Orlando, Florida

ONE AND THREE

Building One

TWO BUILDING OFFICE PORTFOLIO - RARE INVESTMENT OPPORTUNITY IN ORLANDO, FLORIDA

OFFERING SUMMARY

Building Three EXECUTIVE SUMMARY PROPERTY OVERVIEW TENANCY OVERVIEW FINANCIAL ANALYSIS MARKET OVERVIEW AREA OVERVIEW AREA OVERVIEW MARKET OVERVIEW FINANCIAL ANALYSIS TENANCY OVERVIEW PROPERTY OVERVIEW EXECUTIVE SUMMARY

Holliday Fenoglio Fowler, L.P. (“HFF”) is pleased to exclusively offer the opportunity to acquire the Resource Square Office Portfolio, two Class A office buildings in Orlando’s Research Park adjacent to the University of Central Florida (collectively the “Portfolio”). Resource Square One is a 3-story office building that is currently 75.2% leased and Resource Square Three is a 5-story office building that is 90.7% leased. The Portfolio’s quality tenancy, major roadway access, and proximate hotel and dining amenities make the Resource Square Office Portfolio a rare investment opportunity in the nation’s fastest growing job market.

ONE THREE

PROPERTY OVERVIEW PROPERTY OVERVIEW Building Address 13501 Ingenuity Drive, Orlando, FL Building Address 12001 Research Parkway, Orlando, FL Year Built 1999 Year Built 2003 Rentable Building Area 91,667 SF Rentable Building Area 152,882 SF Number of Stories 3 Number of Stories 5 Occupancy 75.2% Occupancy 90.7%1 Parking Ratio 5.3/1,000 SF Parking Ratio 4.4/1,000 SF 1 Occupancy excludes known vacate StoneRiver, Inc. (10,531 SF).

PORTFOLIO Total Net Rentable Area 244,549 SF Average Occupancy 84.9%1 1 Occupancy excludes known vacate StoneRiver, Inc. (10,531 SF). 2 EXECUTIVE SUMMARY PROPERTY OVERVIEW TENANCY OVERVIEW FINANCIAL ANALYSIS MARKET OVERVIEW AREA OVERVIEW AREA OVERVIEW MARKET OVERVIEW FINANCIAL ANALYSIS TENANCY OVERVIEW PROPERTY OVERVIEW EXECUTIVE SUMMARY

INVESTMENT-GRADE CREDIT TENANTS INVESTMENT HIGHLIGHTS S&P Credit % of Total Tenant Rating Industry Leased SF Portfolio General Dynamics Resource Square Three A+ Aerospace / Defense 62,773 25.7% SECURE INVESTMENT-GRADE CREDIT TENANTS IN THE FIELDS AVNET Resource Square Three BBB- Technology Hardware 17,333 7.1% OF TECH AND ENGINEERING Cisco Systems Resource Square Three AA- Telecommunications 10,924 4.5% ■ Over 45% of the Resource Square Office Portfolio square Raytheon Resource Square One A Aerospace / Defense 7,070 2.9% footage is leased to investment-grade credit tenancy Royal Bank of Canada Resource Square Three AA- Banking 5,147 2.1% Boeing Company Resource Square One A Aerospace / Defense 4,509 1.8% Variable Annuity Life Resource Square Three A+ Insurance 3,394 1.4% Insurance (VALIC) TOTAL INVESTMENT-GRADE CREDIT TENANTS 111,150 45.5%

3 EXECUTIVE SUMMARY PROPERTY OVERVIEW TENANCY OVERVIEW FINANCIAL ANALYSIS MARKET OVERVIEW AREA OVERVIEW AREA OVERVIEW MARKET OVERVIEW FINANCIAL ANALYSIS TENANCY OVERVIEW PROPERTY OVERVIEW EXECUTIVE SUMMARY

