Manulife US REIT - Annual Report 2021

ANNUAL REPORT 2021 57 Leasing Activity (Hudson Waterfront And Meadowlands) Tenant Address Class Lease type Size (s.f) Roar Digital 200 Hudson Street A New Lease 50,000 Avepoint 525 Washington Boulevard A Renewal 15,467 Fork & Goode 95 Greene Street A New Lease 11,855 RWJ Barnabas Health 95 Greene Street A New Lease 11,235 Office sales (Hudson Waterfront And Meadowlands) Building RBA (s.f) Sales Price (US$) Price ($ p.s.f.) Buyer Seller 324 Palisade 25,000 8,400,000 $337 KSPF 324 Palisade LLC Active Development Pipeline (Hudson Waterfront And Meadowlands) Building Developer Spec/BTS Completion RBA (s.f) Anchor Warren at Bay Kushner Spec 2022 112,630 - New Jersey Market Data Anemic leasing activity and tenant demand is being countered by an extremely thin pipeline, which is helping to mitigate additional potential oversupply. One of only two speculative projects underway throughout Northern New Jersey – Kushner’s Warren at Bay – is taking place in Jersey City, albeit without an office tenant in advance of its mid-2022 delivery. Outlook TheHudsonWaterfront and theMeadowlands will continue to see soft office market conditions in the coming quarters, compounded by the macroeconomic and structural challenges facing the Northern New Jersey office market, particularly outflows of talent to lower-cost geographies and competition with New York City. At the same time, the state’s economic development and incentives packages are some of the most favorable nationally and are likely to help keep activity stable in the face of headwinds. Additionally, Jersey City’s population growth and housing development over the past decade has been among the highest nationally, and greater housing affordability will be key to maintaining a skilled employee base.