Manulife US REIT - Annual Report 2021

ANNUAL REPORT 2021 61 Leasing Activity (Irvine) Tenant Address Class Lease type Size (s.f) Verizon 15505 Sand Canyon Avenue A Renewal 119,049 Amazon 17300 Laguna Canyon Avenue A New Lease 116,260 Genesis 15555 Laguna Canyon Avenue A New Lease 105,600 JP Morgan Chase 3 Park Plaza A Renewal 96,211 TYVAK 400 Spectrum Center Drive A Sublease 89,068 Bandai Namco 15550 Sand Canyon Avenue B New Lease 69,647 Accurate Background 7515 Irvine Center Drive B New Lease 63,415 Super73 2722 Michelson Drive A Sublease 61,582 Office sales (Irvine) Building RBA (s.f) Sales Price (US$) Price ($ p.s.f.) Buyer Seller 1-3 Glen Bell Way 273,180 159,000,000 $582 Skyline LBA Apha IDG Portfolio 108,916 40,200,000 $369 MicroPort Alpha IDG Skypark Business Center 82,748 24,100,000 $291 DJ Sky Park Koll 17891 Cartwright Road 29,058 10,400,000 $358 Ian Russell 17891 Cartwright LLC Active Development Pipeline (Irvine) Building Developer Spec/BTS Completion RBA (s.f) Anchor Spectrum Terrace (Phase 3) Irvine Company Spec 2022 374,256 TGS Innovation Park Irvine Company Spec 2022 256,000 - Orange County Market Data asking rents dipped slightly in Q3 and Q4, but are likely to rebound as vacancy remains in check and the recovery continues incrementally throughout 2022 and into 2023. A more attractive cost basis and better macroeconomic performance also led to continued investor interest in Irvine. Skyline’s purchase of 1-3 Glen Bell Way for US$159 million was the largest single sales transaction in Irvine in 2021 and one of the most expensive at US$582 per square foot. Additionally, it only slightly fell short of being the largest in Orange County during the year, edged out by the sale of 275 Valencia Avenue in Brea. Outlook Irvine will continue to be one of the premier submarkets in both Orange County and Southern California as a whole given its concentration of key tenants in both traditional (finance, professional services) and emerging (tech, advanced manufacturing, aerospace) industries. Limited new construction will bring fundamentals back into check faster than the market overall.