market Potential NO. Immediate Access to World Class Transportation 4 Infrastructure, Including Union and Ogilvie Metra Stations NO. 5 Rare Opportunity Due to Scarcity of Product NO. 6 Best Performing Ofﬁce Submarket

3 TREMENDOUS RECENT LEASING SUCCESS COMBINED WITH STRONG TENANT RETENTION

150 North Wacker has experienced tremendous leasing momentum following the $3.3 million in capital invested by current ownership in upgrading the lobby, elevator cabs and common areas. In the last 12 months, there has been over 53,000 RSF of leasing activity, including both new deals and renewals, accounting for over 21% of the Property’s rentable area. SafeSpeed, a prominent existing tenant, executed a notable expansion and extension of their space, expanding to over 18,000 RSF, taking two full floors. 150 North Wacker is strategically positioned to attract creative tenancy and younger, service oriented workers given the floor plates are ideal to accommodate small and mid-sized companies. The floor plate size also allows for prominent tenant identification, a desired feature for growing firms. The proximity to both Ogilivie Transportation Center and Union Station, along with 3 CTA stops, positions tenants in a central location, which is also essential for companies to establish a downtown presence. Additionally, 150 North Wacker offers breathtaking views from all levels of the building, including most of the low-rise portion. New tenancy at 150 North Wacker includes a diverse mix of companies from investment management, digital and information technology industries.

12 MONTH TENANT ACTIVITY – TENANT INDUSTRY DIVERSITY

8% Business & Consulting Services 6% Technology 3% Healthcare 2% Legal Services

3% Retail/Non-Proﬁt/Financial Services (1% each) TENANT LEASING ACTIVITY OVER THE LAST 12 MONTHS ACCOUNTS FOR 21% OF PROPERTY'S RENTABLE AREA AND TENANTS REPRESENT A WIDE RANGE 21% OF INDUSTRIES 79% (Existing Tenancy)

4 EXECUTIVE SUMMARY

CURRENT % OF TENANT TENANT RSF RSF SINCE TENURE BUSINESS TYPE 20 YEAR CLUB Starbucks 1,424 0.6% Mar-88 29.2 years Retail - Coffee Shop Kane, McKenna Associates 4,014 1.6% Oct-89 27.6 years Financial Services James Paul Costello & Associates 4,574 1.9% Apr-92 25.0 years Law Firm Bialystock & Bloom 3,359 1.4% May-95 21.9 years Law Firm Chicago & Cook County Bldg. Trades Council 2,139 0.9% Sep-95 21.6 years Trades Union 20 Year Club Subtotal 15,510 6.3%

15 YEAR CLUB Goldstein, Aiossa & Good 1,177 0.5% Jul-98 18.7 years Law Firm KMR Group 3,116 1.3% Oct-98 18.3 years Mgnt. Consulting Steven B. Salk & Associates 3,027 1.2% Feb-00 17.1 years Law Firm 15 Year Club Subtotal 7,320 3.0%

10 YEAR CLUB Hometown America 18,330 7.4% Jun-02 14.7 years Real Estate Firm Bronson & Kahn 5,338 2.2% Oct-02 14.4 years Law Firm Flanders Export Promotion 1,583 0.6% May-03 13.7 years Financial Services 10 Year Club Subtotal 25,251 10.2%

7 YEAR CLUB Able Engineering 4,862 2.0% Feb-08 8.7 years Engineering Firm Michael Reese Health Trust 3,037 1.2% Jun-08 8.6 years Non-Proﬁt Org. Signium International 877 0.4% Jan-09 8.0 years HR Consulting Expedia, Inc 4,781 1.9% Mar-09 7.9 years Travel Services AC Advisory 4,371 1.8% Jun-09 7.9 years Financial Services Cardinal Investment Advisors 1,904 0.8% Aug-09 7.3 years Financial Services 7 Year Club Subtotal 19,832 8.0%

Due to the Property’s strategic location within the Chicago CBD and superior amenity package, transportation and tech ecosystem, 150 North Wacker has exceptional tenant retention. 17 tenants have been at the Property for over 7 years and occupy nearly 28% of the Property’s rentable area. This ensures stable cash ﬂow from tenants in a wide range of diverse industries.

