Market Insights /Fort Worth 2Q 2021 - OFFICE

Bradford Commercial Real Estate Services 3100 McKinnon Street, Suite 400 Dallas, 75201 DALLAS-FORT WORTH OFFICE MARKET INSIGHTS 4Q2019 Table of Contents

BRADFORD DALLAS-FORT WORTH OFFICE TEAM 1

DALLAS - FORT WORTH OVERALL MARKET INSIGHT 2

SUBMARKET EXPERTISE • Central Expressway • Dallas CBD • Fort Worth CBD 3 • Far • White Rock/East Dallas • Las Colinas • LBJ Freeway • Mid Cities • Preston Center • Stemmons • Richardson/Plano • Uptown-Turtle Creek

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 1 DFW OFFICE COVERAGE BinformedOFFICE MARKET EXPERTS

Melanie Hughes Richmond Collinsworth Erik Blais Jared Laake Senior Vice President First Vice President First Vice President Vice President 972.776.7046 972.776.7041 817.921.8179 972.776.7045 Dallas Dallas Fort Worth Dallas

Susan Singer, CCIM Paul Richter Shane Benner Executive Vice President Vice President Vice President Brokerage Services 972.776.7036 817.921.8174 972.776.7043 Dallas Fort Worth Dallas

• Bradford Corporate Office

• Bradford Field Offices Bret Cooper Elizabeth Robertson Kyle Espie Market Director Market Director Senior Associate 972.776.7035 972.776.7199 972.776.7070 Dallas Dallas Dallas

2 3 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Central Expressway Office Vacancy Central Expressway Office Net Absorption Construction 2018 Q1 25.0% 95 11,777,376 1,691,523 14.4% (231,291) 0 0 0 0 $24.62 150,000 2018 Q2 95 11,777,376 1,636,233 13.9% 55,290 0 0 0 0 $24.21 100,000 2018 Q3 95 11,777,376 1,747,191 14.8% (110,958) 0 0 0 0 $24.64 20.0% Existing Inventory Vacancy Delivered Inventory Under Construction Quoted 50,000 2018Period Q4 95 11,777,376 1,752,961 14.9%Net Absorption(5,770) 0 0 Under0 0 $24.56 # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Central Expressway Office Vacancy Central Expressway Office0 Net Absorption 2019 Q1 95 11,777,376 1,611,029 13.7% 141,932 0 0 Construction0 0 $24.19 15.0% 2018 Q1 95 11,777,376 1,691,523 14.4% (231,291) 0 0 0 0 $24.62 25.0% (50,000) 2019 Q2 95 11,777,376 1,644,301 14.0% (33,272) 0 0 0 0 $24.87 150,000 2018 Q2 95 11,777,376 1,636,233 13.9% 55,290 0 0 0 0 $24.21 2019 Q3 95 11,777,376 1,718,370 14.6% (74,069) 0 0 0 0 $25.28 100,000 (100,000) 2018 Q3 95 11,777,376 1,747,191 14.8% (110,958) 0 0 0 0 $24.64 20.0% 10.0% 2019 Q4 50,000 (150,000) 2018 Q4 9595 11,777,37611,777,3761,752,9611,735,14314.9% 14.7% (5,770) (16,773)0 0 0 0 0 1 $24.5630,000 $25.28 CENTRAL EXPRESSWAY2020 Q1 95 11,777,376 1,800,256 15.3% (65,113) 0 0 1 30,000 $25.05 0 (200,000) 2019 Q1 95 11,777,376 1,611,029 13.7% 141,932 0 0 0 0 $24.19 15.0% 5.0% OFFICE OVERALL MARKET INSIGHTS 20192020 Q2 Q2 9595 11,777,37611,777,3761,644,3011,881,59814.0% 16.0%(33,272) (81,342)0 0 0 0 0 1 $24.8730,000 $24.70 (50,000) (250,000) (100,000) SUBMARKET20192020 Q3 Q3 9595 11,777,37611,777,3761,718,3702,157,50814.6% 18.3%(74,069) (275,910)0 0 0 0 0 1 $25.2830,000 $24.6010.0% (300,000) 2019 Q4 95 11,777,376 1,735,143 14.7% (16,773) 0 0 1 30,000 $25.28 0.0% (150,000) 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2020 Q4 95 11,777,376 2,220,066 18.9% (62,558) 0 0 1 30,000 $24.64 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 (same criterias as prior market reports) 2020 Q1 95 11,777,376 1,800,256 15.3% (65,113) 0 0 1 30,000 $25.05 (200,000) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 Q1 95 11,777,376 2,333,654 19.8% (113,588) 0 0 1 30,000 $24.395.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 DFW Office Markets (A, B, C) Binformed 2020 Q2 95 11,777,376 1,881,598 16.0% (81,342) 0 0 1 30,000 $24.70 (250,000) 2021 Q2 96 11,807,376 2,489,951 21.1% (126,297) 1 30,000 0 0 $24.46 2020 Q3 95 11,777,376 2,157,508 18.3% (275,910) 0 0 1 30,000 $24.60 (300,000) Existing Inventory Vacancy Delivered Inventory Under Construction 0.0% Net Quoted 2020 Q4 95 11,777,376 2,220,066 18.9% (62,558) 0 0 1 30,000 $24.64 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Period Under 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 # Bldgs Total RBA Vacant SF Vacant % Absorption # Bldg Delivered # Bldgs Rates Overall DFW Office Vacancy Overall DFW Office Net Absorption Central Expressway Office Quoted Rates Central Expressway Office Construction Construction Central Expressway Overview 2021 Q1 95 11,777,376 2,333,654 19.8% (113,588) 0 0 1 30,000 $24.39 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2018 Q1 2,748 267,224,386 49,812,574 18.6% 1,769,508 10 2,101,383 31 6,003,026 $20.99 25.0% 2,000,000 The Central Expressway Submarket 2021 Q2Absorption96 11,807,376vs Previous2,489,951 Qtr 21.1% vs(126,297) 12 Months Ago 1 30,000 0 0 $24.46 $25.40 2018 Q2 2,759 268,919,077 51,312,290 19.1% (371,418) 9 1,622,598 26 4,751,673 $21.03 7,000,000 1,500,000 stretches along the North Central (126,297) -113,588 -81,342 2018 Q3 2,767 269,913,854 51,787,207 19.2% 519,860 8 994,777 22 4,054,338 $21.23 20.0% 1,000,000 Expressway, with its southernmost Central Expressway$25.20 Office Quoted Rates Central Expressway Office Construction 2018 Q4 2,769 270,369,311 52,231,610 19.3% 11,054 2 455,457 24 3,956,452 $21.27 500,000 Vacancy vs Previous Qtr vs 12 Months Ago 6,000,000 Absorption vs Previous Qtr vs 12 Months Ago $25.40 2019 Q1 2,777 271,503,591 51,934,858 19.1% 1,431,032 8 1,134,280 22 3,246,327 $21.25 15.0% 0 point starting at the Dallas CBD and its 21.1% 19.8% 16.0% $25.00 7,000,000 2019 Q2 2,783 271,885,423 51,504,432 18.9% 807,198 6 381,832 23 3,267,006 $21.39 (500,000) northernmost point ending at the LBJ (126,297) -113,588 -81,342 U/C SF vs Previous Qtr vs 12 Months Ago $25.20 5,000,000 (1,000,000) Vacancy vs Previous Qtr vs 12 Months Ago 2019 Q3 2,787 272,397,226 52,971,388 19.4% (955,153) 4 511,803 25 3,437,094 $21.56 10.0%(same criterias as prior market reports) Freeway. Nearly all of the submarket’s $24.80 6,000,000 (1,500,000) 0 30,000 30,000 2019 Q4 2,792 273,844,744 53,310,494 19.5% 1,108,412 5 1,447,518 23 2,557,190 $21.38 21.1% 19.8% 16.0% $25.00 4,000,000 DFW Office Markets (A, B, C) (2,000,000) inventory runs along US 75. The submarket 2020 Q1 2,796 273,963,867 54,172,554 19.8% (742,937) 4 119,123 23 2,878,769 $21.73 DeliveredU/C SF SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago $24.60 5,000,000 5.0% (2,500,000) has a heavy concentration of financial $24.80 2020 Q2 2,798 274,372,245 55,270,108 20.1% (689,176) 2 408,378 25 2,755,916 $21.72 3,000,000 (3,000,000) 30,0000 30,000 0 30,000 0 4,000,000 2020 Q3 2,806 274,999,072 58,468,937 21.3% (2,572,002) 8 626,827 18 2,150,689 $21.79 Existing Inventory Vacancy Delivered Inventory Under Construction services, telecom, and tech firms. As $24.40 (3,500,000) Net Quoted DeliveredQuoted Rates SF vs Previous Qtr vs 12 Months Ago $24.60 0.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 a whole, it offers a large amount of vs Previous Qtr vs 12 Months Ago 2020 Q4 2,810 275,183,139 59,668,248 21.7% (1,015,244) 4 184,067 14 1,966,622 $21.98 2018Period2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Under 3,000,000 2,000,000 AbsorptionQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Rates Overall DFW30,000 Office Vacancy0 0 Overall DFW Office Net Absorption $24.20 2021 Q1 2,812 275,267,760 62,947,509 22.9% (3,194,640) 2 84,621 15 2,357,003 $21.99 Q1 Q2 Q3 Q4 Q1 # BldgsQ2 Q3 Q4TotalQ1 RBAQ2 Q3 VacantQ4 Q1 SFQ2 Vacant % # Bldg Delivered # Bldgs investment-grade property—about half of 24 24 25 $24.40 Construction Quoted Rates vs Previous Qtr vs 12 Months Ago 2021 Q2 2,819 275,933,826 64,323,115 23.3% (709,540) 7 666,066 8 1,690,937 $22.06 2018 Q1 2,748 267,224,386 49,812,574 18.6% 1,769,508 10 2,101,383 31 6,003,026the submarket’s$20.99 RBA is rated25.0% as 4 & 5 Star. 2,000,000 1,000,000 24 24 25 2,000,000 $24.20 $24.00 2018 Q2 2,759 268,919,077 51,312,290 19.1% (371,418) 9 1,622,598 26 4,751,673 $21.03 Central Expressway Vital Statistics1,500,000 1,000,000 Overall DFW Office Quoted Rental Rates Overall DFW Office Construction $24.00 $23.80 0 2018 Q3 2,767 269,913,854 51,787,207 19.2% 519,860 8 994,777 22 4,054,338Though$21.23 vacancies in Central 20.0%Expressway 1,000,000 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 DFW Office Statistics by Market Central Expressway Vital Statistics 0 $22.20 7,000,000 have risen in recent quarters, at 17.7% 200,000 25.0% $23.80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Existing Vacancy Net Under Quoted 2018 Q4 2,769 270,369,311 52,231,610 19.3% 11,054 2 455,457 24 3,956,452 $21.27 500,000 $23.60 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Market Inventory Deliveries $22.00 they continue to trend slightly below the 200,000150,000 25.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 # Blds Total RBA Direct SF Total SF Absorption Const SF Rates 2019 Q1 2,777 271,503,591 51,934,858 19.1%6,000,000 1,431,032 8 1,134,280 22 3,246,327 $21.25 15.0% 0 $23.60 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 150,000100,000 20.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Delivered Under Construction Central Expressway 96 11,807,376 2,489,951 21.1% -126,297 30,000 0 $24.46 $21.80 5,000,000 Dallas-Fort Worth average of 18.0%. Due (500,000) 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2019 Q2 2,783 271,885,423 51,504,432 18.9% 807,198 6 381,832 23 3,267,006 $21.39 100,000 20.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Delivered Under Construction Dallas CBD 79 28,665,804 8,601,148 30.0% 16,083 0 0 $21.17 $21.60 to the recession, rent growth has slowed 50,000 2019 Q3 2,787 272,397,226 52,971,388 19.4%4,000,000 (955,153) 4 511,803 25 3,437,094 $21.56 50,000 (1,000,000) East Dallas 171 7,519,083 1,504,872 20.0% 120,312 200,127 469,000 $23.18 10.0% 0 15.0% $21.40 3,000,000 and entered cut territory through 21Q2. The 0 (1,500,000)15.0% Far North Dallas 457 51,847,146 14,356,780 27.7% -311,814 210,330 25 $25.12 2019 Q4 2,792 273,844,744 53,310,494 19.5% 1,108,412 5 1,447,518 23 2,557,190 $21.38 (50,000) $21.20 submarket is usually heavily traded, though (50,000) (2,000,000) Ft Worth CBD 51 8,276,343 1,787,543 21.6% -63,441 0 0 $25.29 2020 Q1 2,796 273,963,867 54,172,554 19.8%2,000,000 (742,937) 4 119,123 23 2,878,769 $21.73 (100,000) 10.0% $21.00 the number of office assets traded5.0% in 2020 (100,000) (2,500,000)10.0% 1,000,000 Las Colinas 287 36,473,045 8,697,384 23.8% -395,818 111,805 0 $20.48 2020 Q2 2,798 274,372,245 55,270,108 20.1% (689,176) 2 408,378 25 2,755,916 $21.72 (150,000) $20.80 and 2021 fell compared to pre-pandemic (3,000,000) LBJ Freeway 159 21,016,051 5,228,909 24.9% -249,962 0 0 $20.88 0 2020 Q3 2,806 274,999,072 58,468,937 21.3% (2,572,002) 8 626,827 18 2,150,689 $21.79 (200,000) (3,500,000)5.0% 5.0% Lewisville/Denton 151 7,125,853 953,324 13.4% 15,557 0 0 $18.54 $20.60 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 levels. 0.0% 2020 Q4 2,810 275,183,139 59,668,248 21.7% (1,015,244)Q1 Q2 Q3 Q4 Q14 Q2 Q3 184,067Q4 Q1 Q2 Q3 Q414 Q1 Q2 1,966,622 $21.98 (250,000) 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Mid-Cities 387 22,461,072 4,965,565 22.1% 261,102 0 0 $18.96 $20.40 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 (300,000) 0.0%Q1 Q2 0.0%Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 North Fort Worth 43 2,419,412 146,118 6.0% 12,255 0 48,000 $21.34 201820212018 Q12018 2018 20192,8122019 2019 2019275,267,7602020 2020 202062,947,5092020 2021 2021 22.9% (3,194,640) Delivered2 Under Construction84,621 15 2,357,003 $21.99 Q1 Q2 Q3 Q4 Q1 Q2 2018Q32018Q42018 Q12018 2019Q2 2019Q3 2019Q42019Q12020Q22020 2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Leasing Q12018Q22018Q32018Q4 2018Q1 2019Q2 2019Q3 Q42019Q12019Q22020Q32020Q4 2020Q1 2020Q2 2021 2021 Northeast Ft Worth 47 3,504,527 550,916 15.7% 4,714 0 0 $17.26 2021 Q2 2,819 275,933,826 64,323,115 23.3% (709,540) 7 666,066 8 1,690,937Fundamentals$22.06 in Central Expressway are Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Preston Center 52 4,888,025 714,334 14.6% -38,031 0 0 $29.55 Net Absorption Delivered Vacant % holding steady. At 17.7%, vacancies have Net Absorption Delivered Vacant % Richardson/Plano 363 30,684,014 6,600,861 21.5% 218,023 113,804 115,088 $18.64 trended below both the metro average and South Ft Worth 196 10,199,115 1,345,070 13.2% -81,177 0 0 $21.94 Overall DFW Office Quoted Rental Rates Overall DFW Office Construction Southwest Dallas 79 3,431,782 327,865 9.6% 2,282 0 0 $16.22 DFW Office Statistics by Market the submarket’s historical average for a Stemmons Freeway 109 12,357,892 3,289,389 26.6% 37,010 0 0 $17.61 few years due to a lack of new$22.20 supply and 7,000,000 Existing Vacancy Net Under Quoted Uptown/Turtle Creek 92 13,257,286 2,763,086 20.8% -130,338 0 1,016,688 $31.64 Market Deliveries generally steady absorption in$22.00 existing stock. In early 2020, the 11 story ACS building was demolished to make way for a Inventory# Blds Total RBA Direct SF Total SF Absorption Const SF Rates 6,000,000 Totals 2,819 275,933,826 64,323,115 23.3% -709,540 666,066 1,648,801 $21.90 massive $2.5 billion mixed-use development. Central Expressway 96 11,807,376 2,489,951 21.1% -126,297 30,000 0 $24.46 $21.80 5,000,000 Dallas CBD 79 28,665,804 8,601,148 30.0% 16,083 0 0 $21.17 Leasing activity remained stable$21.60 through 2020 though move-outs in the submarket have yielded negative net4,000,000 absorption for East Dallas 171 7,519,083 1,504,872 20.0% 120,312 200,127 469,000 $23.18 * Lewisville Denton doesn't have a tab the year. The submarket reported$21.40 146 new leases totaling 349,000 SF in 2020. There have been two leases of3,000,000 over 10,000 SF. Far North Dallas 457 51,847,146 14,356,780 27.7% -311,814 210,330 25 $25.12 The largest being a 22,500 SF$21.20 lease in Rambler Park the second largest was a 10,700 SF lease signed in August at The Hill. Ft Worth CBD 51 8,276,343 1,787,543 21.6% -63,441 0 0 $25.29 2,000,000 $21.00 Las Colinas 287 36,473,045 8,697,384 23.8% -395,818 111,805 0 $20.48 One large move out/bankruptcy contributed to the lion’s share of negative net absorption in 2019, driving vacancy1,000,000 rates $20.80 LBJ Freeway 159 21,016,051 5,228,909 24.9% -249,962 0 0 $20.88 higher. The 199,000 SF Walnut Hill Medical Center, when it opened, was among the nation’s most upscale hospitals,0 featuring Lewisville/Denton 151 7,125,853 953,324 13.4% 15,557 0 0 $18.54 chef-cooked meals, private rooms,$20.60 and state-of-the-art technology for doctors. Through 21Q2, the building was still 100%2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Mid-Cities 387 22,461,072 4,965,565 22.1% 261,102 0 0 $18.96 vacant. Excluding that “shock”$20.40 to the market, the area overall has been moving in the right direction. With supply-side North Fort Worth 43 2,419,412 146,118 6.0% 12,255 0 48,000 $21.34 pressure unlikely, the biggest risk for 2018this 2018submarket2018 2018 is 2019the prospect2019 2019 of2019 tenants2020 2020 jumping2020 2020 ship2021 for2021 properties in premier urban Delivered Under Construction Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Northeast Ft Worth 47 3,504,527 550,916 15.7% 4,714 0 0 $17.26 submarkets like Uptown/Turtle Creek and Preston Center or suburban submarkets like Upper Tollway/West Plano. Of the 14.6 millionSF in the submarket 7.4 million SF is considered 4 and 5 Star assets. The largest being the 1.3 million SF, 43-story, Preston Center 52 4,888,025 714,334 14.6% -38,031 0 0 $29.55 Cityplace Tower. Richardson/Plano 363 30,684,014 6,600,861 21.5% 218,023 113,804 115,088 $18.64 South Ft Worth 196 10,199,115 1,345,070 13.2% -81,177 0 0 $21.94 Movers & Shakers Largest Vacancies: Southwest Dallas 79 3,431,782 327,865 9.6% 2,282 0 0 $16.22 Tenant SF Building Cityplace Tower – 330,858 sf Central Expressway Stemmons Freeway 109 12,357,892 3,289,389 26.6% 37,010 0 0 $17.61 Dairy Farmers of America 37,044 8401 N Central Expressway 8750 North Park Central – 158,909 sf Uptown/Turtle Creek 92 13,257,286 2,763,086 20.8% -130,338 0 1,016,688 $31.64 Texas A&M 25,891 8750 N Central Expressway Walnut Glen Tower – 121,657 sf Drive Shack 20,205 10670 N Central Expressway Campbell Center South Tower – 108,948 sf Totals 2,819 275,933,826 64,323,115 23.3% -709,540 666,066 1,648,801 $21.90 Central Expressway Lincoln Harris 17,465 8140 W Walnut Hill Land

