Lease vs. Buy Mini Case 2021 (AMAZON)

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Confi de ntial Offering Memorandum

107,304 SF Class A Office 1300 Sawgrass Corporate Parkway

Sunrise, Florida

SUNRISE CORPORATE

PL AZA I

01 EXECUTIVE SUMMARY

INVESTMENT SUMMARY

Address: 1300 Sawgrass Corporate Parkway Sunrise, FL 33323

Building Size: 107,304 SF

Year Built: 1999

Land Area: 8.03 acres

Floors: 3

Parking: 4.8/1,000

Occupancy: 95%

In-Place NOI: ±$1,840,000

WALT: 6.3+ Years

Cushman & Wakefield of Florida, LLC has been retained as the exclusive

advisor for the disposition of Sunrise Corporate Plaza I (the “Property”),

a 107,304 SF, three-story Class A office building located in Sunrise, FL

within the renowned Sawgrass International Corporate Park, one of South

Florida’s largest corporate office parks and the premier option for regional,

national and international organizations seeking high quality office space in

Broward County. Developed in 1999 by the Opus Group and institutionally

owned and maintained since, Sunrise Corporate Plaza I is one of Sawgrass

International Corporate Park’s premier office properties, attracting tenants

with a superior 4.8 / 1,000 SF parking ratio, hurricane impact windows, full-

building generator and expansive lakefront views. These Class A features, combined with the Property’s tremendous highway connectivity, has resulted in an impressive 93.6% average occupancy since the Property was delivered in 1999.

THE OFFERING

7EXECUTIVE SUMMARY | 7

At 95% occupancy with the three largest tenants signed through 2026,

Sunrise Corporate Plaza I represents a tremendous opportunity to

acquire secured long-term cash flows while marking-to-market rents

that are 13% below market on average. The diverse rent roll represents

a wide range of industries and is anchored by Team Focus Insurance

Group (35.2% of RBA), a top-rated property and residential insurance

company who has called South Florida home for over forty years and

has housed their corporate headquarters at Sunrise Corporate Plaza I

since 2005 .

Sunrise Corporate Plaza I’s convenient location provides access to

almost the entirety of South Florida via connections to the Sawgrass

Expressway to the west, I-95 and Florida’s Turnpike to the east, and

I-595 to the south. This unparalleled connectivity to the tri-county area

allows 90% (5.9M people) of South Florida’s population to be within

a one-hour drive of the property, providing tenants with a wide talent

base.

Newer housing supply, strong school systems, and market leading

amenities have made Sunrise an ideal location for families and

businesses to flourish. These positive factors have attracted multiple

international credit companies to the Sawgrass International Corporate

Park, including American Express, HBO, Ford, AT&T, JP Morgan Chase,

New York Life, Xerox, Equity Residential, and TicketMaster. This inflow

of major corporations, combined with a lack of new office supply, has

resulted in an average occupancy of 92% and a 19% growth in base rents

over the last five years, both outperforming West Broward submarket

and Broward County as a whole.

“ The City of Sunrise has become one of South Florida’s economic powerhouses”

— Business View Magazine

BEAUTIFUL PANORAMIC LAKE VIEWS WITH AN ATTRACTIVE OUTDOOR COURTYARD

WELL POSITIONED PROPERTY

SUPERIOR 4.8/ 1,000 SF PARKING RATIO

Ô As one of the highest parking ratios in the submarket, the Property can accommodate tenants of nearly any size and parking requirement

Ô Tenants in strategic, transportation-oriented locations like Sawgrass International Corporate Park typically seek efficiency and generally more dense space planning

Ô The Class A competitive set averages 4.4/1,000 parking ratio, proving a competitive advantage for the Property

HIGHLY SOUGHT-AFTER PRODUCT TYPE

Ô Open floorplans can be easily subdivided to accommodate multiple tenants, allowing ownership the ability to meet most tenant requirements

Ô Institutionally owned and maintained, the Property attracts top-tier tenancy and requires limited capital

Ô Hurricane impact glass and a full-electrical redundancy

Ô Large, flexible floorplates provide a myriad of options for tenants

11EXECUTIVE SUMMARY | 11

Originally developed by Stiles Construction, Sawgrass International Corporate Park (the “Park”) is a 612-acre master planned office park with

excellent highway visibility which is strategically bound by the Sawgrass Expressway, Interstate-75 and Interstate-595 in Sunrise, FL.

