College Boulevard Portfolio

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1 College EXECUTIVE SUMMARY Overland Park, Kansas Holliday Fenoglio Fowler, L.P. ( HFF ) an Illinois licensed real estate broker

College College College COLLEGE BOULEVARD PORTFOLIO BOMA RENTABLE AREA 806,864 RSF PERCENT OFFICE LEASED 92.

ETED / RENOVATED 1984-1989 Stable Cash Flow with Redevelopment Upside Holliday Fenoglio Fowler, L.P.

heart of Kansas City s most vibrant submarket, Overland Park.

7101 College and Commerce Plaza I & II (collectively 96% leased), and further enhance returns through the stabilization, repositioning or redevelopment of the

2 College College College COLLEGE BOULEVARD PORTFOLIO BOMA RENTABLE AREA 806,864 RSF PERCENT OFFICE LEASED 92.6% # OF BUILDINGS 7 STORIES Varies DATE COMPLETED / RENOVATED Stable Cash Flow with Redevelopment Upside Holliday Fenoglio Fowler, L.P. ( HFF ) has been retained to sell a 100% fee simple interest in the College (the Property or ); a 806,864 RSF, three-asset Class A office portfolio situated in the heart of Kansas City s most vibrant submarket, Overland Park College (228,660 RSF), Commerce Plaza I & II (285,465 RSF) and Financial Plaza I-IV (292,739 RSF) all combine to make up the College. PARKING RATIO SUBMARKET 3.7/1,000 RSF South Johnson County College Corridor The combination of the three assets presents a unique opportunity to acquire the stable cash flow provided by 7101 College and Commerce Plaza I & II (collectively 96% leased), and further enhance returns through the stabilization, repositioning or redevelopment of the mixed-use Financial Plaza complex (86% leased). The in-place rents in the are 10% below market, providing an excellent opportunity to mark to market on rollover and further increase rental rates with cosmetic upgrades. Investors are welcome to bid on the in its entirety or any combination of the three properties within. Antioch Road 7101 College College Commerce Plaza Accenture Marriott 7101 College - JNA Advertising Courtyard Inn Cardinal Health Glenwood Street Zurich North America del Sarto Van Eyck Black & Veatch Financial Plaza Sheraton Drury Lane Inn Mid Town Athletic Club Black & Veatch Global Headquarters Midwest Trust College Overland Park Convention Center 2

3 College PROPERTY SUMMARY Summary 7101 College Commerce Plaza I Commerce Plaza II Financial Plaza I Financial Plaza II Financial Plaza III Financial Plaza IV Type Office/Retail Office Office Office Office Office Office Office Address 7101 College Blvd W. 110th St W. 110th St College 6800 College 6900 College % Leased 92.6% 94.4% 98.4% 98.1% 76.3% 79.6% 87.5% 99.8% RSF 806, , , ,370 8, , ,952 29,919 % of 100.0% 28.3% 19.6% 15.8% 1.1% 13.2% 18.3% 3.7% # of Buildings Stories Built/Renov / Construction Type Structural Steel Masonry Frame w/ Polished Granite Masonry Frame w/ Polished Granite Steel Frame Steel Frame Steel Frame Steel Frame # of Parking Spaces 2, * 1,156* Parking Ratio* * 4.0* * Represents combined Ratio for Commerce I &I and Financial Plaza I-IV Overland Park/ South Johnson County Outperformance In recent years, Johnson County has accounted for an outsized share of new business and job growth in the greater Kansas City MSA. The submarket s proximity to executive housing, interstate access, retail amenities and a deeply educated workforce serves as a magnet for corporate relocations. The proximity to the Missouri state line and an inventory of Class A properties with comparatively lower operating expenses has resulted in thousands of jobs relocating to the College Corridor in recent years. Aiding these relocations are state incentives that aim to attract new businesses to the region but also lure businesses across state lines from Missouri. As both states have engaged in this so called border war, Kansas has long been considered to be winning the war with tenants leaving in favor of a Missouri address few and far between. SOUTH JOHNSON COUNTY - CORPORATE RELOCATIONS Company Employees Sq Ft JP MORGAN* ,000 PERCEPTIVE SOFTWARE ,000 AMC ,000 TEVA ,000 COVENTRY HEALTH CARE ,000 KEYBANK ,000 AMERIGROUP ,000 APRIA HEALTHCARE ,000 FISHNET SECURITY ,000 UNITED HEALTHCARE ,000 Source: Kansas Chamber of Commerce *JP Morgan occupies 7,360 RSF of Commerce Plaza II 3

