Manulife US REIT - Annual Report 2021

ANNUAL REPORT 2021 29 Diablo Technology Park This five-building office campus in Tempe, Phoenix caters to the expanding creative, technology, education and healthcare tenants in the broader Phoenix market. The property features large, flexible floorplates, a state-of- the-art fitness centre and full-service café, indoor and outdoor amenity areas, ample parking, and excellent visibility and frontage along the I-10 freeway. It also has potential data centre capabilities due to an abundance of power and cooling capacity. Tempe is one of the strongest submarkets in Phoenix where rents achieved a +18.1% premium versus the rest of Phoenix in 2021 1 . During COVID-19, it achieved record levels of net absorption and stable occupancy. Park Place This office campus in Chandler, Phoenix consists of two Class A office buildings. Completed in 2019, it is a new 100.0%-leased property occupied by three major credit tenants, namely Voya Services Company, Toyota Motor Credit Corp and Fresenius Management Services. The property offers abundant natural light, high finished ceiling heights, an efficient and flexible floor plate that can accommodate different tenant requirements, a three-storey lobby atrium, a conference centre, courtyard, outdoor gathering area and adequate parking, including a one-storey covered parking garage and solar canopy stalls. Chandler is a semiconductor/tech nexus that attracts high- tech companies relocating or expanding from higher cost markets. It boasts large modern offices at attractive rents, making it a magnet for large corporates. Tanasbourne Commerce Center This three-building office campus in Hillsboro, a submarket of Portland, the largest city in Oregon, is 100.0%-leased to major credit tenants with science, technology, engineering, and mathematics or technology, advertising, media and information roots, namely Nike, Kaiser Permanente and Tokyo Electron. The three buildings were recently renovated in 2015, 2017 and 2020, respectively, and are located close to a variety of shopping and food and beverage options. Portland is also known as the Silicon Forest of the U.S., as it is a low-cost alternative to the West Coast for large tech companies and has seen 46.6% growth in rents from 2015 to 2021 1 . It is home to leading athletic and sports brands such as Nike, Adidas, Under Armour, and Columbia Sportswear. 1 JLL Independent Market Review, November 2021.