Ô The Park consists of over 3 million square feet of office and industrial space and enjoys a plethora of nearby amenities that continue to

multiply as western Broward County experiences increased residential densification

Ô Fort Lauderdale-Hollywood and Miami International Airports are both easily accessed within a 35-minute drive

Ô American Express consolidated over 3,000 employees from their Weston and Plantation offices into the new 400,000 SF regional

headquarters in 2017

Ô Weston-based Ultimate Software moved into an entire 100,710 SF building in the Park in 2019

Ô Strong institutional ownership base, which include: Banyan Street Capital, Barrings, Foundry Commercial, Lincoln Property Company,

Starwood Capital, Stiles Realty, TA Realty, Trinity Capital Advisors, Vanderbilt Partners and Workspace Property Trust teamed with some of

the country’s largest pension fund advisors, life insurance companies and other institutional equity sources.

SOUTH FLORIDA’S PREMIER OFFICE PARK

SAWGRASS INTERNATIONAL CORPORATE PARK SUBMARKET HIGHLIGHTS

§̈¦95

£¤1

£¤98

£¤441

§̈¦75

§̈¦595

£¤1

PALM BEACH COUNTY

BROWARD COUNTY

West Palm Beach

Boca Raton

Royal Palm Beach

Fort Lauderdale

£¤27

MIAMI-DADE

COUNTY

Miami

Hialeah

Kendall

Hollywood

Pompano Beach

Coral Springs

Delray Beach

Boynton Beach

Wellington

Plantation

Palm Beach Gardens

Jupiter

Weston

Pembroke Pines

Tamiami

Drive Times 0 - 15 Minutes

15 - 30 Minutes

30 - 60 Minutes

Ô Sawgrass International Corporate Park historically has one of the lowest submarket vacancies in Broward County (6.4% in the last three years) and currently sits at 7.9% vacancy

Ô No new supply since 2008

SAWGRASS CORPORATE PARK MICRO MARKET

WEST BROWARD SUBMARKET

7,347,542 MSF TOTAL OFFICE INVENTORY

10.2% Q3 VACANCY

145,983 SF UNDER CONSTRUCTION

3,923,804 MSF TOTAL OFFICE INVENTORY

7.9% Q3 VACANCY

0 SF UNDER CONSTRUCTION

695K SF ABSORBED SINCE 2010

28% RENT GROWTH

SINCE 2010

26% RENT GROWTH

SINCE 2010

870K SF ABSORBED SINCE 2010

89% 5-YEAR AVERAGE

OCCUPANCY

94% 5-YEAR AVERAGE

OCCUPANCY 0%

10%

15%

20%

25%

30%

35%

40%

$20

$25

$30

$35

$40

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q3

Vacancy

Gross Rent

10%

15%

20%

25%

30%

35%

40%

$20

$25

$30

$35

$40

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q3

Vacancy

Gross Rent

Ô With no new supply and strong absorption, gross rents have increased 33% in the past three years

Ô The Park has 75% of the inventory of the Fort Lauderdale CBD

13EXECUTIVE SUMMARY | 13

LOCATION HIGHLIGHTS

FAVORABLE SUNRISE DEMOGRAPHICS

South Florida’s Most Central Location

SURROUNDING COMMUNITIES

SOUTH FLORIDA

HOME VALUE

BACHELOR’S DEGREE

HOUSEHOLD INCOME

$337K-$481K $312K

37%-61% 32%

$91K-$135K $77K

The Property is located in the heart of the Sunrise office submarket.

