Manulife US REIT - Annual Report 2021

ANNUAL REPORT 2021 53 Leasing Activity (Buckhead And Midtown) Tenant Address Class Lease type Size (s.f) Swift Currie 1420 Peachtree Street NE A New Lease 98,831 Novelis 1 Phipps Plaza Trophy Relocation 95,742 Cisco 756 W Peachtree Street NW Trophy New Lease 93,398 Visa 1200 Peachtree Street NE A New Lease 61,380 MacDermid 400 Chattahoochee Row NW A New Lease 45,000 Wipro 3535 Piedmont Road NE A Renewal 34,534 Office Sales (Buckhead And Midtown) Building RBA (s.f) Sales Price (US$) Price ($ p.s.f.) Buyer Seller 999 Peachtree Street NE 621,217 223,900,000 $360 Piedmont Franklin Street The Campanile 625,000 185,600,000 $297 Dornin Dewberry Pershing Point Plaza 409,579 73,200,000 $179 FullG Dilweg Piedmont Place 91,333 21,800,000 $239 Foundry Butters Active Development Pipeline (Buckhead And Midtown) Building Developer Spec/BTS Completion RBA (s.f) Anchor Midtown Union Granite Spec 2022 588,079 Invesco 760 Ralph McGill Boulevard NE New City Spec 2022 475,000 MailChimp 1 Phipps Plaza Simon Spec 2022 340,000 Novelis 14 th & Spring Greenstone Spec 2022 320,089 - Echo Street West Lincoln Spec 2023 255,338 - Interlock (Phase 2) SJ Collins Spec 2023 209,174 - Allied Studios Jamestown Spec 2022 145,000 - Atlanta Market Data a whole. Vacancy is also still below its previous peak of 24.2% during the financial crisis. Investment sales remained consistent in the face of sustained uncertainty, with US$504.5million in transactions larger than US$20 million across the two submarkets over the past six months. The sales of 999 Peachtree and The Campanile were the third- and fifth-largest of the year for Atlanta after Cousins’ record-breaking purchase of 725 Ponce in June and Blackstone’s acquisition of the Anthem Technology Center in May. Outlook Buckhead and Midtown are the hubs for the region’s construction pipeline, housing 2.5 million sq ft of development. A number of large-scale projects will deliver over the course of 2022, highlighted by Midtown Union, 760 Ralph McGill and One Phipps Plaza, which will be anchored by Invesco, MailChimp and Novelis, respectively. As has been the case in recent years, development activity in Midtown is spreading beyond the traditional urban core into peripheral areas, particularly for creative supply. Continued construction will keep vacancy elevated as new blocks hit the market and relocating tenants vacate new supply, although this will be countered by continued inbound migration.