April 9, 2020 Mr. Hunter Barrier, Mr. Dave Knoll, Mr. Rich Leisy and Mr. Brian Brooke Ryan Companies US, Inc. 100 Congress Avenue, Suite 100 Austin, TX 78701 Re: Proposal for Landlord Representation Dear Ryan Team, AQUILA Commercial is pleased to submit the following response to Ryan Companies’ request for proposal for landlord representation for Tower 5C and 321 West. We have assembled a highly qualified and deeply integrated team with the combined experience, insights and marketing horsepower to successfully guide the lease-up of these prime office developments. We believe that Tower 5C and 321 West each provide compelling locations and a template for the dynamic office experience demanded by today’s tenants, and we’re excited for the opportunity to bring these properties to market. That said, as our research and forecasting show, we are entering a new, more competitive chapter in Austin’s CBD. Inevitably, fallout from the coronavirus will exacerbate this condition. So, while over the last cycle, new construction in and of itself presented the market with a differentiated product and tenant experience relative to the existing CBD inventory, this is becoming much less the case. The supply side is as dynamic as we’ve seen it and, in light of ongoing events, anticipating demand in this moment has never been more challenging. To that end, we’ve built you a tool to help visualize the future and navigate this landscape over the life of these projects. Developers downtown are rebooting strategies and branding as they determine they’ve missed the mark. And, looking to the future, we believe a clear understanding of the end user and a precise, multi-channel marketing campaign are critical to any venture geared toward outperforming the market itself. While our firm can point to CBD success stories this cycle, it is really in this new marketplace – where differentiation will be key – where AQUILA separates itself. Our firm was forged in the teeth of the last recession: a period in which we leveraged our skills and resilience to become Northwest Austin’s largest third-party brokerage firm. We’ve set the standard in Southwest Austin for the last decade. And it is our obsession with differentiation that led us to become the most active real estate firm on Austin’s Eastside, brokering approximately 20% of all office transactions within the submarket to date. Differentiation is in our DNA. We are beyond eager and excited to reset the bar downtown alongside your team, and we are deeply grateful to be considered for what we believe we do best. Gratefully,

Ben Tolson Bart Matheney Bethany Perez Executive Principal Managing Principal Principal

PROPOSAL FOR LANDLORD REPRESENTATIONTOWER 5C & 321 WEST

April 2020

Chapter 1 Get to Know AQUILA 4

Chapter 2 Team Experience 10

Chapter 3 Downtown Austin Office Market & Achievable Lease Terms 16

Chapter 4 Emerging Trends 20

Chapter 5 Competitive Positioning of the Ryan Projects 24

Chapter 6 Marketing & Leasing Plan 32

Chapter 7 Fee Proposal 44

Chapter 8 Conflicts or Competitive Representation 46

Appendix Exhibit A: Full Team Bios 47

Exhibit B: Relevant Austin Office Market Report Excerpts

Exhibit C: Competitive Set

TABLE OF CONTENTS

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CHAPTER 1:GET TO KNOW AQUILA

ABOUT AQUILAFounded in 2007 in Austin, Texas, AQUILA Commercial is a full-service commercial real estate firm specializing in office, industrial, retail and land transactions in the Central Texas market. AQUILA Commercial is the rare combination of a boutique firm with institutional capabilities. We are culturally driven. We only hire, retain and partner with best-in-class professionals who are passionate about commercial real estate and maintain the highest level of integrity and pride in their work. We don’t pursue or accept every assignment; rather, we prioritize our focus on projects where we can make a difference and drive value.

AQUILA offers clients full-service real estate solutions, providing tenant representation, property acquisition and disposition services, project leasing, and asset, property and project management services for office, land, industrial and retail properties.

We lease and manage a portfolio of over 10 million square feet and work with a number of the market’s premier tenants, investors, landlords and developers. Today AQUILA represents over 550 corporate clients.

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LANDLORD REPRESENTATION TEAM The project team will be composed of three AQUILA principals: Ben Tolson, Bethany Perez and Bart Matheney. Full bios for each team member can be found in Exhibit A.

Ben TolsonExecutive Principal, Asset Services

Ben is persistent, strategic and always thinking ahead. He works toward strategies that are best for his clients and their properties tomorrow, next year and ten years down the road.

Ben is one of AQUILA’s youngest brokers to be named Principal and, in his current role, is charged with shaping and leading the growth and long-term strategies for the firm across all asset-focused business lines. Read Full Bio »

Bethany PerezPrincipal

Bethany has a reputation for trustworthiness, reliability and follow through. But make no mistake: She’s also a sharp negotiator and tireless advocate for her clients.

Bethany specializes in office leasing, and her primary responsibilities include bringing in new business, developing landlord relationships, and leasing and marketing properties while obtaining the most favorable terms for the landlord. Read Full Bio »

Bart MatheneyManaging Principal

Bart Matheney is one of AQUILA’s founding principals and has been a major player in the Austin commercial real estate industry for decades. An Austinite since the 70s, Bart knows the city and its real estate market like the back of his hand, and his relationships in the town run deep.

He specializes in office leasing and investment sales, but has a hand in tenant representation as well, having represented a number of premier Austin tenants including Charles Schwab, Freescale, and Dun and Bradstreet. Read Full Bio »

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MARKETING & MARKET RESEARCH TEAMThe project team will be supported by AQUILA’s robust in-house marketing department. Ryan Companies and AQUILA’s leasing team will also have direct access to support and intelligence from AQUILA’s market research department.

Kendall GuinnChief Marketing Officer

Kendall is the force behind AQUILA’s marketing machine and an innovator in the commercial real estate marketing space.

As CMO, Kendall owns the firm’s enterprise level go-to-market strategy. Kendall’s deep background in branding, digital and inbound marketing for real estate give AQUILA and our clients a cutting-edge advantage over the competition. Read Full Bio »

Lauren LittleDirector of Marketing

Lauren is AQUILA’s marketing rockstar. She’s the full package: strategic, efficient and creative to boot.

Lauren leads the charge on property and corporate marketing initiatives for the firm, overseeing branding, content management and production, special events, public relations, social media, and web and email marketing. Read Full Bio »

Patrick MorrisonVideo Producer

Patrick is the man behind – and sometimes in front of – the camera at AQUILA; he brings our work to life on the screen through his dynamic and engaging videos.

Patrick leads the company’s award-winning video and photography efforts, telling real estate stories that engage and educate. Read Full Bio »

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Kirk SilasMarket Research Analyst

Kirk is the mastermind behind AQUILA’s wealth of market intel. He continuously delves into data and crunches the numbers to provide our team and our clients with the latest market insights and most in-depth analysis.

Kirk works diligently to maintain AQUILA’s proprietary database of lease and sales comps as well as quarterly market performance statistics. Read Full Bio »

Kathleen BrennanMarketing Coordinator

Kathleen is AQUILA’s resident creative. She has a keen eye for design and excels at keeping AQUILA looking professional and polished.

Kathleen leads design and branding, creating compelling and visually dynamic marketing materials for AQUILA and its properties. She handles in-house graphic design projects, including property marketing collateral, email design, business development and brand materials. Kathleen also assists with event planning and email marketing. Read Full Bio »

Alexa RussellMarketing Coordinator

Alexa is a content marketing enthusiast who believes in the power of storytelling and the importance of educating and empowering your audience to make informed buying decisions.

Alexa puts her knack for writing to good use at AQUILA, acting as the in-house content manager producing, editing and managing content for the AQUILA Learning Center. She also leads AQUILA’s social media campaigns and coordinates all corporate and client events. Read Full Bio »

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OUR CULTURE CODE AQUILA’s Culture Code guides what we do and how we do it, and it helps to frame decision making in both the short and long term.

View Our Culture Code »

REPRESENTATIVE CLIENTSAQUILA represents a diverse spectrum of institutional developers, investors and operators. Select clients include:

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The AQUILA Culture Code

I take pride in the AQUILA name. I am unwavering in my commitment to our founding principles of knowledge, agility, passion and collaboration.

We evaluate every action with the long view in mind: for our company, our clients and our community.

Collaboration is what sets us apart from our competition. Through honest communication, we build relationships and trust with each other

and with our clients. I understand communication is key to both personal and company success. Communication starts with me.

We are competitive, results -driven and fight to win at every opportunity. I relentlessly prepare and I will not be outworked.

Yesterday’s successes are never enough.

The constant pursuit of improvement is where we find our edge. I will always seek out new ideas and better processes.

It is my responsibility to always be learning and to share what I learn.

I do what I say, and I do what’s expected of me the first time, every time. My coworkers will hold me accountable to this standard,

and they can count on me to do the same.

I understand every position plays an important role. I believe that no one person’s time is less important than my time.

I succeed because of my teammates.

We are not a team simply because we work together. We are a team because we respect, trust and care for one another

– and we have FUN doing it.

Because of our commitment to the AQUILA Culture Code, we are committed to living these values:

• AQUILA Pride

• Long View

• Relentless Preparation

• Competitive & Results Driven

• Work Ethic

• Collaboration

• Communication

• Constant Improvement

• Knowledge Sharing

• Accountability

• Respect

• Fun!

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CHAPTER 2:TEAM EXPERIENCE

The following are select examples of past work we believe to be relevant to Ryan’s Austin projects. We’ve broken these examples into three thematic categories and highlighted essential elements we believe to be most pertinent to Ryan’s projects. Links to full case studies are also provided.

These three thematic categories include:

• Differentiation: Positioning and Marketing

• Experience Leasing Buildings Confronted with Obsolescence

• Proof of Capabilities: CBD Tower Leasing and Ground Up Development

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7700 Parmer

In 2008, AQUILA sourced to San Francisco based Spear Street Capital the acquisition of Northwest Austin’s 1.1-million-square-foot Motorola/Freescale campus. AQUILA worked with Spear Street to position and present – through the refinement and enhancement of single-tenant campus amenities – the project to the market as the “campus setting you would build for yourself.” We recruited third-party fitness operators and West Coast food providers, super-charged the programmatic experience across the many on-site experiences, and, in direct competition with the Domain, attracted the city’s strongest rent roll which still includes: Google, PayPal, eBay, Oracle, Dun and Bradstreet, Polycom, and Deloitte. Read the Full Case Study »

801 Barton Springs

Generational Commercial Properties acquired a development site at 801 Barton Springs with plans to go spec on a 90,500-sf Class A office development. The site, located just south of the river, along a prime section of Barton Springs Road, had an existing stigma attached to it as a site that never had any traction. (Continued on next page.)

Submarket: South Central

Size: 90,500 SF

Submarket: Northwest

Size: 1.1 million SF

DIFFERENTIATION: POSITIONING AND MARKETINGAs outlined in our cover letter, AQUILA’s roots are in differentiation. We specialize in the strategic positioning of a project and its presentation to the marketplace, in addition to differentiating our own business as the premier Austin commercial real estate services firm in a crowded marketplace.

We recruited third-party fitness operators and West Coast food providers, super-charged the programmatic experience across the many on-site experiences, and,

in direct competition with the Domain, attracted the city’s strongest rent roll.

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The Terrace

AQUILA was hired in 2010 to boost property performance and drive leasing. Over a 10-year run at the project, AQUILA employed a variety of marketing and leasing tactics to establish the four-building, South Mopac campus as a premier office location and a natural refuge from downtown density and rates for Austin’s best professional services firms.

From the inception of our time at The Terrace, we out-performed our competitive set (7.5% higher on average between 2Q 2010 and 4Q 2018) and drove value across the project.

Read the Full Case Study »

Submarket: Southwest

Size: 618,812 SF

Our campaign was always geared in two directions: toward attracting wealthy decision makers in west Austin neighborhoods and toward

providing a dynamic face to the project so those decision makers could feel confident in attracting their workforce to The Terrace.