Surrounding communities offer superior household demographics and

home values, which helps draw credit tenancy to Sawgrass International

Corporate Park. Access to major roadways allows 90% (5.9M people) of

South Florida’s population to be within a one hour drive of the property.

§̈¦95

£¤1

£¤98

£¤441

§̈¦75

§̈¦595

£¤1

PALM BEACH COUNTY

BROWARD COUNTY

West Palm Beach

Boca Raton

Royal Palm Beach

Fort Lauderdale

£¤27

MIAMI-DADE

COUNTY

Miami

Hialeah

Kendall

Hollywood

Pompano Beach

Coral Springs

Delray Beach

Boynton Beach

Wellington

Plantation

Palm Beach Gardens

Jupiter

Weston

Pembroke Pines

Tamiami

Drive Times 0 - 15 Minutes

15 - 30 Minutes

30 - 60 Minutes

Drive Time Areas

0-15 Minutes

15-30 Minutes

30-60 Minutes

SUNRISE CORPORATE

PL AZA I

Everglades WildlifeEverglades Wildlife

112 ,5

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112 ,5

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9,400 MULTI-FAMILY UNITS WITHIN A 5-MILE RADIUS

2.4 MSF OF LUXURY RETAIL AT SAWGRASS MILLS

UNPARALLELED AMENITY BASE

Saw grass Expy (120,050 V

PD )

Saw grass Expy (120,050 V

PD )

UNMATCHED ACCESS & LOCATION

100K+ CARS PER DAY

5.9 MILLION PEOPLE WITHIN 1 HOUR

HIGHWAY ACCESS

15EXECUTIVE SUMMARY | 15

I n te r n at i o n a l P kwy

SUNRISE 2.4 MSF OF RETAIL INCLUDING 350 SHOPPING AND DINING OPTIONS

SUNRISE CORPORATE

PL AZA I

02 PROPERTY OVERVIEW

SITE PLAN

SU N

RISE CO RPO

RATE PA RKW

SUN RIS

E C OR

PO RAT

PLA ZA

19PROPERTY OVERVIEW | 19

MARKHAM PARK

Sawgrass Corporate Pkwy.Sawgrass Corporate Pkwy.

129,000 VPD129,000 VPD

120,050 VPD 120,050 VPD

Address: 1300 Sawgrass Corporate Parkway Sunrise, FL 33323

Year Built: 1999

Acres: 7.33

Rentable SF:

107,304;

Upon rollover, there lies the ability to recapture a total of 442 SF on the first and second floor per BOMA remeasurements

Zoning: I-1 - Light Industrial

Number of Floors: 3

Tax Parcel ID Number: 49-40-34-02-0045

2020 RE Tax Assessments:

Last Assessed Value: $18,779,120

Ad Valorem Taxes: $371,496

Non Ad Valorem Taxes: $19,650

Total Taxes: $391,146

Tax Rate Ad Valorem (per $1000.00): $19.7824

*Note: Assessment is based on 2020 TRIM Notice if no budget change is made

Parking: 4.8/1,000 (surface). In addition to ample surface parking, there are 13 covered spaces, 12 of which are leased at no cost to: Team Focus Insurance Group: 8; Smith Transportation: 2, and Benefytt Technologies: 2. 1 space is currently leased to Jon B. Sage for $125/month

BUILDING INFORMATION

21PROPERTY OVERVIEW | 21

Structure: Continuous perimeter reinforced concrete spread footings with a reinforced concrete slab-on-grade and interior isolated spread footings supporting steel columns. Structural framing consists of steel columns and framing with pre- cast concrete panels

Windows: Hurricane impact

Roof: The original building roof consists of a modified bitumen roofing system

Exterior Walls: The exterior walls are a combination of unpainted pre-cast smooth faced concrete panels, exposed aggregate faced pre-cast concrete panels, and decorative quarry tile inserts