ORLANDO MSA ECONOMIC OVERVIEW

POPULATION & DEMOGRAPHICS RANKINGS & ACCOLADES

HIGHEST City for #1 City Exceeding Rate of JOB GROWTH Projected 3,985 $77,739 #1 Job Creation #1 (US Dept. of Labor) #1 JOB GROWTH Total Avg. Household Income (CareerBuilder) Square 2.5 RACE/ETHNICITY: ORLANDO MSA City for Happiest Places Miles 3.67% POPULATION to Work in the MILLION 4.8% residents in Orlando GROWTH Nation (Forbes) 6.93% #1 #2 Cost of Living Index: (US Census Bureau) 67.95% Caucasian 16.64% African American Florida’s 3rd 16.64% 67.95% largest MSA 6.93% Other Race 4.80% American Indian/Alaskan Most Competitive Best City for 93.5 3.67% Two or More Races Business Locaton Millennials (National average is 100%) #2 (KPMG) #3 (Realtor.com)

INFRASTRUCTURE NEW DEVELOPMENT BUSINESS TOURISM Orlando International Airport Orlando Companies with TOURIST MILLION HQ in Orlando: DESTINATION HOTEL ACRE LARGEST NEW CONSTRUCTION rd #1 IN THE WORLD 68 VISITORS OCCUPANCY RATE AIRPORT AIRPORT HOMES SOLD in 2016 an all-time 15,000 3 IN THE U.S. 15,000 in the past 12 months record for U.S. Travel Amway Center HOME OF Spending 75.5% BUSIEST AIRPORT MILLION th (in the U.S. for domestic travel) AN INCREASE 5 FACILITY of 12% in 2016. $480 7 of 10 10% higher than the Lake Nona TOP THEME $50 National average PARKS IN THE BILLION BILLION WORLD BILLION economic renovation $7.6 activity 30,000 EMPLOYMENT $3.1 underway JOBS CREATED by 2018 MSA MILLION ANNUAL in Florida for PASSENGERS 36,800 JOBS #1 Wage Growth (2015) 42 were created in Orlando MSA from October 2016 to $430 October 2017 SunRail MILLION 48,000 CORPORATE global training and ATTENDEES Ridership has conference center Projected at the CONVENTION CENTER UNEMPLOYMENT MILLION increased in each of planned by KPMG KPMG facility PASSENGERS the last 12 months RATE 1 in its first year of operation Creative Village nd 3.0% 3.4% ACRES REDEVELOPED 3.8% 2 (As of August 2017) Ultimate I-4 as mixed-use, transit oriented JOB GROWTH WAGE GROWTH 68urban neighborhood LARGEST Orlando ranked #2 in the annually in Orlando. IN THE U.S. #2 BILLION nation for % job growth Leads Florida (3.0%) and exceeds National Growth (3.0%) STUDENTS through October 2017 $2.3RENOVATION from UCF & underway on a 21-mile stretch of I-4 7,700Valencia College

4 EXECUTIVE SUMMARY PROPERTY OVERVIEW TENANCY OVERVIEW FINANCIAL ANALYSIS MARKET OVERVIEW AREA OVERVIEW AREA OVERVIEW MARKET OVERVIEW FINANCIAL ANALYSIS TENANCY OVERVIEW PROPERTY OVERVIEW EXECUTIVE SUMMARY

ORLANDO’S EXPLOSIVE GROWTH

PEO STRI & THE SALE OF RESOURCE SQUARE TWO POPULATION OVERVIEW ■ Central Florida Research Park is home to the U.S. Army’s PEO STRI Population Population Growth (Program Executive Office for Simulation, Training and Instrumentation), Area 2010 Census 2017 Estimate 2022 Projection 2010-2017 2017-2022 Orlando 238,300 286,903 310,356 20.4% 8.2% where weapons developers test cutting-edge arms and armor, and Orlando MSA 2,134,411 2,462,444 2,666,264 15.4% 8.2% simulate warzone scenarios to optimize soldier readiness. Florida 18,801,310 20,748,693 22,128,727 10.4% 6.7% ■ PEO STRI executes a multibillion-dollar program annually, and is staffed United States 308,745,538 325,365,189 339,698,965 5.4% 4.4% by more than 1,200 military, government civilian, and service support Source: Claritas contractors. Recent increases in military spending will motivate PEO UNIVERSITY OF CENTRAL FLORIDA: THE LARGEST UNIVERSITY IN THE COUNTRY AND GROWING STRI and other military organizations to acquire buildings at a premium. ■ The University of Central Florida (UCF), adjacent to Resource Square Three, has been crucial ■ In 2017, the State of Florida acquired Resource Square Two for $19.1 to the growth of the Central Florida Research Park and the employment growth in the million, or $154 per square foot, as a space where PEO STRI can utilize submarket their cyber security operatives and others rent free and maintenance-free. ■ In 2015, UCF’s acceptance rate fell to 48.6%, well below that of its most direct competition, ■ The acquisition of Resource Square Two will keep high-paying tech Florida State University jobs in the submarket, creating critical mass and countless synergies ■ UCF has added 7 new colleges since 2004, increasing the total by more than 50% for nearby tenants that work with these groups. ■ The school’s enrollment has skyrocketed in recent years, as indicated in the graph below ■ Resource Square Two and other State of Florida/University of Central Florida-owned buildings such as those summarized below represent a reduction of privately-held office supply and a lack of Class-A office UNIVERSITY OF CENTRAL FLORIDA THE LARGEST FALL SEMESTER STUDENT ENROLLMENT UNIVERSITY IN space available to tenants in the submarket, a signal of future rent THE COUNTRY growth potential. 63,016 64,335 66,183 S 60,821 T 58,698 59,785 59,770 N 56,337 E 53,644 D 50,275 STATE OF FLORIDA–OWNED OFFICE BUILDINGS U 48,699 T S Property Name Property Address Total RBA F