It was AQUILA’s job to rebrand the project to ensure the market knew it was real, while also playing up the ideal location and plethora of surrounding amenities.

AQUILA developed cutting edge marketing materials for the time – including a custom brand, website and video – and engaged the market by inviting them to meet with the developer in order to ensure the project was seen as a real development.

The building broke ground in July 2016, and while the building was still under construction, AQUILA was able to secure a 20-year lease for the entire building to WeWork with rates $7/sf above the proforma. Furthermore, the transaction provided for WeWork’s purchase of the project upon completion – effectively leading the end user to purchase the value created by its lease.

Read the Full Case Study »

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EXPERIENCE LEASING BUILDINGS CONFRONTED WITH OBSOLESCENCEIf you believe the adage that the best defense attorneys are former prosecutors, you’ll recognize the team best suited to stripping tenancy from an outdated vintage of office buildings is a team that has directly confronted the challenges of leasing these buildings. These challenges include compromised views in an ever-taller CBD, multiple elevator banks and transfer floors, inefficient parking and floor layouts, and under-designed restrooms and mechanical systems.

301 Congress

AQUILA was hired by Hines in 2007 (and subsequently engaged by CommonWealth Partners after their acquisition of the building in 2010) to reposition 301 Congress to compete with the CBD’s top Class A buildings, raise rates and battle significant roll on the lower floors – while the economy was just beginning to emerge from the Great Recession. We set out to target a firm that was technology-focused, expansion-oriented and had growth potential to absorb more space. After targeting and pursuing several firms that met the profile, AQUILA landed on WhaleShark (now RetailMeNot), an Austin Ventures backed local startup that was making waves in the technology sector and a darling of the venture capital world. The initial lease with WhaleShark was 20,000 sf (entire seventh floor). Over the next four years, the leasing term expanded RetailMeNot into floors 4, 5, 6 and 8 (+/- 95,000 sf on five contiguous floors) which involved relocating a number of existing tenants to accommodate RetailMeNot’s full-floor expansion program. Read the Full Case Study »

919 Congress

Our team focused on attracting several influential and trend-setting public relations and lobbying firms to the building (i.e Texas Lobby Group). The identification of key “catalyst” tenants launched a strong, inter-connected cluster of tenants doing business around the Capitol that remains today.

Submarket: CBD

Size: 189,000 SF

Submarket: CBD

Size: 446,839 SF

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PROOF OF CAPABILITIES: CBD TOWER LEASING AND GROUND-UP DEVELOPMENTAQUILA has the technical knowledge and relevant experience in product types relevant to Ryan’s assets.

210 West 7th

210 West 7th, the University of Texas System’s building in downtown Austin, presented a specific challenge and had a limited tenant pool because of the unique security requirements and its perception to the market as an owner/occupier building. The team secured Army Futures Command and Homeservices as tenants to take approximately 59,000 sf, a perfect fit for the secure, professional office property.

Submarket: CBD

Size: 342,000 SF

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East 6

Achieved 100% pre-lease before ground-breaking to GoDaddy and executed on a sale of the building prior to its delivery.

Read the Full Case Study »

Aspen Lake Two & Three

After sourcing the land underneath the two-building development to Patrinely Group, each project delivered 100% leased.

Capstar Plaza (now JLL Plaza)

AQUILA set local records for both rental rates and sales price in Austin, despite breaking ground in 2008 in the teeth of the last recession.

Read the Full Case Study »

Submarket: CBD

Size: 189,000 SF

Submarket: East

Size: 115,000 SF

Submarket: Northwest

Size: 260,000 SF

SECTION X:ADD ADD ADD ADDADD ADD ADD

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AQUILA’s tagline is No One Knows Austin Better®, and it couldn’t be more true.

AQUILA publishes Austin’s premiere report on the Austin office market which is distributed quarterly to over 2,200 subscribers and has been downloaded over 2,600 times.

Our quarterly analysis of the CBD is available on pages 22 through 29 of this report, and building breakdowns and historical data for the CBD submarket is available in the report’s appendix on pages 56 through 59. These pages can be found in Exhibit B.

CHAPTER 3:DOWNTOWN AUSTIN OFFICE MARKET & ACHIEVABLE LEASE TERMS

Austin’s Premiere Office Market ReportAQUILA uses data to help our clients make informed decisions. Check out our latest Office Market Report to get insights into Austin’s commercial real estate scene.

Download AQUILA’s 4Q 2019 Austin Office Market Report »

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AUSTIN CBD DEVELOPMENT FORECASTAQUILA has created two tools to provide a framework to understand what achievable lease terms are in the future. Given the COVID-19 outbreak and related uncertainty, these models are especially relevant as they allow you to adjust assumptions to understand what market demand and rates may look like in various economic scenarios.

The first of these tools is our CBD Development Forecast. In two of the scenarios presented, we still see a future where there is a demand for new supply. But we also see an increasingly competitive landscape that will require a more aggressive approach than we’ve seen downtown over the course of the most recent cycle. We have designed this tool to be interactive and to help frame this future landscape in your minds.

One interactive element within this model is the ability to turn “on” and “off” future deliveries which will key different absorption outcomes in the future (for example, to see how the market might react if The Republic is not delivered in 2023, simply deselect it from the filter on the right). Tracked deliveries match our development pipeline, which we update quarterly. These include projects that have already broken ground as well as projects that have yet to break ground but are anticipated to do so in the near future. For projects currently under construction that have successfully preleased space, we have adjusted their square footage to reflect the space still available.

Our absorption forecast uses the historical relationship between absorption in Austin’s CBD and job growth in the Austin-Round Rock MSA. Over the past five years, 1% of job growth has resulted in roughly 180,000 sf of net absorption, so we have carried this assumption forward in our model.

The second segment of this tool forecasts full-service rental rates and vacancy rates, both of which are impacted by future deliveries and absorption. The vacancy forecast is based on today’s vacancy combined with the delta between square feet delivered and square feet of absorption. The full service rate forecast is based on a regression using historical data from 2004 to 2019. This regression has been accurate within 2% of actual market rates since 2004.

CBD Development Forecast Interactive ToolThis tool is interactive and is best viewed digitally.

View the Tool Online »

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Finally, we have provided three market growth scenarios from which to choose. You can select the scenario via the drop down menu at the top right corner. The specifics of each scenario are outlined below. Generally, though, each scenario can be viewed as follows:

• Downside – job growth and subleasing conditions akin to those seen in the years following the tech bust

• Base Case – job growth and subleasing conditions akin to those seen in the years following the Great Financial Crisis

• Upside – a quick return in 2021 to job growth and subleasing conditions akin to those prevalent over the last 5 years

Scenario Variable 2020 2021 2022 2023 2024

Downside

Job Growth -3.5% -2.5% 0.5% 3.3% 2.2%

Sublease % of Market 5.0% 5.0% 3.0% 2.0% 2.0%

WeWork Default Space 268,076 SF 0 0 0 0

Base Case

Job Growth 0.0% 1.0% 2.0% 3.8% 2.2%

Sublease % of Market 5.0% 3.0% 2.0% 2.0% 2.0%

WeWork Default Space 67,019 SF 0 0 0 0

Upside

Job Growth 0.0% 3.0% 3.5% 3.2% 2.3%

Sublease % of Market 2.0% 2.0% 2.0% 2.0% 2.0%

WeWork Default Space 0 0 0 0 0

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AUSTIN CBD MARKET SEGMENTATIONThe second tool we have provided should help you better understand the CBD market as it stands today. We looked at the existing inventory downtown and segmented accordingly:

• Competitive buildings built this cycle

• Competitive buildings not built this cycle

• Obsolete* buildings traded this cycle

• Obsolete* buildings not traded this cycle

*Obsolete buildings are defined as older and burdened by few elevators, transfer floors, poor parking ratios, small or inefficient floor plates and a lack of high-end amenities.

We have compiled this list into a tool which allows you to:

• Identify the size of the market most susceptible to our messaging

• Understand implied rent floors for various segments of the market

• Define the relative positioning of the proposed projects within the CBD market

Special attention should be paid to the category of obsolete buildings that traded this cycle. Ownership within this segment of the market is burdened by a cost basis that approximates that of new supply and a host of outdated functional elements.

CBD Market Segmentation Interactive ToolThis tool is interactive and is best viewed digitally.

View the Tool Online »

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CHAPTER 4:EMERGING TRENDS

We recognize the following trends as defining the competitive landscape going forward. Landlords that embrace these dynamics will be better positioned to benefit from the growth of our market. We will begin to explore how best to meet these trends in Section 5.

BUILDING OBSOLESCENCEThere are a number of buildings in the Austin CBD that are quickly trending towards obsolescence.

Fundamentally this trend is driven by building vintage, and it has accelerated over the last cycle as tenants downtown have pursued unprecedented levels of density within leased space. Older buildings simply were not built with the modern user in mind as evidenced by relatively low parking ratios, insufficient air circulation, inefficient floorplates and a shortage of restroom and elevator capacity. In the wake of COVID-19, we fully expect this trend to take on new dimensions and accelerate further.

Crowded elevators and long wait times are driving many downtown buildings towards obsolescence.

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WORKFORCE DIVERSITYThe Austin workforce is generally much more diverse than the real estate and design teams bringing new projects to market. In fact, according to CNN Money, the millennial and Gen Z generations are the most diverse in history: only 56% of the 87 million millennials in the country are white, as compared to 72% of the 76 million members of the baby boomer generation.

We need to make sure our projects reflect this more diverse customer base, especially as companies place more emphasis on diversity in recruiting and hiring. According to Harvard Business Review, companies with higher-than-average diversity reported 19% higher innovation revenues.

Only 40% of women feel satisfied with the decision-making process at their organization (versus 70% of men), which leads to job dissatisfaction and poor employee retention.”

- Fast Company, How These Top Companies Are Getting Inclusion Right »

Adding mothers’ or wellness rooms to office and building design is one way to accommodate diverse tenants.

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RECRUITMENT AND RETENTIONSmart people are capex for knowledge economy employers. Employers today are investing in their people more than anything else. An office building needs to reflect that reality and serve as a recruiting tool for its tenants.

WELLNESSEmployers and employees are prioritizing wellness in their buildings. This can mean many things from abundant outdoor spaces and natural light to intangibles like a sense of community or even technological advances like flexible HVAC systems throughout. We expect this trend to accelerate in the wake of COVID-19 and, perhaps, provide great context for further differentiation of a new project.

Corporate tenants are willing to pay 6% more for offices with abundant natural light.”

- MIT Center for Real Estate and Sustainable Design, The Value of Daylight in Office Spaces »

Outdoor areas and an abundance of natural light can improve tenant wellness, increasing productivity, which, in turn, supports higher rental rates.

Typically, real estate and operating costs are about 20% of the cost of running a company, while the investment in staff salaries is about 80%.”

- Gensler, Dialogue, Insights from the Gensler Research Institute »

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Offering coworking-style spaces is one way landlords can improve tenant retention and help promote productivity within a building.

LANDLORD SERVICESTenants are beginning to want, if not expect, more from their landlords than simply collecting rent and maintaining the property. Two ways we’ve seen landlords provide above-and-beyond service to their tenants include providing on-site concierge management and offering flexible, coworking-style space as an amenity within buildings. Increasing touch-points with tenants drives better tenant retention.

DIFFERENTIATED ON-SITE EXPERIENCEThe tenant experience en route to its premises is of critical importance. From a hospitality-style ground floor to strategic elevator management to improve wait times and tailor tenant experience, tenants want to enjoy every aspect of their office beyond the four walls of their leased space.