4 College Diverse Tenant Base/ Sticky Tenancy The College possesses an exceptional investment profile, providing a wide array of high profile tenancy steeped in quality. The 806,864 rentable square foot portfolio features a rent roll of 128 tenants, insulating investors from an over-concentration to one specific tenant. The largest tenant, General Electric (GE) leases 44,877 rentable square feet in 7101 College, only 5.6% of the net rentable area of the, shielding an investor from any tenant specific risk. An impressive 45% of the primary tenants in The College carry an investment grade credit rating of BBB- or better. Twenty four tenants within the have occupied space at one of the three buildings for over 10 years, accounting for over 46% of the leased square footage. A major contributor to the success of the is the ability to accommodate tenants varying space and pricing needs while maintaining a highly visible presence at Metcalf and College. Primary Tenants Building Credit Rating RSF % NRA Expires Remaining Term Tenant Since GE 7101 S&P: AA+ 44, % September Yrs June-11 CARDINAL HEALTH CP II Fitch: BBB+ 36, % August Yrs September-12 CIGNA CP II S&P: A 30, % January Yrs June-02 ARROWHEAD GENERAL INSURANCE FP III 24, % September Yrs March-14 BRUNGARDT HONOMICHL & COMPANY , % November Yrs June-14 PRINCIPAL CP I S&P: A+ 20, % February Yrs October-90 EMC CP I AM Best: A 18, % January Yrs October-10 HQ GLOBAL WORKPLACE CP I 18, % March Yrs January-98 WALSWORTH PUBLISHING COMPANY CP I 18, % August Yrs September-13 HMN ARCHITECTS CP II 17, % September Yrs January-05 MEDTRAK SERVICES, INC , % November Yrs October-07 ODYSSEY AMERICAN REINSURANCE CP I S&P: A- 15, % October Yrs December-08 SIMPSON, LOGBACK, LYNCH, NORRI CP II 15, % January Yrs November , % 3.4 Yrs 8.6 Yrs 4

College Cerner Headquarters Cerner Corporation, a global leader in healthcare, recently broke ground on their $4.45 billion Trails Campus just 20 minutes down the road from the College.

5 College Cerner Headquarters Cerner Corporation, a global leader in healthcare, recently broke ground on their $4.45 billion Trails Campus just 20 minutes down the road from the College. The project is heralded as the largest economic development project in Missouri state history. The Trails Campus, slated to be completed over the next decade, will house 16,000 new Cerner employees. The campus will feature 4.3 million square feet of office and 400,000 square feet of retail and hotel space. The office portion will include two data centers, a service center, a training/ conference center and employee amenities, including an on-site day-care center, dining services, fitness center and health clinic. Cerner will not be vacating any of their existing office space as part of this project. This will all be pure new absorption for the market and a majority of the jobs complex will be new hires. Best Absorption in the Central U.S. Since 2013, Kansas City has absorbed over 4.8 million rentable square feet. Kansas City has outpaced all but one Central U.S. market in net absorption on a percentage basis. The table herein shows how Kansas City compares to other major Central U.S. markets. NET ABSORPTION SINCE 2013 AS % OF INVENTORY - 4Q 2015 Market Total RBA Net Absorption Absorption as % of Inventory HOUSTON 290,351,116 17,480, % KANSAS CITY 115,128,156 4,845, % DALLAS/FT WORTH 345,951,175 14,418, % OKLAHOMA CITY 57,565,630 2,222, % LOUISVILLE 54,019,618 1,880, % CINCINNATI 141,346,839 4,250, % DETROIT 210,034,140 6,190, % ST. LOUIS 133,574,236 3,354, % INDIANAPOLIS 103,034,939 2,337, % MINNEAPOLIS/ST. PAUL 189,723,938 3,920, % CHICAGO 471,762,280 9,351, % MILWAUKEE 68,841,808 1,283, % CLEVELAND 151,032,106 2,287, % Source: CoStar Property Credit: Cerner Corp. & Gould Evans Architects 5