O University Tower 12201 Research Parkway 94,832 SF R E

3100 Technology Parkway 3100 Technology Parkway 158,215 SF B M U

3039 Technology Parkway 3039 Technology Parkway 117,442 SF N Research Pavilion 12424 Research Parkway 134,000 SF 352,313 SF+ Warehouse/ PEO STRI Facilities 12350 Research Parkway Flex Space 5 EXECUTIVE SUMMARY PROPERTY OVERVIEW TENANCY OVERVIEW FINANCIAL ANALYSIS MARKET OVERVIEW AREA OVERVIEW AREA OVERVIEW MARKET OVERVIEW FINANCIAL ANALYSIS TENANCY OVERVIEW PROPERTY OVERVIEW EXECUTIVE SUMMARY

TOP BUILDINGS IN THE MARKET ■ Highly sought-after institutional-quality buildings with modern design and ■ Picturesque surroundings and landscaping, featuring a lakefront gazebo, construction nature paths with internet-enabled benches and an on-site basketball court ■ Timeless wood paneling and granite finishes contribute to submarket- ■ 75 kVA, diesel fueled backup generator (Resource Square One) leading rents ■ Superior parking ratios of 5.3/1,000 SF (Resource Square One) and 4.4/1,000 ■ Significant improvements in many of the tenant spaces, including Sensitive SF (Resource Square Three) Compartmented Information Facility (SCIF) construction, state-of-the-art data room, and elegant finishes, result in “sticky” tenants with a higher likelihood of renewal 6 Deltona EXECUTIVE SUMMARY PROPERTY OVERVIEW TENANCY OVERVIEW FINANCIAL ANALYSIS MARKET OVERVIEW AREA OVERVIEW AREA OVERVIEW MARKET OVERVIEW FINANCIAL ANALYSIS TENANCY OVERVIEW PROPERTY OVERVIEW EXECUTIVE SUMMARY

LAKE 17/92 COUNTY STRATEGIC CORE LOCATION IN THE CENTRAL FLORIDA RESEARCH PARK (CFRP) Eustis ae ae ■ Central Florida Research Park is the largest research park in Florida,ustis oroe

encompassing 59 buildings, 126 companies and more than 1,000 acres 441 Mount Dora Saor ■ The Park’s tenants employ more than 10,000 people with an annual payroll Tavares rlao ae arris ae Saor tl of about $1 billion ar SEMINOLE 17/92 ■ Over $1.4 billion in federal contracts is awarded by the U.S. military each eia Sris 4 COUNTY State ar ae TOLL year for activities in and around the CFRP by military branches responsible 417 essu oa Longwood Wekiwa 434 for research and development (Army, Navy, Marines, Air Force and Coast Springs Winter Springs