The tenant experience begins in the lobby. Landlords are turning to hospitality-quality finishes and furniture to meet growing expectations.

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CHAPTER 5:COMPETITIVE POSITIONING OF THE RYAN PROJECTS

TOWER 5C

Tenant ProfileWe believe the positioning of this building is oriented toward a broader audience than 321 West. While credit and term are important, a project of this size — particularly with a proper elevator banking plan – can accommodate a mix of high-growth tenants alongside an “institutional” tenant base as the ultimate buyer will be seeking office exposure and should be less sensitive to a slightly more fluid rent roll than that of 321 West.

Competitive SetOver the past five years, the downtown office market has seen unprecedented rental growth and strong pre-leasing momentum due to a low vacancy rate environment and high demand for downtown, Class A office space. Now that more product is slated and competition is fiercer, developers will be challenged to provide tenants with an unmatched experience to set new projects apart.

On the following page is a chart that ranks Tower 5C against its competitive set. Tower 5C will mostly compete with newly built Class AA office towers and a few of the iconic towers that have historically set the high-water mark for office rents in Austin.

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The categories we used to evaluate the project include: location, views, access, ground floor experience, on-site amenities, parking and floor plate size. We also believe projects in the future will be compared using standards that will be informed by emerging trends including wellness, design with diversity in mind, and on-site/landlord services.

We set the baseline as Tower 5C and evaluated each building in the competitive set as better, worse or the same as Tower 5C in each category, based on parameters defined below the chart. Understanding how each building ranks against the competition helps us thoughtfully position Tower 5C and differentiate the building among the growing downtown office market.

100 Congress

500 West 2nd

6 x Guadalupe

5th + Colorado

405 Colorado

Indeed Tower 300 W 6th 300

ColoradoColorado

TowerFrost Bank

TowerThird + Shoal

Location

Views

Access

Ground Floor Experience TBD* TBD* TBD* TBD*

On-Site Amenities

Parking

Floor Plate Size

Quoted NNN Rate

$48.00 - $55.00 Neg. $45.00 $46.00 $47.00 -

$48.00 $48.00 $45.00 $47.00 $45.00 $45.00 - $50.00 Neg.

Quoted Opex $28.32 $31.04 $22.90 $30.40 $18.50 $19.00 $29.56 $23.88 $26.85 $30.32 $25.00

Key and Grading Scale

Worse Same Better

Location East of Congress West of Congress West of Congress, on or near 2nd Street District

Views Obstructed views and/or height Downtown, hill country views

Unobstructed lake, downtown and hill country views

Access One access, one-way street One access, two-way street 2 access points

Ground Floor ExperienceStark lobby, lacking community and collaboration areas

Retail component, indoor/outdoor experience + adjacent amenities

On-Site Amenities Anything less

Bike lockers, 5 conference rooms, indoor/outdoor studios, full-service kitchen, outdoor green space, fi tness center, showers, sky terrace, juice bar

+ private tenant balconies, concierge

Parking Less than 2:1000 2:1000 Greater than 2:1000

Floor Plate Size Less than 21,000 SF 21,000 SF Greater than 21,000 SF

*The “TBD” designations suggest that these items are still up to be addressed by way of design, programming and marketing.

See Full Competitive Set in Exhibit C.

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After evaluating Tower 5C among the competition, we believe there is a real opportunity to enhance the ground floor experience and create a vibrant streetscape by enhancing and tuning the retail components. Additionally, while larger floor plates are more desirable due to efficiencies and connectivity, the offset core at Tower 5C can be just as beneficial and will be a differentiator (see SXSW Center for a great precedent). The offset core opens the sightline, brings in more natural light and maximizes the downtown and Capitol views. Also, we think additional tenant balconies should be considered. Based on the emerging trends we found that office tenants, especially in Austin, value the indoor/outdoor connectivity and desire alternative places to work, relax and connect. Lastly, we can enhance the tenant experience through additional landlord services like a concierge and landlord managed/coordinated coworking space, which hasn’t been done yet at this scale.

RELATED TACTICAL RECOMMENDATIONS

Architectural• Consider the introduction of small balconies on certain office floors.

• Evaluate and analyze best locations for internal stairs within tenant spaces.

• Focus on retail bays and development of intentional storefronts that present a merchandising plan for the ground floor that drives value in the tower.

• Evaluate diversity-driven and wellness elements, such as right ground floor tenant mix, different finishes and formats for different gender restrooms, mothers’ rooms, wellness/meditation spaces, activated fitness center (i.e. modern, interactive equipment like Peloton bikes), material selections, and air quality.

Programmatic• Evaluate coworking spaces and engaging the right operating partner. This use will be valuable

to bigger tenants needing project space and as a means to capture tenants that have deferred purchasing decisions.

• Begin devising a plan for management-led concierge services.

• Develop an intentional art program targeted toward a diverse audience that we can use to market the project, even ahead of construction.

Marketing• Translate design benefits to a clear message that helps prospects realize the vision of the design.

• Build a brand identity around the qualities of the building we know align with our customer base (i.e. wellness, thoughtful amenities, precise retail vision, diversity-driven design).

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321 WEST

Tenant ProfileFrom an exit standpoint, the credit profile for the office tenancy in the mixed-use tower is of premium importance. This will underpin the value of the mixed-use, durable cash flow narrative that should realize full value in a yield-hungry capital markets landscape. Lease term, for the same reasons, is also critical to the stability narrative. That said, there are inherently unconventional elements within a mixed-use tower (i.e. shared lobby, diverse amenities, foot traffic beyond that of office tenants and their guests).

It would be our intent to leverage these idiosyncrasies in our marketing and in the tuning of the design to capture “cool credit” tenants. Great templates for considering this tenant base are 901 E. 6th Street, 2010 E. 6th Street and 1801 E. 6th Street, which captured the likes of Pirkey Barber, Ernst & Young, SAS, Mercedes, GoDaddy and Honeywell.

PROPOSAL FOR LANDLORD REPRESENTATION | 29

30 | PROPOSAL FOR LANDLORD REPRESENTATION

Competitive SetThe competitive set for 321 West includes mid-rise office towers and mixed-use projects. We evaluated this project with the same criteria as Tower 5C but added elevator banking – the practice of segmenting a tower by dedicating specific elevators or elevator banks to specific floors and uses.

501 Congress

5th & Colorado

IBC Bank Plaza

The Bowie Offi ces

212 Lavaca St

119 Nueces St

The Quincy

701 Rio Grande St

Location

Views

Access

Ground Floor Experience

On-Site Amenities

Parking n/a n/a

Floor Plate Size

Elevator Banking

Offi ce Only

Offi ce Only

Offi ce Only

Separate Offi ce Entry

Separate Offi ce Entry

Separate Offi ce Entry

Separate Offi ce Entry

Offi ce Only

QuotedNNN Rate $39.50 $46.00 $43.00 $40.00 $42.00 $40.00 $42.00 $44.00

Quoted Opex $25.23 $30.40 $28.55 $23.00 $23.44 $23.00 $13.50 $15.30

Key and Grading Scale

Worse Same Better

Location East of Congress, north of 7th Street West of Congress West of Congress, on or

near 2nd Street District

Views Obstructed views and/or height On top of podium parking (140’ - 242’)

Unobstructed lake, downtown and hill country views

Access n/a One access, one-way street One access, two-way street or 2 access points

Ground Floor ExperienceStark lobby, lacking community and collaboration areas

Retail component, indoor/outdoor experience + adjacent amenities

On-Site Amenities Anything less

2 amenity levels, fi tness, coworking center, conference rooms, library, lounge, pool, multiple terraces, dog run, game area, media/presentation room

n/a

Parking n/a 2:1000 Greater than 2:1000

Floor Plate Size n/a 13,470 SF Greater than 13,000 SF

See Full Competitive Set in Exhibit C.

PROPOSAL FOR LANDLORD REPRESENTATION | 31

The results show that the location, views, on-site amenities and ground floor experience at 321 West will be better than or similar to most of the competition while access and parking, on the surface, may present a relative weakness.

To that end, we would recommend a strategy that taps, for daytime use, some of the multi-family parking. The floorplate size is smaller than the competition, but we don’t see this as a problem given the total size of office in the project. The on-site amenity package for the competition isn’t extensive. However, should Ryan allow office tenants to use all, or at least most of, the residential amenities, the on-site amenity package for 321 West could provide the most-amenitized program of any office project in the city.

The extent of the flexible space options and first-class experience would differentiate this project from the competition and command premium rates. We would focus our marketing efforts around the clearly superior on-site experience.

Lastly, the existing mixed-use projects provide tenants a separate lobby/elevators. 321 West is designed to share the lobby/elevators with the residential. We understand this may be a design necessity, but we do believe considerable thought and planning is necessary to ensure this element does not create an oversized challenge to leasing the office portion of the building.

RELATED TACTICAL RECOMMENDATIONS

Architectural• Evaluate diversity-driven and wellness elements, such as right ground floor tenant mix, different

finishes and formats for different gender restrooms, mothers’ rooms, wellness/meditation spaces, activated fitness center (i.e. modern, interactive equipment like Peloton bikes), material selections, and air quality.

Programmatic• Stress test sharing all/most building amenities with office users.

• Begin devising a plan for management-led concierge services.

• Evaluate shared parking within the residential tower.

• Develop an intentional art program targeted toward a diverse audience that we can use to market, even ahead of construction. (This program could be more impactful at 321 West for tenants that don’t have the space or resources to create this cultural impact within their own spaces.)

Marketing• Translate design benefits to a clear message that helps prospects realize the vision of the design.

• Build a brand identity around the qualities of the building we know align with our customer base (i.e. wellness, thoughtful amenities, precise retail vision, diversity-driven design).

32 | PROPOSAL FOR LANDLORD REPRESENTATION

CHAPTER 6:MARKETING & LEASING PLAN

MARKETING HORSEPOWERAQUILA is recognized as Austin’s elite commercial real estate marketer. At the heart of this capability is a de facto in-house marketing agency that executes on both company-wide and property-specific marketing initiatives. The team is skilled in exercising both traditional and digital marketing practices.

Harness the Power of StorytellingAQUILA believes in the power of storytelling to market our properties. Furthermore, we have found video to be the best current medium to carry these narratives.

To that end, we’re the only commercial real estate firm in Austin to employ a full-time in-house video producer. AQUILA’s YouTube channel has over 60,000 views and 350 subscribers.

We believe video will be especially important for reaching key decision makers who are out of town or working from home during periods of structured social distancing. For examples, see sample videos on page 43.

PROPOSAL FOR LANDLORD REPRESENTATION | 33

Leverage AQUILA’s Existing AudienceBy virtue of our extensive corporate marketing, AQUILA has a built-in audience we will leverage to promote Ryans’ properties.

• 500+ Broker Distribution List

• +/- 30,000 Website Visits Each Month

• 2,300+ Market Research Subscribers

• 1,150+ Learning Center Subscribers

• 400+ Daily Newsletter Subscribers

Differentiated MessagingIn recent years, marketing downtown office space for lease was as simple as having space. With the coming market fallout that we anticipate as a result of COVID-19 and the amount of new product under construction and proposed, it will be crucial to differentiate projects through a quality marketing message and through creative leasing strategies.

AQUILA will engage and manage a branding agency to establish distinct messaging and identities for both buildings in order to set them apart and above the market.

MARKETING GOALSAQUILA’s primary goal in leasing both buildings is to bring the office to 100% leased by executing a multifaceted marketing campaign that includes:

• Intimate knowledge of the respective building’s target audiences and prospects

• Best-in-class branded collateral

• A dynamic, emotional video campaign

• A well-rounded digital strategy, including email messaging and targeted social advertising campaigns

• Targeted out-of-market promotions

• Strategic engagement of top tenant rep brokers

• Coordinated public relations campaign/media outreach

34 | PROPOSAL FOR LANDLORD REPRESENTATION

• Multi-channel downtown tenant education campaign surrounding the CBD’s obsolete office product (Working title thus far: “Is your office building obsolete?”)