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 4 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 5 * Lewisville Denton doesn't have a tab

DFW Overall Office

DFW Overall Office Existing Inventory Vacancy Delivered Inventory Under Construction Existing Inventory VacancyQuoted Delivered Inventory Under Construction Net Absorption Quoted Period Period Under Net Absorption Dallas CBD Office VacancyUnder Dallas CBD Office Net Absorption # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered# Bldgs# BldgsTotal RBA Vacant SFRatesVacant % # Bldg Delivered # Bldgs Rates Fort Worth CBD Office Vacancy Fort Worth CBD Office Net Absorption Construction Construction 31.0% 2018 Q1 78 28,561,685 7,701,610 27.0% 266,170 1 2018261,537 Q1 1 104,119 $ 21.33 25.0% 50 7,961,464 1,105,185 13.9% (33,040) 0 0 1 314,879 $25.50 300,000 200,000 2018 Q2 78 28,561,685 7,667,703 26.8% 33,907 0 2018 Q20 51 1 8,276,343104,1191,222,598$ 21.0614.8% 197,46630.0% 1 314,879 0 0 $27.49 200,000 150,000 2018 Q3 78 28,561,685 7,576,735 26.5% 90,968 0 2018 Q30 51 1 8,276,343104,1191,372,578$ 20.6316.6% (149,980) 0 0 0 0 $27.87 20.0% Existing Inventory Vacancy Delivered Inventory Under Construction 29.0% 100,000 2018 Q4 78 28,561,685 7,277,528 25.5% 299,207 0 0 Existing Inventory1 Quoted104,119 Vacancy$ 20.69 Delivered Inventory Under Construction 100,000 Period Net Absorption 2018 Q4 51 8,276,343 1,424,462 17.2% (51,884) 0 0 0 Quoted 0 $26.73 Period Under Rates Net Absorption Dallas CBD Office Vacancy Under Dallas CBD Office Net0 Absorption 2019 Q1 # Bldgs79 Total28,665,804 RBA Vacant7,404,442 SF Vacant % 25.8% (22,795)# Bldg Delivered1 # Bldgs104,119# Bldgs 0Total RBA Vacant0 SF Vacant$ 20.11 % 28.0%# Bldg Delivered # Bldgs Rates Fort Worth CBD Office Vacancy Fort Worth CBD Office Net Absorption 2019 Q1 Construction51 8,276,343 1,526,466 18.4% (102,004) 0 0 Construction0 0 $26.52 15.0% 50,000 31.0% (100,000) 20182019 Q1 Q2 78 79 28,561,68528,665,8047,701,6107,429,50427.0% 25.9%266,170 (25,062)1 261,5370 2018 Q11 0 104,1190 $ 21.330 $ 20.59 25.0% 2019 Q2 5051 7,961,4648,276,3431,105,1851,400,96913.9% 16.9% (33,040) 125,49727.0%0 0 1 0 314,8790 $25.50 0 300,000 $26.24 200,000 0 2018 Q2 78 28,561,685 7,667,703 26.8% 33,907 0 0 1 104,119 $ 21.06 (200,000) 2019 Q3 79 28,665,804 7,454,432 26.0% (24,928) 0 2018 Q2 0 51 08,276,343 1,222,5980 14.8%$ 20.9130.0% 197,466 1 314,879 0 0 $27.49 200,000 2019 Q3 51 8,276,343 1,496,352 18.1% (95,383) 0 0 0 0 $26.07 10.0% 150,000 2018 Q3 78 28,561,685 7,576,735 26.5% 90,968 0 0 1 104,119 $ 20.63 26.0% 20.0% (50,000) 2019 Q4 79 28,665,804 7,438,049 25.9% 16,383 0 20192018 Q3 Q40 5151 08,276,3438,276,3431,372,5780 1,470,04916.6%$ 20.6829.0%17.8%(149,980) 26,303 0 0 0 0 0 0 $27.87 0 100,000 $26.22 (300,000) 2018 Q4 78 28,561,685 7,277,528 25.5% 299,207 0 0 2018 Q41 51104,119 8,276,343$ 20.691,424,462 17.2% (51,884) 0 0 0 0 $26.73 100,000 DALLAS CBD2020 Q1 79 DISTRICT28,665,804 7,874,952 27.5% (436,903) 0 2020 Q10 51FORT0 8,276,3430 1,406,813$ 21.19WORTH17.0% 63,23625.0% 0 CBD0 0 0 0 $26.49 (400,000) (100,000) 2019 Q1 79 28,665,804 7,404,442 25.8% (22,795) 1 104,119 0 0 $ 20.11 28.0% 2019 Q1 51 8,276,343 1,526,466 18.4% (102,004) 0 0 0 0 $26.52 15.0% 5.0% 50,000 20192020 Q2 Q2 79 79 28,665,80428,665,8047,429,5047,654,96225.9% 26.7%(25,062) 219,9900 00 2020 Q20 0 510 0 8,276,343$ 20.590 1,476,663$ 21.1817.8% (69,850)24.0% 0 0 0 0 (100,000)$26.33 (500,000) (150,000) 2019 Q2 51 8,276,343 1,400,969 16.9%27.0% 125,497 0 0 0 0 $26.24 0 2020 Q3 79 28,665,804 8,231,887 28.7% (576,925) 0 0 0 0 $ 21.15 (200,000) SUBMARKET2019 Q3 79 28,665,804 7,454,432 26.0% (24,928) 0 0 20202019 Q3 Q30 51510 8,276,3438,276,343$ 20.911,496,3521,643,63218.1% 19.9%SUBMARKET(95,383) (166,969)0 0 0 0 0 0 $26.07 0 $25.95 (600,000) (200,000) 26.0% 23.0% 10.0% 20192020 Q4 Q4 79 79 28,665,80428,665,8047,438,0498,214,43025.9% 28.7%16,383 17,457 0 00 0 0 0 0 $ 20.680 $ 21.09 (300,000) 0.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020(50,000)2020 2021 2021 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 20202019 Q4 Q4 5151 8,276,3438,276,3431,470,0491,692,59117.8% 20.5% 26,303 (48,959)0 2018 20180 2018 20180 0 2019 20190 20190 2019$26.22202002020 2020 $25.312020 2021 2021 2018Q12018Q22018Q3 2018Q4 2019Q1 2019Q2 2019Q3 Q42019 Q12020Q22020Q32020Q42020Q1 2021Q2 2021 2020 Q1 25.0% (400,000) (100,000) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 Q1 79 79 28,665,80428,665,8047,874,9528,617,23127.5% 30.1%(436,903) (402,801)0 00 2020 Q10 0 51 0 08,276,343$ 21.191,406,8130 17.0%$ 21.06 63,236 0 Q1 Q20 Q3 Q40 Q1 Q20 Q3 Q4$26.49Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 Q1 51 8,276,343 1,724,102 20.8% (31,511) 0 0 0 0 $25.945.0% 2020 Q2 79 28,665,804 7,654,962 26.7% 219,990 0 0 0 0 $ 21.18 (500,000) (150,000) 2021 Q2 79 28,665,804 8,601,148 30.0% 16,083 0 20212020 Q2 Q20 5151 08,276,3438,276,3431,476,6630 1,787,54317.8%$ 21.1724.0%21.6% (69,850) (63,441)0 0 0 0 0 0 $26.33 0 $25.29 2020 Q3 79 28,665,804 8,231,887 28.7% (576,925) 0 0 0 0 $ 21.15 2020 Q3 51 8,276,343 1,643,632 19.9% (166,969) 0 0 0 0 $25.95 (600,000) (200,000) 23.0% 2018 0.0%2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Dallas CBD District 2020 Q4 79 28,665,804 8,214,430 28.7% 17,457 0 0 2020 Q40 51 0 8,276,343$ 21.091,692,591 20.5% 2018(48,959)2018 2018 2018 20190 2019 20190Fort2019 Worth2020 02020 CBD2020 Overview20200 2021 2021$25.31 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Dallas CBD Office Quoted Rates Q1 Q2 Q32018Q42018Q12018Q2 2018Q3 2019Q4 2019Q1 Q22019FortDallasQ32019 WorthQ42020Q1 CBD2020Q2 CBD2020 Office2020 Office2021 Construction2021 Quoted Rates Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2FortQ3 WorthQ4 Q1 Q2CBD Office Construction The Dallas CBD is the metro’s primary office 2021 Q1 79 28,665,804 8,617,231 30.1% (402,801) 0 0 2021 Q10 51 0 8,276,343$ 21.061,724,102 20.8% Q1(31,511)Q2 Q3 Q4 0Q1 Q2 Q30TheQ4 FortQ1 Worth0 Q2 Q3 CBDQ40 isQ1 homeQ2$25.94 to a heavy Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 Q2Absorption79 28,665,804vs Previous8,601,148 Qtr 30.0% vs 16,08312 Months Ago 0 0 Absorption0 0 $ vs21.17 Previous Qtr vs 12 Months Ago $21.60 concentration of energy companies, leaving $28.50 node, but the submarket has struggled 2021 Q2 51 8,276,343 1,787,543 21.6% (63,441) 0 0 0 0 $25.29 7,000,000 7,000,000 over the last few years. Its vacancy rate 16,083 -402,801 219,990 (63,441) -31,511 -69,850 $21.40 it exposed to rapid changes in the energy Dallas CBD Office Quoted Rates Dallas CBD Office$28.00 Construction Vacancy vs Previous Qtr vs 12 Months Ago Vacancy prices and in the broader industry. . The Fort Worth6,000,000 CBD Office Quoted Rates Fort Worth CBD Office Construction of 25.6% has been among the highest in vs Previous Qtr vs 12 Months Ago $21.20 6,000,000 Absorption vs Previous Qtr vs 12 Months Ago $21.60 the metroplex for decades. The submarket 30.0% 30.1% 26.7% Absorption21.6% vs Previous20.8% Qtr vs 12 Months Ago17.8% good news is that at 16.9%, vacancies7,000,000 track $28.50 $27.50 16,083 -402,801 219,990 $21.00 5,000,000 7,000,000 contains a significant percentage of U/C SF vs Previous Qtr vs 12 Months Ago (63,441)U/C SF -31,511 $21.40-69,850 below the metro average and have remained 5,000,000 Vacancy vs Previous Qtr vs 12 Months Ago $28.00 vs Previous Qtr vs 12 Months Ago Vacancy vs Previous Qtr vs 12 Months Ago $20.80 relatively stable. Also, the newest delivery,6,000,000 $27.00 6,000,000 older towers that are not competitive 0 0 0 0 0 $21.20 0 4,000,000 30.0% 30.1% 26.7% 21.6% 20.8% 17.8% the 280,000-SF Frost Tower, which opened $27.50 4,000,000 with new assets in other prominent Delivered SF vs Previous Qtr vs 12 Months Ago Delivered SF $21.00 $20.60 5,000,000 U/C SF vs Previous Qtr vs 12 Months Ago U/C SF vs Previous Qtr vs 12 Months Ago $26.50 5,000,000 office submarkets, such as Uptown/Turtle vs Previous Qtr vs 12 Months Ago in early 2018, was about 75% leased in early 3,000,000 0 0 0 0 0 0 0 0 $20.80 0 $27.00 3,000,000 0 0 0 $20.40 2021. The building boasts the highest4,000,000 rents $26.00 4,000,000 Creek and Upper Tollway/West Plano. DeliveredQuoted RatesSF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs $20.60 12 Monthsvs 12 Ago Months Ago $26.50 2,000,000 However, the submarket’s low rents, transit $20.20 in at $40/SF, and3,000,000 there 2,000,000 021 0 21 0 21 0 0 $20.400 $25.50 3,000,000 25 26 26 are very few buildings in the submarket that $26.00 amenities, and central location have helped Quoted Rates vs Previous Qtr vs 12 Months Ago $20.00 Quoted Rates vs Previous Qtr vs $20.20 12 Months Ago 2,000,000 1,000,000 1,000,000 keep a core group of tenants rooted here, are close to this mark. While rent growth has $25.00 2,000,000 21 21 21 25 26 26 $19.80 $25.50 and fundamentals have improved in recent Dallas CBD Vital Statistics Fort Worth CBD Vital $20.00 Statistics slowed compared to a decade ago, rents 1,000,000 0 1,000,000 $19.60 $25.00 $24.50 0 years. 400,000 31.0% $19.80 have remained positive at 0.0%. Weak rent 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Dallas CBD Vital Statistics 400,000 Fort Worth CBD Vital Statistics 25.0% 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q40 Q1 Q2 300,000 $19.60 $19.40 growth may persist in the coming months, 2018$24.502018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 400,000 31.0% 30.0% $24.00 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 400,000300,000 25.0% 2018 2018as the2018 submarket2018 2019 2019deals2019 with2019 the2020 economic2020 2020 2020Q1 2021Q2 2021Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 About a decade ago, developers began to 200,000 20.0% 2018 2018 2018 2018Delivered2019 2019Under2019 Construction2019 2020 2020 2020 2020Q12021Q2 2021Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 300,000 30.0% $19.40 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $24.00Q1 Q2 Delivered Under Construction 100,000 29.0% 2018 2018 2018 2018 2019 2019 2019and2019 social2020 2020 fallout2020 2020stemming2021 2021 from the Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 reboot millions of square feet of obsolete 200,000 300,000 20.0% 2018Delivered2018 2018 Under2018 Construction2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 0 29.0% 200,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Delivered Under Construction inventory into alternative uses, such as 100,000 28.0% 15.0%recession and office users re-evaluating their (100,000)0 28.0% 200,000 multifamily, hotel, and retail projects. 15.0% space. (100,000) 27.0% 100,000 These conversions not only buoyed CBD (200,000) 27.0% 100,000 (200,000)(300,000) 26.0% 10.0% office fundamentals but also helped the (300,000) 26.0% 0 10.0% Leasing (400,000) 25.0% 0 submarket take steps to become a real (400,000) 25.0% Though Fort Worth has greater exposure (500,000) (100,000) 5.0% 5.0% (500,000) 24.0% (100,000) live/work/play environment. Furthermore, (600,000)(600,000) 24.0% to the energy industry than Dallas does, many older assets in the CBD have either (700,000)(700,000) 23.0% 23.0% (200,000) 0.0% 0.0%vacancy rates have remained intact despite undergone or are undergoing major 2018201820182018201820182018 20182019 2019201920192019201920192020201920202020202020202020 20202021 20212020 2021 2021 201820182018201820182018201820182019 20192019 2019201920192019202020192020202020202020202020202021 20202021 2021 2021 widespread economic disruption from the Q1Q1Q2 Q2Q3 Q3Q4 Q4Q1 Q2Q1 Q3Q2 Q4Q3Q1Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q2Q4 Q1 Q2 Q1Q1 Q2Q2Q3 Q3Q4 Q4Q1 Q1Q2 Q3Q2 Q4Q3 Q1Q4Q2Q1Q3 Q2Q4 Q3Q1 Q4Q2 Q1 Q2 renovations and are adding amenities like Net Absorption Delivered Vacant % pandemic and recession. Vacancies have Net Absorption Delivered Vacant % NetNet Absorption Absorption DeliveredDelivered Vacant % Vacant % parking and updated lobby space to remain remained stable at 16.9%, below the metro competitive with newer properties in the average of 18.0% . While XTO Energy’s move Arts District and Uptown. from Fort Worth CBD Houston (a net loss of 1,600 employees) was expected to open up a Leasing large chunk of office space in the submarket, the supply glut has been somewhat mitigated. The 120,000-SF W.T. Waggoner Business services and financial firms have been migrating north into nearby Uptown/Turtle Creek for years, but the CBD building and 195,000-SF 714 Main will both be redeveloped into hotels. Furthermore, the 93,800-SF Petroleum Building is has recently recaptured some momentum. Goldman Sachs consolidated its D-FW operations in 175,000 SF at the Trammell already being marketed for lease by its new owner, Sundance Square. Crow Center in early 2018, moving from Las Colinas. After previously agreeing to move to The Union in Uptown, law firm Vinson & Elkins decided instead to remain at the Trammell Crow Center. Meanwhile, 1900 Pearl lease-up quickly with asking Leasing activity got off to a great start when Oncore Electric signed a 200,000 SF lease for 777 Main in January, one of the rents reaching above $40/NNN, among the highest asking rents in the urban core. largest leases in the metroplex of 2020. The new office will take up seven floors and will cost more than $8.5 million to build out. The new office will replace the utility’s longtime Ft Worth location at West 7th Street. They moved into the space in late The area has reported 113 new/direct leases signed in 2020, the largest being a 95,500 SF lease at 717 Harwood. Financial 2020. services firm Hilltop Securities took four floors of the 844,000 SF building in July. They are expected to move in on May 2021. Law firm Sheppard, Mullin, Richter & Hampton signed a 51,000 SF lease in early 2020 at 2200 Ross Ave. While leasing activity may have slowed in 2020, 2021 got off to a strong start with Factory Six03 in the West End landing a 25,000 SF lease in January. In June, the Federal Deposit Insurance Corporation (FDIC) signed a 163,000 SF lease at the Plaza of the Americas at 600 N. Pearl St. The lease ranks as one of the largest leases signed in the CBD over the last 10 years.