Guard) as well as other government entities (U.S. Geological Survey and 436 Casselberry ltaote RESOURCE Oviedo the Army Corps of Engineers) 441 Sris SQUARE THREE Maitland 434 ae 436 ■ Central Florida Research Park is home to a myriad of Fortune 500 companies, oa TOLL 429 University of Winter Central Florida including Aon Hewitt, Hewlett Packard, Qualcomm, Northrop Grumman, Park Pine Winter Hills and Siemens Garden rlao 50 Groveland Clerot Ocoee TOLL 50 RESOURCETOLL 408 ecutie 408 50 irort SQUARE ONE ORLANDO: AMERICA’S TOP GROWTH MARKET oto rlao ■ The Orlando MSA ranked highest in job growth nationally in 2016 (4.57%) ORANGE Windermere Conway and second-highest in projected job growth in 2017 (3.54%) ae utler Oak COUNTY Bay Ridge Belle Isle 436 ■ Hill In 2016, the Orlando MSA had a nation-leading 68 million visitors 435 TOLL 528 TOLL Doctor 429 Phillips ■ Orlando ranked #2 Happiest Places to Work in the nation by Forbes and rlao 27 tl irort #3 Best City for Millennials by Realtor.com 17/92 4

441 TOLL ■ 63% of the workforce in Orlando hold white collar employment 417

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Davenport St 192 441 Clou ae 17/92 ooealia

7 EXECUTIVE SUMMARY PROPERTY OVERVIEW TENANCY OVERVIEW FINANCIAL ANALYSIS MARKET OVERVIEW AREA OVERVIEW AREA OVERVIEW MARKET OVERVIEW FINANCIAL ANALYSIS TENANCY OVERVIEW PROPERTY OVERVIEW EXECUTIVE SUMMARY

434 THREE

North Alafaya Trail Disco very Drive

Research Parkway

y y

a kw ar y P og ol hn c e T ONE

Discovery Drive

Science Drive

Ingenuity Drive

8 EXECUTIVE SUMMARY PROPERTY OVERVIEW TENANCY OVERVIEW FINANCIAL ANALYSIS MARKET OVERVIEW AREA OVERVIEW AREA OVERVIEW MARKET OVERVIEW FINANCIAL ANALYSIS TENANCY OVERVIEW PROPERTY OVERVIEW EXECUTIVE SUMMARY

CONVENIENT ACCESS TO MAJOR DEMAND DRIVERS AND NEARBY AMENITIES ■ Located adjacent to University of Central Florida, the nation’s largest university by enrollment with more than 64,000 students in 2016 ■ 15 minutes from , 20 minutes from Orlando International Airport, 25 minutes from Universal Orlando Park and 40 minutes from the Kennedy Space Center in Titusville ■ 6 minutes away from Waterford Lakes Town Center, a 1.9 million-square foot power center with tenants including Cooper’s Hawk Winery & Restaurant and Miller’s Alehouse ■ Immediate access to Florida State Road 408 (Spessard L. Holland East- West Expressway) and East Colonial Drive

Building One SALE PROCESS OFFERING FORMAT AND TIMELINE • The Portfolio is offered on an “as-is, where-is” basis only to select investors registered through an executed confidentiality agreement. • Offer date will be announced in due course. • Preference will be given to those offers that reflect the most comprehensive underwriting and the fewest or no due diligence requirements or other conditions to close. • Investors should be prepared to disclose their sources of funds and any approval processes necessary to close the transaction.

DUE DILIGENCE Upon execution of the confidentiality agreement, investors will be given access to an online document center with detailed property information. The purpose of this is to facilitate due diligence and depth of underwriting.

Building Three

9 All inquiries and requests for information should be directed to HFF’s marketing team for this assignment:

INVESTMENT ADVISORY DEBT PLACEMENT hfflp.com HERMEN RODRIGUEZ IKE OJALA TRACEY GOO ANTHONY FROGAMENI CHRISTINA KONG KENNY CUTLER PAUL STASAITIS Senior Managing Director Senior Director Director Director Associate Analyst Senior Managing Director OFFICE [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] 1450 Brickell Avenue (305) 448-5332 (305) 774-6810 (305) 421-6548 (407) 745-3913 (305) 913-5546 (305) 421-6556 (305) 913-5553 Suite 2950 Miami, FL 33131 Holliday Fenoglio Fowler, L.P. a Florida licensed real estate broker. T. (305) 448-1333 HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF, and neither Owner ORLANDO OFFICE nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are 250 South Park projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and Avenue agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those Suite 360 results. The information contained herein is subject to change. Orlando, FL 32789 T. (407) 745-3900 © 2018 Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.