AQUILA’s marketing strategy for this leasing assignment will be informed by three key beliefs:

1. Smart people are capex.

2. People buy on emotion and justify with logic.

3. Real estate brokers and marketers have more direct access to the end user than ever before.

We look forward to discussing this strategy and its fundamentals with you in the interview process.

MARKETING PROCESSPHASE I: PLANNINGDuring this phase the AQUILA brokerage and marketing teams will work with Ryan to finalize the marketing strategy and gather competitive bids from branding agencies and 3D video production firms.

Action Items:

Deliverables:

• Approved marketing plan & budget

• Bids for branding and 3D video

• Temporary flyer (in AQUILA template)

AQUILA RYAN

• Finalize marketing plan and timeline

• Solicit bids for branding, brochure and website design for both properties

• Solicit bids for 3D rendered video production

• Create temporary flyers for both buildings to get in the market

• Review and approve marketing plan and budget

• Provide feedback (if desired) on branding vendor selection

Sample Temporary Flyer in AQUILA Template

People buy on emotion and justify with logic.”

- Harvard Business Journal, When to Sell with Facts and Figures, and When to Appeal to Emotions »

PROPOSAL FOR LANDLORD REPRESENTATION | 35

PHASE II: NAMING, BRANDING & DESIGNWith approval on a marketing plan and budget, the AQUILA team will begin the behind-the-scenes work needed to kick off creation of all marketing materials for the property.

Action Items:

Deliverables:

• Logo and brand guidelines

• Renderings

• Floorplans

• “Is your building obsolete?” campaign brief

• Site plan

• Updated target tenant list

AQUILA RYAN

• Select branding vendor, begin naming and logo design

• Work with branding vendor to produce brand guidelines

• Begin to create concepts for collateral

• Start working with an agency partner to develop a program for “Is your office building obsolete?” campaign

• Enhance and expand target tenant list of active requirements and upcoming lease expirations

• Seek top tenant rep broker feedback on initial renderings and design

• Provide marketing-ready photo-realistic renderings

• Provide finalized floor plans and site plan for inclusion in marketing materials

• Provide feedback on branding and renderings as needed

Sample Brand Guidelines

36 | PROPOSAL FOR LANDLORD REPRESENTATION

PHASE III: INITIAL COLLATERAL PRODUCTIONAs soon as renderings are received, collateral production will commence. Based on the chosen branding, we will produce interim marketing materials so that we can quickly get the project to market. As soon as the materials are complete, we will launch a press release and email blast.

Action Items:

Deliverables:

• Email announcement

• Website landing page

• Press release

• Interim Flyer and maps

• REVIT model(s)

• Leasing signs

AQUILA RYAN

• Work with branding partner to create interim marketing materials, including:

• Branded temporary flyer (including location and amenities maps)

• Floorplans and site plan• Website landing page• Email announcement

• Launch landing page with interim marketing materials

• Design leasing signs and install on-site

• Issue press release, with renderings and link to landing page, announcing project

• Send email blast announcing project to brokerage community

• Update availability, photos, etc. on AQUILA website and listing sites (CoStar)

• Review, edit, approve press release

• Provide feedback on marketing materials as needed

• Provide finalized REVIT models for exterior/interior video renders

Sample Website Landing Page (click to view)

PROPOSAL FOR LANDLORD REPRESENTATION | 37

PHASE IV: FURTHER COLLATERAL & PERMITTINGThe AQUILA brokerage team will be hitting the tenant rep shops and the phones, working to get the project in front of key tenant rep brokers, the Chamber outreach teams and target tenants in the market. The marketing team will work on finalizing designs for a printed brochure and wrapping up production on a property video.

Action Items:

Deliverables:

• 3D-rendered video

• Full websites

• Property brochure & folder

• “Is your building obsolete?” campaign collateral

AQUILA RYAN

• Strategic meetings with and calls to key tenant rep brokers and target tenants

• Select video vendor, move forward on producing renderings and 3D video

• Design marketing brochure/folder, go to print

• Produce collateral for “Is your building obsolete?” campaign, potentially including a direct mail piece, landing page, billboard, etc.

• Launch full website

• Advance site development permit

Sample Property Brochure

38 | PROPOSAL FOR LANDLORD REPRESENTATION

PHASE V: PERMITTING & SECOND PRESS BLITZDepending on the timing of the approved site development permit, AQUILA will send out press releases and email blasts announcing the acquisition of a site development permit, and releasing the video. Along with this, we will also release renderings that have been posted but were not originally shared in the first release.

Action Items:

Deliverables:

• Video

• Permitting press release

• Broker mailer

AQUILA RYAN

• Draft then distribute second press release

• Website to reflect video

• Mail brochure to key tenant rep brokers and tenants

• Launch “Is your building obsolete?” campaign

• Begin roadshow to top Austin brokerage firms

• Review/approve press release

Sample Milestone Email Announcing Site Development Permit

PROPOSAL FOR LANDLORD REPRESENTATION | 39

AQUILA RYAN

• Regular email blasts

• PR campaign

• Targeted advertising (CoStar/Loopnet, Business Journal & Facebook/LinkedIn)

• Tenant pursuits

• Broker roadshow

• Close interaction with Austin Chamber and inbound prospects

• Continue outreach to donor markets through marketing initiatives

• Continue chamber roadshows to donor markets

• Pursue pre-construction activities

PHASE VI: PROMOTIONWith the major marketing initiatives launched, we will go into full promotion mode, with an email marketing campaign, broker road shows and relationship building.

Action Items:

Deliverables:

• Ongoing email marketing campaign schedule and reporting

• Ad design and execution and reporting

Sample LinkedIn AdvertisementSample Email Marketing Campaign

40 | PROPOSAL FOR LANDLORD REPRESENTATION

PHASE VII: ANCHOR TENANT ANNOUNCEMENTWhen an anchor tenant has been secured, AQUILA will commence a campaign announcing the news and utilizing the announcement to leverage future leasing momentum.

Action Items:

Deliverables:

• Anchor tenant testimonial video

• Anchor tenant press release

• Anchor tenant email announcement

• Construction fence signage design

• Groundbreaking event

AQUILA RYAN

• Anchor tenant press release and email announcement

• Work with general contractor to plan/execute groundbreaking ceremony

• Construction fence signage design

• Testimonial video with anchor tenant promoting project

• Provide feedback/approvals on groundbreaking event logistics

Photo from the Eastlake at Tillery Groundbreaking Sample Construction Fence Signage

PROPOSAL FOR LANDLORD REPRESENTATION | 41

MARKETING BUDGETIn order to execute and achieve these goals, AQUILA recommends the following marketing budget, which has been designed to compete with the property marketing initiatives of the competitive set of new developments. Clearly, for Tower 5C where you don’t have an established identity or anchor tenant, the resources and cost will be greater than for 321 West, which has a smaller scope and built-in identity with BBVA secured. This budget will be refined as proposals are received and vendors selected.

*Branding Package Scope of Work

The following is the rough scope of work included in the branding package budget numbers mentioned above. Pricing will vary based on the vendor(s) selected.

• Project Branding & Strategy

• Copywriting

• Naming

• Signage Design (Design only)

• Leasing Signs

• Construction Signage (Fence Wrap)

• Website

• Property Splash Page

• Property Website

Estimated Cost Description

$100,000 – $150,000 Branding Package & Website*

$5,000 – $20,000 Print & Promo Items (Brochures, Folders, Swag, Postcard, Mailer, etc.)

$80,000 – $200,000 Property Videos – Prices vary based on scope/scale of videos desired

$10,000 – $50,000 Events (Groundbreaking, Broker Events, etc.)

$3,000 Direct mailer to tenant rep brokers and target tenants

$5,000 – $40,000 Advertising (CoStar/Loopnet, Business Journals and/or LinkedIn/Facebook)

$203,000 – $463,000 Total

• Print & Digital Collateral

• Basic Property Flyer

• Printed Brochure & Folder

• Email Template

• Presentation

• Promo Product Ideas/Design

• Location Map

• Amenities Map

• Site Plan

• Floorplans

42 | PROPOSAL FOR LANDLORD REPRESENTATION

SAMPLE MARKETING MATERIALSBelow is a list of links to various marketing materials that are currently in, or have recently been in, the market. The budget proposed above contemplates deliverables similar in scope to the samples represented below.

WEBSITESThe following are representative website examples for office projects:

• www.eastlakeattillery.com »

• www.muellerbusinessdistrict.com »

• www.arenatower.com »

Pennybacker Commons Landing Page (click to view)

Eastlake at Tillery Website (click to view)

TEMPORARY LANDING PAGEThe following is an example of a temporary landing page that features partially developed content until full websites can be implemented. These are usually launched after branding and renderings are complete but before all assets (floorplans, brochure, flyer, etc.) are ready to go to market.

• www.pennybackercommons.com »

PROPOSAL FOR LANDLORD REPRESENTATION | 43

The AQUILA Learning Center is where we publish weekly content including educational videos and articles, helpful tools and resources, and reports and analysis answering top questions from tenants and landlords about the commercial real estate process and the Austin commercial real estate market.

Read tips and tricks how AQUILA is on the cutting edge of property marketing in our Learning Center.

3D-RENDERED VIDEOBelow are representative Austin office developments that feature rendered 3D video and approximate budgets for each project.

• Indeed Tower » ◦ Cost: Approx. $200,000 ◦ Digitally-rendered video with drone footage.

• 6th X Guadalupe » ◦ Cost: Approx. $100,000 ◦ Digitally-rendered video with drone footage, lifestyle

video, live actors and rendered people.

• Arena Tower ◦ Cost: $95,000 ◦ Digitally-rendered video with animated stock people. ◦ Concept Video » ◦ Influencer/Lifestyle Video » ◦ Building Video »

• 405 Colorado » ◦ Cost: Approx. $85,000 ◦ Digitally-rendered video with drone footage and live, greenscreen actors.

• RiverSouth » ◦ Cost: Approx. $75,000 ◦ Digitally-rendered video with drone footage and animated stock people.

Arena Tower Concept Video (click to view)

44 | PROPOSAL FOR LANDLORD REPRESENTATION

CHAPTER 7:FEE PROPOSAL

MARKET EXPECTATION FOR BROKERAGE FEES: DIRECT & CO-BROKERED TRANSACTIONSReal estate brokerage commissions to be paid by Client pursuant to this engagement shall be calculated and paid as follows:

For new leases (“New Lease(s)”), renewals (“Renewal(s)”), and expansions (“Expansion(s)”) which are direct (“Direct Transaction(s)”), the commission to be paid to Broker shall be an amount equal to four percent (4%) of the total Aggregate Rental. A New Lease transaction is a transaction where the tenant is not a tenant of the Property prior to the tenancy provided for in such New Lease. A Direct Transaction is a transaction where the only brokers/agents participating in the transaction are one or more of the Designated Agents representing Client and no cooperating broker is representing the tenant.

On all New Lease, Renewal and Expansion transactions, if there is a cooperating broker representing the tenant, a commission in an amount equal to four percent (4%) of the total Aggregate Rental shall be paid by Client directly to the cooperating broker pursuant to a separate agreement between Client and such cooperating broker, and a commission in an amount equal to two percent (2%) of the total Aggregate Rental shall be paid by Client to Broker (for a total commission of six percent (6%) of the total Aggregate Rental).