Ceilings: Finished: 9 feet Slab-to-Slab: 13 feet

Elevators: Three, Dover manufactured hydraulic passenger elevators serving floors 1-3

Fire & Life Safety: Automatic wet-type fire sprinkler system provided by a 40-HP, 500 GPM, fire sprinkler booster pump. The building is also equipped with a Cerberus Pyrotronics fire alarm panel

Electricity: Florida Power & Light (FPL)

Water & Sewer: City of Sunrise

HVAC:

Three, 130-ton roof top units

Unit: RTU 1 RTU 2 RTU 3

Type: Trane Trane Trane

Installed: 2019 2020 2018

Warranty: 5-Year Parts Only 5-Year Parts & Labor 5-Year Parts & Labor

25PROPERTY OVERVIEW | 25

27PROPERTY OVERVIEW | 27

HISTORICAL AND PRO FORMA EXPENSES

2017 2018 2019 PRO FORMA

TOTAL $ $/PSF TOTAL $ $/PSF TOTAL $ $/PSF TOTAL $ $/PSF

EXPENSES (1)

REAL ESTATE TAXES (2) $374,037 $3.48 $393,621 $3.66 $379,715 $3.63 $375,500 $3.49

INSURANCE $86,550 $0.80 $97,555 $0.91 $99,210 $0.92 $101,690 $0.95

MANAGEMENT FEES (3) $94,229 $0.88 $81,195 $0.76 $66,106 $0.61 $94,233 $0.88

REPAIRS & MAINTENANCE (4) $323,945 $3.01 $306,751 $2.85 $282,406 $2.63 $289,466 $2.69

ELECTRIC $265,528 $2.47 $237,530 $2.21 $219,933 $2.05 $225,431 $2.10

WATER & SEWER $27,023 $0.25 $26,659 $0.25 $25,451 $0.24 $26,087 $0.24

TRASH REMOVAL $25,615 $0.24 $26,136 $0.24 $26,484 $0.25 $27,146 $0.25

CLEANING $124,466 $1.16 $97,769 $0.91 $83,460 $0.78 $85,547 $0.80

ADMINISTRATIVE $38,979 $0.36 $37,641 $0.35 $42,199 $0.39 $43,254 $0.40

OWNERS ASSOCIATION DUES $17,235 $0.16 $21,324 $0.20 $19,066 $0.18 $19,543 $0.18

TOTAL EXPENSES $1,377,607 $12.81 $1,326,181 $12.33 $1,244,030 $11.66 $1,287,897 $12.00

Notes: (1) Pro Forma Expenses are based on 2019 expenses grown 2.5%, except where noted (2) Pro Forma RE Taxes hare based on the 2020 TRIM Notice, discounted 4% for early payment. It is the responsibility of the buyer to calculate the increase, if any,

that would occur upon sale (3) Pro Forma Management Fees are based on 3% of projected gross revenue (4) R&M includes ~$55,000/year for a building engineer in 2017-2018, reduced to ~$35,000/year thereafter

FINANCIAL INFORMATION // HISTORICAL OPERATING EXPENSES

05 MARKET OVERVIEW

Broward County is the second most populous area in the state

Broward County is located in Southeast Florida and is bordered by the Atlantic Ocean to the east, the Everglades to the west, and Palm Beach and Miami-Dade Counties to the north and south. It is easily accessible via Interstate-95, Interstate-75 and the Florida Turnpike, three primary north/south freeways within South Florida. Other major thoroughfares in the county include the Sawgrass Expressway and Interstate-595, which connect western Broward County with the eastern portions of the county. Transportation is facilitated by countless miles of waterways, an international airport, three local airports, and a well-trafficked seaport. The county covers a total area of 1,320 square miles, including 1,205 square miles of land, 65% of which is conservation area, and 115 square miles of water. There are 31 incorporated cities within Broward County, many of which have experienced substantial growth over the last two decades. Recent trends indicate major growth towards western Broward County from the populated metro areas of eastern Broward and Miami-Dade Counties, and the resurgence of the downtown areas of Fort Lauderdale and Hollywood into 24-hour cities. Broward offers

BROWARD COUNTY OVERVIEW

23 miles of Atlantic Ocean coastline, an average annual temperature of 76 degrees, and a comfortable lifestyle attracting residents, businesses and visitors.

