Office 2001—2009

5,000 12% 200,000,000

Office Transactions & Avg Cap Rate Office Absorption
4,000 10% 150,000,000
8%
3,000 100,000,000
6%
2,000 50,000,000
4%
1,000 2% 0
0 0% -50,000,000 01' 02' 03' 04' 05' 06' 07' 08' 09'

Trans
01' 02' 03' 04' 05' 06' 07' 08' 09' CAP -100,000,000
Source: Real Capital Analytics Source: CoStar

$250,000 $500 $35.00 16%

Office Volume & Price/SF Office Rental & Vacancy Rates
$30.00
$200,000 $400
$25.00 12%
$150,000 $300 $20.00
8%
$100,000 $200 $15.00
$10.00 4%
$50,000 $100
$5.00
$0 $0 $0.00 0%
Millions 01' 02' 03' 04' 05' 06' 07' 08' 09' P/SF 01' 02' 03' 04' 05' 06' 07' 08' 09' Vacancy
Rental
Source: Real Capital Analytics Source: CoStar

Significant Transactions: CBD

Name City, ST SF Price $/SF Buyer Year
Boston Properties JV Goldman
General Motors Bldg New York, NY 1,925,000 $2,853,000,000 $1,482 2008
Sachs JV Meraas Capital
666 Fifth New York, NY 1,550,000 $1,800,000,000 $1,161 Kushner Companies 2007
WorldWide Plaza New York, NY 1,600,000 $1,739,000,000 $1,087 Macklowe Properties 2007
MetLife Bldg New York, NY 2,840,000 $1,720,000,000 $606 Tishman Speyer Properties 2005
Travelers Complex New York, NY 2,600,000 $1,575,000,000 $606 SL Green Realty Corp 2007

Significant Transactions: Suburban

Twin Towers Complex Arlington, VA 1,100,000 $670,000,000 $609 Monday Properties 2007
Twin Towers Complex Arlington, VA 1,100,000 $495,000,000 $450 Beacon Capital Partners 2005
Waterview Office Twr Arlington, VA 633,908 $435,000,000 $686 Paramount Group 2007
One & Two Fountain Sq Reston, VA 616,178 $420,000,000 $681 Beacon Capital Partners 2007
Polk & Taylor Bldgs Arlington, VA 886,447 $419,000,000 $473 Beacon Capital Partners 2007
Source: Real Capital Analytics

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Office Breakdown

11

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