officestatus Spring // 2014

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1 Spring // 214 Faneuil Hall Marketplace Inside... Four-quarter positive absorption of 3.6 million is the most recorded since 27. Vertex Pharmaceuticals, Schneider Electric and Pfizer complete 1.5 million sf of relocations. One million sf of build-to-suits newly underway for Goodwin Procter, PWC and New Balance. Wayfair will move into 275, sf at Copley Place later this year. Waltham Class A vacancy space one-third depleted over the last four quarters. Central Boston now a leading world center of incubators. New Air Routes Connect Boston with the World // Page 7 *Unless otherwise noted, all data is as of or for the quarter ended March 31, 214 and is Transwestern RBJ data.

2 Economy & Real Estate STOCK MARKET // Equity Indicators EMPLOYMENT // US Bureau of Labor Statistics ABSORPTION & VACANCY // Greater Boston Relative Performance December 31, 213 = Unemployment rate National unemployment rate Boston MSA unemployment rate sf in millions (.5) (1.).8 Apr May Jul Sep Nov Jan Mar Jan Mar May Jul Sep Nov Jan (1.5) Index Value 1 Qtr 4 Qtr Indicator (April 213) Value 2 Qtr 4 Qtr 13.8 S&P 5 1, Boston MSA Employed 1, Quarterly +542, sf Morgan Stanley Hi Tech Ix Boston MSA Unemployed Last Twelve Months +3.6 Million sf Afourth consecutive quarter of substantial positive demand resulted in the heaviest four-quarter positive absorption total since 27. New property completions of 742, sf, including the 55, sf office building constructed as part of the newly completed Vertex Pharmaceuticals build-to-suit project in the Seaport District, resulted in a vacancy increase from 13.4 percent to 13.8 percent, despite 542, sf of positive absorption. With two million sf completed since the middle of 213, three million additional sf is under construction with built-to-suit projects newly underway for Goodwin Procter and PricewaterhouseCoopers in the Seaport District, respectively, and New Balance in the Brighton section of Boston. At 64.2 million sf, the city of Boston s occupancy levels are at an all-time high, far surpassing the 58.5 million sf tenants occupied at the height of the tech boom, during which occupancy levels were substantially boosted by banking, asset management and insurance industry occupants, which since have in aggregate become far less dominant in scale. The city s tenant base continues to change as available brick and beam type space in the Seaport District is heavily depleted and technology tenants become more intensive users of Financial District office space, including those in Class A towers, a trend mirrored in San Francisco, the city s primary west coast technology rival. The city, already home to incubators MassChallenge and Techstars, welcomed two locations of WeWork this quarter, with Cambridge Innovation Center to open a Financial District location later in the year, more than emphasizing the area s support infrastructure for aspiring technology companies. The continued divestiture of Equity Office s once dominant city and regional portfolio continued in the quarter with the sale of 1.2 million sf in two Financial District buildings, a wind-down set to provide tenants with an increase in competition among Class A landlords. As rent levels remain somewhat unchanged throughout the market in the quarter, a notable exception is Cambridge, where premium RBJ Index properties now command an average of $64.19 per sf, the second-highest level ever recorded. Many other areas marketwide are poised for selective lease rate increases, particularly where premium Class A and other of the most desirable space is increasingly supplyconstrained. Increasing occupancy levels continue to defy certain trends, including telecommuting, flexible workspaces and other increased efficiency mechanisms, such as those used to decrease the aggregate use of space this quarter in consolidations by Schneider Electric in the 495 North submarket, and by Pfizer in Cambridge. Additionally, new build-to-suit projects are mostly set to create negative absorption in existing Class A properties, though this space is, in aggregate, apparently being absorbed by new market entrants and other expanding parties. A market sentiment which continues to remain more optimistic than seen nationally remains reflected in employment outperformance and a continued thriving technology market, which is disproportionately located here. 2