ECONOMY Broward County had a 9.2% unemployment rate as of August 2020, down 570 basis points from the peak in May and showing strong signs of recovery. Prior to COVID-19, Broward enjoyed one of the lowest unemployment rates in the nation at just 2.9%. Every major employment sector forfeited jobs over the year with roughly half of the losses coming from the leisure & hospitality sector. In the third quarter of 2020, the US economy saw major improvements coming out of government mandated shutdowns and shelter in place ordinances. Florida recently entered Phase 3 in reopening the state, further bolstering economic activity by lifting all restrictions on businesses statewide. The situation remains fluid, but indicators point to an above average recovery rate for South Florida.

45MARKET OVERVIEW | 45

TRANSPORTATION Broward County is a gateway to the world, connected by a vast transportation network of airports, railways, roadways and a seaport. By land, by air, or by sea, the Broward County infrastructure is under constant improvement and expansion to accommodate the long-term growth in population projected for this part of Florida. Broward County is the only place in the country where an international airport, seaport, railways and a massive network of super-highways come together in an area less than 1.5 miles in diameter.

From Fort Lauderdale-Hollywood International Airport, travelers can fly non-stop to over 55 cities in the United States and 40 international destinations. The airport serves 36 scheduled airlines, eight commuter operators, and 20 cargo carriers. The airport sprawls over two square miles and handles over 21 million passengers and 175,000 tons of cargo per year. It lies near Port Everglades and offers shippers convenient access to the port’s free-trade zone. About 930 domestic and international flights operate from the airport daily, including both

commercial and private flights. As one of the fastest growing airports in the U.S., passenger traffic is expected to reach 25 million by 2015. With an eye toward the future, the county implemented a master plan to guide the development of future airport facilities to accommodate the airport’s growth, and recently completed a $650 million capital program, which delivered new and improved access and passenger terminal facilities to the airport.

Port Everglades is a thriving 2,190-acre seaport located within the three cities of Hollywood, Fort Lauderdale, and Dania Beach. It is located on U.S. Highway 1 near I-95 and I-595, offering convenient access to all other major expressways that serve Broward County. Activity at the port has grown impressively through the years, with over 3.2 million cruise passengers and more than 5.6 million tons of container cargo moving through the port annually. Not only is it the world’s third busiest cruise port, but it impacts more than 201,000 Florida jobs as a leading container port.

3.2 Million Cruise Passengers & 5.6 Million Tons of Cargo Per YearFt. Lauderdale Int'l Airport

Port Everglades

36 Million Passengers & 175,000 Tons of Cargo per year

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SUNRISE CORPORATE

PL AZA I

47EXECUTIVE SUMMARY | 47

Ô Mixed-use master-planned 65-acre, $1.5 billion high street project

Ô Will be one of the nation’s largest under-construction mixed-use communities

Ô Features 2,250 residential condominiums within its eight residential towers, 650,000 square feet of office space, and its own Central Park

Ô Developed by KGH International Development

Ô 29.4 acres of land to be developed by GL Homes and its GL Commercial division

Ô Entitled for 750 multifamily units and 50,000 square feet of commercial/retail

Ô Looking to attract one or two anchor tenants before breaking ground

Ô Redevelopment of the BB&T Center and surrounding parking lots will add office, residential, hotel, entertainment and retail venues