5 OUTSTANDING AMENITIES

150 North Wacker offers a competitive set of on-site amenities expected from a Class A trophy property, rivaling those offered by many competitive buildings. These amenities include breathtaking views of the Chicago River, a Starbucks coffee

shop, a newly constructed ﬁtness center, on-site management FITNESS CENTER staff, an on-site conference center, a riverfront terrace and a 4-story covered parking garage with valet service. There is also an excess of 10,000 spaces located in public parking garages and surface lots within a three-block radius of the Property. In addition to these existing amenities, an investor has the opportunity to further amenitize the Property by constructing a tenant/Wi-Fi lounge and a larger tenant conference center. Given to the existing black iron included at the Property, the storage vacancy in the lower level can be combined to house a potential restaurant or catering company, which is an excellent use of the otherwise non-rentable space. This prized Chicago riverfront location can result in signiﬁcant income, given the scarcity of prime retail space on Wacker Drive. STARBUCKS & RIVERFRONT TERRACE

TENANT CONFERENCE ROOM

6 EXECUTIVE SUMMARY

IRREPLACEABLE & RECOGNIZABLE WACKER DRIVE ADDRESS

150 North Wacker Drive is located on the northwest corner of North Wacker Drive and West Randolph Street overlooking the beautiful Chicago River. Wacker Drive is Chicago’s most prestigious corporate address and is recognized throughout the world as the location of landmarks such as the Willis Tower, the Chicago Mercantile Exchange, the Chicago Civic Opera House and others. The Wacker Drive corridor serves as the corporate address of some of Chicago’s – and America’s – largest and most successful companies, including CME Group, Deloitte, Ernst & Young, Goldman Sachs, IBM, MillerCoors, PricewaterhouseCoopers, UBS, United Airlines, Charles Schwab and Wells Fargo. Tenants are attracted to Wacker Drive due to the proximity to commuter transportation options along with the abundance of light and air offered by the wide Wacker Drive to the east and Chicago River to the west. The continual westward shift of downtown’s “heart” away from Lake Michigan and further into the West Loop further enhances the Property’s position as an ideal location for office users. Further, because almost all the properties along Wacker Drive are owned by long-term institutional investors, the acquisition of 150 North Wacker is a truly generational opportunity. RIVERFRONT TERRACE

PREMIER WEST LOOP LOCATION WEST LOOP VACANCY 150 North Wacker Drive is located at the heart of Chicago’s West Loop submarket, the most dynamic DROPPED TO and fastest growing in the CBD. The West Loop submarket contains 38.0 million RSF of Class A and 10% B office space, which accounts for 29% of the total Chicago CBD inventory. With highly amenitized lowest in office space and great access to public transportation, the West Loop is the preferred location for 15 years office tenants. Accordingly, the submarket has a high concentration of office using employment, and beneﬁts from the multitude of ﬁnance, insurance, real estate and business services jobs.

Tenant demand for Class A space in the West Loop clearly outpaces tenant demand for space in the other downtown submarkets. A number of corporate relocations have occurred and most of these companies have chosen West Loop as their new home, most notably Google, Gogo Wireless, and SC Johnson. Most recently, McDonald’s announced the relocation of their corporate headquarters to the West Loop. As such, West Loop Class A office buildings achieve rental rate premiums and lower vacancies than comparable properties in the rest of the Chicago CBD. In 3Q 2016, the West Loop office submarket saw over 135,000 RSF of positive absorption, with the vacancy rate dropping to 10.0%, the lowest level in the past 15 years. 7 UPSIDE POTENTIAL