3 Boston CBD Highlights up-ticked to 1. percent from 9.6 percent on 17, sf of positive absorption as average Class A asking lease rates increased $.98 to $52.2 per sf. The completion of the 1.1 million sf build-to-suit complex for Vertex Pharmaceuticals delivered one 55, sf office building; accounting for increasing vacancy despite positive absorption. Seaport District occupancy is 45 percent above levels seen two years ago. & // Central Boston s sf in millions (.2) (.4) (.6) At 64.2 million sf, occupancy levels in Boston are at their highest levels ever; the greatest such occupancy achieved in the tech boom was 58.5 million sf. Having already committed to 15, sf at Copley Place in 213, Wayfair increased its commitment to 275, sf, and is set to move in 214. (.8) CURRENT DATA 1. Quarterly +17, sf Last Twelve Months +1.7 Million sf With the opening of two WeWork locations this quarter, and the 7, sf commitment by Cambridge Innovation Center to open at 5 Milk Street, Boston has become a leading global center of incubator space (see chart). Class A Asking Rates // Central Boston $8 FINANCIAL DISTRICT BACK BAY AIG moved into 12, sf at 99 High Street as TripAdvisor took occupancy of 72, sf at 226 Causeway Street and Skadden transferred to 47, sf at 5 Boylston Street; MetLife downsized its Back Bay footprint by 181, sf at 51 Boylston Street. $7 $6 $5 Senior Housing Properties Trust agreed to acquire the newly completed Vertex Pharmaceuticals campus at Fan Pier ($1.1 billion, 1.1 million sf, $1,23 per sf). $4 $3 CURRENT AVERAGE ASKING RATES Equity Office continued the divestiture of its Boston portfolio, selling Center Plaza to Shorenstein Properties ($37. million, 756, sf, $417 per sf). Central Boston $52.2 Financial District $5.26 Back Bay $6.83 Boston Becomes Incubator Destination // Incubators currently located in Central Boston Incubator/Accelerator Submarket Established Cambridge Innovation Center Financial District 214 MassChallenge Seaport District 21 TechStars South Station 213 WeWork South Station South Station 214 WeWork Seaport Seaport District 214 BOSTON FACT Mostly known as the major thoroughfare of the Back Bay, the commonly used Massachusetts place-name Boylston was the surname of well known 18th century businessman and philanthropist, Ward Nicholas Boylston. 3

4 Cambridge Highlights moved up 1.5 percent on 112, sf of negative absorption as average Class A asking lease rates surged $2.43 to $53.3 per sf. Pfizer s consolidation to its new, efficient Laboratory-type facility in East Cambridge from numerous locations, created a degree of negative absorption, particularly in older and Class B facilities. & // Cambridge sf in thousands The 7.1 million sf inventory of East & Mid Cambridge Class A space experienced positive absorption of 59, sf, and vacancy lowering to 4.5 percent. Less than three quarters of East Cambridge space remains at current consumption levels. Dwindling East Cambridge available space has s at the highest levels since the first quarter of 21. Google took occupancy of the 5, sf facility at 5 Cambridge Center to bring its total occupancy to more than 3, in the city. The city s first speculative office project in more than ten years, the 5, sf redevelopment of the Cambridge Courthouse is facing neighborhood opposition. Pfizer is marketing for sale its recently vacated Laboratory and office buildings at 87 Cambridgepark Drive and 2 Cambridgepark Drive, respectively. DivcoWest acquired the nine-building One Kendall Square ($395. million, 67, sf, $59 per sf), Jamestown purchased the two-building 245 First Street ($192.6 million, 295, sf, $652 per sf) and Beacon Capital Partners acquired 2 First Street ($78.3 million, 26, sf, $379 per sf). CURRENT DATA (1) (2) 7.2 Quarterly Last Twelve Months Class A Asking Rates // Cambridge $6 $5 $4 $3 $2 $1 $7-112, sf +586, sf CURRENT AVERAGE ASKING RATES EAST CAMBRIDGE MID CAMBRIDGE WEST CAMBRIDGE East Cambridge $59.89 Mid Cambridge West Cambridge $38.72 NA New Deliveries Highest in Twelve Years // Quarters with most office & Laboratory deliveries, last twelve years Q1'14 Q2'3 Q1'4 Q1'8 Q4'4 Q2'2 sf deliveries in millions CAMBRIDGE FACT Cambridge is home to the consulates of Switzerland and the United Kingdom, among the three of the 23 regional diplomatic missions not to be located in the Back Bay or Financial District; the other holdout, South Korea, is based in Newton. 4