Ô A ULI study recommended a development plan with up to 1,400 apartments, 180,000 square feet of entertainment, 840 hotel rooms, 1.1 million square feet of offices, and a resort

Ô Sports field with stormwater storage, wetlands and a pedestrian path with a plaza connecting the site to Sawgrass Mills

Ô Developed by CallisonRTKL

METROPICA

RADIUS AT SAWGRASS

BB&T CENTER REDEVELOPMENT

PROXIMATE TO TRANSFORMATIVE DEVELOPMENTS

TRENDS BEING ACCELERATED

WORKING FROM HOME

• In 2018, approximately 3.6% of U.S. workers spent more than half of their time working remotely. Many businesses had not been overly progressive in pursuing distributed workforce plans.

COST SAVINGS

• The COVID-19-driven recession will sharpen the focus on cost containment as well as creating new strategies for how best to utilize office space.

• The cost-cutting priorities will need to be balanced, however, with the human resources and business leadership demands to ensure workers continue to feel part of their company’s culture, feel connected personally with colleagues, and are equipped with space that inspires creativity, innovation and collaboration.

RETURN OF THE SUBURBS

• The suburbs are being reformed in the image of the dense, walkable, live-work-play environments that city centers embody. A commonly recognized driver of urban growth and renewal—the Millennials— have been exiting the CBD for a few years now. Affordability of housing and availability of school options have been a draw that has made Millennials the largest homebuying generation for the past few years, and the majority of homes they purchase are in the suburbs, while only 15% are in the city center.

• Last year, the suburbs accounted for 69% of net absorption and the first quarter of 2020 saw almost all positive net absorption occur in the suburbs. This is a reversal of 2017 and 2018, and pre-Covid, attributed to millenials moving to the suburbs to start families.

• This trend was being driven by the relative affordability of space, the improvement in urbanized nodes of mixed-use developments with high-quality office space, and the demands of the workforce. The health and safety concerns of COVID-19 are causing workers and employers to reconsider the location strategy of their portfolio. The hub and spoke model, with office space in the CBD and in suburban outposts, could be a benefit to employees.

WORKPLACE TRENDS

U.S. Class A Net Absorption by Year, Square Footage per O�ce Employee, U.S.

Suburban percentage

Source: Cushman & Wakefield Research

20%

40%

60%

80%

100%

2014 2015 2016 2017 2018 2019 2020 Q1 Suburban (%) YTD

In 2017 & 2018, over two-

thirds of Class A absorption was in CBD submarkets.

Source: Cushman & Wakefield Research

2009 Q3, 212.3

2019 Q4, 192.7

190

195

200

205

210

215

20 08

Q 1

20 09

Q 1

20 10

Q 1

20 11

Q 1

20 12

Q 1

20 13

Q 1

20 14

Q 1

20 15

Q 1

20 16

Q 1

20 17

Q 1

20 18

Q 1

20 19

Q 1

MARKET OVERVIEW

49MARKET OVERVIEW | 49

TRENDS BEING REVERSED

DENSIFICATION OF OFFICE

• The best office layouts always incorporated a spectrum of workspaces to be utilized for different types of work (i.e., focus vs. social vs. collaboration vs. meeting, etc.). However, the movement towards more dense office space had certainly become a reality. The average square footage per office worker decreased by 9.2% between Q3 2009 and the end of 2019. This trend is no longer. De- densification is now occuring and expected to accelerate even post- Covid-19 as office users demand safe distancing and more traditional private office configurations.

U.S. Class A Net Absorption by Year, Square Footage per O�ce Employee, U.S.

Suburban percentage

Source: Cushman & Wakefield Research

20%

40%

60%

80%

100%

2014 2015 2016 2017 2018 2019 2020 Q1 Suburban (%) YTD

In 2017 & 2018, over two-

thirds of Class A absorption was in CBD submarkets.