The wide gap between asking rents at 150 North Wacker and market rents for competitive assets on the North Wacker Drive MARKET LEADING ASSET corridor provides an opportunity for a new investor to increase NO. Institutionally Developed and Maintained future revenues. A new investor can capitalize on market 1 improvements by marking leases to market as they come up NO. for renewal. With expiring rents on average 20% below market LEED Gold in Core and Shell and with 60% of the tenancy rolling over the next 5 years, an 2 investor will be able to increase NOI as much as 50%. The NO. significant recent capital upgrades totaling $3.3 million, which Energy Star Certified include a property branding program, a lobby renovation and 3 refurbished elevator cabs also create an immediate opportunity NO. Structured On-Site Valet Parking to continue to push rents. Additionally, since the average 4 lease has a term of 5 years, there is certainty that leases will NO. Full Complement of On-Site Amenities be marked to higher market rents at the time of expiration for Newly constructed fitness center; newly renovated lobby and elevators; conference facility overlooking existing tenants, whether this results in new tenancy, renewals 5 Chicago River or expansions. 150 North Wacker can aggressively compete as NO. Prominent Tenant Identification a high quality, value conscious alternative within the submarket, on Every Floor especially given its ideal location on North Wacker Drive and 6 proximity to Ogilvie Transportation Center and Union Station.

MARKET VS. IN-PLACE RENT GROWTH

$50 60,000 $48.93 55,000

$47 50,000

$45.76 $45.50 45,000 $44.96

$44 $43.63 40,000 $42.96 RSF Expiring 35,000 $41.40 $41 30,000 $40.13 $40.46 $39.08 25,000

Rent per RSF / Year $39.43 $38.37 $38 $37.50 20,000 $37.43 $36.80 15,000

$35 $34.95 10,000 $34.17 $33.90 5,000

$32 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Rollover Schedule In-Place Rent for Expiring Tenants Market Rent 8 In-place rent for expiring tenants is on average 20% below achievable market rents over the next 5 years EXECUTIVE SUMMARY

WACKER DRIVE OFFICE PROPERTIES

150 North Wacker offers the best value on North Wacker drive for office tenants, with rents 25% to 40% below competitive properties, also creating opportunity for signiﬁcant upside potential in income.

155 North Wacker

123 North Wacker 1 North Wacker 71 South Wacker

233 South Wacker 191 North Wacker 101 North Wacker 1 South Wacker 111 South Wacker

311 South Wacker 125 South Wacker

200 South Wacker

110 North Wacker

29 North Wacker

20 North Wacker

10 South Wacker 300 South Wacker

30 South Wacker 100 South Wacker

150 South Wacker 250 South Wacker 9 150 NORTH WACKER | A Property in the Middle of it All Merchandise Mart Daily Commuters: 106,000 Ogilivie Transportation Center Wolf Point West Daily Commuters: 128,000 Union Station Of All Suburban Commuters use Ogilvie Transportation Center 78% or Union Station Major CTA Stops Within 3 the 3-Block Radius 100/98 Transit/Walk Score L INTON ST CANAL ST

MICHIGAN AVE

CHICAGO RIVER COLUMBUS DRIVE DESPLAINES ST WACKER DRIVE T Clark/Lake State/Lake LAKE ST Lake LAKE ST Eas Clinton Lake 8 MINUTES Access to I-90/94 Randolph/ 6 MINUTES RANDOLPHRAR ST RANDOLPH ST RANDOLPH ST WABASH AVE Wabash KENNEDY EXPRESSWAY 4 MINUTE DRIVE 6 MINUTES Washington/ Wells Ogilvie Transportation Center WASHINGTON ST WASHINGTON ST C 5 MINUTES Washington Millennium Maggie Da WELL ST H Park Park

I CHICAGO CBD CTA Green Line MADISON ST MADISON ST C Madison/

LASALLE ST CTA Brown Line ASE ST HALSTED Wabash CLARK ST

A CTA Purple Line

DEARBORN ST Monroe WACKER DRIVE MONROE ST MONROE ST CTA Orange Line JEFFERSON ST O STATE ST Heritage CTA Pink Line

Green CLINTON ST CTA Blue LineButler 90 ADAMS ST Park Quincy Adams/ CTA Red Line Field R Union Metra Station Wabash I Metra Station

CANAL ST 10 MINUTES 94 V JACKSON BLVD JACKSON BLVD JACKSTON BLVD E Jackson LaSalle/ R Van Buren

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Clark & Lake Washington & Wells