5 Route 128 Highlights Tenants absorbed 13, sf as vacancy rose.1 percent to 15.2 percent and average Class A asking lease rates dipped $.1 to $27.8 per sf. & // Route sf in thousands 8 Moderate positive absorption reflected similarly moderate conditions throughout all 128 submarkets. A stabilization this quarter of average s appears to reflect a potentially emerging increasing competition among certain Class A inventory given the current wave of construction projects. Waltham Class A vacancy has plummeted to 12.5 percent from 17.7 percent over four quarters, with additional near-term decreases likely. Global Partners expanded by 73, sf in Waltham as Microline Surgical moved into 7, sf in Beverly, Nuance expanded by 33, sf in Burlington and Manet Healthcare moved into 12, sf in Milton; BAE Systems consolidated by 31, sf in Lexington. AspenTech will relocate its global headquarters to 143, sf in Bedford in the fourth quarter. The introduction of the formerly owner-occupied 134, sf Palomar Technology facility and the newly built 12, sf 78 Blanchard Road expanded Burlington vacancy despite continued positive absorption. RJ Kelly Company acquired 1&2 Burlington Mall Road in Burlington ($3. million, 154, sf, $195 per sf) as Capstone Properties acquired 5 Burlington Woods in Burlington ($21.7 million, 13, sf, $211 per sf). $35 $3 $25 $2 $ CURRENT DATA Class A Asking Rates // Route 128 $4 ROUTE 128 NORTH ROUTE 128 WEST ROUTE 128 SOUTH CURRENT AVERAGE ASKING RATES (2) (4) (6) (8) 15.2 Quarterly Last Twelve Months Route 128 North $26.55 Route 128 West $32.94 Route 128 South $ , sf +1.1 Million sf Investments off to the Races in 14 // First quarter investment sales in office property, first quarter 214 ASSET BUYER RBA (SF) $/SF Fan Pier (Vertex), Boston Senior Housing Prop. Tr. 1.1mm $1, Kendall Square, Cambridge DivcoWest Properties 67, $59 Center Plaza, Boston Shorenstein Properties 736, $ State Street, Boston Rockefeller Group 57, NA Summer St, Boston Deutsche Asset Manage. 26, $365 2 First Street, Cambridge Beacon Capital Partners 26, $ FACT While Boston s John Hancock Tower may be New England s tallest building, the title of tallest man made structure goes to the 1,295-foot Viacom broadcast tower in Needham; the steel structure is 55 feet taller than Boston s Big John. 5

6 Interstate 495 Highlights remained stable at 21. percent as tenants absorbed 318, sf; average s dipped $.7 to $2.3 per sf. & // Interstate sf in thousands 6 Schneider Electric moved into 236, sf in Andover from a number of locations, including North Andover and along Route 128; the new facility includes a 77, sf build-to-suit expansion. The large vacancy gap between Class A and Class B properties is widening throughout 495; a combined 14.7 percent Class A vacancy rate compares with a 25.3 percent Class B vacancy; those figures were 17.7 percent and 21.6 percent, respectively, a year ago. Three consecutive quarters of increasing s in 495 West, albeit slight, have rents $.31 per sf higher than at midyear 213. AMEC moved into 26, sf in Chelmsford as Precision Dermatology took occupancy of 25, sf in Franklin and Staples moved into 14, sf in Tewksbury; Kewill pulled out of 39, sf in Chelmsford Class A Asking Lease Rates // Interstate 495 $24 $ CURRENT DATA I-495 NORTH I-495 WEST I-495 SOUTH 4 2 (2) (4) (6) (8) 21. Quarterly Last Twelve Months sf in thousands +318, sf +14, sf Andover s Brickstone Square is being marketed for sale; the three-building textile mill redevelopment last traded in 25 and is one of very few one million sf building parks along Interstate 495. $22 $21 $2 $19 $18 $17 I-495 NORTH I-495 WEST I-495 SOUTH National Development divested 25 Research Drive in Westborough ($26.7 million, 282, sf, $95 per sf) as Ferris Development acquired 1 Research Drive in Westborough ($21.6 million, 284, sf, $76 per sf) and Pickwick Associates acquired 313 Speen Street in Natick ($8.6 million, 6, sf, $143 per sf). $16 CURRENT AVERAGE ASKING RATES I-495-North $18.85 I-495-West $21.2 I-495-South $2.94 Rent Growth Accelerating in Some Areas // Percent Class A premium to preceding five year average, submarkets premium/discount to five year average Class A rents S 495W 495N FD 128W 128N BB CAM 495 FACT North Andover s Boston Hills Ski Area, opened in 1957, was one of the first in the USA to use snow- making; the hill also introduced summer skiing, using a unique slide mat and ski lubricant system; Boston Hills closed in