Source: Cushman & Wakefield Research

2009 Q3, 212.3

2019 Q4, 192.7

190

195

200

205

210

215

20 08

Q 1

20 09

Q 1

20 10

Q 1

20 11

Q 1

20 12

Q 1

20 13

Q 1

20 14

Q 1

20 15

Q 1

20 16

Q 1

20 17

Q 1

20 18

Q 1

20 19

Q 1

TRANSPORTATION AND COMMUTING

• Even though most U.S. workers commuted via cars and public transportation ridership remained stagnant in a pre-COVID-19 world, there continued to be a premium for office buildings located close to public transportation. This is true in large gateway CBDs as well as historically car-centric markets.

• In a post-COVID-19 world, however, commuters reentering their workplace are going to be more reticent to utilize public transportation and ridesharing. In China, as reentry was occurring in March, only a third of public transportation users were using their original mode of transportation, while 40% had shifted to motor vehicles and the rest to walking or biking. Even if these trends remain at only half these levels, there will be reverberations in how people get around and where employers want or need to be for their employees to access the office easily and safely.

MARKET OVERVIEW

Strong Fundamentals Lead to Strong Rent Growth

SAWGRASS CORPORATE PARK MICRO MARKET

WEST BROWARD SUBMARKET

7,347,542 MSF TOTAL OFFICE INVENTORY

10.2% Q3 VACANCY

145,983 SF UNDER CONSTRUCTION

3,923,804 MSF TOTAL OFFICE INVENTORY

7.9% Q3 VACANCY

0 SF UNDER CONSTRUCTION

695K SF ABSORBED SINCE 2010

28% RENT GROWTH

SINCE 2010

26% RENT GROWTH

SINCE 2010

870K SF ABSORBED SINCE 2010

89% 5-YEAR AVERAGE

OCCUPANCY

94% 5-YEAR AVERAGE

OCCUPANCY 0%

10%

15%

20%

25%

30%

35%

40%

$20

$25

$30

$35

$40

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q3

Vacancy

Gross Rent

10%

15%

20%

25%

30%

35%

40%

$20

$25

$30

$35

$40

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q3

Vacancy

Gross Rent

MARKET OVERVIEW

SUBMARKET # OF BUILDINGS INVENTORY DIRECT

AVAILABLE SPACE

SUBLEASE AVAILABLE

SPACE DIRECT VACANCY

RATE DIRECT WTD. AVG. RENTAL

RATES YTD LEASING

ACTIVITY UNDER

CONSTRUCTION

Ft. Lauderdale CBD 42 5,349,612 761,819 73,728 14.20% $43.01 125,462 312,338

Suburban Broward County 321 22,751,004 2,549,882 220,073 11.20% $30.78 685,526 725,210