Movers & Shakers Largest Vacancies: Tenant SF Building 1700 Pacific – 874,4547 SF Movers & Shakers Largest Vacancies: Dallas CBD Fort Worth CBD FDIC 163,005 600 N Pearl Street Fountain Place – 796,567 SF Tenant SF Building 777 Main – 275,158 sf Integrity Marketing Group 104,379 1445 Ross Avenue Renaissance Tower – 651,328 SF Bighorn 10,738 777 Main Street 115 W 7th Street – 201,354 sf Virtus Investment Partners 10,240 2100 Ross Avenue Bryan Tower – 623,830 sf Oil & Gas/Star Telegram – 187,624 sf Champion 9,216 2200 Ross Avenue Comerica Bank Tower – 576,040 sf Burnett Plaza – 179,654 sf Dallas CBD Fort Worth CBD Estrada Hinojosa Invest Bank 8,191 600 N Pearl Street Bank of America Plaza – 544,903 SF Bank of America Tower – 159,589 sf

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 6 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 7 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Far North Dallas Office Vacancy Far North Dallas Office Net Absorption Construction 30.0% 2018 Q1 437 49,773,899 10,174,426 20.4% 802,152 3 1,375,512 6 23 $23.10 1,000,000 2018 Q2 439 49,806,558 10,409,742 20.9% (218,280) 1 17,036 6 23 $22.72 25.0% 2018 Q3 442 50,158,338 10,181,157 20.3% 580,365 3 351,780 5 24 $23.10 500,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2018 Q4 442 50,158,338 10,606,339 21.1% (425,182) 0 0 8 Quoted24 $23.10 Period Net Absorption Under 20.0% 0 2019 Q1 # Bldgs444 Total50,603,483 RBA Vacant10,464,234 SF Vacant %20.7% 587,250# Bldg Delivered2 #445,145 Bldgs 9 Rates24 $23.49 Far North Dallas Office Vacancy Far North Dallas Office Net Absorption Construction 2019 Q2 445 50,618,883 10,465,410 20.7% 14,224 1 15,400 9 24 $23.5630.0% 2018 Q1 437 49,773,899 10,174,426 20.4% 802,152 3 1,375,512 6 23 $23.10 15.0% 1,000,000 (500,000) 20192018 Q2Q3 439447 49,806,55850,893,69810,409,74210,764,59220.9% 21.2%(218,280) (24,367) 1 17,0362 274,8156 23 9 $22.7224 $23.51 25.0% 20192018 Q3Q4 442449 50,158,33850,949,35010,181,15710,836,01020.3% 21.3% 580,365 (15,766) 3 351,7802 55,6525 24 7 $23.1024 $23.64 10.0% 500,000 (1,000,000) 2018 Q4 442 50,158,338 10,606,339 21.1% (425,182) 0 0 8 24 $23.10 FAR NORTH2020 Q1 451 DALLAS50,997,622 10,547,845 20.7% 336,437 2 48,272 FAR6 24 NORTH$23.7920.0% DALLAS 0 2019 Q1 444 50,603,483 10,464,234 20.7% 587,250 2 445,145 9 24 $23.49 (1,500,000) 2020 Q2 452 51,204,042 10,921,431 21.3% (167,166) 1 206,420 6 25 $23.79 5.0% 2019 Q2 445 50,618,883 10,465,410 20.7% 14,224 1 15,400 9 24 $23.56 15.0% (500,000) 2020 Q3 454 51,501,824 11,347,397 22.0% (128,184) 2 297,782 4 25 $24.25 (2,000,000) SUBMARKET2019 Q3 447 50,893,698 10,764,592 21.2% (24,367) 2 274,815 9 24 $23.51 SUBMARKET0.0% 2020 Q4 456 51,636,816 12,305,132 23.8% (822,743) 2 134,992 2 25 $24.48 (1,000,000) 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2019 Q4 449 50,949,350 10,836,010 21.3% (15,766) 2 55,652 7 24 $23.64 10.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 20212020 Q1 451456 50,997,62251,636,81610,547,84513,834,63620.7% 26.8% 336,437 (1,529,504)2 48,2720 6 0 24 2 $23.7925 $24.83 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 (1,500,000) 20212020 Q2 452457 51,204,04251,847,14610,921,43114,356,78021.3% 27.7%(167,166) (311,814)1 206,4201 210,3306 25 1 $23.7925 $25.125.0% 2020 Q3 454 51,501,824 11,347,397 22.0% (128,184) 2 297,782 4 25 $24.25 (2,000,000) 0.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Far North Dallas Overview 2020 Q4 456 51,636,816 12,305,132 23.8% (822,743) 2 134,992 2 25 $24.48 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Far North Dallas Office Construction Existing Inventory Vacancy Delivered Inventory Under Construction Far North Dallas Office Quoted Rates Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 Q1 456 51,636,816 13,834,636 26.8% (1,529,504) 0 Quoted 0 2 25 $24.83 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Nationally, the U.S. economy had thePeriod longest Net Absorption Under # Bldgs Total RBA VacantAbsorption SF Vacant % vs Previous# Bldg Qtr Delivered vs# Bldgs 12 Months Ago Rates Far North Dallas Office Vacancy $25.50 Far North Dallas Office Net Absorption 2021 Q2 457 51,847,146 14,356,780 27.7% (311,814)Construction 1 210,330 1 25 $25.12 7,000,000 expansion on record from 2009 to March 30.0% 2018 Q1 437 49,773,899 10,174,426(311,814) 20.4% 802,152-1,529,5043 1,375,512 6 -167,16623 $23.10 1,000,000 2020. Overall, the economy of Dallas-Fort2018 Q2 439 49,806,558 10,409,742 20.9% (218,280) 1 17,036 6 23 $22.72 $25.00 Vacancy vs Previous Qtr vs 12 Months Ago 25.0% Far North Dallas Office Quoted Rates Far North Dallas6,000,000 Office Construction Worth was indicating continued growth2018 Q3 for 442 50,158,338 10,181,157 20.3% 580,365 3 351,780 5 24 $23.10 500,000 2018 Q4 442 50,158,338 10,606,339Absorption27.7% 21.1% vs(425,182) Previous26.8% Qtr 0 vs0 12 Months8 Ago21.3% 24 $23.10 $25.50 the first few months of the year. There is little 20.0% $24.50 0 7,000,000 5,000,000 2019 Q1 444 50,603,483 10,464,234(311,814)U/C SF 20.7% 587,250-1,529,504vs Previous 2Qtr 445,145 -167,166vs 129 Months24 Ago $23.49 doubt the economy has felt some severe $25.00 2019 Q2 445 50,618,883 10,465,410Vacancy 20.7% vs14,224 Previous Qtr 1 15,400vs 12 Months9 Ago 24 $23.56 15.0% (500,000) 6,000,000 25 25 25 $24.00 4,000,000 short-term pain. As this situation continues2019 Q3 to447 50,893,698 10,764,59227.7% 21.2% (24,367)26.8% 2 274,815 21.3%9 24 $23.51 2019 Q4 449 50,949,350 Delivered10,836,010 SF21.3% (15,766)vs Previous 2Qtr 55,652 vs 127 Months24 Ago $23.64 10.0% $24.50 (1,000,000) 5,000,000 unfold over the next few months, we will have U/C SF vs Previous Qtr vs 12 Months Ago 2020 Q1 451 50,997,622 10,547,845 20.7% 336,437 2 48,272 6 24 $23.79 $23.50 3,000,000 210,330 0 206,420 (1,500,000) a greater understanding of what the2020 long-term Q2 452 51,204,042 10,921,43125 21.3% (167,166)25 1 206,420 25 6 25 $23.79 5.0% $24.00 4,000,000 Quoted Rates vs Previous Qtr vs 12 Months Ago impact will be on the regional economy.2020 Q3 454 51,501,824 Delivered11,347,397 SF 22.0% vs(128,184) Previous Qtr 2 297,782vs 12 Months4 Ago 25 $24.25 $23.00(2,000,000) 2,000,000 0.0% 2020 Q4 456 51,636,816 12,305,13225 23.8% (822,743) 25 2 134,992 2 24 25 $24.48 $23.50 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 3,000,000 210,330 0 206,420 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 Q1 456 51,636,816 Quoted13,834,636 Rates26.8% (1,529,504) 0 0 2 25 $24.83 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 vs Previous Qtr vs 12 Months Ago $23.00 $22.50 1,000,000 Upper Tollway/West Plano has emerged2021 Q2 as 457 51,847,146 14,356,780 27.7% (311,814) 1 210,330 1 25 $25.12 2,000,000 25 25 24 one of the most dynamic office submarkets Far North Dallas Vital Statistics Far North Dallas Office Quoted Rates$22.50 $22.00 Far North Dallas Office Construction 1,000,000 0 in Dallas-Fort Worth. The area has some 2,000,000 30.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Absorption vs Previous Qtr vsFar 12 Months North Ago Dallas Vital Statistics $25.50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 of the newest office stock in the metro. It $22.00 7,000,000$21.50 0 (311,814) -1,529,5041,500,0002,000,000 -167,166 30.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 25.0% $25.00 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 now serves as a corporate hub for Toyota’sVacancy vs Previous Qtr vs 12 Months Ago 6,000,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 DeliveredQ1 Q2 Under Construction 1,000,0001,500,000 $21.50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 North American headquarters and is a 27.7% 26.8% 21.3% 25.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 20.0% $24.50 5,000,000 Delivered Under Construction U/C SF vs Previous1,000,000500,000 Qtr vs 12 Months Ago Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 major regional location for Liberty Mutual, 20.0% 25 25500,0000 25 15.0% $24.00 4,000,000 AmerisourceBergen, JPMorgan Chase,Delivered and SF vs Previous Qtr vs 12 Months Ago 0 15.0% $23.50 210,330 (500,000)0 206,420 3,000,000 USAA. Companies located here have access 10.0% Quoted Rates (500,000) to a deep and well-educated labor pool. vs Previous(1,000,000) Qtr vs 12 Months Ago 10.0% $23.00 2,000,000 25 (1,000,000)25 24 5.0% More than half of all adults have at least a (1,500,000) 5.0% $22.50 1,000,000 (1,500,000) bachelor’s degree, and the Plano and Frisco Far North Dallas Vital Statistics (2,000,000)(2,000,000) 0.0% 0.0% $22.00 0 2,000,000 2018 2018 2018 2018 2019 201930.0% 2019 2019 2020 2020 2020 2020 2021 2021 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 independent school districts are among the 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1,500,000 Q1Q1 Q2Q2Q3 Q3Q4 Q4Q1 Q1Q2 Q3Q2 Q4Q3 Q1Q4Q2Q1Q3 Q2Q4 Q3Q1 Q4Q2 Q1 Q2 $21.50 best in the state. Also drawing new tenants 25.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Delivered Under Construction 1,000,000 NetNet Absorption Absorption DeliveredDelivered Vacant % Vacant % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 is the abundance of land suitable for large 20.0% 500,000 campuses and high-end retail in the area.0 15.0% Furthermore, both the state and the (500,000)City of 10.0% Plano have shown a willingness to (1,000,000)dole out 5.0% generous incentives for companies(1,500,000) looking to The first half of 2021 has gotten off to a strong start with 128 new/direct leases signed totaling 458,000 SF. The average deals size (2,000,000) 0.0% was 3,500 SF across 64 buildings. The largest lease of the year was in 5465 Legacy Drive, the Plaza at legacy. In February, staffing relocate to or expand here. 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 company Randstad signed a 31,800 SF lease, taking the entire 3rd floor of the building. Net Absorption Delivered Vacant % Frisco/The Colony is a rapidly growing suburban submarket in the metroplex. In 2000, the submarket’s office inventory was less than 700,000 SF, but today it’s 9.5 million SF. Office inventory isn’t the only thing that has seen rapid growth. Frisco is consistently Although construction in the Frisco/The Colony Submarket has grown in recent years, vacancies trended below the rest of the ranked as one of the most desirable cities to live in by various publications and is one of the fastest-growing areas in the country. metroplex during the last decade due to strong demand. Vacancies typically only rise due to supply-side pressure rather than The submarket also features several retail and entertainment amenities: is a 1.6 million-SF regional mall; Dr. tenant move-outs. Large blocks of space remain as elusive as ever. In mid-2021, there were 23 existing or under-construction Pepper Ballpark is the home of the Frisco RoughRiders, the Texas Rangers’ Class AA minor league affiliate; and Toyota Stadium is buildings with more than 25,000 SF of contiguous space available. There were 123 new/direct leases signed in 2020, totaling home to FC Dallas of Major League Soccer. The star of the Dallas Cowboys is one of the most recognized logos on the planet. The 467,000 SF. The largest lease signed was Addus HomeCare signing a 74,800-SF lease. The company is relocating its headquarters Star at Frisco, “The Star” has redefined the area’s office market. The Star is a 91-acre campus of the Dallas Cowboys headquarters to The Offices Two at Frisco Station. The area has maintained solid momentum in the first half of 2021 with 68 new/direct leases and practice facility. The project was developed as a first-of-its-kind partnership between Blue Star, the City of Frisco, and Frisco signed, totaling 203,200 SF. The largest lease reported during this period was in June when the Interior Logic Group signed a ISD. Along with the Cowboys, there is an Omni Hotel, Baylor Scott & White Sports Therapy & Research Center. Keurig Dr. Pepper 17,700-SF lease in the recently completed The Offices Three in Frisco Station agreed to move from West Plano to a new facility at The Star in 2021. Movers & Shakers Largest Vacancies: Tenant SF Building The Campus at – 1,690,369 sf 5400 Legacy – 1,587,458 sf Leasing Hilton Worldwide 106,860 15305 N Dallas Parkway DeGolyer & MacNaughton 65,543 5001 Spring Valley Road Liberty Mutual Campus – 357,500 sf In the last few years, the area has been a hotbed for corporate relocations and large back-office operations. Toyota, Liberty Mutual, Far North Dallas CarOffer 61,826 15601 Dallas Parkway Legacy Commons – 296,433 sf and JPMorgan Chase have either relocated to (Toyota) or consolidated (Liberty Mutual and JPMorgan) operations in Legacy West, Randstad 31,884 5465 Legacy Drive The Campus at Legacy – 285,677 sf bringing about 15,000 jobs to the Upper Tollway/West Plano Submarket. The three companies took more than 1 million SF each, Catapult Health 30,657 5294 with Toyota alone responsible for a 2.1-million-SF campus, making it the largest tenant in the submarket. Occupancy took a hit in Far North Dallas Interior Logic Group 17,681 5844 John Hickman Pkwy Far North Dallas 2021 when Keurig Dr. Pepper moved out of roughly 300,000 SF. Tri Global Energy LLC 16,012 17300 N Dallas Parkway