7 Market Interesting CLEAR TO LAND Spurred on by Massport s International Air Service Incentive Program, a plethora of new air routes are connecting Boston to business centers around the world. The region will now have direct service to Central America, Asia and the Middle East, potentially giving rise to a whole new segment of business partners, investors and travelers not previously seen around here. BOSTON DIRECT AIR SERVICE BEFORE 213 BOSTON DIRECT AIR SERVICE AFTER 213 NOTABLE ONE-STOP DESTINATIONS Not currently reachable by commercial aircraft INTERNATIONAL METRO AREAS REACHABLE FROM LOGAN : OVER million 9 of the top ten Global Cities reachable by direct flight San Francisco Chicago New York Boston 1:3 INCREASE STILL THE CLOSEST Average flight times from key American cities to London Heathrow million PRIOR TO 213 CURRENTLY WITH NEW SERVICE $18,247 Airbus A34-6 1,2 ft Boeing ,92 ft WEIGHT (MTOW) OF A BOEING TO NEW ENGLAND ECONOMY = 6 :2 5 Boston (Logan) - 1,83 ft 438 TONS MAXIMUM TAKE-OFF ANNUAL IMPACT 7: RUNWAY LENGTHS OF & REQUIRED LENGTH FOR AIRCRAFT FIRST CLASS ROUNDTRIP TICKET TO DUBAI ON EMIRATES AIRLINES LOGAN S ESTIMATED 8: million passengers using Logan International during 213 $7.6 BILLION Airbus A33-3 9,9 ft Boeing ,249 ft Atlanta (Hartsfield) - 12,39 ft London (Heathrow) - 12,795 ft Chicago (O Hare) - 13,1 ft New York (JFK) - 14,511 ft Cessna 42 3,1 ft Dubai International - 14,59 ft

8 Spring // 214 /Occ Growth Construction $Cl A Asking Rent Area RSF Vac Q1 14 LTM* Growth** Comp LTM* Pipeline Class A 4Qtr Ch*** TOTAL MARKET 182, , ,51 2,981 $ BOSTON SUBMARKETS 71, , ,13 2,294 $ Financial District 35, $ Back Bay 13, $ Longwood/Inner South 5, $ Seaport District 7, ,3 $ Charlestown 2, $ Midtown 2, NA NA North Station 2, $28.. South Station 1, NA NA CAMBRIDGE 11, $ East Cambridge 7, $ Mid Cambridge 2, NA NA West Cambridge 1, $ SUBURBAN SUBMARKETS 99, , $ Inner North 3, $ Route 128 & I , , $ Route , , $ Route 128 North 25, $ Route 128 West 22, $ Route 128 South 13, $ I , $ I-495 North 15, $ I-495 West 16, $ I-495 South 2, $ ALL AMOUNTS, EXCEPT PERCENTAGES AND $ FIGURES IN THOUSANDS * LTM = Last twelve months // ** LTM absorption as a percentage of occupancy levels twelve months ago // *** Twelve months change in asking lease rate Copley Place Boston Transwestern RBJ acted as landlord representative for Simon Property Group, and tenant representative for Wayfair LLC in connection with a lease agreement and expansion. 275, SF 65 East Kendall Street Cambridge Transwestern RBJ acted as landlord representative for BioMed Realty Trust in connection with a lease transaction. 62,6 SF 725 Canton Street Norwood Transwestern RBJ acted as landlord representative for MSJ Canton Street LLC in connection with a lease agreement. 31,767 SF Brendan Carroll Senior Vice President of Research brendan.carroll@transwestern.com Copyright 214 Transwestern RBJ, all rights reserved

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