PROPOSAL FOR LANDLORD REPRESENTATION | 45

“Aggregate Rental” is defined as: the aggregate amount of the base rent payable by the tenant as set forth in a New Lease (for the primary term) and the aggregate amount of the base rent payable by the tenant as set forth in a Renewal Lease (for the entire term) and the aggregate amount of base rent payable by the tenant as set forth in documentation memorializing an expansion for the expansion space which is the subject of an Expansion (for the entire term); plus, the tenant’s aggregated pro-rata share (for the entire term) of operating expenses, which shall include but not be limited to utilities, janitorial, common area maintenance, property taxes and insurance, which shall be calculated using the estimated operating expenses in the year that the New Lease, Renewal Lease or Expansion, as applicable, is proposed to commence. Aggregate Rental does not include abated rent, percentage rent and rent collected exclusively for parking. In the event that a tenant has a lease termination right in its lease, Broker shall be paid for the entire term of such lease, despite the tenant’s termination right, provided that such lease requires the tenant to pay to Client, upon the tenant’s termination of the lease, an amount equal to the unamortized portion of the commission paid to Broker allocable to such terminated period of the lease.

46 | PROPOSAL FOR LANDLORD REPRESENTATION

CHAPTER 8:CONFLICTS OR COMPETITIVE REPRESENTATION

The AQUILA project team does not foresee any direct conflicts or competitive representation. The two projects that could be seen as competitive are as follows:

4TH & BRAZOS4th & Brazos is a proposed +/- 800,000-sf mixed-use tower that would feature both multi-family and Class A office.

The leasing team for this building does not overlap with the leasing team proposed for the Ryan projects. Additionally, the current timeline for this project – groundbreaking in 2022 and delivery in late 2024 or 2025 – points to minimal lease-up overlap.

210 WEST 7TH210 West 7th is The University of Texas System building located at Seventh Street and Colorado Street.

Although Bart Matheney is on the leasing team, Seth Stuart is the primary leasing agent for this assignment. Additionally, given recent leasing activity and due in part to the building’s owner/occupant nature, the space available for lease at any given time is smaller than any block that would compete with the Ryan projects, and there is no anticipated major roll until 2028.

APPENDIX

PROPOSAL FOR LANDLORD REPRESENTATION | 47

Exhibit A Full Team Bios

Exhibit B Relevant Austin Office Market Report Excerpts

Exhibit C Competitive Set

EXHIBIT A:FULL TEAM BIOS

aquilacommercial.com

• Bachelor of Arts, University of Pennsylvania

aquilacommercial.com/ben

Ben is one of AQUILA’s youngest brokers to be named Principal and, in his current role, is charged with shaping and leading the growth and long-term strategies for the firm across all asset-focused business lines.

Ben’s experience ranges from short-term repositioning efforts to long term value creation assignments to new development. Ben’s approach is informed by his experience working in all facets of office real estate: from building sales to land transactions. Prior to joining AQUILA, Ben worked in-house with Moore & Associates, concentrating on project leasing within the firm’s Austin office portfolio.

A native of the Washington DC area, Ben remains a staunch Redskins fan in an office full of Cowboys.

Education

More About Ben

Notable Clients • Shorenstein• ClayDesta• Lionstone Investments• Patrinely Group• Greenbelt Commercial

• Accesso Partners• USAA Real Estate

Company• PacTrust• Madison Marquette

• Cypress Real Estate Advisors

• Capella Commercial• Brandywine Real Estate

Ben TolsonExecutive Principal, Asset Services

Ben is persistent, strategic and always thinking ahead. He works toward

strategies that are best for his clients and their properties tomorrow, next

year and ten years down the road.

o 512 684–3800c 512 740-4135

e tolson@aquilacommercial.com

a 1717 W. 6th Street, Suite 400 Austin, TX 78703

• Austin Business Journal, Heavy Hitter – 2010 - present• CoStar, Power Broker – 2019

Achievements

aquilacommercial.com

• Bachelor of Business Administration, Marketing, Texas A&M University, Magna Cum Laude

aquilacommercial.com/bethany

Bethany specializes in office leasing, and in 2015 she was recognized by the Austin Business Journal as the #1 Heavy Hitter for Office Landlord Representation. Her primary responsibilities include bringing in new business, developing landlord relationships, and leasing and marketing properties while obtaining the most favorable terms for the landlord. She acts as the single point of contact, managing all interaction between parties, including ownership, attorneys, tenant rep brokers, tenants, property managers and construction managers.

Prior to joining AQUILA, Bethany ran the marketing and leasing team for Granite Peak Development. Her experience in the realm of development world gives her an insider’s perspective into what drives her clients. She understands what makes a project viable and what is required for it to come to fruition, giving her clients a unique advantage.

Bethany is a proud Texas A&M Aggie. Catch her sporting her maroon any day of the week, even when hanging at AQUILA’s Texas tailgate parties. Whoop!

Education

More About Bethany

Notable Clients • CIM Group• DivcoWest• PacTrust• Charles Schwab

Bethany PerezPrincipal

Bethany has a reputation for honesty, trustworthiness and follow-through.

But make no mistake: She’s also a sharp negotiator and tireless advocate

for her clients.

o 512 684–3800c 512 827-1319

e perez@aquilacommercial.com

a 1717 W. 6th Street, Suite 400 Austin, TX 78703

• Commercial Brokers Association of Austin (CBA) - Member, Past Board Member• Urban Land Institute of Austin (ULI) - Member• Capital City A&M Club - Member

Affiliations

• Austin Business Journal, Heavy Hitter - Multiple Years• Real Estate Forum, Southwest Woman of Influence - 2015

Achievements

• Generational Commercial Properties• True North Commercial REIT• Vanderbilt Office Properties• Pacific Oak Capital (formerly KBS)

• Cypress Real Estate Advisors (CREA)

• Starwood

aquilacommercial.com

• Bachelor of Business Administration, Finance, The University of Texas at Austin

aquilacommercial.com/bart

Bart works with institutional owners and corporate users on some of Austin’s most high-profile transactions, including the sale of Frost Bank Tower, the leasing of 301 Congress and the original 100% pre-leasing of JLL Plaza. He specializes in office leasing and investment sales, but has a hand in tenant representation as well, having represented a number of premier Austin tenants including Charles Schwab, Freescale, and Dun and Bradstreet.

An Austinite since the 70s, Bart not only knows the city and its real estate market like the back of his hand, he knows the history of each project and his relationships in the town run deep.

After building his real estate career with CBRE, in January 2007, Bart struck out with serveral partners to found AQUILA Commercial. He envisioned a commercial real estate firm where creativity was promoted, hard work rewarded and silos didn’t exist.

Bart is the heart, soul and coach of the AQUILA Dirty Bird volleyball team. Every Tuesday throughout the spring and summer, you’ll find him on the sand cheering the team on to victory.

Education

More About Bart

Notable Clients • Shorenstein• Accesso Partners• Cypress Real Estate

Advisors

• Patrinely Group• Generational

Commercial Properties• USAA

• Charles Schwab• PacTrust

Bart MatheneyPrincipal

Bart Matheney is one of AQUILA’s founding principals and has been a

major player in the Austin commercial real estate industry for decades.

o 512 684–3800c 512 659-6010

e matheney@aquilacommercial.com

a 1717 W. 6th Street, Suite 400 Austin, TX 78703

• Opportunity Austin, Executive Board Member• University of Texas Real Estate Finance Council• Commercial Brokers Association of Austin (CBA), Member• Real Estate Council of Austin (RECA), Member• Urban Land Institute of Austin (ULI), Member

Affiliations

• Austin Business Journal, Heavy Hitters - Multiple Years• CoStar, Power Broker - Multiple Years

Affiliations

aquilacommercial.com

• Bachelor of Arts, International Studies and Spanish, The University of Mississippi, Suma Cum Laude

aquilacommercial.com/kendall

As CMO, Kendall owns the firm’s enterprise level go-to-market strategy. Kendall’s deep background in branding, digital and inbound marketing for real estate give AQUILA and our clients a cutting-edge advantage over the competition.

Kendall leads the charge on the implementation of platform level sales processes, as well as design and execution of sales and marketing strategies.Additionally, Kendall is responsible for implementing technology solutions to to make AQUILA’s business development and marketing initiatives more efficient and effective.

Prior to joining AQUILA, Kendall served as Corporate Director of Marketing for Dallas-based UCR where she led corporate marketing efforts for the regional, retail-focused real estate firm. Previously, Kendall worked as Marketing Communications Director for PegasusAblon, leading the firm’s corporate and property marketing efforts for its office, retail and multi-family assets. She also spearheaded the successful and groundbreaking online marketing campaign for the Dallas Design District.

She started her career as an Economic Development Analyst for the City of Dallas, leading economic development and business recruitment efforts in Mexico, Canada and Latin America and managing web-related marketing efforts and special projects for the Office of Economic Development.

Kendall’s friends and family call her a modern Martha Stewart. She loves baking, crafting, gardening and entertaining.

Education

More About Kendall

Kendall GuinnChief Marketing Officer

Kendall is the force behind AQUILA’s marketing machine and an

innovator in the commercial real estate marketing space.

o 512 684–3800d 512 684-3816

e guinn@aquilacommercial.com

a 1717 W. 6th Street, Suite 400 Austin, TX 78703

• The Junior League of Austin, Editor, Capitalines Magazine• Social Media Club of Dallas, Past President• Austin Social Media Club, Member• Austin Pi Beta Phi Alumni Club, Member

Affiliations

aquilacommercial.com

• Bachelor of Science, Architecture Studies, Minor in Business, The University of Texas at Austin, Graduated with Honors

aquilacommercial.com/lauren

Lauren leads the charge on property and corporate marketing initiatives for the firm, overseeingbranding, content management and production, special events, public relations, social media, and web and email marketing.

Lauren has grown with the company since being hired on as Marketing Associate in 2013 and at this point has had her hands in almost every aspect of the company’s marketing initiatives.

A Longhorn through and through, you’ll find Lauren sporting burnt orange and boots at each and every AQUILA tailgate in the fall.

Education

More About Lauren

Lauren LittleDirector of Marketing

Lauren is AQUILA’s marketing rockstar. She’s the full package: strategic,

efficient and creative to boot.

o 512 684–3800d 512-684-3833

e mays@aquilacommercial.com

a 1717 W. 6th Street, Suite 400 Austin, TX 78703

• Austin HubSpot User Group, Member• The Junior League of Austin, Member

Affiliations

aquilacommercial.com

• Bachelor of Arts, English: Film Studies, Minor in Public Speaking, Oklahoma State University

aquilacommercial.com/patrick

Patrick leads the company’s award-winning video efforts, telling real estate stories that engage and educate. From scripting and shooting, to interviewing and editing, he is a one-man video production company within AQUILA. His produces dynamic property features, informative real estate Q&As, and everything in between in order to highlight the people, processes, projects and properties that make up AQUILA Commercial.

Patrick has vast experience building corporate video programs, and he has more than a decade of videography work under his belt.

Before committing to video full time, Patrick created and hosted his own TV show, radio show and stand up comedy shows.

Education

More About Patrick

Patrick MorrisonVideo Producer

Patrick is the man behind – and sometimes in front of – the camera at

AQUILA; he brings our work to life on the screen through his dynamic and

engaging videos.

o 512 684–3800d 512 684-3810

e wilhite@aquilacommercial.com

a 1717 W. 6th Street, Suite 400 Austin, TX 78703

Achievements • VidYard’s 2019 In-House Video Producer of the Year

aquilacommercial.com

• Bachelor of Business Administration, Finance, Real Estate, The University of Texas at Austin, Graduated with Honors

aquilacommercial.com/kirk

Kirk works diligently to maintain AQUILA’s proprietary database of lease and sales comps as well as quarterly market performance statistics.