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 8 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 9 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates East Dallas Office Vacancy East Dallas Office Net Absorption Construction 2018 Q1 167 6,925,522 852,438 12.3% (42,500) 0 0 2 324,820 $17.62 25.0% 150,000 2018 Q2 168 6,955,522 956,448 13.8% (74,010) 1 30,000 1 294,820 $20.50 2018 Q3 168 6,955,522 990,695 14.2% (34,247) 0 0 1 294,820 $20.57 20.0% 100,000 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted 2018Period Q4 168 6,955,522 987,377 14.2%Net Absorption3,318 0 0 Under1 294,820 $20.73 50,000 # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates East Dallas Office Vacancy East Dallas Office Net Absorption 2019 Q1 169 7,250,342 1,274,876 17.6% 7,321 1 294,820 Construction0 0 $22.95 15.0% 2018 Q1 167 6,925,522 852,438 12.3% (42,500) 0 0 2 324,820 $17.62 25.0% 0 2019 Q2 169 7,250,342 1,169,865 16.1% 105,011 0 0 0 0 $20.45 150,000 2018 Q2 168 6,955,522 956,448 13.8% (74,010) 1 30,000 1 294,820 $20.50 2019 Q3 169 7,250,342 1,182,932 16.3% (13,067) 0 0 0 0 $20.37 (50,000) 2018 Q3 168 6,955,522 990,695 14.2% (34,247) 0 0 1 294,820 $20.57 20.0% 10.0% 100,000 2019 Q4 169 7,250,342 1,340,956 18.5% (158,024) 0 0 2 537,614 $21.25 (100,000) WHITE ROCK/EAST2018 Q4 168 6,955,522 987,377 DALLAS14.2% 3,318 0 0 WHITE1 294,820 $20.73 ROCK/EAST DALLAS50,000 20202019 Q1 169169 7,250,3427,250,3421,274,8761,281,64717.6% 17.7% 7,321 59,309 1 294,8200 0 0 0 3 $22.95737,741 $20.76 15.0% 5.0% 0 (150,000) 20202019 Q2 169169 7,250,3427,250,3421,169,8651,295,25216.1% 17.9% 105,011 (13,605) 0 00 0 0 0 3 $20.45737,741 $21.33 (50,000) (200,000) SUBMARKET20202019 Q3 169169 7,250,3427,250,3421,182,9321,432,71316.3% 19.8% (13,067) (137,461)0 00 0 0 0 3 $20.37737,741 $18.2910.0%SUBMARKET 2019 Q4 169 7,250,342 1,340,956 18.5% (158,024) 0 0 2 537,614 $21.25 0.0% (100,000) 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2020 Q4 169 7,250,342 1,404,388 19.4% 28,325 0 0 3 737,741 $22.35 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2020 Q1 169 7,250,342 1,281,647 17.7% 59,309 0 0 3 737,741 $20.76 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 Q1 170 7,318,956 1,425,057 19.5% 47,945 1 68,614 2 669,127 $22.695.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2(150,000)Q3 Q4 Q1 Q2 2020 Q2 169 7,250,342 1,295,252 17.9% (13,605) 0 0 3 737,741 $21.33 2021 Q2 171 7,519,083 1,504,872 20.0% 120,312 1 200,127 1 469,000 $23.18 2020 Q3 169 7,250,342 1,432,713 19.8% (137,461) 0 0 3 737,741 $18.29 (200,000) 0.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2020 Q4 169 7,250,342 1,404,388 19.4% 28,325 0 0 3 737,741 $22.35 East Dallas Overview 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Existing Inventory 2021 Q1 Vacancy170 7,318,956 1,425,057Delivered Inventory19.5% Under47,945 Construction 1 68,614 2 669,127 $22.69 Q1 Q2 Q3 Q4 Q1 Q2 Q3 EastQ4 Q1 DallasQ2 Q3 OfficeQ4 Q1 QuotedQ2 Rates East Dallas Office Construction Garland is an inner-ring suburb located east Quoted Period Net Absorption Under East Dallas Office Net Absorption # Bldgs Total RBA2021Vacant AbsorptionQ2 SF 171Vacant % 7,519,083vs Previous1,504,872# Bldg Qtr 20.0%Delivered vs# Bldgs 12120,312 Months Ago 1 Rates 200,127 1 469,000East Dallas$23.18 Office Vacancy $25.00 of the northern path of demographic and Construction 7,000,000 2018 Q1 167 6,925,522 852,438 12.3% (42,500) 0 0 2 324,820 $17.62 25.0% employment growth in Dallas. The central 120,312 47,945 -13,605 150,000 2018 Q2 168 6,955,522 956,448 13.8% (74,010) 1 30,000 1 294,820 $20.50 East Dallas Office Quoted Rates East Dallas Office Construction commercial node in Garland composed of Vacancy vs Previous Qtr vs 12 Months Ago 2018 Q3 20.0% 100,000 6,000,000 168 6,955,522 990,695Absorption 14.2% vs(34,247) Previous Qtr 0 0vs 12 Months1 Ago 294,820 $20.57 $25.00 $20.00 industrial properties. There is only2018 3.3 Q4 million168 6,955,522 987,37720.0% 14.2% 3,318 19.5% 0 0 1 17.9%294,820 $20.73 50,000 7,000,000 120,312 47,945 -13,605 SF of office inventory here, most 2019of it Q1 being169 7,250,342 1,274,876U/C SF 17.6% 7,321 1 294,820 0 0 $22.95 15.0% 5,000,000 Vacancy vs Previous Qtr vs 12 Months Ago 0 older and of middling quality. The 2019submarket Q2 169 7,250,342 1,169,865 16.1% vs105,011 Previous Qtr 0 0vs 12 Months0 Ago 0 $20.45 6,000,000 469,00020.0% 19.5%669,127 17.9% 737,741 $20.00 (50,000) saw a substantial reduction in its office2019 Q3 169 7,250,342 1,182,932 16.3% (13,067) 0 0 0 0 $20.37 10.0% $15.00 4,000,000 2019 Q4 169 7,250,342 1,340,956DeliveredU/C SF SF18.5% (158,024) 0 0 2 537,614 $21.25 5,000,000 inventory in 2017 when Raytheon’s previous vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago (100,000) 2020 Q1 169 7,250,342 1,281,647 17.7% 59,309 0 0 3 737,741 $20.76 3,000,000 469,000200,127 669,12768,614 737,741 0 5.0% (150,000) 4,000,000 campus was demolished to make 2020way Q2 for 169 7,250,342 1,295,252 17.9% (13,605) 0 0 3 737,741 $21.33 $15.00 QuotedDelivered Rates SF vs Previous Qtr vs 12 Months Ago a new industrial park. Raytheon moved2020 Q3 169 7,250,342 1,432,713 19.8% (137,461)vs Previous0 Qtr 0 vs 312 Months737,741 Ago $18.29 (200,000)$10.00 0.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 3,000,000 2,000,000 2020 Q4 169 7,250,342 1,404,388200,127 19.4% 28,32568,614 0 0 0 3 737,741 $22.35 north towards Richardson in a new office 23 23 21 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Quoted Rates vs Previous Qtr vs 12 Months Ago Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3$10.00Q4 Q1 Q2 development at CityLine. Despite 2021lackluster Q1 170 7,318,956 1,425,057 19.5% 47,945 1 68,614 2 669,127 $22.69 2,000,000 1,000,000 2021 Q2 171 7,519,083 1,504,87223 20.0% 120,31223 1 200,127 21 1 469,000 $23.18 absorption, at 13.9% vacancies have typically $5.00 East Dallas Vital Statistics 1,000,000 remained below the metro average of 18.0% East Dallas Office Quoted Rates $5.00 East Dallas Office Construction 0 East Dallas Vital Statistics 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 due to a lack of supply and the demolitionAbsorption of vs Previous350,000 Qtr vs 12 Months Ago 25.0% $25.00 0 7,000,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 120,312 300,00047,945350,000 -13,605 25.0% $0.00 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 some obsolete assets. In terms of the pipeline, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Vacancy 250,000 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 there is potential in the far southeast corner vs Previous300,000 Qtr vs 12 Months Ago 20.0% $0.00 6,000,000 Delivered Under Construction 250,000 $20.00 2018 2018 2018 2018 2019 2019Q1 2019Q2 2019Q3 2020Q42020Q12020Q22020 Q32021 2021Q4 Q1 Q2 Q3 Q4 Q1 Q2 20.0% 200,00019.5% 17.9% 20.0% Delivered Under Construction of the submarket. In that area, the $1 billionU/C SF 200,000 Q1 Q2 Q35,000,000Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 vs Previous150,000 Qtr vs 12 Months Ago 15.0% Bayside project in Rowlett could eventually469,000 669,127150,000 737,741 100,000 15.0% $15.00 4,000,000 100,000 include a significant office portion Deliveredto go SF vs Previous50,000 Qtr vs 12 Months Ago 50,000 10.0% 3,000,000 along with multifamily, retail, and hospitality200,127 68,614 0 0 10.0% Quoted Rates vs Previous Qtr0 vs 12 Months Ago $10.00 components. However, that development is (50,000) 2,000,000 23 (50,000)23 21 (100,000)(100,000) 5.0% 5.0% currently in limbo. Most transactions involve 1,000,000 buildings smaller than 10,000 SF, and medical East (150,000)(150,000)Dallas Vital Statistics $5.00 (200,000)(200,000) 0.0% 0.0% 0 office properties have driven sales volume of 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 350,000 20182018201820182018201820182018201920192019 201925.0%2019201920202019202020202020202020202020202120202021 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 late. 300,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 $0.00 250,000 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Net Absorption 20.0%Delivered Vacant % Delivered Under Construction 200,000 Net Absorption Delivered Vacant % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 The White Rock Submarket includes150,000 primarily 15.0% 100,000 residential neighborhoods in Old East50,000 Dallas and those surrounding White Rock Lake.0 10.0% However, about half of the office inventory(50,000) (100,000) 5.0% The Epic is well underway and is expected to add 469,000 SF of inventory in 2022. The 215,000 SF Stack in Deep Ellum is underway rests in the Baylor University Medical(150,000) Center area adjacent to Deep Ellum’s nightlife and restaurant hot spot. Medical tenants and is expected to be delivered in 2021. Continued supply-side pressures are expected to keep vacancy rates elevated in the near dominate that area, and vacancies(200,000) are structurally low. Assets in White Rock are typically 0.0%smaller, and virtually none of the 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 term. inventory is 4 & 5 Star quality. The potentialQ1 forQ2 growthQ3 Q4 Q1in theQ2 submarketQ3 Q4 Q1 Q2 fallsQ3 withinQ4 Q1 DeepQ2 Ellum. Specifically, KDC completed the Net Absorption Delivered Vacant % Epic’s office portion in the western part of Deep Ellum in early 2019. The Epic added about 250,000 SF of 5 Star office space, along with multifamily and hotel components. Work began on the second phase of The Epic in 2020. These new buildings are catalyzing the area as a new office hub just removed from . On the eastern edge of Deep Ellum, Baylor Scott & White has completed an office building that will consolidate its local operations in one facility.

Leasing Movers & Shakers Largest Vacancies: Tenant SF Building The Stack Deep Ellum – 200,127 sf With weaker demand drivers for office space, vacancies in Garland generally trend below the metro average. The exception to Primrose Schools 25,000 702-718 N Buckner Blvd Barnett Tower – 144,667 SF this trend was caused by Raytheon’s move-out in 2016, though that vacancy spike was offset by the subsequent demolition of the Dallas Surgical Partners 17,477 3920 Worth Street The Epic – 132,965 sf firm’s facility in 2017. Most of the institutional-grade office product in this area of the metroplex is located in the , Scott Howell & Company 14,552 3900 Willow St Forest Tower – 37,400 sf along Highway 75 in Richardson. As a commuter town that was largely built out in the 1960s and ‘70s, Garland contains office stock Texas Advancement 10,512 2920 Motley Drive that caters more to local businesses, banks, and firms with an industrial presence in the area. Tenant movement is rare, and only Prism Health North Texas 7,220 4004 Worth Street a few tenants typically sign for more than 10,000 SF in a given year. Occupancies in medical office assets have decreased since Prime Global Shipping&Logistics 6,000 9696 Skillman Street Baylor Garland hospital closed in early 2018. The closure affected over 700 hospital employees as well as medical office properties Apex Fencing 5,000 12110 Currency Circle surrounding the hospital. Elite Recovery 3,558 401 S Simonds Rd East Dallas Way Point Construction Services 3,400 595-605 E US Hwy 80 E Vacancies in White Rock are typically tight but jumped due to the delivery of The Epic in 2019 and remained elevated through 2020. New tenants at The Epic include Uber, which initially planned on taking around 165,000 SF of Phase One. Uber’s plans to occupy the space have been derailed. As a result, the company has added 117,000 SF to the market as sublease space. The second phase of East Dallas East Dallas

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 10 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 11 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Las Colinas Office Vacancy Las Colinas Office Net Absorption Construction 25.0% 2018 Q1 275 33,912,238 5,091,884 15.0% 405,697 1 250,000 7 2,152,964 $20.92 2,000,000 2018 Q2 276 34,078,936 5,621,675 16.5% (363,093) 1 166,698 7 2,052,871 $20.90 2018 Q3 278 34,443,436 5,929,368 17.2% 56,807 2 364,500 5 1,688,371 $21.52 20.0% 1,500,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2018 Q4 278 34,443,436 5,878,702 17.1% 50,666 0 0 5 Quoted1,688,371 $21.79 Period Net Absorption Under 1,000,000 # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Las Colinas Office Vacancy Las Colinas Office Net Absorption 2019 Q1 280 34,689,836 5,815,169 16.8% 309,933 2 246,400 Construction4 1,643,929 $21.60 15.0% 25.0% 20192018 Q2Q1 275281 33,912,23834,756,4415,091,8845,935,68615.0% 17.1% 405,697 (53,912) 1 250,0001 66,6057 2,152,9644 $20.921,604,799 $21.87 2,000,000 500,000 2018 Q2 276 34,078,936 5,621,675 16.5% (363,093) 1 166,698 7 2,052,871 $20.90 2019 Q3 281 34,756,441 5,824,827 16.8% 110,859 0 0 4 1,604,799 $21.81 10.0% 20192018 Q4Q3 278283 34,443,43636,131,8075,929,3685,545,47517.2% 15.3% 56,807 1,654,7182 364,5002 1,375,3665 1,688,3712 $21.52229,433 $21.2120.0% 1,500,000 0 2018 Q4 278 34,443,436 5,878,702 17.1% 50,666 0 0 5 1,688,371 $21.79 LAS 2020COLINAS Q1 283 36,131,807 6,523,570 18.1% (978,095) 0 0 3 244,646 $21.09 1,000,000 2019 Q1 280 34,689,836 5,815,169 16.8% 309,933 2 246,400 4 1,643,929 $21.60LAS COLINAS 15.0% 5.0% (500,000) 2020 Q2 284 36,333,765 6,868,169 18.9% (142,641) 1 201,958 3 139,280 $21.07 2019 Q2 281 34,756,441 5,935,686 17.1% (53,912) 1 66,605 4 1,604,799 $21.87 500,000 20202019 Q3 281284 34,756,44136,333,7655,824,8277,412,09416.8% 20.4% 110,859 (543,925)0 00 40 1,604,7993 $21.81139,280 $20.84 (1,000,000) SUBMARKET 10.0%SUBMARKET0.0% 20202019 Q4 283285 36,131,80736,361,2405,545,4757,707,09115.3% 21.2%1,654,718 (267,522)2 1,375,3661 27,4752 229,4332 $21.21111,805 $20.83 0 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 20212020 Q1 283285 36,131,80736,361,2406,523,5708,189,76118.1% 22.5% (978,095)(482,670)0 00 30 244,6462 $21.09111,805 $20.82 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 5.0% (500,000) 20212020 Q2 284287 36,333,76536,473,0456,868,1698,697,38418.9% 23.8% (142,641)(395,818)1 201,9582 111,8053 139,2800 $21.07 0 $20.48 2020 Q3 284 36,333,765 7,412,094 20.4% (543,925) 0 0 3 139,280 $20.84 (1,000,000) 0.0% 2020 Q4 285 36,361,240 7,707,091 21.2% (267,522) 1 27,475 2 111,805 $20.83 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Las Colinas Overview 2018 2018 2018 2018 2019 2019 2019Las2019 2020Colinas2020 2020 Office2020 2021 Quoted2021 Rates Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2LasQ3 Q4ColinasQ1 Q2 Office Construction Existing Inventory2021 Q1 Vacancy285 36,361,240 8,189,761Delivered22.5% Inventory (482,670)Under Construction 0 0 2 111,805 $20.82 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 The submarket’s central location in the Quoted Period Absorption Netvs Absorption Previous Qtr vs 12 Months AgoUnder $22.00 Las Colinas Office Net Absorption metroplex and accessibility to D/FW Airport# Bldgs Total2021 RBA Q2Vacant SF287Vacant36,473,045 % 8,697,384# Bldg 23.8%Delivered (395,818)# Bldgs 2 Rates111,805 0 0 Las Colinas$20.48 Office Vacancy Construction 7,000,000 (395,818) -482,670 -142,641 25.0% has fostered a groundswell of construction2018 Q1 275 33,912,238 5,091,884 15.0% 405,697 1 250,000 7 2,152,964 $20.92 2,000,000 in the past few years. Led by the 2018 Q2 276 34,078,936 Vacancy5,621,675 16.5% vs(363,093) Previous Qtr1 166,698 vs 12 7Months2,052,871 Ago $20.90 Las Colinas Office Quoted Rates Las Colinas Office6,000,000 Construction emergence of the Cypress Waters 2018master- Q3 278 34,443,436Absorption5,929,36823.8% 17.2% vs Previous56,80722.5% Qtr 2 vs364,500 12 Months Ago518.9% 1,688,371 $21.52 20.0% $22.00 $21.501,500,000 2018 Q4 278 34,443,436 5,878,702 17.1% 50,666 0 0 5 1,688,371 $21.79 7,000,000 planned mixed-use development, since (395,818) -482,670 -142,641 1,000,000 5,000,000 2019 Q1 280 34,689,836 U/C5,815,169 SF 16.8% vs309,933 Previous Qtr2 246,400 vs 12 4Months1,643,929 Ago $21.60 Vacancy 15.0% 2015, developers have added 36 buildings2019 Q2 281 34,756,441 5,935,686 17.1% vs Previous(53,912) Qtr 1 vs66,605 12 Months Ago4 1,604,799 $21.87 6,000,000 0 111,805 139,280 $21.50 500,000 4,000,000 totaling 3.9 million SF of inventory.2019 Q3 281 34,756,441 23.8%5,824,827 16.8% 110,85922.5% 0 0 18.9% 4 1,604,799 $21.81 $21.00 Delivered SF vs Previous Qtr vs 12 Months Ago 10.0% 5,000,000 Companies like 7-Eleven, CoreLogic,2019 Q4 283 36,131,807 U/C5,545,475 SF 15.3% vs Previous1,654,718 Qtr 2 1,375,366vs 12 Months Ago2 229,433 $21.21 0 3,000,000 2020 Q1 283 36,131,807 111,8056,523,5700 18.1% (978,095)111,8050 0 0 139,280 201,9583 244,646 $21.09 Nokia, Signet Jewelers (Zales), and Brinker 5.0% $21.00 (500,000) 4,000,000 2020 Q2 284 36,333,765QuotedDelivered6,868,169 Rates SF 18.9% vs(142,641) Previous Qtr1 201,958 vs 12 3Months 139,280Ago $21.07 $20.50 International have signed on. Even more, vs Previous Qtr vs 12 Months Ago 2,000,000 2020 Q3 284 36,333,765 7,412,094 20.4% (543,925) 0 0 3 139,280 $20.84 (1,000,000) 3,000,000 office space is under construction or in the 111,80520 0 21 201,958 21 0.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2020 Q4 285 36,361,240 7,707,091 21.2% (267,522) 1 27,475 2 111,805 $20.83 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Quoted Rates vs Previous Qtr vs 12 Months Ago $20.50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 planning process. In early 2020, exotic2021 Q1 car 285 36,361,240 8,189,761 22.5% (482,670) 0 0 2 111,805 $20.82 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2,000,000 1,000,000 manufacturer McLaren relocated its2021 North Q2 287 36,473,045 8,697,38420 23.8% (395,818)21 2 111,805 21 0 0 $20.48 $20.00 American office to the Coppell Business Las Colinas Vital Statistics 1,000,000 0 Las Colinas Office Quoted Rates$20.00 Las Colinas Office Construction 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Center from midtown Manhattan. The 2,000,000 Las Colinas Vital Statistics 25.0% Absorption vs Previous Qtr vs 12 Months Ago $22.00 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 company moved into 30,000 SF, taking $19.507,000,000 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 (395,818) 1,500,0002,000,000-482,670 -142,641 25.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 advantage of nearby industrial inventory, 20.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1DeliveredQ2 Under Construction Vacancy vs Previous Qtr vs 12 Months Ago $19.50 6,000,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1,500,000 $21.50 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 as well. Since so many of the new Cypress23.8% 1,000,00022.5% 18.9% 20.0% Delivered Under Construction Q1 Q2 Q3 Q45,000,000Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Waters office buildings were built-to- U/C SF vs1,000,000 Previous Qtr vs 12 Months Ago 500,000 15.0% 0 111,805 139,280 suits, vacancies have remained below the 500,000 15.0% $21.00 4,000,000 Delivered SF vs Previous Qtr vs 12 Months Ago metro average despite significant supply 0 10.0% 111,805 0 0 201,958 3,000,000 additions. This trend should persist in the 10.0% Quoted Rates vs(500,000) Previous Qtr vs 12 Months Ago $20.50 (500,000) 2,000,000 near term, as most projects underway are20 21 21 5.0% 5.0% already accounted for. (1,000,000)(1,000,000) 1,000,000 $20.00 Las(1,500,000)(1,500,000) Colinas Vital Statistics 0.0% 0.0% 0 The Urban Center/Wingren Submarket 20182018201820182018201820182018201920192019 2019 2019201920202019202020202020202020202020202120202021 2021 2021 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2,000,000 25.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1Q1 Q2Q2Q3Q3Q4 Q4Q1 Q1Q2 Q2Q3 Q4Q3 Q1Q4 Q2Q1Q3 Q2Q4 Q3Q1 Q4Q2 Q1 Q2 $19.50 is located within the City of Irving and1,500,000 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Net Absorption Delivered20.0% Vacant % Delivered Under Construction Net Absorption Delivered Vacant % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 is composed of the master-planned1,000,000 community of Las Colinas. What began500,000 in 15.0% 1972, the area was one of the first planned 0 communities in the United States. As a 10.0% (500,000) result of its unique amenities, including 5.0% (1,000,000) million SF. Since 2010, the submarket typically experiences just about 1 million SF a year. Of the leases executed, eight are 10,000 a monorail (Las Colinas Area Personal Transit System) and Lake Carolyn, residents and employees can enjoy a gondola ride or SF or greater. One of the largest leases signed was in the Mandalay Towers in February, with Nautilus Hyosung America taking (1,500,000) 0.0% a stroll along with one of the many walkways.2018 2018The2018 area2018 experienced2019 2019 2019 2019 a2020 building2020 2020 2020boom2021 2021in the ‘80s with 8.2 million SF or 82% of 31,000 SF of space. They moved into their new space in June. The Summit at Las Colinas scored a big win when the American the submarket built during this period, withQ1 companiesQ2 Q3 Q4 likeQ1 Q2Verizon,Q3 Q4 Kimberly-Clark,Q1 Q2 Q3 Q4 Q1 andQ2 several other Fortune 500 companies Net Absorption Delivered Vacant % Athletic Conference decided to move its headquarters into an 18,000-SF space. Leasing activity began to pick up in the first half relocating headquarters or significant operations to the area. Fueled by the increased connectivity provided by D/FW International of 2021. There were 46 new/direct leases totaling 281,000 SF across 24 buildings. The largest lease signed during this period was Airport, the area still boasts one of the highest concentrations of Fortune 500/1000 companies in the United States, with seven in Williams Square when Caterpiller singed an 81,000-SF lease in May. The site will serve as the home base for its new Electric Fortune 500 and five Fortune 1000 companies calling the area home. Power division.