6 College College College Epicenter of the College Corridor Site Plan The College is located epicenter of Kansas City s strongest submarket. Kansas City s deepest base of prolific corporations and Fortune 500 tenants is concentrated in the 28.5 million RSF South Johnson County submarket. The College Corridor is the densest cluster of office product in the The Atriums Senior Living Community W. 107th Street Wright Career College submarket, due to its access and visibility to I-435 as well as nearby executive housing. Companies such as AMC, TEVA, Sprint, Black & Veatch, CenturyLink, Quintiles, YRC Worldwide, Midland Loan Services and Waddell Reed all operate either global or regional headquarters from the College Corridor. Commerce Plaza W. 110th Street South Johnson County boasts an exceptionally low 7.0% vacancy rate within its Class A space, the lowest of any major submarket in the Kansas City market. The quadrant between and Nall Avenue from College to the north to 119th Street to the south contains 6.4 million RSF of office space that is over 95% leased. This quadrant contains the global College Blvd W. 110th Street College Blvd Lamar Avenue headquarters of Black and Veatch (Forbe s Largest Private Companies #150). W. 107th Street 435 Overland Park Place GasMart USA Midtown Athletic Club Nfs National Flood Services Conser Avenue Drug Enforcement Administration Online Trading Academy 7101 College Financial Plaza Van Eyck Ship Center del Sarto W. 112th Street 6

College College College Epicenter of the College Corridor Epicenter of the College Corridor Overland Park Convention Center Midwest Trust Town Center Plaza Black & Veatch Global Headquarters Lamar

7 College College College Epicenter of the College Corridor Epicenter of the College Corridor Overland Park Convention Center Midwest Trust Town Center Plaza Black & Veatch Global Headquarters Lamar Avenue Nall Avenue Ship Center Financial Plaza Sprint Corporation Global Headquarters W. 115th Street Menorah Medical Center Quintiles Transportation Corporation Cardinal Health W. 112th Street del Sarto Van Eyck Overland Park International Trade Center Hyatt Place Zurich North America The Fountains on 119th W. 119th Street 7101 College Mid Town Athletic Club Wright Career College Commerce Plaza Carrabba's Italian Grill 7

College South Johnson County Success The overall health of the South Johnson County is best evidenced by the meager 7.0% vacancy rate within its class A inventory.

8 College South Johnson County Success The overall health of the South Johnson County is best evidenced by the meager 7.0% vacancy rate within its class A inventory. This is one of the strongest of the major submarkets in the Kansas City area. Vacancy rates are expected to decline as all office sectors are expected to see positive growth. A lack of quality space in the market will continue to drive the market, lowering vacancy rates in South Johnson County. This trend will open the door to rent growth across the market and specifically Properties. Vacancy 13% 12% 11% 10% 9% 8% SOUTH JOHNSON COUNTY VACANCY RATE As of Q1 2016, the 1/2 radius of the and College intersection saw a Class A vacancy rate of just 5.3%. The lack of of Class A space within the immediate area speaks to the prominence of the s location within what is already considered Kansas City s best submarket. 7% 6% 5% Source: Costar South Johnson County Mark to Market Opportunity The wide gap between current in place rents across the and current market rents provides an opportunity for a new investor to increase future revenues. As highlighted in the adjacent chart, the average in-place rental rate across the is 10% below market. This provides opportunity for a new investor to capitalize current market conditions by marking leases to market as they come up for renewal, thereby substantially enhancing the asset s return throughout the holding period. $30.00 $25.00 $20.00 IN-PLACE VS. MARKET RENT $15.00 $10.00 $ College - Lobby $ Commerce Financial In-Place Market 8

College College College Upside Potential Through Repositioning The College presents a unique opportunity to acquire and stabilize, reposition or redevelop the Financial Plaza buildings via the

9 College College College Upside Potential Through Repositioning The College presents a unique opportunity to acquire and stabilize, reposition or redevelop the Financial Plaza buildings via the stability of the income stream produced by 7101 College and Commerce Plaza, which are collectively 96% leased. Cosmetic upgrades to the lobbies of Financial Plaza Tower II & III, in conjunction with the continuation of corridor and restroom upgrades, will bring a modern feel to the buildings and will allow a new owner to continue to push rental rates in a rising market. This practice has been proved out across at 7007 and 7015 College. Benefitting from recent cosmetic improvements, the two Class A buildings increased occupancy from 80% to the low 90% while pushing asking rents from $18.00 to $22.00 in less than 24 months. The underwriting takes into account capital necessary to modernize the Properties and Commerce Plaza II Commerce Plaza I achieve top tier rents. A full overview of the underwritten capital projects can be found the Financial section of the offering memorandum. Upside Potential Through Redevelopment This Main and Main location has the potential for an new investor to unlock the true value of this site. The current retail building is under utilizing the hard corner absolute center of this market. Over 48,200 vehicles pass through this intersection each day. The potential redevelopment opportunities include a new retail center, retail out lots, multi-family or an office building. This is the number one intersection in the number one submarket in Kansas City. The potential opportunities are endless with multiple different scenarios possible. A new owner will be able to transform this intersection and add significant value to their investment College Blvd College Zurich North America Marty Avenue College del Sarto Financial Plaza IV Potential Redevelopment Van Eyck Financial Plaza III Metcalf Avenue College Wright Career College Financial Plaza II Financial Plaza I Carrabba's Italian Grill Potential Redevelopment 9