After joining us in 2017 as an intern, Kirk was brought on part-time as a market research associate while completing his degree. He joined AQUILA full-time and officially took over the market research department in 2018 upon graduation.

Kirk is an avid hunter and loves nothing more than spending a weekend on his family’s farm pursuing whatever game happens to be in season. Never one to shy away from the great outdoors, you are just as likely to find Kirk bow fishing for gar on the Brazos River as you are to see him on one of the many hiking trails within a day’s drive of Austin.

Education

More About Kirk

Kirk SilasMarket Research Analyst

Kirk is the mastermind behind AQUILA’s wealth of market intel. He

continuously delves into data and crunches the numbers to provide our

team and our clients with the latest market insights and most in-depth

analysis.

o 512 684–3800d 512 684-3824

e ksilas@aquilacommercial.com

a 1717 W. 6th Street, Suite 400 Austin, TX 78703

• ARGUS CertifiedAchievements

aquilacommercial.com

• Bachelor of Fine Arts, Graphic Design, Texas Christian University, Cum Laude

aquilacommercial.com/kathleen

Kathleen leads design and branding, creating compelling and visually dynamic marketing materials for AQUILA and its properties. She handles in-house graphic design projects, including

property marketing collateral, email design, business development and brand materials. Kathleen also assists with event planning and email marketing.

Prior to her position at AQUILA, Kathleen worked as a freelance graphic designer and as in intern at the prominent Austin advertising firm GSD&M.

Kathleen is a breast cancer survivor and active with Susan G. Komen Austin. She’s a green drink junkie, and you’ll rarely find her without her homemade smoothie (or breakfast taco) in the morning. She’ll bring you one if you ask politely.

Education

More About Kathleen

Affiliations • Austin HubSpot User Group, Member• Susan G. Komen Austin Junior Executive Board, Member• Susan G. Komen Austin Race For The Cure, Survivor Experience Co-Chair• Kappa Kappa Gamma Alumni, Austin Chapter

Kathleen BrennanMarketing Coordinator

Kathleen is AQUILA’s resident creative. She has a keen eye for design

and excels at keeping AQUILA looking professional and polished.

o 512 684–3800d 512 684-3827

e brennan@aquilacommercial.com

a 1717 W. 6th Street, Suite 400 Austin, TX 78703

• Silver ADDY Award, American Advertising Federation, Fort Worth, 2014• Outstanding Graphic Design Award, Juried Art Exhibition, Texas Christian University, 2014• Four-Year Dean’s Scholarship, Texas Christian University

Achievements

aquilacommercial.com

• Bachelor of Science, Marketing, Minor in Journalism, Auburn University

aquilacommercial.com/alexa

Alexa puts her knack for writing to good use at AQUILA, acting as the in-house content manager producing, editing and managing content for the AQUILA Learning Center. She also leads AQUILA’s social media campaigns and coordinates all corporate and client events.

Prior to joining AQUILA, Alexa worked as a Junior Account Manager at Verge Pipe Media, a marketing agency located in Auburn, Alabama. She also has years of event planning and management experience from her time serving on Auburn University’s programming council.

Alexa enjoys all things spooky. She loves Halloween, horror movies and haunted houses. In her free time, she can be found watching Ghost Adventures..

Education

More About Alexa

Alexa RussellMarketing Coordinator

Alexa is a content marketing enthusiast who believes in the power of

storytelling and the importance of educating and empowering your

audience to make informed buying decisions.

o 512 684–3800d 512 684-3718

e russell@aquilacommercial.com

a 1717 W. 6th Street, Suite 400 Austin, TX 78703

• Hubspot Inbound Marketing• Hubspot Content Marketing• Google Analytics Individual Qualification• Google Ads Fundamentals• Advanced Google Analytics

Certifications

EXHIBIT B:RELEVANT AUSTIN OFFICE MARKET REPORT PAGES

22

CBDSUBMARKET

4Q UPDATE

Above: Construction in Austin's CBD.

FEATURING MATT WILHITEPRINCIPAL | AQUILA TENANT REPRESENTATION

-81,598 SFNet Absorption

5.3% Direct & Sublease Vacancy Rate

$68.29Avg. Class A & B Full Service Rental Rate

23

CBD UPDATE

Q: What do you think has been the most significant event in this submarket over the past decade?

Matt: The extension of the Second Street District and the explosion of multi-family and retail in the southwest quadrant of

downtown - between San Antonio Street and Seaholm, south of Fourth Street - has been the most interesting and exciting

development of the last decade. It started with the Seaholm redevelopment, The Bowie and the world-renowned Austin

Central Library. 500 W 2nd and Northshore (the record setting highest multi-family trade ever in Texas) followed and kicked

off what has become a vibrant food and beverage scene.

Third + Shoal, The Independent, and the Austin Proper drafted off of the aforementioned momentum, not only adding office

users and residents by day, but solidifying this sector of downtown as its own blossoming nightlife district.

Q: What do you foresee occurring in this submarket over the next 10 years?

Matt: To quote Bachman Turner Overdrive, “B-b-b-baby you just ain’t seen nothing yet.” Height and scale will define

the next decade’s development cycle downtown. Indeed Tower, Google Tower and 6 X Guadalupe are currently under

construction and will not only overtake Frost Tower as the largest office buildings downtown but will likely overshadow Frost

Tower as the crown jewel of the skyline.

This past year has borne witness to numerous monumental land trades downtown

signaling even larger bets and larger buildings. Land costs drive development

vertically and, with increased density, we will see mixed buildings pair office with

multi-family and hotel uses (or any combination of the three).

I believe that the boundaries of what many consider downtown Austin will jump

both the river to the south as well as IH-35 to the east. Changes to the Waterfront

Overlay code will enable developers to achieve significant density on the

Statesman site and many others between South First Street and IH-35 as concessions like pocket parks and green spaces are

traded for height. Continued momentum on Rainey Street and the development of Waller Creek coupled with the maturation

of East Austin between Cesar Chavez and East Seventh Street will redefine our perception of downtown to the east.

The icing on the cake for Austin’s downtown this coming decade will FINALLY be the implementation of a multimodal

mobility solution incorporating public transit, aesthetically pleasing pedestrian walkways, bridges and greenspaces into

the existing infrastructure and new development mentioned above. You may say I’m a dreamer, but I’m not the only one.

AQUILA EXPERT INSIGHTMatt is a native Austinite and an important member of AQUILA's tenant representation team. He has experience

working with companies on the cutting edge of workforce, real estate and social trends. This quarter, we got Matt's thoughts on the CBD submarket.

"Height and scale

will define the next

decade’s development

cycle downtown."

24

CBD UPDATE

NO MAJOR LEASES, SALES OR DELIVERIES THIS QUARTER.

SNAPSHOT4Q 2019 ACTIVITY

Tenant Property Name Quarter Size Transaction Type

TRS Indeed Tower Q1 100,992 SF New Lease

DLA Piper 405 Colorado Q2 66,000 SF New Lease

WeWork SXSW Center Q1 65,000 SF New Lease

Brown Advisory, LLC Indeed Tower Q2 33,505 SF New Lease

RigUp One Eleven Congress Q2 24,000 SF New Lease

Urbanspace Real Estate & Interiors The Independent Q3 23,700 SF New Lease

Butler Snow SXSW Center Q3 21,000 SF New Lease

Largest Leases Signed in the CBD in 2019:

WeWork and Butler Snow both signed large leases at SXSW Center in 2019.

25

CBD UPDATESubmarket (Inventory)CBDEASTFAR NORTHEASTMuellerNORTHWESTSOUTHWEST

Date Filter - Absorption10/1/2017 to 3/31/2020

Date Filter - Table10/1/2017 to 3/31/2020

Date Filter - Rent and Vacancy2018 Q1 to 2020 Q1

CBDCOMPETITIVE SET PERFORMANCE

Quarter Net Rentable Area Direct Vacant SF Sublease Vacant SF Net Absorption Total Vacancy Rate Average Full ServiceRent

2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q4 $68.29

$68.30$67.27$65.67$66.30$65.55$64.06$62.09

5.3%4.3%4.9%5.5%5.4%5.6%6.0%7.5%

-81,59849,023

180,919-6,928

343,41632,016

114,870260,166

102,65470,44570,06585,10332,90248,93329,56632,251

333,212283,823333,226359,107404,380384,128435,511547,696

8,216,3318,216,3318,216,3318,076,3318,076,3317,728,6947,728,6947,728,694

CBD COMPETITIVE SET

*Absorption includes sublease space

2018

Q1

2018

Q2

2018

Q3

2018

Q4

2019

Q1

2019

Q2

2019

Q3

2019

Q4

0K

200K

400K

600K

Vaca

nt S

F

0%

2%

4%

6%

Tota

l Vac

ancy

Rat

e

AVAILABLE SF VS. VACANCY RATE

Sublease Vacant SF Direct Vacant SF Total Vacancy Rate

2018

Q1

2018

Q2

2018

Q3

2018

Q4

2019

Q1

2019

Q2

2019

Q3

2019

Q4

-100K

0K

100K

200K

300K

Tota

l Net

Abs

orpt

ion

SF

50%60%

70%

80%

90%100%

Tota

l Occ

upan

cy R

ate

NET ABSORPTION

Total Net Absorption Total Occupancy Rate

2018

Q1

2018

Q2

2018

Q3

2018

Q4

2019

Q1

2019

Q2

2019

Q3

2019

Q4

$0

$20

$40

$60

Rent

($/S

F/YR

)

0%

2%

4%

6%

Tota

l Vac

ancy

Rat

e

VACANCY VS. RENTAL RATES

Op/Ex Base Rent Total Vacancy Rate

CBDCOMPETITIVE SET PERFORMANCE

26

6th Street

5th Street

ConventionCenter

5th Street

6th Street

Barton Springs Road

Lam

ar B

oule

vard

Cong

ress

Ave

nue

11th Street

15th Street

MLK Jr. Boulevard

S. 1

st St

reet

Cesar Chavez Street

WEWORK SITE (WALLER PARK PLACE)

405COLORADO

RIVERSOUTH

56 EAST AVE

RED RIVER TOWER

6 X GUADALUPE

701 RIO GRANDE

BLOCK 52 BLOCK 87

RAILYARDCONDOMINIUM SITE

BLOCK 16

600 W 5TH

311 W6TH

410 UPTOWN

1313 RED RIVER

TOWER 5C

CANOPY BY HILTON

THE QUINCY

AUSTIN MARRIOTT

THEREPUBLIC

BLOCK 185

1836 SAN JAC400 W 15TH

816 CONGRESS

100 CONGRESS

900 CONGRESS

301 CONGRESS

300 COLORADO(PARSLEY ENERGY)

ALEXAN CAPITOL TOWER

HOTEL MIRABEAU

THE OTIS HOTEL

5TH & BRAZOS

INDEEDTOWER

Office Under ConstructionHotel/Residential Under ConstructionFuture DevelopmentsExisting Availabilities

CBD DEVELOPMENT& LARGE AVAILABILITY

27

6th Street

5th Street

ConventionCenter

5th Street

6th Street

Barton Springs Road

Lam

ar B

oule

vard

Cong

ress

Ave

nue

11th Street

15th Street

MLK Jr. Boulevard

S. 1

st St

reet

Cesar Chavez Street

WEWORK SITE (WALLER PARK PLACE)