Chicago Riverwalk WEST LOOP

10 Union Station MIN

Clinton & Lake 5 Ogilivie Transportation Center MIN

94 94

WEST LOOP / TRANSIT HUB LOCATION

150 North Wacker’s location has helped create an in-demand asset that appeals to tenants from a wide array of industries. The strength of 150 North Wacker’s location is due in large part to the fact that it is home to Chicago’s two largest commuter rail stations: Ogilvie Transportation Center and Union Station. Ogilvie is the terminus for three Metra routes operated by Union Paciﬁc – the North, Northwest and West lines – which handle more than 106,000 commuters each weekday (arrivals and departures). These lines service the majority of Chicagoland’s most affluent suburban communities. Tenants and visitors to the Property can simply exit the Ogilvie Transportation Center through the French Market and walk over the Randolph Street bridge to arrive at the entrance of the Property in under 5 minutes. Union Station is the nation’s 3rd busiest train station and handles 128,000 passengers each weekday and is less than four blocks southwest of the Property. Furthermore, the West Loop enjoys the best access to the expressways that link the CBD to the greater Chicago metropolitan area and beyond (I-90, I-94, I-290, and I-55). 150 North Wacker is only a 4 minute drive from the Lake Street feeder ramp to the I-90 and I-94 expressways. The Property also provides convenient access for urban commuters due to its proximity to the Chicago Transit Authority’s (CTA) rail and bus system, which contributes to its prominence within the Chicago office market. Employees at 150 North Wacker can conveniently walk to the Property from the Clinton & Lake, Clake & Lake or Washington & Wells CTA spots. Tenants may also access the Property via the Chicago Water Taxi which stops at Ogilvie Transportation Center or take advantage of the City of Chicago’s bike sharing program, Divvy, with over 300 stations throughout the city.

11 6.8 million RSF has been leased since 2008 from corporate migrations TREMENDOUS URBAN INFLUX 42 companies have announced relocating headquarters to Chicago Seeking to tap Chicago’s talent pool of young educated workers, a growing technology Tech-giants, Facebook, Google, and and innovation sector, and rich amenities base, over 80 companies have embarked on LinkedIn have recently launched or expanded operations in downtown an unprecedented migration to downtown Chicago since 2008, and more are on the Chicago way. While most of the migration is from Chicago suburban office tenants, ten large Future moves have been announced by Mead Johnson, SC Johnson, employers—including Fortune 500 stalwarts, Boeing and ConAgra—have uprooted Duracell, Wilson Sporting Goods, and McDonald’s to occupy over operations from outside Illinois. 700,000 SF of CBD office space and T A H V S ST ST ST NKS CT ALSTED ST E ERIErelocate ST nearly 3,000 jobs ERIE ST

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290 S Buckintgham NOTABLE CORPORATE MIGRATIONS TO CHICAGO CBD SINCE 2008 COMPANY ADDRESS RSF MOVE IN YEAR PREVIOUS LOCATION 1 United Airlines Willis Tower 780,000 2010 Elk Grove Village 2 Walgreens Co. 36 S Wabash 20,000 2010 Deerfield 3 UHC 155 N Wacker 77,000 2011 Oak Brook 4 Hillshire Brands (Sara Lee) 400 S Jefferson 214,000 2013 Downers Grove 5 Capital One 77 W Wacker 163,000 2013 Elmhurst 6 W.W. Grainger 500 W Madison 58,000 2013 Lake Forest 7 AT&T 225 W Randolph 53,000 2013 Hoffman Estates 8 Motorola Mobility Merchandise Mart 487,000 2014 Libertyville 9 Archer Daniels Midland 77 W Wacker 45,800 2014 Decatur 10 Google 1000 W Fulton 358,000 2015 NEW 11 Gogo Inc. 111 N Canal 234,500 2015 Itasca 12 Facebook 191 N Wacker DR 15,000 2015 NEW 13 GE Healthcare 500 W Monroe 319,300 2016 London, England 14 Amazon The Franklin 30,000 2015 NEW 15 Kraft Heinz 200 E Randolph 170,000 2016 Northfield 16 ConAgra Merchandise Mart 168,400 2016 Naperville/Omaha, NE 17 Motorola Solutions 500 W Monroe 150,000 2016 Schaumburg 18 Beam Suntory Merchandise Mart 110,000 2016 Deerfield 19 Baxalta 540 W Madison 83,200 2016 Bannockburn 20 Morton Salt 444 W Lake 52,600 2016 Oak Brook 21 Allstate Merchandise Mart 45,000 2016 Northbrook 22 Caterpillar Merchandise Mart 5,000 2016 Peoria 23 Mead Johnson 444 W Lake 76,000 2017 Glenview 24 SC Johnson 550 & 600 W Washington 64,000 2017 Racine, WI 25 Duracell 181 West Madison/135 S LaSalle 20,100 2017 Bristol, CT 26 McDonald's 1045 W Randolph 500,000 2018 Oak Brook 27 Wilson Sporting Goods One Prudential Plaza 79,000 2018 O'hare Above Total 4,377,900 56 Other Migrations 2,442,900 82 Migration Announcements Since 2008 6,820,800 Rentable Square Feet