The Office Center/West LBJ Submarket constitutes the northern portion of Las Colinas and is a few minutes east of the D/ Vacancies in the Office Center/West LBJ Submarket are back on the rise, reaching 16.7%. Cypress Waters mixed-use development FW International Airport. Due to its proximity to the airport and its highway access, this submarket has remained a popular in the neighboring DFW Freeport/Coppell submarket has landed a few major corporations over the past few years, some of destination for major corporations. The area is touted as the Metroplex’s Corner office, with 53 Fortune 500 corporations and global which were originally located in Office Center/West LBJ. The 1,000-acre development on the southern shore of North Lake will headquarters for seven Fortune 500 companies. include over 4 million SF of office space along with apartments, retail, trails, and a lakeside town center, making it an attractive option for firms in the area. For example, Signet Jewelers (Zale Corporation) was one of Office Center/West LBJ’s largest Leasing tenants before it moved to its new headquarters in Cypress Waters in early 2018. That move opened up more than 300,000 SF The vacancy rates in DFW Freeport/Coppell have drifted higher to 23.6% due to a series of move-outs in 2020. Over the last 12 of contiguous space in Office Center/West LBJ. In another big move-out, Nokia vacated its 294,000-SF facility in early 2019 and months, the submarket has experienced -950,000. Some of the largest move-outs occurred in Royal Tech Regent (-31,866 SF), 2100 moved into a new campus at Cypress Waters. Valey View Lane (-28,772 SF), the Intellicenter (-54,345 SF) In late 2019, the submarket experienced an up-tick in vacancy driven by Largest Vacancies: AT&T moving out of 1801 Valley View Lane, accounting for 209,000 SF. Meanwhile, a large portion of demand stems from build-to- Movers & Shakers Williams Square West Tower – 319,148 sf Las Colinas suits in Billingsley Company’s 1,000-acre, $3.5 billion Cypress Waters mixed-use development. Cypress Waters encompasses most Tenant SF Building Williams Square Central Tower – 265,671 sf of the land on the southern shore of North Lake and could include up to 4.5 million SF of office space and 10,000 apartments at full AMN Healthcare 108,502 8840 Cypress Water Blvd 6000 Connection – 292,072 sf build-out. American Honda Finance 99,788 3625 W Royal Lane 1801 Valley View Lane – 208,593 sf Multiview Inc 82,093 7701 Las Colinas Rdg Las Colinas Leasing activity in Urban Center/Wingren slowed significantly in 2020. The submarket reported 76 new/direct leases totaling 400 Catepillar Inc 81,509 5205 N O’Connor Blvd Las Colinas Omni Logistics 52,000 3200 Olympus Blvd

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 12 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 13 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates LBJ Freeway Office Vacancy LBJ Freeway Office Net Absorption Construction 2018 Q1 30.0% 159 21,016,051 4,418,407 21.0% 46,091 0 0 0 0 $20.09 300,000 2018 Q2 159 21,016,051 4,564,366 21.7% (145,959) 0 0 0 0 $20.06 25.0% 2018 Q3 159 21,016,051 4,662,140 22.2% (97,774) 0 0 0 0 $20.24 200,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2018 Q4 159 21,016,051 4,919,207 23.4% (257,067) 0 0 0 Quoted0 $20.46 Period Net Absorption Under 20.0% 100,000 2019 Q1 # Bldgs159 Total21,016,051 RBA Vacant4,888,762 SF Vacant %23.3% 30,445# Bldg Delivered0 # Bldgs0 0 Rates 0 $20.49 LBJ Freeway Office Vacancy LBJ Freeway Office Net Absorption Construction 20192018 Q2Q1 159 21,016,051 4,882,829 23.2% 5,933 0 0 0 0 $20.3330.0% 159 21,016,051 4,418,407 21.0% 46,091 0 0 0 0 $20.09 15.0% 300,000 0 20192018 Q3Q2 159159 21,016,05121,016,0514,564,3664,805,18521.7% 22.9% (145,959) 77,644 0 00 00 0 0 $20.06 0 $20.46 25.0% 20192018 Q4Q3 159159 21,016,05121,016,0514,662,1404,603,16322.2% 21.9% (97,774) 202,022 0 00 00 0 0 $20.24 0 $20.32 10.0% 200,000 (100,000) 2018 Q4 159 21,016,051 4,919,207 23.4% (257,067) 0 0 0 0 $20.46 LBJ FREEWAY2020 Q1 159 21,016,051 4,357,744 20.7% 245,419 0 0 0 LBJ0 $20.4220.0% FREEWAY 100,000 2019 Q1 159 21,016,051 4,888,762 23.3% 30,445 0 0 0 0 $20.49 (200,000) 2020 Q2 159 21,016,051 4,516,927 21.5% (159,183) 0 0 0 0 $20.71 5.0% 2019 Q2 159 21,016,051 4,882,829 23.2% 5,933 0 0 0 0 $20.33 15.0% 0 2020 Q3 159 21,016,051 4,721,614 22.5% (204,687) 0 0 0 0 $20.42 SUBMARKET2019 Q3 159 21,016,051 4,805,185 22.9% 77,644 0 0 0 0 $20.46 SUBMARKET (300,000) 0.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2020 Q4 159 21,016,051 4,812,593 22.9% (90,979) 0 0 0 0 $21.13 (100,000) 2019 Q4 159 21,016,051 4,603,163 21.9% 202,022 0 0 0 0 $20.32 10.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 20212020 Q1 159159 21,016,05121,016,0514,357,7444,978,94720.7% 23.7% 245,419 (166,354)0 00 00 0 0 $20.42 0 $20.60 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 (200,000) 20212020 Q2 159159 21,016,05121,016,0514,516,9275,228,90921.5% 24.9% (159,183)(249,962)0 00 00 0 0 $20.71 0 $20.885.0% 2020 Q3 159 21,016,051 4,721,614 22.5% (204,687) 0 0 0 0 $20.42 (300,000) 0.0% 2020 Q4 159 21,016,051 4,812,593 22.9% (90,979) 0 0 0 0 $21.13 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2018 2018 2018 2018 2019 2019 2019LBJ2019 Freeway2020 2020 2020 Office2020 2021 Quoted2021 Rates Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2LBJQ3 FreewayQ4 Q1 Q2 Office Construction Existing Inventory Vacancy Delivered Inventory Under Construction LBJ Freeway Overview 2021 Q1 159 21,016,051 4,978,947 23.7% (166,354) 0Quoted 0 0 0 $20.60 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Period Net Absorption Under # Bldgs Total RBA VacantAbsorption SF Vacant % vs Previous# Bldg Qtr Delivered vs# Bldgs 12 Months Ago Rates LBJ Freeway Office Vacancy $21.40 LBJ Freeway Office Net Absorption Healthy leasing activity prior to the 2021 Q2 159 21,016,051 5,228,909 24.9% (249,962)Construction 0 0 0 0 $20.88 7,000,000 2018 Q1 (249,962) -166,354 -159,183 30.0% pandemic-induced recession pushed 159 21,016,051 4,418,407 21.0% 46,091 0 0 0 0 $20.09 $21.20300,000 2018 Q2 159 21,016,051 4,564,366Vacancy 21.7% (145,959) 0 0 0 0 $20.06 LBJ Freeway Office Quoted Rates LBJ Freeway Office Construction vacancy rates lower in West LBJ Freeway vs Previous Qtr vs 12 Months Ago 25.0% 6,000,000 2018 Q3 159 21,016,051 4,662,140 22.2% (97,774) 0 0 0 0 $20.24 $21.00200,000 throughout the last decade. However, Absorption24.9% vs Previous23.7% Qtr vs 12 Months Ago21.5% $21.40 2018 Q4 159 21,016,051 4,919,207 23.4% (257,067) 0 0 0 0 $20.46 7,000,000 (249,962) -166,354 -159,183 20.0% 100,000 5,000,000 at 22.5% vacancies are rising, as2019 the Q1 159 21,016,051 4,888,762U/C SF 23.3% 30,445vs Previous0 Qtr 0 vs 012 Months0 Ago $20.49 $21.20 $20.80 Vacancy submarket has experienced -210,0002019 Q2 159 21,016,051 4,882,8290 23.2% vs5,933 Previous0 Qtr 0 0vs 12 Months0 Ago0 0 $20.33 15.0% 0 6,000,000 2019 Q3 159 21,016,051 4,805,185 22.9% 77,644 0 0 0 0 $20.46 $21.00 $20.60 4,000,000 Delivered24.9% SF 23.7% 21.5% SF of net absorption over the last2019 12 Q4 159 21,016,051 4,603,163 21.9% 202,022vs Previous0 Qtr 0 vs 012 Months0 Ago $20.32 10.0% (100,000) 5,000,000 U/C SF vs Previous Qtr vs 12 Months Ago $20.80 $20.40 months. Anemic rent growth is 2020being Q1 felt159 21,016,051 4,357,7440 20.7% 245,419 0 0 0 0 0 0 $20.42 3,000,000 0 0 0 (200,000) 2020 Q2 159 21,016,051 4,516,927 21.5% (159,183) 0 0 0 0 $20.71 5.0% $20.60 4,000,000 throughout the submarket, especially QuotedDelivered Rates SF vs Previous Qtr vs 12 Months Ago $20.20 2020 Q3 159 21,016,051 4,721,614 22.5% vs(204,687) Previous Qtr 0 0vs 12 Months0 Ago 0 $20.42 (300,000) 2,000,000 among 3 Star buildings. However, if 0.0% $20.40 2020 Q4 159 21,016,051 4,812,593210 22.9% (90,979)0 21 0 0 0 0 21 0 $21.13 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 3,000,000 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 $20.00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 demand improves, rent growth 2021could Q1 159 21,016,051 Quoted4,978,947 Rates23.7% vs(166,354) Previous Qtr 0 0vs 12 Months0 Ago 0 $20.60 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3$20.20Q4 Q1 Q2 1,000,000 2,000,000 stand to pick up once again, since2021 Q2 159 21,016,051 5,228,909 24.9% (249,962) 0 0 0 0 $20.88 $19.80 21 LBJ Freeway21 Vital Statistics21 $20.00 the submarket is unlikely to see any 0 LBJ Freeway Office Quoted Rates $19.60 LBJ Freeway Office Construction 1,000,000 substantial new developments anytime 300,000 30.0% $19.80 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Absorption vs Previous Qtr vs 12 MonthsLBJ FreewayAgo Vital Statistics $21.40 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 7,000,000$19.40 0 soon. The West LBJ Freeway Submarket(249,962) -166,354 -159,183 $19.60 200,000300,000 30.0% 25.0% $21.20 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 202020182021201820212018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 has seen little office development inVacancy vs Previous Qtr vs 12 Months Ago $19.40 6,000,000 Delivered Under Construction $21.00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 24.9% 23.7%200,000 21.5% 25.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 recent years, which is likely to remain the 100,000 20.0% Delivered Under Construction U/C SF vs Previous Qtr vs 12 Months Ago $20.80 Q1 Q2 Q35,000,000Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 case, even with the new LBJ Express 0lanes 100,0000 0 20.0% 0 15.0% $20.60 4,000,000 drastically relieving highway congestionDelivered SF in vs Previous Qtr vs 12 Months Ago 0 15.0% $20.40 3,000,000 the area. 0 (100,000)0 0 10.0% Quoted Rates vs Previous Qtr vs 12 Months Ago $20.20 (100,000) 10.0% 2,000,000 21 (200,000)21 21 5.0% $20.00 The East LBJ Freeway Submarket divides (200,000) 5.0% 1,000,000 northern Dallas from the suburbs of LBJ Freeway Vital Statistics $19.80 (300,000) 0.0% 0 (300,000) 0.0% $19.60 Addison and Richardson. Although300,000 it 20182018201820182018201820182018201920192019 2019201930.0%2019201920202019202020202020202020202020202120202021 2021 2021 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1Q1 Q2Q2 Q3Q3Q4 Q4Q1 Q1Q2 Q2Q3 Q4Q3 Q1Q4 Q2Q1Q3 Q2Q4 Q3Q1 Q4Q2 Q1 Q2 $19.40 is one of the smallest submarkets200,000 by 25.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 land area, it is one of the densest in the NetNet Absorption Absorption DeliveredDelivered Vacant % Vacant % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Delivered Under Construction 100,000 20.0% metroplex, ranking in the top five for total office inventory. The average building0 15.0% size in the submarket is over 100,000(100,000) SF, 10.0% the third-largest in the metro behind(200,000) the 5.0% Movers & Shakers Largest Vacancies: Dallas CBD and Urban Center/Wingren(300,000) in Las Colinas. The majority of tenants here 0.0%are finance, insurance, real estate Tenant SF Building Pinnacle Tower – 272,954 sf 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Park Central 9 – 156,182 or business services. Although more thanQ1 Q2halfQ3 theQ4 stockQ1 Q2 hereQ3 Q4is ratedQ1 Q2 4Q3 & 5Q4 Star,Q1 Q2 most of that stock is 80’s era inventory. Rexal 18,000 5429 Lyndon B Johnson Therefore, top-of-the-line properties are moreNet Absorption competitive withDelivered Preston Center,Vacant % Central Expressway, or Quorum/Bent Tree Regus 12,485 5430 Lyndon B Johnson The Hightower – 131,643 sf One Lincoln Centre – 130,134 sf than the newer properties in Uptown or Upper Tollway/West Plano. Crayon Software Experts 10,089 12221 Merit Dr Zion Oil & Gas 8,768 12655 N Central Expy Refugee Services of Tx 6,056 9330 Lyndon B Johnson Resource Commercial 4,284 4890 Alpha Rd Leasing Home Town Lenders 4,211 12750 Merit Drive At 23.7%, vacancies are high in East LBJ, and have ticked higher through the last two years, tracking with the metro average. A lack of newer properties may constrain competitiveness relative to other areas of the metroplex, as tenants have shown a preference for new product over the past decade. Just 3% of inventory here has been built since 2000, which is well below the metro average of 25%. With 110,000 SF under construction, potential demand in this submarket is limited since there are plenty of other options for tenants in neighboring Quorum/Bent Tree, let alone premier suburban submarkets like Upper Tollway/West Plano and Frisco/The Colony.