405COLORADO

RIVERSOUTH

56 EAST AVE

RED RIVER TOWER

6 X GUADALUPE

701 RIO GRANDE

BLOCK 52 BLOCK 87

RAILYARDCONDOMINIUM SITE

BLOCK 16

600 W 5TH

311 W6TH

410 UPTOWN

1313 RED RIVER

TOWER 5C

CANOPY BY HILTON

THE QUINCY

AUSTIN MARRIOTT

THEREPUBLIC

BLOCK 185

1836 SAN JAC400 W 15TH

816 CONGRESS

100 CONGRESS

900 CONGRESS

301 CONGRESS

300 COLORADO(PARSLEY ENERGY)

ALEXAN CAPITOL TOWER

HOTEL MIRABEAU

THE OTIS HOTEL

5TH & BRAZOS

INDEEDTOWER

Office Under ConstructionHotel/Residential Under ConstructionFuture DevelopmentsExisting Availabilities

Building Available SF Max. Contiguous

400 West 15th 83,208 38,179

816 Congress 43,168 33,371

900 Congress 37,613 30,553

301 Congress 81,353 20,573

100 Congress 34,176 20,161

LARGE BLOCKS OF CONTIGUOUS AVAILABILITY

Building % Preleased Total SF Est. Delivery

405 Colorado 41% 197,506 4Q 2020

1836 San Jac 0% 230,609 1Q 2021

701 Rio Grande 0% 120,000 1Q 2021

Parsley Energy Building (300 Colorado) 87% 358,000 1Q 2021

The Quincy 0% 77,782 1Q 2021

Indeed Tower (200 W 6th) 66% 673,438 2Q 2021

RiverSouth 20% 350,611 2Q 2021

Block 185 100% 796,525 2Q 2022

6 X Guadalupe 0% 587,780 2Q 2022

OFFICE PROJECTS UNDER CONSTRUCTION

Building Units/Rooms Est. Delivery

Austin Marriot Downtown 613 Rooms 2Q 2020

Canopy by Hilton 140 Rooms 2Q 2020

The Quincy 347 Units 1Q 2021

The Otis Hotel 347 Rooms 2Q 2020

Hotel Mirabeau 297 Rooms 2Q 2020

5th & Brazos 274 Units/438 Rooms 1Q 2021

Alexan Capitol Tower 276 Units 2Q 2021

HOTEL/RESIDENTIAL UNDER CONSTRUCTION

Building Size (SF) Use

1313 Red River St 627,293 Office

311 W 6th 530,371 Office

410 Uptown 186,957 Office

56 East Ave 700,000 Office

600 W 5th 263,619 Office

Block 16 735,541 Office

Block 52 800,000 Office

Block 87 600,000 Office

Railyard Condominium Site 1,700,000 Office

Red River Tower 80,000 Office

The Republic 901,300 Office

Tower 5C 457,684 Office

WeWork Site (Waller Park Place) 3,000,000 Office

FUTURE/PLANNED OFFICE DEVELOPMENTS

28

Central Business District To find out more, visit:aquilacommercial.com/reports

Availability Summary

AVAILABLE SPACE

SUBLEASE SPACE

UNAVAILABLE FOR LEASE

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

BSMT BSMT

Austin, TX 4Q 2019 Class A Office Space

San Jacinto Center

98 San Jacinto Blvd.

410,248 SF21 Floors

99.0% Leased$43.00 NNN$25.61 Op/Ex$68.61 Gross

8,369

6,426

Shoal Creek Walk

835 W 6th St.

218,180 SF15 Floors

100% Leased$39.50 NNN$23.45 Op/Ex$62.95 Gross

1,421

300 W 6th 300 W 6th St.

454,225 SF23 Floors

100% Leased$45.00 NNN$29.56 Op/Ex$74.56 Gross

15,715

210 West 7th UT Systems

Building

342,000 SF19 Floors

95% Leased$42.00 NNN$24.00 Op/Ex$66.00 Gross

6,191

Frost Bank Tower

401 Congress Ave.

535,078 SF33 Floors

99% Leased$50.00 NNN$30.32 Op/Ex$80.32 Gross

IBC Bank Plaza500 W 5th St.

195,378 SF13 Floors

100% Leased$43.00 NNN$28.55 Op/Ex$71.55 Gross

8,219

SXSW Center1400 Lavaca St.

143,988 SF13 Floors

94% Leased$40.00 NNN$17.00 Op/Ex$57.00 Gross

2,151

5,551

1,590

2,111

One Eleven111 Congress Ave.

518,385 SF30 Floors

96% Leased$43.00 NNN$25.55 Op/Ex$68.55 Gross

Colorado Tower303 Colorado St.

373,334 SF30 Floors

100% Leased$45.00 NNN$26.85 Op/Ex$71.85 Gross

Chase Tower221 W 6th St.

389,503 SF21 Floors

100% Leased$45.00 NNN$24.54 Op/Ex$69.54 Gross

7,896

2,756

Austin Centre701 Brazos St.

326,335 SF16 Floors

97% Leased$37.50 NNN$21.91 Op/Ex$59.41 Gross

1,842

1,197

33,371

816 Congress 816 Congress Ave.

433,024 SF20 Floors

92% Leased$39.00 NNN$21.62 Op/Ex$60.62 Gross

4,183

11,978

2,821

4,756

23,127

4,282

600 Congress 600 Congress Ave.

503,951 SF32 Floors

95% Leased$48.00 NNN$26.23 Op/Ex$74.23 Gross

7,617

3,400

5th + Colorado 201 W 5th St.

179,351 SF18 Floors

98% Leased$46.00 NNN$30.40 Op/Ex$76.40 Gross

4,762

14,082

13,989

515 Congress515 Congress Ave.

263,058 SF26 Floors

88% Leased$43.00 NNN$26.70 Op/Ex$69.70 Gross

501 Congress501 Congress Ave.

116,437 SF5 Floors

100% Leased$39.50 NNN$25.23 Op/Ex$64.73 Gross

500 West 2nd 500 W 2nd St.

509,376 SF29 Floors

100% Leased$45.00 NNN$31.04 Op/Ex$76.04 Gross

19,389

18,790

2,540

8,595

4,225

18,832

6,836

1,184

2,817

400 W 15th400 W 15th St.

281,196 SF17 Floors

70% Leased$34.50 NNN$19.48 Op/Ex$53.98 Gross

8,718

5,297

20,161

100 Congress100 Congress Ave.

411,536 SF22 Floors

92% Leased$51.00 NNN$28.32 Op/Ex$79.32 Gross

5,557

1,867 3,956

20,163

20,573

7,254

20,011

1,972

301 Congress301 Congress Ave.

446,839 SF22 Floors

93% Leased$42.50 NNN$26.65 Op/Ex$69.15 Gross

Third + Shoal208 Nueces

347,637 SF29 Floors

100% Leased$45.00 NNN$25.00 Op/Ex$70.00 Gross

AVAILABILITY SUMMARY CBD CLASS A OFFICE

29

Central Business District To find out more, visit:aquilacommercial.com/reports

Availability Summary

AVAILABLE SPACE

SUBLEASE SPACE

UNAVAILABLE FOR LEASE

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

33

32

31

30

29

28

27

26

25

24

23

22

21

20

19

18

17

16

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

BSMT BSMT

Austin, TX 4Q 2019 Class A Office Space

San Jacinto Center

98 San Jacinto Blvd.

410,248 SF21 Floors

99.0% Leased$43.00 NNN$25.61 Op/Ex$68.61 Gross

8,369

6,426

Shoal Creek Walk

835 W 6th St.

218,180 SF15 Floors

100% Leased$39.50 NNN$23.45 Op/Ex$62.95 Gross

1,421

300 W 6th 300 W 6th St.

454,225 SF23 Floors

100% Leased$45.00 NNN$29.56 Op/Ex$74.56 Gross

15,715

210 West 7th UT Systems

Building

342,000 SF19 Floors

95% Leased$42.00 NNN$24.00 Op/Ex$66.00 Gross

6,191

Frost Bank Tower

401 Congress Ave.

535,078 SF33 Floors

99% Leased$50.00 NNN$30.32 Op/Ex$80.32 Gross

IBC Bank Plaza500 W 5th St.

195,378 SF13 Floors

100% Leased$43.00 NNN$28.55 Op/Ex$71.55 Gross

8,219

SXSW Center1400 Lavaca St.

143,988 SF13 Floors

94% Leased$40.00 NNN$17.00 Op/Ex$57.00 Gross

2,151

5,551

1,590

2,111

One Eleven111 Congress Ave.

518,385 SF30 Floors

96% Leased$43.00 NNN$25.55 Op/Ex$68.55 Gross

Colorado Tower303 Colorado St.

373,334 SF30 Floors

100% Leased$45.00 NNN$26.85 Op/Ex$71.85 Gross

Chase Tower221 W 6th St.

389,503 SF21 Floors

100% Leased$45.00 NNN$24.54 Op/Ex$69.54 Gross

7,896

2,756

Austin Centre701 Brazos St.

326,335 SF16 Floors

97% Leased$37.50 NNN$21.91 Op/Ex$59.41 Gross

1,842

1,197

33,371

816 Congress 816 Congress Ave.

433,024 SF20 Floors

92% Leased$39.00 NNN$21.62 Op/Ex$60.62 Gross

4,183

11,978

2,821

4,756

23,127

4,282

600 Congress 600 Congress Ave.

503,951 SF32 Floors

95% Leased$48.00 NNN$26.23 Op/Ex$74.23 Gross

7,617

3,400

5th + Colorado 201 W 5th St.

179,351 SF18 Floors

98% Leased$46.00 NNN$30.40 Op/Ex$76.40 Gross

4,762

14,082

13,989

515 Congress515 Congress Ave.

263,058 SF26 Floors

88% Leased$43.00 NNN$26.70 Op/Ex$69.70 Gross

501 Congress501 Congress Ave.

116,437 SF5 Floors

100% Leased$39.50 NNN$25.23 Op/Ex$64.73 Gross

500 West 2nd 500 W 2nd St.

509,376 SF29 Floors

100% Leased$45.00 NNN$31.04 Op/Ex$76.04 Gross

19,389

18,790

2,540

8,595

4,225

18,832

6,836

1,184

2,817

400 W 15th400 W 15th St.

281,196 SF17 Floors

70% Leased$34.50 NNN$19.48 Op/Ex$53.98 Gross

8,718

5,297

20,161

100 Congress100 Congress Ave.

411,536 SF22 Floors

92% Leased$51.00 NNN$28.32 Op/Ex$79.32 Gross

5,557

1,867 3,956

20,163

20,573

7,254

20,011

1,972

301 Congress301 Congress Ave.

446,839 SF22 Floors

93% Leased$42.50 NNN$26.65 Op/Ex$69.15 Gross

Third + Shoal208 Nueces

347,637 SF29 Floors

100% Leased$45.00 NNN$25.00 Op/Ex$70.00 Gross

56

LONG TERM PERFORMANCEOF SUBMARKETSNumbers based on CBRE statistics.