10 College Kansas City Tech Startup Boom Kansas City has historically been an entrepreneurial city, but most recently the city has experienced a tech ecosystem boom with burgeoning startup activity and tech density, which proves the city s viability as a technology destination. This dynamic is best demonstrated by Think Big Partners and the Sprint Mobile Health Accelerator. Think Big Partners is an early stage accelerator and startup incubator, which has formed the first partnership of its kind with Microsoft Ventures. Not only has this partnership provided a more elaborate platform for Kansas City based startups, but it has attracted capital from around the world. Sprint has also been a relevant player and recently launched the Sprint Mobile Health Accelerator, powered by Techstars, a leading accelerator brand. Leaders of early-stage mobile technology startups from across the United States have come to Kansas City to work on health care initiatives with the expertise of top technology experts. Besides these tech incubator programs, several large organizations including Sprint, Cerner, MRI Global, Marion Laboratories, and the University of Kansas have been engines of tech growth throughout the years. Since 1970, these groups have spun off over 100 separate tech companies that are still in business today. The Kansas City Tech Galaxy herein depicts the breadth and depth of the tech community in Kansas City. Kansas City was recently named one of the top 5 cities in the world for tech entrepreneurship by the Global Entrepreneurship Congress, with its state of the art connectivity provided by Google Fiber, low unemployment rate and practical cost of living. Some of the fastest growing startups in the city include: VeriShip: Creator of an intelligent operations enhancement technology Rhythm Engineering: Its flagship product, In Sync, is a real-time adaptive traffic control system Avenue Link: Performance based online marketing company Midwest Technology Hub The city is well on its way to becoming one of the most advanced and connected cities in the world, both by attracting innovative technology companies and by being a pioneer in the technology revolution. Kansas City is committed to the technology renaissance and this is demonstrated by a number of the government s initiatives including public WiFi. 10

College There is currently a lack of creative office space in the Johnson County submarket.

Kansas City was chosen as the first city to receive Google Fiber.

presence. Recently, Kansas City was identified as one of the top five cities for tech start-ups by the Global Entrepreneurship Congress.

11 College There is currently a lack of creative office space in the Johnson County submarket. As part of the redevelopment and repositioning of Financial Plaza, an investor will be able to create this much needed space. An investor could also re-brand the building away from The Financial Plaza name and re-brand as a technology complex. Kansas City has been granted a competitive advantage in future high-tech growth with the installation of an ultrahigh-speed internet network called Google Fiber. Kansas City was chosen as the first city to receive Google Fiber. The fiberoptic network has proven attractive to both high-tech companies and data centers, as they have aggressively flocked to Kansas City since learning of Google Fiber s presence. Recently, Kansas City was identified as one of the top five cities for tech start-ups by the Global Entrepreneurship Congress. Discount to Replacement Cost The College represents a rare opportunity to acquire a supremely located and historically well-preforming office portfolio at a significant discount to replacement cost. Reproduction of an asset of such scale and design would cost in excess of $300 per RSF to recreate today. The cost of construction creates an arbitrage opportunity between the escalated replacement costs and the Property s projected residual value. Investors are welcome to bid on the in its entirety or any combination of the three properties within. 11

Contact Information HFF Chicago 181 West Madison Suite 3900 Chicago, IL 60602 Telephone: 312.528.36 Investment Contacts Mark B. Katz Managing Director 312.980.3604 mkatz@hfflp.

12 Contact Information HFF Chicago 181 West Madison Suite 3900 Chicago, IL Telephone: Investment Contacts Mark B. Katz Managing Director Debt Contact Christopher S. Carroll Managing Director Jeffrey M. Bramson Senior Managing Director Jaime M. Fink Senior Managing Director Sean P. Fogarty Managing Director Kansas License #: BR Patrick M. Shields Analyst HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff. 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 we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.

Life Sciences Outlook

Greater Toronto 2018 JLL Research Report Life Sciences Outlook Breakthrough discoveries at a breathtaking pace 2 Greater Toronto The Greater Toronto area is home to Canada s largest combined life sciences