West LBJ Freeway is a secondary office node within commuting distance of most of the affluent northern Dallas suburbs. The submarket also benefits from relatively easy access to Dallas/Fort Worth International Airport via the LBJ Freeway. LBJ Freeway The tenant base in West LBJ is primarily a mix of financial services and healthcare-related companies. The IRS is the largest tenant in the submarket, occupying roughly 350,000 SF at The Centre Office Park.Vacancy rates in West LBJ Freeway have historically tracked higher than the market average. LBJ Freeway LBJ Freeway

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 14 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 15 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Mid Cities Office Vacancy Mid Cities Office Net Absorption Construction 30.0% 2018 Q1 380 22,231,117 4,014,610 18.1% 111,167 0 0 1 50,000 $17.36 400,000 2018 Q2 381 22,287,587 3,950,961 17.7% 63,649 0 0 2 66,440 $17.46 25.0% 200,000 2018 Q3 382 22,337,587 3,920,208 17.5% 80,753 1 50,000 1 16,440 $17.51 0 Existing Inventory Vacancy Delivered Inventory Under Construction 2018 Q4 382 22,337,587 3,790,025 17.0% 130,183 0 0 1 Quoted16,440 $17.40 Period Net Absorption Under 20.0% (200,000) # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Mid Cities Office Vacancy Mid Cities Office Net Absorption 2019 Q1 382 22,337,587 3,659,197 16.4% 130,828 0 0 Construction1 16,440 $17.40 (400,000) 2018 Q1 380 22,231,117 4,014,610 18.1% 111,167 0 0 1 50,000 $17.36 30.0% 2019 Q2 382 22,337,587 3,729,380 16.7% (70,183) 0 0 4 104,135 $17.57 15.0% 400,000 (600,000) 2018 Q2 381 22,287,587 3,950,961 17.7% 63,649 0 0 2 66,440 $17.46 2019 Q3 383 22,354,027 5,195,193 23.2% (1,449,373) 1 16,440 4 107,045 $18.4925.0% 200,000 (800,000) 2018 Q3 382 22,337,587 3,920,208 17.5% 80,753 1 50,000 1 16,440 $17.51 2019 Q4 383 22,354,027 5,103,350 22.8% 91,843 0 0 4 107,045 $18.46 10.0% 0 2018 Q4 382 22,337,587 3,790,025 17.0% 130,183 0 0 1 16,440 $17.40 (1,000,000) MID-CITIES2020 Q1 383 OFFICE22,354,027 5,064,830 22.7% 38,520 0 0 MID-CITIES4 107,045 $18.6720.0% OFFICE (200,000) (1,200,000) 2019 Q1 382 22,337,587 3,659,197 16.4% 130,828 0 0 1 16,440 $17.40 (400,000) 2020 Q2 383 22,354,027 5,297,113 23.7% (232,283) 0 0 4 107,045 $18.59 5.0% 2019 Q2 382 22,337,587 3,729,380 16.7% (70,183) 0 0 4 104,135 $17.57 15.0% (600,000) (1,400,000) SUBMARKET20202019 Q3 383387 22,354,02722,461,0725,195,1935,521,54323.2% 24.6%(1,449,373)(117,385)1 16,4404 107,0454 107,0450 $18.49 0 $18.67 SUBMARKET (800,000) (1,600,000) 0.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 20202019 Q4 383387 22,354,02722,461,0725,103,3505,354,32522.8% 23.8% 91,843 167,218 0 00 40 107,0450 $18.46 0 $18.5210.0% (1,000,000) 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 20212020 Q1 383387 22,354,02722,461,0725,064,8305,226,66722.7% 23.3% 38,520 127,658 0 00 40 107,0450 $18.67 0 $18.59 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2(1,200,000)Q3 Q4 Q1 Q2 5.0% 20212020 Q2 383387 22,354,02722,461,0725,297,1134,965,56523.7% 22.1% (232,283) 261,102 0 00 40 107,0450 $18.59 0 $18.96 (1,400,000) 2020 Q3 387 22,461,072 5,521,543 24.6% (117,385) 4 107,045 0 0 $18.67 (1,600,000) 0.0% 2020 Q4 387 22,461,072 5,354,325 23.8% 167,218 0 0 0 0 $18.52 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2018 2018 2018 2018 2019 2019 2019 2019Mid2020 Cities2020 2020 Office2020 2021 Quoted2021 Rates Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 MidQ3 Q4 CitiesQ1 Q2 Office Construction Existing Inventory2021 Q1 Vacancy387 22,461,072 5,226,667Delivered Inventory23.3% Under127,658 Construction 0 0 0 0 $18.59 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Mid-Cities Overview Quoted Period Net Absorption Under With net absorption of 83,000 SF in the # Bldgs Total RBA2021Vacant AbsorptionQ2 SF 387Vacant % 22,461,072vs Previous4,965,565# Bldg Qtr 22.1%Delivered vs# Bldgs 12261,102 Months Ago 0 Rates 0 0 0 Mid Cities$18.96 Office Vacancy $19.50 Mid Cities Office Net Absorption Construction 7,000,000 261,102 127,658 -232,283 30.0% last 12 months, the leasing dynamics2018 Q1 in 380 22,231,117 4,014,610 18.1% 111,167 0 0 1 50,000 $17.36 400,000 2018 Q2 381 22,287,587 3,950,961Vacancy 17.7% 63,649 0 0 2 66,440 $17.46 Mid Cities Office Quoted Rates Mid Cities Office Construction Arlington/Mansfield are relatively stable. vs Previous Qtr vs 12 Months Ago 25.0% $19.00200,000 6,000,000 At 9.8% the vacancy rate is below2018 theQ3 382 22,337,587 3,920,208Absorption 17.5% vs80,753 Previous Qtr 1 50,000vs 12 Months1 Ago 16,440 $17.51 $19.50 0 2018 Q4 382 22,337,587 3,790,02522.1% 17.0% 130,183 23.3% 0 0 1 23.7%16,440 $17.40 7,000,000 261,102 127,658 -232,283 20.0% (200,000) 5,000,000 metro average of 18.0% and rent2019 growth Q1 382 22,337,587 3,659,197U/C SF 16.4% 130,828vs Previous 0Qtr 0 vs 121 Months16,440 Ago $17.40 Vacancy $18.50(400,000) of 0.9% is outperforming with the2019 marketQ2 382 22,337,587 3,729,380 16.7% vs(70,183) Previous Qtr 0 vs0 12 Months4 Ago 104,135 $17.57 $19.00 6,000,000 0 0 107,045 15.0% (600,000) 4,000,000 2019 Q3 383 22,354,027 5,195,19322.1% 23.2% (1,449,373)23.3% 1 16,440 23.7%4 107,045 $18.49 (800,000) average of 0.1%. Delivered SF 5,000,000 2019 Q4 383 22,354,027 5,103,350U/C SF 22.8% vs91,843 Previousvs Previous Qtr 0Qtr vs0 12 Monthsvs 124 AgoMonths107,045 Ago $18.46 10.0% $18.50 $18.00(1,000,000) 2020 Q1 383 22,354,027 5,064,8300 22.7% 38,520 0 0 0 4 0 107,045 $18.67 (1,200,000) 3,000,000 0 0 107,045 4,000,000 The Arlington/Mansfield submarket2020 Q2 383 22,354,027 5,297,113 23.7% (232,283) 0 0 4 107,045 $18.59 5.0% QuotedDelivered Rates SF vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago (1,400,000) 2020 Q3 is geared toward distribution and 387 22,461,072 5,521,543 24.6% (117,385) 4 107,045 0 0 $18.67 $18.00 (1,600,000) 3,000,000 2,000,000 190 0 19 0 19 0.0% $17.50 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2020 Q4 387 22,461,072 5,354,325 23.8% 167,218 0 0 0 0 $18.52 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 manufacturing functions. As a result, Quoted Rates vs Previous Qtr vs 12 Months Ago Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 Q1 387 22,461,072 5,226,667 23.3% 127,658 0 0 0 0 $18.59 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2,000,000 1,000,000 warehouses and industrial parks2021 are Q2 more387 22,461,072 4,965,56519 22.1% 261,10219 0 0 19 0 0 $18.96 $17.50 $17.00 likely to be built in this area than office Mid Cities Vital Statistics 1,000,000 Mid Cities Office Quoted Rates Mid Cities Office Construction 0 facilities. The area is home to stadiums 400,000 Mid Cities Vital Statistics 30.0% $17.00 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Absorption vs Previous Qtr vs 12 Months Ago $19.50 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 for the Dallas Cowboys, Texas Rangers 7,000,000$16.50 261,102 127,658200,000400,000 -232,283 30.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 25.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020Q12021Q2 2021Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 and the original Six Flags. The City ofVacancy vs Previous200,000 Qtr0 vs 12 Months Ago $19.00 $16.50 6,000,000 Delivered Under Construction 25.0% 2018 2018 2018 2018 2019 2019Q1 2019Q2 2019Q3 2020Q42020Q12020Q22020 Q32021 2021Q4 Q1 Q2 Q3 Q4 Q1 Q2 Arlington has one of the most educated22.1% 23.3%(200,000)0 23.7% Delivered Under Construction 20.0% Q1 Q2 Q3 5,000,000Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 U/C SF vs Previous Qtr vs 12 Months Ago labor forces in Texas, ranking 2nd in the (400,000)(200,000) 20.0% $18.50 0 0 107,045 state for the percentage of adults with a (600,000)(400,000) 15.0% 4,000,000 Delivered SF vs Previous(600,000) Qtr vs 12 Months Ago 15.0% $18.00 bachelor’s degree or higher. This is due0 (800,000)0 0 3,000,000 (800,000) 10.0% Quoted Rates vs (1,000,000)Previous Qtr vs 12 Months Ago 10.0% to the high concentration of institutions (1,000,000) 2,000,000 19 19 19 $17.50 of higher learning found in the area. (1,200,000)(1,200,000) 5.0% 5.0% 1,000,000 These include the University of Texas (1,400,000)(1,400,000) Mid Cities Vital Statistics $17.00 at Arlington, (1,600,000)(1,600,000) 0.0% 0.0% 0 400,000 20182018201820182018201820182018201920192019 201930.0%2019201920202019202020202020202020202020202120202021 2021 2021 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Southeast Campus, and Arlington200,000 Baptist Q1Q1 Q2Q2Q3Q3Q4 Q4Q1 Q1Q2 Q2Q3 Q4Q3 Q1Q4 Q2Q1Q3 Q2Q4 Q3Q1 Q4Q2 Q1 Q2 $16.50 0 Net Absorption 25.0%Delivered Vacant % 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 University. Net Absorption Delivered Vacant % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Delivered Under Construction (200,000) 20.0% (400,000) Like other Mid-Cities office submarkets,(600,000) 15.0% (800,000) Grand Prairie’s inventory is predominantly(1,000,000) 10.0% older and of middle-tier quality.(1,200,000) Grand 5.0% million SF in this submarket when its new 1.7-million-SF campus delivered across Highway 360 in the HEB/Mid-Cities (1,400,000) Prairie lacks the northern Dallas(1,600,000) suburban submarket’s dynamism, and leasing volume0.0% tends to be relatively subdued. Submarket. In turn, vacancy rates have shifted higher, trending above 35%. The current vacancy rate is 33.7%. The submarket is home to the former American2018 2018 2018 Airlines2018 2019 2019 headquarters.2019 2019 2020 2020 2020 However,2020 2021 2021 the company relocated to its new Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 campus in the HEB/Mid-Cities Submarket,Net just Absorption west of HighwayDelivered 360, in 2019.Vacant The % move sent vacancy rates dramatically higher. The considerable reduction of space in early 2018 was due to the Dallas Global Industrial Center’s office portion’s demolition, which is being redeveloped into a new industrial park.

Leasing Arlington/Mansfield’s office inventory of 14.4 million SF pales in comparison to its industrial stock of about 50 million SF. The primary office node in the submarket is in Arlington and runs along I-30, near Highway 360. Nearly half of the inventory in the submarket is rated 3 Star or below, and even the newest deliveries (built since 2000) lack the high-end Movers & Shakers Largest Vacancies: amenities seen in new properties in Uptown or West Plano and Frisco. Many assets in the submarket serve as call centers Tenant SF Building American Airlines HQ 1 – 730,806 sf or as offices for local businesses. In 2020 the area reported 622,000 SF in leasing activity, a slight uptick for the 580,000 Pennymac Loan Services 115,910 14800 Trinity Blvd American Airlines HQ 2 – 574,384 sf 500 E Border Street – 86,334 sf SF in 2019. In the first quarter of 2021 there was 130,590 SF on par with the first quarter of 2020. Typical of the type of Costal Brokers 15,142 1301 Solana Blvd DLfs 9,000 405 S Kimball Ave 4200 Buckingham – 89,335 SF activity found in the submarket, of the 63 new direct leases singed, only one was over 10,000 SF. The average deal size Suveto 10,700 1000 Texan Trail was 2,000 SF. TopRank Roofing 8,000 400 E Pioneer Drive Mid Cities Office Zenith Star 6,443 2000 E Lamar Blvd s a small suburban submarket with a stable base of large tenants, vacancies in Grand Prairie have historically trended Northstar Dermatology 6,433 8165 Precinct Line Road well below the metro average. However, there is one major move-out in 2019: American Airlines vacated more than 1 Centrum Healthcare 6,426 4700-4914 Little Rd Mid Cities Office Mid Cities Office