*Morton Salt is relocating employees from both 123 North Wacker and its Oak Brook location 12 EXECUTIVE SUMMARY

13 PHASE 3

THE REVITALIZATION OF THE CHICAGO RIVERWALK

150 North Wacker is the first office tower Over the last decade, the role of the river has been evolving with the 1.5-mile Chicago situated along north-south Wacker Riverwalk project—an initiative to reclaim the Chicago River for the ecological, Drive, ideally located at the bend of recreational and economic benefit of the city. Since 2009, the Chicago Department of the Chicago River. The Chicago River Transportation led the construction of the Chicago Riverwalk, completing portions of has a long and storied history that in the system that include very successful new spaces like the Veteran’s Memorial Plaza many ways mirrors the development of and Wabash Plaza. The most recently completed phase of the Riverwalk provided Chicago itself. The river first became continuous pedestrian access to Lake Street, which is crucial given the scene of future an engineered channel to support the development at this critical juncture of the Chicago River. This last phase positions 150 industrial transformation of the city. North Wacker as more accessible to tenants and visitors, while also creating a sense of prominence for the Property as it overlooks the Chicago River.

1.5-MILE CHICAGO RIVERWALK – STATE TO WELLS STREET

PHRASE 1 (2009)

PHRASE 2 (2015)

PHRASE 3 (2016)

14 EXECUTIVE SUMMARY

Source:Flickr – LillyyyB 15 DYNAMIC ECONOMIC MARKET

Chicago is a world class city, the third largest in the United States, and the leader in the Midwest. Chicago continues to benefit from its economic diversity, transportation and distribution networks, export growth of its manufactured products and its status as the service center of the Midwest. Moody’s Investors Service ranked Chicago number one relative to having the most diverse economy in the United States. Chicago’s economic profile closely matches the national economy, according to Moody’s, with no single industry employing more than 14% of the workforce, and its low 6% unemployment rate, compared to other major metropolitan areas, is a reflection of Chicago’s economic diversification. This diversification allowed Chicago to emerge from the recent economic downturn more quickly than other areas of the country. Led by its more than 400 major corporate headquarters and large concentration of 33 Fortune 500 companies, Chicago’s gross metro product was $430.3 billion in 2015 and is expected to grow to $478.5 billion by 2020.

DISCOUNT TO REPLACEMENT COST

150 North Wacker represents a rare opportunity to acquire a unique office tower at a signiﬁcant discount to replacement cost. Reproduction of an asset with high quality design and efficient ﬂoor plates would cost in excess of $450 per rentable square foot. The soaring cost of construction creates an arbitrage opportunity between the escalated replacement costs and the Property’s projected residual value – even after accounting for any potential capital invested to further transform and renovate the Property.

16 EXECUTIVE SUMMARY

17 Investment Contacts JEFFREY M. BRAMSON Senior Managing Director/Managing Broker 312.528.3687 [email protected]

JAIME M. FINK Senior Managing Director 312.528.3683 jﬁ[email protected]

BRYAN D. ROSENBERG Associate Director 312.300.7282 [email protected]

PATRICK M. SHIELDS Associate Director 312.528.3685 [email protected]

NAVI K. SANDHU Analyst 312.980.3617 [email protected]

Debt Contact CHRISTOPHER S. CARROLL Managing Director 312.980.3609 [email protected]

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