METHODOLOGY AND TERMS OF USE Methodology JLL leverages proprietary leasing data with a blend of public, government-issued and third-party sources to produce our economic and market reports. Office inventory spans 50+ U.S. local markets and is generally limited to investment-grade assets larger than 30,000 s.f., excluding medical office and owner-occupied assets. Net absorption is recognized upon lease commencement and/or physical move-in, not lease sign date. Vacancy is recognized upon physical move-out or lease expiration date, not the time at which space is advertised for lease. All sources are deemed reliable, but in some cases, information cannot be independently verified. Use and reliance This independent market review (IMR) was prepared by JLL Americas, Inc. The content of this report is for informational purposes only and should not be relied upon for professional investment advice, which should be sought from JLL independently prior to acting in reliance upon any such information. The thoughts and opinions expressed herein have been made in good faith and are believed to be reliable, but actual results may materially differ from any commentary considered forward-looking. JLL disclaims any liability with respect to any claims that may arise from any errors or omissions, or from providing such advice, opinion, judgement or information. All rights reserved. No part of this report may be reproduced or retransmitted, in any form or by any means, without prior written consent from JLL. Sales Transactions (2024, over $15.0 million, excludes entity-level sales) Building Market RBA(s.f.) Sales price ($) Price p.s.f. Buyer Seller Port. 5 Harborside Pl New Jersey 977,225 $85,075,000 $87 601W Companies Veris Residential No 2020 Main St Orange County 267,000 $53,715,000 $201 MGR Real Estate PGIM Real Estate No 5 Peters Canyon Rd Orange County 156,305 $40,578,300 $260 TP-Link USA GEM Realty No 15131 Alton Pkwy Orange County 178,000 $18,640,123 $105 City of Hope Medical Five Point Yes 17305 Von Karman Ave Orange County 43,000 $15,300,000 $356 John Keskin Scott Cornell; Kwangho Han No 433 S Farmer Ave Phoenix 184,000 $56,200,000 $305 Cross Ocean Partners Mortenson Development No 3200 N Central Ave Phoenix 338,411 $24,480,000 $72 Younan Properties Bridge Investment Grp No 6955 W Morelos Pl Phoenix 170,647 $16,836,380 $99 Ryan Companies Landwin No 8123 S Hardy Dr Phoenix 56,240 $15,650,000 $278 Dean B Van Kirk Fundrise eREIT No 2000 K St NW Washington, DC 233,292 $140,200,000 $601 Spear Street Capital Tishman Speyer No 2101 L St NW Washington, DC 380,000 $110,100,912 $290 BG Ventures JBG Smith No 1700 Pennsylvania Ave NW Washington, DC 208,622 $100,533,000 $1,025 Spear Street Capital Klock Family No 800 17th St Washington, DC 365,000 $82,710,431 $452 NBIM TIAA-CREF Yes 1200 New Hampshire NW Washington, DC 274,000 $70,800,000 $258 Brookfield AM BentallGreenOak No 2001 Pennsylvania Ave NW Washington, DC 150,783 $35,000,000 $232 GWU Carr Properties No 2001 L St NW Washington, DC 167,000 $30,550,000 $183 Melrose Solomon LaSalle No 1776 K St NW Washington, DC 198,101 $27,945,000 $141 OTO Development Vornado No 11350 Random Hills Rd Washington, DC 177,642 $27,800,000 $156 550 Sunnyside Road Novel Office No 1899 L St NW Washington, DC 139,305 $26,650,000 $191 Taicoon Property BlackRock No 1201 Connecticut Ave NW Washington, DC 173,688 $21,500,000 $124 Duball LLC KeyCorp No 1616 H St NW Washington, DC 48,174 $16,916,110 $351 Ryan Lambert NGOPH No Active Development Pipeline Building Market Submarket RBA (s.f.) Developer Spec/BTS Completion Science Square Atlanta Midtown 368,258 Trammell Crow Company Spec 2024 1072 W Peachtree St NW Atlanta Midtown 224,000 Rockefeller Group Spec 2026 The Broadway Trade Center Los Angeles CBD 950,400 Waterbridge Capital LLC Spec 2026 Forge at Alloy Los Angeles CBD 105,000 Carmel Partners Spec 2024 Stanford Wholesale Mart Phase II Los Angeles CBD 60,000 Stanford Mart LP Spec 2026 Lincoln Medical Building Los Angeles CBD 47,000 Oppidan LLC Spec 2026 Arts and Power House Building New Jersey Hudson Waterfront 114,318 KABR Real Estate Investment Partners Spec 2025 Rural Rd & University Dr Phoenix Tempe 165,000 Ryan Companies Spec 2024 INDEPENDENT MARKET REPORT By JLL as at 31 December 2024 54 | MANULIFE US REIT
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