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 16 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 17 Existing Inventory Vacancy Delivered Inventory ExistingUnder Inventory Construction Vacancy Delivered Inventory Under Construction Quoted Quoted Period Net Absorption Period Under Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs# Bldgs Total RBA Vacant RatesSF Vacant % # BldgPrestonDelivered Center# Bldgs Office Vacancy Rates PrestonStemmons Center Office Freeway Net AbsorptionOffice Vacancy Stemmons Freeway Office Net Absorption Construction Construction 2018 Q1 52 4,888,025 670,682 13.7% 25,569 0 2018 Q10 0 0 $29.67 16.0% 27.5% 108 11,943,892 3,225,105 27.0% (33,165) 0 0 1 414,000 $15.47 120,000 500,000 2018 Q2 52 4,888,025 673,982 13.8% (3,300) 0 2018 Q20 109 0 12,357,8920 3,161,259$29.58 25.6% 477,846 1 414000 0 0 $15.39 14.0% 100,00027.0% 400,000 2018 Q3 52 4,888,025 597,288 12.2% 76,694 0 2018 Q30 109 0 12,357,8920 3,265,920$28.64 26.4% -104,661 0 0 0 0 $15.46 80,000 Existing Inventory Vacancy Delivered Inventory Under ConstructionExisting Inventory Vacancy 12.0%Delivered Inventory Under Construction 2018 Q4 52 4,888,025 495,737 10.1% 101,551 0 2018 Q40 109 0 12,357,892Quoted0 3,188,369$28.73 25.8% 77,551 0 0 0 Quoted 0 $15.46 26.5%60,000 300,000 Period Net Absorption Period Under Net Absorption Under Preston Center Office Net Absorption Stemmons Freeway Office Net Absorption 2019 Q1 # Bldgs52 Total4,888,025 RBA Vacant543,943 SF Vacant %11.1% (48,206)# Bldg Delivered0 2019# Bldgs Q10 # Bldgs109 0 Total12,357,892 RBARatesVacant0 3,158,223 SF Vacant$29.13 % 25.6% Preston30,14610.0%# Bldg CenterDelivered Office0 Vacancy# Bldgs0 0 Rates 0 $15.70 Stemmons40,000 Freeway Office Vacancy Construction Construction 26.0% 200,000 2018 Q1 52 4,888,025 670,682 13.7% 25,569 0 0 2018 Q10 0 $29.67 16.0% 27.5% 20,000 2019 Q2 52 4,888,025 534,006 10.9% 9,937 0 2019 Q20 108109 0 11,943,89212,357,8923,225,1050 3,132,669$29.3327.0% 25.3%(33,165) 25,5548.0%0 0 1 0 414,0000 $15.47 0 120,000 $15.49 500,000 2018 Q2 52 4,888,025 673,982 13.8% (3,300) 0 0 2018 Q20 109 0 12,357,892$29.583,161,259 25.6% 477,846 1 414000 0 0 $15.39 0 2019 Q3 52 4,888,025 522,460 10.7% 11,546 0 2019 Q30 109 0 12,357,8920 3,173,425$29.3614.0%25.7% -40,756 0 0 0 0 100,000 $16.2327.0% 25.5% 100,000 400,000 2018 Q3 52 4,888,025 597,288 12.2% 76,694 0 0 2018 Q30 109 0 12,357,892$28.643,265,920 26.4% -104,661 6.0%0 0 0 0 $15.46 80,000 (20,000) 2019 Q4 52 4,888,025 617,543 12.6% (95,083) 0 2019 Q40 109 0 12,357,8920 3,238,990$29.1812.0%26.2% -65,565 0 0 0 0 $15.99 2018 Q4 52 4,888,025 495,737 10.1% 101,551 0 0 2018 Q40 109 0 12,357,892$28.733,188,369 25.8% 77,551 0 0 0 0 $15.46 60,000 26.5% (40,000)25.0% 0 PRESTON2020 Q1 52CENTER4,888,025 569,665 11.7% 47,878 0 2020 STEMMONSQ10 109 0 12,357,8920 3,241,934$28.90 26.2% -2,9444.0% FREEWAY0 0 0 0 $16.22 300,000 2019 Q1 52 4,888,025 543,943 11.1% (48,206) 0 0 2019 Q10 109 0 12,357,892$29.133,158,223 25.6%10.0% 30,146 0 0 0 0 $15.70 40,000 (60,000) 26.0% (100,000) 2020 Q2 52 4,888,025 621,678 12.7% (52,013) 0 2020 Q20 109 0 12,357,8920 3,241,166$29.23 26.2% 768 0 0 0 0 20,000 $16.46 24.5% 200,000 2019 Q2 52 4,888,025 534,006 10.9% 9,937 0 0 2019 Q20 109 0 12,357,892$29.333,132,669 25.3%8.0% 25,554 2.0%0 0 0 0 $15.49 (80,000) 0 SUBMARKET20202019 Q3 5252 4,888,0254,888,025522,460633,333 10.7% 13.0% 11,546 (11,655) 0 00 20192020 Q3 Q300 1091090 0 12,357,89212,357,892$29.363,173,4250 3,310,719$29.5225.7% SUBMARKET26.8% -40,756 -69,553 0 0 0 0 0 0 $16.23 0 $17.4625.5% (100,000) 100,000 (200,000) 6.0% 0.0% (20,000) 24.0% 20202019 Q4 5252 4,888,0254,888,025617,543652,954 12.6% 13.4% (95,083) (19,621) 0 00 20192020 Q4 Q400 1091090 0 12,357,89212,357,892$29.183,238,9900 3,268,140$29.3226.2% 26.4% -65,565 42,579 0 0 0 0 0 0 $15.99 0 $17.34 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 (40,000)2020 2020 202125.0%2021 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 Q22019Q32019Q42019Q12020Q2 2020Q3 2020Q40 2020Q1 2021Q2 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 Q1 52 4,888,025 569,665 11.7% 47,878 0 0 2020 Q10 109 0 12,357,892$28.903,241,934 26.2%4.0% -2,944 0 0 0 0 $16.22 2021 Q1 52 4,888,025 676,303 13.8% (23,349) 0 2021 Q10 109 0 12,357,8920 3,326,399$29.35 26.9% -58,259 Q1 Q20 Q3 Q4 0Q1 Q2 Q30 Q4 Q1 0Q2 (60,000)Q3 $17.31Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 (100,000) 20212020 Q2 5252 4,888,0254,888,025621,678714,334 12.7% 14.6% (52,013) (38,031) 0 00 20202021 Q2 Q200 1091090 0 12,357,89212,357,892$29.233,241,1660 3,289,389$29.5526.2%2.0%26.6% 768 37,010 0 0 0 0 0 0 $16.46 0 (80,000)$17.6124.5% 2020 Q3 52 4,888,025 633,333 13.0% (11,655) 0 0 2020 Q30 109 0 12,357,892$29.523,310,719 26.8% -69,553 0 0 0 0 $17.46 (100,000) (200,000) 0.0% 24.0% 2020 Q4 52 4,888,025 652,954 13.4% (19,621) 0 0 2020 Q40 109 0 12,357,892$29.323,268,140 26.4% 42,579 0 0 0 0 $17.34 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2018 2018 2018 2018 2019 2019 2019Preston2019 2020 Center2020 2020 2020 Office2021 2021 Quoted Rates Q1 Q2 Q32018Q42018Q12018Q2 2018Q3 2019Q4 2019Q1 StemmonsPrestonQ22019 Q32019Q42020 CenterQ12020 FreewayQ22020 Office2020 2021Office Construction2021 Quoted RatesQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1StemmonsQ2 Q3 Q4 Q1 FreewayQ2 Office Construction Preston Center Overview 2021 Q1 52 4,888,025 676,303 13.8% (23,349) 0 0 2021 Q10 109 0 12,357,892$29.353,326,399 26.9% Q1-58,259Q2 Q3 Q4 0Q1 Q2 Q30StemmonsQ4 Q1 0Q2 FreewayQ3 Q40 Q1OverviewQ2$17.31 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Absorption vs Previous Qtr vs 12 Months Ago Absorption vs Previous Qtr vs 12 Months Ago$29.80 $18.00 Preston Center is one of the premier 2021 Q2 52 4,888,025 714,334 14.6% (38,031) 0 0 2021 Q20 109 0 12,357,892$29.553,289,389 26.6% 37,010 0 0The Stemmons0 Freeway0 submarket$17.61 stretches 7,000,000 7,000,000 submarkets, with a highly educated labor (38,031) -23,349 -52,013 37,010 -58,259 768 north from the CBD up to the LBJ Freeway $29.60 Preston Center Office$17.50 Construction Stemmons Freeway Office Construction pool to draw from in North Dallas. A large Vacancy vs Previous Qtr vs 12 Months Ago Vacancy vs Previous Qtr vs 12 MonthsPreston Ago Center Officeand Quoted Farmers Rates Branch. Most major tenants Stemmons6,000,000 Freeway Office Quoted Rates 6,000,000 portion of the tenant base at Preston Center Absorption vs Previous Qtr vs 12 Months Ago Absorption vs Previous Qtr vs$29.80 12 Months Ago are located in the southern portion of the 14.6% 13.8% 12.7% 26.6% 26.9% 26.2% $29.40 7,000,000 $18.00 5,000,000$17.00 7,000,000 is made up of financial and professional (38,031)U/C SF -23,349 -52,013 37,010U/C SF -58,259 768 submarket, near the Southwestern Medical 5,000,000 vs Previous Qtr vs 12 Months Ago vs Previous Qtr $29.60 vs 12 Months Ago $17.50 services firms. The area is also highly Vacancy vs Previous Qtr vs 12 Months Ago Vacancy vs Previous Qtr vs 12 Months Ago $29.20 Center. Medical/healthcare firms account6,000,000 for 6,000,000 0 0 0 0 0 0 4,000,000$16.50 amenitized, with 165 restaurants and plenty 14.6% 13.8% 12.7% 26.6% 26.9% $29.4026.2% a significant portion of the submarket’s tenant 4,000,000 Delivered SF Delivered SF $29.00 5,000,000 $17.00 of high-end shopping found at the Plaza of U/C SF vs Previous Qtr vs 12 Months Ago U/C SF vs Previous Qtr vs 12 Months Ago base as well as state and federal agencies. 5,000,000 vs Previous Qtr vs 12 Months Ago vs Previous Qtr vs 12 Months Ago $16.00 0 0 0 0 0 $29.20 0 3,000,000 3,000,000 Preston Center. At $40.00/SF, the submarket 0 0 0 0 0 0 $28.80 Nearly all new supply comes in the form4,000,000 of $16.50 4,000,000 boasts the second-highest rents in the QuotedDelivered Rates SF DeliveredQuoted Rates SF $29.00 build-to-suits. For example, event services vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 AgoMonths Ago vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 2,000,000$15.50 $16.00 2,000,000 market, which is impressive, considering that 0 0 0 0 0 0 $28.60 giant Freeman broke ground headquarters3,000,000 3,000,000 30 29 29 18 17 $28.80 16 60% of the building stock was constructed Quoted Rates vs Previous Qtr vs 12 Months Ago Quoted Rates vs Previous Qtr vs 12 Months Ago in late 2019. The 200,000 SF building will 1,000,000$15.00 1,000,000 $28.40 2,000,000 $15.50 2,000,000 between 1980 and 1990. The submarket has 30 29 29 18 17 $28.6016 house 700 of the company’s 7,000 employees. one of the highest concentrations of 4 & Preston Center Vital Statistics Stemmons Freeway Vital Statistics Southwest Airlines completed a 414,000-SF1,000,000 $15.00 0 1,000,000 $28.40 $28.20 $14.50 0 5 Star assets, comprising 66% of the total office building in this submarket in 2018. 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 150,000 Preston Center Vital Statistics 16.0% 600,000 Stemmons Freeway Vital Statistics 27.5% 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 $28.20 $14.50 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 inventory. $28.00 2018 2018 2018 2018 2019 2019$14.002019 2019 2020 2020 2020 2020 2021 2021 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 150,000 16.0% 14.0% 600,000500,000 27.5% 100,000 201827.0%2018The2018 submarket2018 2019 boasts2019 2019 excellent2019 2020 access2020 2020 2020Q12021Q2 2021Q3 Q4 Q1 Q2 Q3 Q4 2018Q1 Q22018Q32018Q4 2018Q1 2019Q2 2019 2019 2019 2020 2020 2020 2020Q1 2021Q2 2021Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 $28.00 $14.00 Delivered Under Construction Delivered Under Construction 14.0% 500,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 100,000 12.0% 400,000 2018 2018 2018 201827.0%2019 2019 2019to2019 multiple2020 2020 transit2020 2020modes.2021 Aside2021 from the 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Leasing 26.5% Delivered Under Construction Delivered Under Construction 50,000 12.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Preston Center is one of the most core-like 10.0% 400,000300,000 26.5% Stemmons Freeway itself, DART provides rail 50,000 26.0% 10.0% 300,000 service at the Southwestern Medical Center submarkets in D-FW, and occupancies rarely 0 8.0% 200,000 26.0% dip below 90%. After a few years of weakness 0 8.0% 200,000 25.5%that takes passengers northwest to the D/FW 6.0% 100,000 25.5% in 2016 and 2017, occupancies tightened, as (50,000) 6.0% 100,000 International Airport or south to Downtown (50,000) 4.0% 0 25.0% the recently completed Terraces at Douglas 4.0% 0 25.0% Dallas. Dallas Love Field Airport, located within (100,000)(100,000) 24.5%the submarket’s boundaries, is the metroplex’s Center (173,500 SF) leased up. Almost 80% 2.0% 2.0% (100,000)(100,000) 24.5% second-largest airport behind D/FW. The of the submarket’s RBA exceeding 50,000 SF (150,000)(150,000) 0.0% 0.0% (200,000)(200,000) 24.0% 24.0% is 4 & 5 Star, aligning with the rate in both 20182018201820182018201820182018201920192019 20192019 2019201920202019202020202020202020202020202120202021 2021 2021 201820182018201820182018201820182019 2019 2019201920192019202020192020202020202020202020202021 20212020 2021 2021 airport has seen passenger traffic double Uptown/Turtle Creek and the Dallas CBD. Q1Q1 Q2Q2 Q3Q3Q4 Q4Q1 Q1Q2 Q2Q3 Q4Q3 Q1Q4 Q2Q1Q3Q2Q4 Q3Q1 Q4Q2 Q1 Q2 Q1Q1Q2Q2Q3 Q3Q4 Q4Q1 Q1Q2 Q3Q2 Q4Q3 Q1Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q2Q4 Q1 Q2 since the Wright Amendment’s repeal in 2014, Net Absorption Delivered Vacant % Metro wide, the figure is less than 50%. Over Net Absorption Delivered Vacant % NetNet Absorption Absorption DeliveredDelivered Vacant % Vacant % increasing the viability of development nearby. the last 12 months, the market has absorbed Despite older, low-quality inventory and -120,000 SF while the vacancy rate has structurally high vacancies, there are green remained stable at 11.7%. shoots of development. KDC’s West Love mixed-use development is helping breathe life There were 83 new/direct leases signed in 2020, totaling 306,400 SF, significantly lower than the 606,600 SF in 2019. Considering into the area just south of Love Field. The Design District is well on its way to becoming a true live/work/play environment, spurred the submarket has averaged 468,000 SF annually since 2010, the market has performed well in 2020 in light of everything the by multifamily development and major investments from Dunhill Partners and other developers. market has been dealing with. One of the largest leases signed was in the Terraces at Douglas Center when Ameriprise took 10,800 SF in April. The average deal size in the submarket during this period was 3,200 SF. Leasing At 22.7%, the vacancy rate in the Stemmons Freeway Submarket is structurally higher than the metro average of 18.0%. Looking back, vacancy rates have trended above the metro average since the dot-com bust, when vacancy rates expanded above 20%.

The tenant profile in Stemmons Freeway is heavily skewed towards government and medical firms. Some of the larger office users include the FBI, the DEA, and the Dallas County government, as well as UT Southwestern and Parkland Hospital. This provides a steady base of stable tenants, and though big deals from corporate tenants are rare, the submarket can benefit from a government agency or medical tenant expansions. For example, Dallas County took 55,000 SF at 1300 W. Mockingbird in early 2019.

Movers & Shakers Largest Vacancies: Movers & Shakers Largest Vacancies: Tenant SF Building Sherry Lake Place –60,566 sf Tenant SF Building Pegasus Park – 483,946 sf Fortress Investment Group 47,850 3219 Knox Street Sterling Plaza – 54,973 sf Manuel Diaz Law Firm 12,301 8100 S John Carpenter Freeway 1950 N Stemmons Freeway – 159,000 sf Preston Center Stemmons Freeway Cantey Hanger LLP 15,427 4514 Cole Avenue 10056 Marsh Lane – 51,300 sf Ann Sacks & Tile 9,244 1403 E Levee Street 7800 Ricchi Tower – 156,814 sf Capital South West Corp 13,330 8333 Douglas Avenue 5950 Sherry Lane – 44,697 Ramzi 2,690 2110 Irving Blvd 9999 Technology Blvd W – 150,272 sf Achetape 2,472 2103-2119 Irving Blvd Comerica Service Center – 142,600 sf Martina Dias Income Tax 2,056 2110 Irving Blvd Preston Center Stemmons Freeway

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 18 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 19 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Richardson / Plano Office Vacancy Richardson / Plano Office Net Absorption Construction 2018 Q1 22.5% 354 30,191,427 5,740,508 19.0% 406,051 5 214,334 3 185,685 $19.02 500,000 2018 Q2 357 30,377,112 5,789,824 19.1% 136,369 3 185,685 0 0 $18.76 22.0% 400,000 2018 Q3 357 30,377,112 6,240,093 20.5% (450,269) 0 0 1 25,000 $18.76 21.5% 300,000 Existing Inventory Vacancy Delivered Inventory Under Construction 2018 Q4 357 30,377,112 6,379,317 21.0% (139,224) 0 0 1 Quoted25,000 $18.82 21.0% 200,000 Period Net Absorption Under 2019 Q1 # Bldgs357 Total30,377,112 RBA Vacant6,074,189 SF Vacant % 20.0% 305,128# Bldg Delivered0 # Bldgs0 2 Rates77,091 $18.67 Richardson / Plano Office Vacancy Richardson / Plano Office100,000 Net Absorption Construction 20.5% 20182019 Q1 Q2 22.5% 0 354358 30,191,42730,402,1125,740,5086,066,93119.0% 20.0%406,051 27,198 5 214,3341 25,0003 185,6853 $19.02168,098 $18.53 20.0% 500,000 (100,000) 20182019 Q2 Q3 357358 30,377,11230,402,1125,789,8245,800,86019.1% 19.1%136,369 266,0713 185,6850 0 0 0 3 $18.76168,098 $18.4922.0% 400,000 19.5% (200,000) 20182019 Q3 Q4 357358 30,377,11230,402,1126,240,0936,309,57520.5% 20.8%(450,269) (508,715)0 00 1 0 25,0003 $18.76168,098 $18.1521.5% 300,000 2018 Q4 357 30,377,112 6,379,317 21.0% (139,224) 0 0 1 25,000 $18.82 19.0% 200,000 (300,000) 2020 Q1 359 30,454,203 6,189,996 20.3% 171,670 1 52,091 3 131,039 $18.4521.0% RICHARDSON/PLANO (400,000) RICHARDSON/PLANO 100,000 2019 Q1 357 30,377,112 6,074,189 20.0% 305,128 0 0 2 77,091 $18.67 20.5% 18.5% 2020 Q2 359 30,454,203 6,132,386 20.1% 57,610 0 0 4 229,811 $18.55 0 (500,000) 2019 Q2 358 30,402,112 6,066,931 20.0% 27,198 1 25,000 3 168,098 $18.53 20.0% 18.0% (100,000) 2019SUBMARKET2020 Q3 Q3 358360 30,402,11230,554,2035,800,8606,322,87019.1% 20.7%266,071 (90,484)0 01 100,0003 168,0983 $18.49129,811 $18.49 SUBMARKET (600,000) 19.5% 17.5% (200,000) 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 20192020 Q4 Q4 358360 30,402,11230,554,2036,309,5756,193,76220.8% 20.3%(508,715) 129,1080 00 3 0 168,0983 $18.15129,811 $18.55 19.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020(300,000)2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 20202021 Q1 Q1 359361 30,454,20330,570,2106,189,9966,705,08020.3% 21.9%171,670 (495,311)1 52,0911 16,0073 131,0394 $18.45228,892 $18.74 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 18.5% (400,000) 2020 Q2 359 30,454,203 6,132,386 20.1% 57,610 0 0 4 229,811 $18.55 2021 Q2 363 30,684,014 6,600,861 21.5% 218,023 2 113,804 2 115,088 $18.6418.0% (500,000) 2020 Q3 360 30,554,203 6,322,870 20.7% (90,484) 1 100,000 3 129,811 $18.49 (600,000) 17.5% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2020 Q4 360 30,554,203 6,193,762 20.3% 129,108 0 0 3 129,811 $18.55 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Existing Inventory Vacancy Delivered Inventory Under Construction Richardson/Plano Office Quoted RatesQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1RichardsonQ2 Q3 Q4 Q1 / PlanoQ2 Office Construction 2021 Q1 361 30,570,210 6,705,080 21.9% (495,311) 1 Quoted16,007 4 228,892 $18.74 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Richardson/Plano Overview Period Net Absorption Under Richardson / Plano Office Net Absorption # Bldgs Total RBAAbsorptionVacant SF Vacant % vs Previous Qtr# Bldg Deliveredvs 12# Bldgs Months Ago Rates Richardson / Plano Office Vacancy $19.20 Richardson is the home of the Telecom 2021 Q2 363 30,684,014 6,600,861 21.5% 218,023 Construction2 113,804 2 115,088 $18.64 7,000,000 2018 Q1 354 30,191,427 5,740,508 19.0% 406,051 5 214,334 3 185,685 $19.02 22.5% Corridor, which contains several of the 218,023 -495,311 57,610 500,000 2018 Q2 357 30,377,112 5,789,824 19.1% 136,369 3 185,685 0 0 $18.76 22.0% $19.00400,000 Vacancy vs Previous Qtr vs 12 Months Ago Richardson/Plano Office Quoted Rates Richardson / Plano Office Construction world’s largest telecommunications2018 Q3 357 30,377,112 6,240,093 20.5% (450,269) 0 0 1 25,000 $18.76 21.5% 300,000 6,000,000 2018 Q4 357 30,377,112Absorption6,379,31721.5% 21.0% vs Previous(139,224)21.9% Qtr 0 vs 120 Months Ago120.1% 25,000 $18.82 $19.20 200,000 companies, Texas Instruments, Cisco, 21.0% $18.80 7,000,000 100,000 5,000,000 2019 Q1 357 30,377,112218,023U/C6,074,189 SF 20.0% -495,311vs305,128 Previous Qtr0 057,610vs 12 2Months 77,091Ago $18.67 20.5% and Fujitsu Network Communications, $19.00 0 2019 Q2 358 30,402,112Vacancy6,066,931 20.0% vs Previous27,198 Qtr 1 vs 25,00012 Months Ago3 168,098 $18.53 20.0% (100,000) 6,000,000 to name a few. Despite the moniker,2019 Q3 358 30,402,112 115,0885,800,860 19.1% 266,071228,892 0 0 229,8113 168,098 $18.49 $18.60 4,000,000 21.5% 21.9% 20.1% 19.5% (200,000) 2019 Q4 358 30,402,112Delivered6,309,575 SF 20.8% vs(508,715) Previous Qtr0 0 vs 12 3Months 168,098Ago $18.15 $18.80 5,000,000 Richardson has a diverse tenant base. U/C SF vs Previous Qtr vs 12 Months Ago 19.0% (300,000) 2020 Q1 359 30,454,203 6,189,996 20.3% 171,670 1 52,091 3 131,039 $18.45 $18.40 Healthcare and insurance firms take 113,804 16,007 0 18.5% (400,000) 3,000,000 2020 Q2 359 30,454,203115,0886,132,386 20.1% 228,89257,610 0 0229,811 4 229,811 $18.55 $18.60 4,000,000 Quoted Rates 18.0% (500,000) up a large portion of the submarket’s2020 Q3 360 30,554,203Delivered6,322,870 SF 20.7% vs Previousvs(90,484) Previous Qtr Qtr1 vs100,000 12 Monthsvs 12 Ago 3Months 129,811Ago $18.49 (600,000) 17.5% $18.20 2,000,000 2020 Q4 360 30,554,203 6,193,762 20.3% 129,108 0 0 3 129,811 $18.55 $18.40 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 3,000,0002021 office space. The submarket provides 113,80419 16,007 19 0 19 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 Q1 361 30,570,210 6,705,080 21.9% (495,311) 1 16,007 4 228,892 $18.74 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 a highly talented labor force to draw Quoted Rates vs Previous Qtr vs 12 Months Ago $18.00 1,000,000 2021 Q2 363 30,684,014 6,600,861 21.5% 218,023 2 113,804 2 115,088 $18.64 $18.20 2,000,000 from, with 58% of the population 19 Richardson/Plano19 Vital 19Statistics Richardson/Plano Office Quoted$18.00 Rates $17.80 Richardson / Plano Office Construction 1,000,000 0 holding a bachelor’s degree or higher. 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Absorption vs600,000 Previous Qtr Richardson/Planovs 12 Months Ago Vital Statistics 22.5% $19.20 $17.80 7,000,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 218,023 -495,311 57,610 22.0% $17.60 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 The Plano Submarket encompasses 600,000 22.5% $19.00 Vacancy vs400,000 Previous Qtr vs 12 Months Ago 21.5% 6,000,000 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020Q1 Q22021Q32021Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 22.0% $17.60 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Delivered Under Construction east Plano, and most of its office 21.5% 400,00021.9% 20.1% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 21.5% 21.0% $18.80 5,000,000 U/C SF vs200,000 Previous Qtr vs 12 Months Ago Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Delivered Under Construction inventory is along the North Central 21.0% 20.5% 115,088 200,000228,892 229,811 $18.60 4,000,000 Expressway or President George Delivered SF vs Previous0 Qtr vs 12 Months Ago 20.5% 20.0% $18.40 Bush Turnpike. The submarket’s 113,804 16,0070 0 20.0% 19.5% 3,000,000 Quoted Rates (200,000)vs Previous Qtr vs 12 Months Ago 19.5% inventory is mainly 3 Star product, (200,000) 19.0% $18.20 2,000,000 19 19 19 19.0% which is reminiscent of office stock in (400,000) 18.5% (400,000) 18.5% $18.00 1,000,000 submarkets like Lewisville and HEB/ Richardson/Plano Vital Statistics 18.0% 18.0% $17.80 0 (600,000)(600,000) 17.5% 17.5% Mid-Cities. Annual rent growth 600,000has 22.5% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2018201820182018201820182018 20182019 2019201920192019201920192020201920202020202020202020 20202021 20212020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 22.0% $17.60 trended mostly flat at 0.4%. 400,000 Q1Q1Q2 Q2Q3 Q3Q4 Q4Q1 Q2Q1 Q3Q2 Q4Q3Q1 Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q2Q4 Q1 Q2 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 21.5% Delivered Under Construction Net NetAbsorption Absorption DeliveredDelivered Vacant % Vacant % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 200,000 21.0% 20.5% 0 20.0% Leasing 19.5% The Plano office submarket has(200,000) not 19.0% (400,000) 18.5% experienced the same growth as 18.0% its neighbors in North Dallas and(600,000) Collin County over the last decade. Most northern17.5% Dallas suburbs have enjoyed 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Through mid-2021, the submarket is reporting 98 new, direct leases. Most leases involve smaller spaces of 15,000 explosive job growth, coupled with strongQ1 Q2 absorptionQ3 Q4 Q1 Q2 andQ3 plentyQ4 Q1 Q2of Q3newQ4 construction;Q1 Q2 meanwhile, the Plano SF and below. In 2020 there were 178 new/direct leases signed totaling 915,000 SF, slightly less than the 1.0 MSF Net Absorption Delivered Vacant % Submarket has been relatively quiet. The submarket has performed in a counter-cyclical fashion, with vacancies of leasing activity in 2019. Since 2010 the submarket has averaged 1.7 MSF of leasing activity annually. The area rising until recently. There have been three leases of over 20,000 SF in the last year, all concentrated within Hall Park. does attract large leases, sixteen of the leases were 10,000 SF or greater during this period. One of the largest Through the first half of 2021, the submarket has seen 190 new/direct leases; the largest is Randstadt taking 31,884 leases of the year was at 1125 E Campbell Rd. When debt settlement company DebtBlue signed a 30,200 SF lease square feet at The Plaza at Legacy. In 2020, there were 134 new/direct leases totaling 637,000 SF. Since 2010 the area in June. has averaged 644,000 SF of leasing annually. There were six leases of 10,000 SF or greater. One of the largest leases was at Legacy Central One, with Peloton signing a 103,000 SF lease in October. Movers & Shakers Largest Vacancies: CityLine, particularly State Farm’s build-to-suit campus, has garnered many headlines and good reason. State Farm Tenant SF Building 601 Data Dr – 423,123 sf (roughly 2 million SF) and Raytheon (nearly 500,000 SF) represented a 12% increase in the submarket’s occupied Baylor Scott White PrimaryCare 44,078 4400 I-20 465 Independence Pky – 251,347 sf square footage. More businesses are likely to want to locate here as CityLine continues to become more urbanized, Affinity Health 13,920 500 N Central Expressway The Tower Lakeside Campus – 230,377 sf boasting high-end retail and new apartments over the long term. Tenants looking for larger space in Richardson RMS Design 8,936 2201 N Central Expressway Legacy Central 2 – 221,500 sf will find that CityLine contains plenty of room to construct additional build-to-suits. In terms of speculative deals in Netria 4,600 214 E Louisiana Street Fossil Headquarters – 184,820 sf CityLine, Transwestern Dallas and Malouf Interests completed the first multi-tenant property in the building park, 3400 2200 George Bush – 176,831 sf CityLine. The 313,000-SF project delivered As of early 2021, the asset was 64% leased. The leases were headlined by Richardson_Plano DXC Technology, which signed for roughly 100,000 SF in early 2019 and Generational Group, which took 31,000 SF in late 2018.