2002

Q3

2003

Q2

2004

Q1

2004

Q4

2005

Q3

2006

Q2

2007

Q1

2007

Q4

2008

Q3

2009

Q2

2010

Q1

2010

Q4

2011

Q3

2012

Q2

2013

Q1

2013

Q4

2014

Q3

2015

Q2

2016

Q1

2016

Q4

2017

Q3

2018

Q2

2019

Q1

2019

Q4

$20.00

$30.00

$40.00

$50.00

$60.00

Ave

rage

Ful

l Ser

vice

Ren

t

CITYWIDE AVERAGE CLASS A & B ASKINGRATES

2003

Q2

2004

Q1

2004

Q4

2005

Q3

2006

Q2

2007

Q1

2007

Q4

2008

Q3

2009

Q2

2010

Q1

2010

Q4

2011

Q3

2012

Q2

2013

Q1

2013

Q4

2014

Q3

2015

Q2

2016

Q1

2016

Q4

2017

Q3

2018

Q2

2019

Q1

2019

Q4

-2M

-1M

0M

1M

2M

3M

4M

YOY

Dire

ct &

Sub

leas

e A

bsor

ptio

n (M

illio

ns o

f SF)

65%

70%

75%

80%

85%

90%D

irect

& S

uble

ase

Occ

upan

cy R

ate

ABSORPTION & OCCUPANCY RATE

CBDNORTHWESTSOUTHWEST

CBDNORTHWESTSOUTHWEST

Total Occupancy RateAverage Full Service Rent

2018

Q1

2018

Q2

2018

Q3

2018

Q4

2019

Q1

2019

Q2

2019

Q3

2019

Q4

0M

1M

2M

3M

4M

5M

Vaca

nt S

F

0%

2%

4%

6%

8%

Tota

l Vac

ancy

Rat

e

CITYWIDE VACANT SF VS. VACANCY RATE

2018

Q1

2018

Q2

2018

Q3

2018

Q4

2019

Q1

2019

Q2

2019

Q3

2019

Q4

0K

200K

400K

600K

800K

Vaca

nt S

F

0%

2%

4%

6%

8%

Tota

l Vac

ancy

Rat

e

CBD VACANT SF VS. VACANCY RATE

2018

Q1

2018

Q2

2018

Q3

2018

Q4

2019

Q1

2019

Q2

2019

Q3

2019

Q4

0K

500K

1000K

1500K

Vaca

nt S

F

0%

2%

4%

6%

8%

Tota

l Vac

ancy

Rat

e

NORTHWEST VACANT SF VS. VACANCY RATE20

18 Q

1

2018

Q2

2018

Q3

2018

Q4

2019

Q1

2019

Q2

2019

Q3

2019

Q4

0K

500K

1000K

Vaca

nt S

F

0%

5%

10%

Tota

l Vac

ancy

Rat

e

SOUTHWEST VACANT SF VS. VACANCY RATE

Building StatusDemolishedExistingMesa CreekProposedUnder ConstructionUnder Renovation

In StatsNullFalseTrue

QuarterMultiple values

Submarket (Inventory)CBDCedar ParkCENTRALEASTFAR NORTHEASTMuellerNORTHNORTHEASTNORTHWESTROUND ROCKSOUTHSOUTHEASTSOUTHWEST

Date Filter - Rent and Vacancy2018 Q1 to 2020 Q1

*NW absorption does not include the 3M Campus

57

AVERAGE CLASS A ASKING RATES VACANT SF VS.VACANCY RATE

DIRECT & SUBLEASE AVAILABILITY SF UNDER CONSTRUCTION

LONG TERM PERFORMANCECBD VS. SUBURBANNumbers based on CBRE statistics.

2001

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Dire

ct &

Sub

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canc

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VACANT SF VS. VACANCY RATE

2001

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0M

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Dire

ct &

Sub

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e A

vaila

bilit

y (M

illio

ns o

f SF)

DIRECT & SUBLEASE AVAILABILITY

2001

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0M

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Are

a U

nder

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(Mill

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SF UNDER CONSTRUCTION

SOUTHWEST NORTHWEST CBDCBD Suburban

Sublease Vacant SF Direct Vacant SF Total Vacancy Rate

2001

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2001

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$0.00

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Ave

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t

AVERAGE CLASS A ASKING RATES

CBD Suburban

2001

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0M

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Dire

ct &

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leas

e Va

canc

y Ra

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VACANT SF VS. VACANCY RATE

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0M

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Dire

ct &

Sub

leas

e A

vaila

bilit

y (M

illio

ns o

f SF)

DIRECT & SUBLEASE AVAILABILITY

2001

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2001

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0M

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Are

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nder

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struc

tion

(Mill

ions

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F)

SF UNDER CONSTRUCTION

SOUTHWEST NORTHWEST CBDCBD Suburban

Sublease Vacant SF Direct Vacant SF Total Vacancy Rate

2001

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2001

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AVERAGE CLASS A ASKING RATES

CBD Suburban

58

CBD OVERALL PERFORMANCE

SubmarketCBDCedar ParkCENTRALEASTFAR NORTHEASTMuellerNORTHNORTHEASTNORTHWESTROUND ROCKSOUTHSOUTHEASTSOUTHWEST

Date Filter - Table10/1/2017 to 3/31/2020

Date Filter - Absorption10/1/2017 to 3/31/2020

Date Filter - Rent and Vacancy2018 Q1 to 2020 Q1

CBDOVERALL PERFORMANCE

Quarter Net Rentable Area Direct Vacant SF Sublease Vacant SF Net Absorption Total Vacancy Rate Average Full ServiceRent

2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q4 $65.31

$66.50$65.68$64.82$65.66$64.60$60.86$59.26

5.1%5.0%5.4%5.5%5.5%6.1%6.9%8.4%

-6,68348,207

139,493-1,825

398,41893,794

166,364214,257

107,455139,062131,59694,47340,70973,91549,46464,460

483,629445,339501,012537,628589,567607,142725,387876,755

11,699,19011,699,19011,699,19011,559,19011,559,19011,211,55311,211,55311,211,553

CBD SUBMARKET

*Absorption includes sublease space

2018

Q1

2018

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2018

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2018

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2019

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2019

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Vaca

nt S

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AVAILABLE SF VS. VACANCY RATE

Sublease Vacant SF Direct Vacant SF Total Vacancy Rate

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orpt

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ate

NET ABSORPTION

Total Net Absorption Total Occupancy Rate

2018

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VACANCY VS. RENTAL RATES

Op/Ex Base Rent Total Vacancy Rate

59

AUSTIN CBD OFFICE RENTAL RATE PROJECTIONS

CBD rental rate

CBD vacancy

AUSTIN CBD OFFICE VACANCY RATE PROJECTIONS

EXHIBIT C:COMPETITIVE SET

Property Name Building Status Year Built Vacancy NNN Rate Opex Number of Stories

Parking Ratio RBA Typical Floor Size On-site Amenities Access

100 Congress Existing 1987 8.3% $48.00-$55.00 $28.32 22 2.60 411,536 20,161 Worse - remodeled lobby, fitness center, showers, lockers, conference center, bike storage Same - Two entrances on Willie Nelson Blvd. (two way) & Cesar Chavez St. (two way)

500 W 2nd St Existing 2017 0.0% Neg. $31.04 29 2.00 509,376 32,000 Better- bike storage, fitness center, electric car chargers, all-glass conference room, collaborative indoor-outdoor terrace, 2 retail spaces on either side of lobby, dispatch elevators, executive sky terraces on floors 28 & 29, 10' ceilings

Same - One entrance on San Antonio St. (two way)

6th X Guadalupe Under Construction 2022 100.0% $45.00 $22.90 32 3.46 597,505 31,454 Better- dedicated bike entry, bike elevators, and bike storage, fitness center, high speed dispatch elevators, private outdoor terraces, ground floor retail, 11' vision glass, conference rooms & tenant lounge, 14'6 deck-to-deck ceiling heights

Same - One entrance on San Antonio St. (two way)

5th & Colorado Existing 2016 1.9% $46.00 $30.40 18 2.70 179,351 19,087 Worse - interactive digital lobby screens, fitness center, showers, locker rooms Same - One entrance on Colorado St. (two way)

405 Colorado Under Construction 2020 59.7% $47.00-$48.00 $18.50 25 2.70 203,130 18,000 Better - Concierge & sky café, bike storage, locker rooms, sky terrace, event space, fitness center, lockers Worse - One entrance on Colorado St. (one way)

Indeed Tower Under Construction 2021 34.4% $48.00 $19.00 36 2.00 669,130 33,000 Better - "urban plaza" event space, fitness center/lockers, 45 electric car chargers, bike lockers, tenant balconies

Better - Two entrances on 7th St. (one way) and Colorado St. (two way)

300 West Sixth Existing 2001 0.3% $45.00 $29.56 23 2.70 454,225 29,600 Worse - fitness club, locker rooms, showers, bike storage, Car detailing, zip car, ATM Better - 3 entrances: Guadalupe St. (one way), 7th St. (one way), Lavaca St. (one way)

300 Colorado St Under Construction 2021 12.0% $47.00 $23.88 32 2.65 357,000 21,000 Same - 1,200 sf amenity deck & lounge w/ bar setting and premium seating with views of Lady Bird Lake, 3,400 sf conference center w/ breakout space & catering kitchen, 5,100 sf fitness center, locker rooms, covered outdoor terrace & tenant lounge

Worse - One entrance on Colorado St. (one way)

Colorado Tower Existing 2015 0.0% $45.00 $26.85 30 2.65 373,334 21,264 Worse - fitness center, conference center, locker rooms w/ towel service Worse - One entrance on Colorado St. (one way)

Frost Bank Tower Existing 2003 1.2% $45-$50 $30.32 33 2.70 546,000 25,000 Worse - fitness club, showers, saunas, 50-seat conference facility, bank/ATM, bike storage

Better - 2 entrances, Brazos St. (two way) and 4th St. (two way)

Third + Shoal Existing 2018 0.0% Neg. $25.00 29 2.40 374,963 24,000 Better - dispatch elevators, 4,000 sf rooftop terrace, fitness, lockers, tenant balconies Same - One entrance on Nueces St. (two way)

Tower 5C Proposed 2023 - - - 41 2.00 463,723 21,472 Bike lockers, 5 conf. rooms, indoor/outdoor studios, full service kitchen, outdoor green space, fitness center, showers, sky terrace, juice bar One entrance, Colorado St. (two way)

Property Name Building Status Year Built Vacancy NNN Rate Opex Number of Stories

Parking Ratio RBA Typical Floor Size On-site Amenities Access

501 Congress Existing 1961 0% $39.50 $25.23 5 2.50 116,437 20,391 On-site gym and showers, conference center, tenant lounge, outdoor terrace Better - 2 entrances, Brazos St. (two way) and E. 5th St. (one way)

5th & Colorado Existing 2016 2% $46.00 $30.40 18 2.70 179,351 19,087 Interactive lobby screens, on-site mgmt & security, fitness center, showers, locker rooms Better - One entrance on Colorado St. (two way)

IBC Bank Plaza Existing 2014 0% $43.00 $28.55 13 2.30 195,378 19,074 On-site gym and showers, conference center, tenant lounge, outdoor terrace Better - One entrance on San Antonio St. (two way)

The Bowie - 311 Bowie St. Offices Existing 2015 0% $40.00 $23.00 2 3.00 44,485 20,486 Private terraces, over 3k SF of balcony space Same - One entrance on Bowie St. (one way)

212 Lavaca St (W) Existing 2010 0% $42.00 $23.44 3 N/A 35,285 15,141 N/A Same - One entrance on Guadalupe St. (one way)

119 Nueces St- (Galvanize) Existing 2017 0% $40.00 $23.00 2 N/A 44,000 22,000 Bike storage, showers Better - One entrance on Nueces St. (two way)

The Quincy Under Construction 2020 100% $42.00 $13.50 3 3.00 103,948 25,927 Showers and private terraces on each floor Same - One entrance on Davis St. (one way)

701 Rio Grande St Under Construction 2021 100% $44.00 $15.30 5 2.63 120,934 24,187 Fitness center, lockers, showers, bike storage, rooftop terrace Same - One entrance on 7th St. (one way)

321 West (Office Portion) Proposed 2023 - - - 6 2.00 96,984 13,470 Two amenity levels, fitness, coworking center, conf. rooms, library, lounge, pool, multiple terraces, dog run, game area, media/presentation room One entrance on 6th St. (one way)

Tower 5C Competitive Set

321 West Competitive Set