Cypress Creek/Commercial 85 6,249,100 804,013 118,681 12.90% $28.57 208,869 0

Hollywood/Hallandale 39 2,964,173 408,821 16,433 13.80% $31.82 99,906 429,227

WEST BROWARD 91 7,347,542 753,072 57,433 10.20% $32.38 187,370 145,983

Sunrise 36 3,161,135 264,093 40,095 8.40% $32.36 72,213 0

Plantation 40 3,348,944 388,148 17,338 11.60% $31.84 101,416 145,983

Weston 15 837,463 100,831 0 12.00% $33.78 13,741 0

NORTHEAST BROWARD 38 1,766,644 173,872 5,333 9.80% $26.57 47,753 150,000

Pompano Beach 17 665,953 98,221 2,000 14.70% $24.77 33,651 150,000

Deerfield Beach 21 1,100,691 75,651 3,333 6.90% $28.91 14,102 0

SOUTHWEST BROWARD 39 2,916,139 285,707 22,193 9.80% $35.65 118,507 0

*Pembroke Pines/Cooper City 16 868,535 134,193 0 15.50% $33.87 78,822 0

Miramar 23 2,047,604 151,514 22,193 7.40% $37.06 39,685 0

NORTHWEST BROWARD 29 1,507,406 124,397 0 8.30% $28.05 23,121 0

Coral Springs 21 1,178,839 114,519 0 9.70% $29.08 19,638 0

Tamarac/Margate 8 328,567 9,878 0 3.00% $16.26 3,483 0

BROWARD TOTALS 363 28,100,616 3,311,701 293,801 11.80% $33.85 810,988 1,037,548

BROWARD COUNTY OFFICE STATISTICS 2020 Q3 MARKET OVERVIEW

COMPETIVE SET

SUNRISE CORPORATE PLAZA I SAWGRASS LAKE CENTER LAKE SHORE PLAZA II

Address 1300 Sawgrass Corporate Pkwy

Sunrise, FL 13450 W Sunrise Blvd

Sunrise, FL 1300 Concord Ter

Sunrise, FL

Year Built 1999 2000 2008

Building Size 107,304 239,373 128,470

Occupancy 95.4% 88.4% 68.9%

Asking Rate $22.00 - $23.00 NNN $24.50 - $25.00 NNN $24.50 NNN

Parking Ratio 4.8/1,000 (surface) 4.7/1,000 (structured) 4.4/1,000 (surface)

Stories 3 6 5

Floorplates ± 32,000 SF ± 40,000 SF ± 26,000 SF

53MARKET OVERVIEW | 53

COMPETIVE SET

1551 SAWGRASS CENTRE 1560 SAWGRASS CENTRE LAKE SHORE PLAZA

Address 1551 Sawgrass Corporate Pky

Sunrise, FL 1560 Sawgrass Corp Pky

Sunrise, FL 1301 International Pkwy

Sunrise, FL

Year Built 1997 2000 2006

Building Size 92,243 93,631 140,160

Occupancy 100% 97.3% 98.0%

Asking Rate $23.50 NNN $23.50 NNN $23.00 NNN

Parking Ratio 4.7/1,000 (surface) 4.4/1,000 (surface) 4.0/1,000 (surface)

Stories 4 4 5

Floorplates ± 26,000 SF ± 23,000 SF ± 28,000 SF

COMPARABLE OFFICE SALES

SAWGRASS VILLAGE SAWGRASS CENTRE PORFOLIO CORPORATE CENTER II

Address 789-799 International Pky

Sunrise, FL 1550-1601 Sawgrass Corporate Pky

Sunrise, FL 1571 Sawgrass Corporate Pky

Sunrise, FL

Sale Date November-19 October-19 March-19

Price $32,650,000 $80,250,000 $20,800,000

Building SF 112,456 348,891 91,221

$ PSF $290 $230 $228

Cap Rate 5.90% 5.10% 7.64%

Occupancy 100% 94% 98%

Year Built 1999 1997-1999 1998

Buyer MG3 Brookdale Vanderbilt JV Barron Colliers

Seller RREEF M-M Properties UBS

Parking 4.9/1,000 (surface) 4.5/1,000 (surface) 4.4/1,000 (surface)

55MARKET OVERVIEW | 55

COMPARABLE OFFICE SALES

SAWGRASS POINTE II BALFOUR BEATTY CENTER SAWGRASS LAKE CENTER

Address 1200 Sawgrass Corporate Pky

Sunrise, FL 7901 SW 6th Ct Plantation, FL

13450 W Sunrise Blvd Sunrise, FL

Sale Date September-18 July-18 March-18

Price $27,250,000 $18,500,000 $57,400,000

Building SF 92,362 79,719 239,373

$ PSF $295 $232 $240

Cap Rate 7.34% 6.50% 5.90%

Occupancy 100% 87% 80%

Year Built 2008 2001 2000

Buyer Barron Collier Companies Green Companies ARA/Foundry

Seller Starwood Capital Group TA Realty Long Wharf RE Partners/Foundry

Parking 4.5/1,000 (surface) 4.0/1,000 (surface) 4.7/1,000 (structured)