Richardson_Plano Richardson_Plano

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 20 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 21 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Uptown / Turtle Creek Office Vacancy Uptown / Turtle Creek Office Net Absorption Construction 2018 Q1 25.0% 87 11,956,981 1,515,356 12.7% (27,397) 0 0 5 1,300,305 $28.95 300,000 2018 Q2 88 12,451,281 1,940,355 15.6% (424,999) 1 494,300 4 806,005 $29.19 200,000 2018 Q3 89 12,581,281 1,946,943 15.5% 123,412 1 130,000 3 676,005 $29.85 20.0% Existing Inventory Vacancy Delivered Inventory Under Construction 100,000 2018 Q4 91 13,036,738 2,178,888 16.7% 223,512 2 455,457 2 Quoted512,589 $29.80 Period Net Absorption Under 2019 Q1 # Bldgs91 Total13,036,738 RBA Vacant2,177,222 SF Vacant % 16.7% 1,666# Bldg Delivered0 # Bldgs0 2 Rates512,589 $30.05 Uptown / Turtle Creek Office Vacancy Uptown / Turtle Creek Office0 Net Absorption Construction 15.0% 20182019 Q1 Q2 25.0% 87 91 11,956,98113,036,7381,515,3562,031,91912.7% 15.6%(27,397) 145,3030 00 5 0 1,300,3052 $28.95512,589 $30.55 300,000 (100,000) 20182019 Q2 Q3 88 92 12,451,28113,257,2861,940,3552,035,87815.6% 15.4%(424,999) 216,5891 494,3001 220,5484 806,0052 $29.19656,774 $30.78 10.0% 200,000 (200,000) 20182019 Q3 Q4 89 92 12,581,28113,257,2861,946,9431,927,60815.5% 14.5%123,412 108,2701 130,0000 3 0 676,0052 $29.85656,774 $30.9720.0% 2018 Q4 91 13,036,738 2,178,888 16.7% 223,512 2 455,457 2 512,589 $29.80 100,000 UPTOWN/TURTLE2020 Q1 92 13,257,286 2,112,096 CREEK15.9% (184,488) 0 UPTOWN/TURTLE0 2 656,774 $31.32 CREEK (300,000) 2019 Q1 91 13,036,738 2,177,222 16.7% 1,666 0 0 2 512,589 $30.05 15.0% 5.0% 0 2020 Q2 92 13,257,286 2,154,411 16.3% (42,315) 0 0 2 656,774 $30.85 (400,000) 2019 Q2 91 13,036,738 2,031,919 15.6% 145,303 0 0 2 512,589 $30.55 (100,000) SUBMARKET20192020 Q3 Q3 92 92 13,257,28613,257,2862,035,8782,383,71815.4% 18.0%216,589 (229,307)1 220,5480 2 0 656,7742 $30.78656,774 $30.89 SUBMARKET (500,000) 10.0% 0.0% (200,000) 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 20192020 Q4 Q4 92 92 13,257,28613,257,2861,927,6082,514,67214.5% 19.0%108,270 (130,954)0 00 2 0 656,7742 $30.97656,774 $31.31 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 20202021 Q1 Q1 92 92 13,257,28613,257,2862,112,0962,632,74815.9% 19.9%(184,488) (118,076)0 00 2 0 656,7743 $31.321,016,688 $31.20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2(300,000)Q3 Q4 Q1 Q2 5.0% 20202021 Q2 Q2 92 92 13,257,28613,257,2862,154,4112,763,08616.3% 20.8%(42,315) (130,338)0 00 2 0 656,7743 $30.851,016,688 $31.64 (400,000) 2020 Q3 92 13,257,286 2,383,718 18.0% (229,307) 0 0 2 656,774 $30.89 (500,000) 0.0% 2020 Q4 92 13,257,286 2,514,672 19.0% (130,954) 0 0 2 656,774 $31.31 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Uptown / Turtle Creek Office Construction Existing Inventory Vacancy Delivered Inventory Under Construction Uptown / Turtle Creek Office Quoted RatesQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Uptown / Turtle Creek Overview 2021 Q1 92 13,257,286 2,632,748 19.9% (118,076) 0 Quoted 0 3 1,016,688 $31.20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Period Net Absorption Under # Bldgs Total RBA VacantAbsorption SF Vacant % vs Previous# Bldg Qtr Delivered vs# Bldgs 12 Months Ago Rates Uptown / Turtle Creek Office Vacancy $32.00Uptown / Turtle Creek Office Net Absorption The area one of the most sought-after 2021 Q2 92 13,257,286 2,763,086 20.8% (130,338)Construction 0 0 3 1,016,688 $31.64 7,000,000 2018 Q1 25.0% parts of the metroplex, offering all of 87 11,956,981 1,515,356(130,338) 12.7% (27,397)-118,0760 0 5 -42,3151,300,305 $28.95 300,000 2018 Q2 88 12,451,281 1,940,355 15.6% (424,999) 1 494,300 4 806,005 $29.19 $31.50 Uptown / Turtle Creek Office Construction Vacancy vs Previous Qtr vs 12 Months Ago Uptown / Turtle200,000 Creek Office Quoted Rates 6,000,000 the transportation, infrastructure,2018 Q3and 89 12,581,281 1,946,943 15.5% 123,412 1 130,000 3 676,005 $29.85 20.0% Absorption amenity advantages of a central2018 business Q4 91 13,036,738 2,178,88820.8% 16.7% vs223,512 Previous19.9% Qtr 2 455,457vs 12 Months2 Ago16.3%512,589 $29.80 $32.00 $31.00100,000 7,000,000 5,000,000 2019 Q1 91 13,036,738 2,177,222(130,338)U/C SF 16.7% 1,666-118,076 0 0 -42,3152 512,589 $30.05 0 district but has newer stock than the vs Previous Qtr vs 12 Months Ago 15.0% $31.50 2019 Q2 91 13,036,738 2,031,919Vacancy 15.6% 145,303 0 0 2 512,589 $30.55 $30.50 1,016,688 vs Previous1,016,688 Qtr vs 12 Months Ago656,774 (100,000) 6,000,000 neighboring Dallas CBD. The area2019 Q3is the 92 13,257,286 2,035,878 15.4% 216,589 1 220,548 2 656,774 $30.78 4,000,000 20.8% 19.9% 16.3% 10.0% $31.00 (200,000) premier live/work/play environment,2019 Q4 92 13,257,286 Delivered1,927,608 SF14.5% 108,270vs Previous0 Qtr 0 vs 212 Months656,774 Ago $30.97 $30.00 5,000,000 U/C SF vs Previous Qtr vs 12 Months Ago 2020 Q1 92 13,257,286 2,112,096 15.9% (184,488) 0 0 2 656,774 $31.32 $30.50 (300,000) 3,000,000 home to over 200 restaurants and 1,016,6880 1,016,688 0 656,774 0 5.0% 2020 Q2 92 13,257,286 2,154,411 16.3% (42,315) 0 0 2 656,774 $30.85 (400,000)$29.50 4,000,000 160 shops, making it one of the most DeliveredQuoted RatesSF vs Previous Qtr vs 12 Months Ago $30.00 2020 Q3 92 13,257,286 2,383,718 18.0% vs(229,307) Previous Qtr 0 vs0 12 Months2 Ago 656,774 $30.89 (500,000) 2,000,000 0.0% pedestrian-friendly places in Texas.2020 Q4 The 92 13,257,286 2,514,672032 19.0% (130,954)0 31 0 0 0 2 31 656,774 $31.31 $29.00 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 3,000,000 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020$29.502020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 submarket should continue to perform2021 Q1 92 13,257,286 Quoted2,632,748 Rates 19.9% vs(118,076) Previous Qtr 0 vs0 12 Months3 Ago 1,016,688 $31.20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1,000,000 $28.50 2,000,000 well across all metrics in the long2021 Q2 92 13,257,286 2,763,08632 20.8% (130,338)31 0 0 31 3 1,016,688 $31.64 $29.00 Uptown / Turtle Creek Vital Statistics 1,000,000 0 term. Nearly 75% of the submarket’s Uptown / Turtle Creek Office Quoted$28.50 Rates $28.00 Uptown / Turtle Creek Office Construction 600,000 25.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 office product is 4 & 5 Star, and severalAbsorption vs Previous Qtr Uptownvs 12 Months / Turtle Ago Creek Vital Statistics $32.00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 $28.00 7,000,000 0 (130,338) -118,076 -42,315 $27.50 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 buildings are considered trophy assets. 600,000400,000 25.0% $31.50 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Vacancy vs Previous Qtr vs 12 Months Ago 20.0% 6,000,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1DeliveredQ2 Under Construction In addition, the tenant base is primarily $27.50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 20.8% 400,00019.9% 16.3% $31.00 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 200,000 20.0% 5,000,000 Delivered Under Construction comprised of law firms, financial U/C SF vs Previous Qtr vs 12 Months Ago Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 15.0% $30.50 1,016,688 1,016,688200,000 656,774 firms, and other professional services 15.0% 4,000,000 Delivered SF vs Previous Qtr0 vs 12 Months Ago $30.00 companies. These factors, coupled with0 0 0 0 10.0% 3,000,000 $29.50 Quoted Rates (200,000) 10.0% land constraints unique to this area, vs(200,000) Previous Qtr vs 12 Months Ago 2,000,000 make Uptown/Turtle Creek an attractive32 31 31 5.0% $29.00 (400,000) 5.0% 1,000,000 submarket for institutional investors. (400,000) $28.50 Uptown / Turtle Creek Vital Statistics (600,000)(600,000) 0.0% 0.0% $28.00 0 600,000 25.0% 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2018201820182018201820182018 20182019 2019201920192019201920192020201920202020202020202020 20202021 20212020 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Leasing Q1Q1Q2 Q2Q3 Q3Q4 Q4Q1 Q2Q1 Q3Q2 Q4Q3Q1Q4Q2 Q1Q3 Q2Q4 Q3Q1 Q2Q4 Q1 Q2 $27.50 400,000 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 20.0% Delivered Under Construction The area has experienced five Net NetAbsorption Absorption DeliveredDelivered Vacant % Vacant % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 200,000 consecutive quarters of negative net 15.0% absorption totaling 712,000 SF. As a0 10.0% result, the vacancy rate has climbed(200,000) to 5.0% 16.8%. (400,000) Movers & Shakers Largest Vacancies: (600,000) 0.0% Parkside Tower – 190,817 sf 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 Tenant SF Building In 2020, 81 new/direct leases were signedQ1 Q2 inQ3 theQ4 submarket,Q1 Q2 Q3 Q4 totalingQ1 Q2 Q3517,000Q4 Q1 SFQ2 with an average deal size of just over JLL 95,882 2401 Cedar Springs Rd 2401 Cedar Springs Rd – 180,107 sf 6,000 SF. The largest lease of the year wasNet law Absorption firm HaynesDelivered and Boone signedVacant % a 125,700 SF lease in Harwood No. 14, O’Melveny & Myers LLP 25,120 2501 N Harwood Street The Centrum – 166,042 sf the area’s soon to be the largest tower when it delivers in late 2022. The submarket is beginning to see the signs of a Earth Day Texas Inc 12,599 4311 Oak Lawn Avenue 17Seventeen McKinney – 152,254 sf turn-around in the first half of 2021 with 459,000 SF of leasing activity. The largest lease was signed in February when Independent Financial 11,964 2101 Cedar Springs Rd JLL took 95,800 SF in 2401 Cedar Springs. The property was built in 1987 and was recently renovated. As of mid-2021, Texas Capital Bank 11,744 2000 McKinney Avenue the property was 46% leased. Applied BlockChain 11,119 3811 Turtle Creek Blvd Westwood Holdings Group 10,055 100 Crescent Ct View Capital Advisors 5,100 2727 N Harwood Street

Uptown_Turtle Creek

Uptown_Turtle Creek Uptown_Turtle Creek

The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy 22 The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 23 BRADFORD COMMERCIAL REAL ESTATE SERVICES