225 WEST R ANDOLPH. An 849,252 RSF 30-Story, Triple-Net Leased Office Property Located in the West Loop of Chicago EXECUTIVE SUMMARY

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1 CHICAGO, ILLINOIS An 849,252 RSF 30-Story, Triple-Net Leased Office Property Located in the West Loop of Chicago EXECUTIVE SUMMARY Holliday Fenoglio Fowler, L.P. ( HFF ) an Illinois licensed real estate broker

2 Holliday Fenoglio Fowler, L.P. ( HFF ) is pleased to present 225 West Randolph (the Property ), a 30-story, net-leased, Class A Office Tower located in the heart of Chicago s central business district ( CBD ), within the premier West Loop office market. The Property, completed in 1967 and renovated in 1991 and in 2007, is 100% triple-net leased to AT&T Services, Inc. for a 7 year term ending December 31, AT&T is responsible for all operating expenses and all capital costs (please see lease abstract) at the Property. The Property contains approximately 849,252 RSF of space, an 88-stall underground parking garage, outdoor plaza areas on the north and west sides of the building and is located in immediate proximity to Chicago s two major commuter rail stations, Union Station and Ogilvie Transportation Center, providing convenient access from all suburban locations. 225 West Randolph offers the rare combination of a large CBD Chicago asset, investment-grade tenancy and a premier location. All inquiries should be directed to HFF. Investment Grade Tenant AT&T Inc. ( AT&T ) is the guarantor on the AT&T Services Lease. AT&T has a BBB+ credit rating from Standard & Poor s and is actively traded on the New York Stock Exchange under the ticker symbol T. In 2015, AT&T was ranked No. 12 on the Fortune 500 ranking with fiscal 2014 revenue of $132.4 billion. USA Today ranked AT&T among the 20 most profitable companies in the world after AT&T announced it had agreed to purchase satellite provider DirecTV in Lease Summary Guarantor: AT&T Inc. Maturity: Dec-2022 Lease Structure: Triple-Net* Annual rent increases: 2.0% *Please see lease abstract for more details. The company was founded in 1983, is based in Dallas, Texas and currently employs over 243,360 employees. AT&T reported revenues of $132,447 million in The Company is a premier communications holding company and one of the largest global telecommunication corporations in the world. AT&T offers the nation s leading wireless, high-speed Internet access and voice services and some of the world s most advanced IP-based business communications services. Recently, the telecom giant said it planned to reduce costs by $2.5 billion due to the cost synergies of the DirectTV merger. AT&T Services, Inc. ( AT&T Services ) is a wholly owned subsidiary of AT&T Inc. ( AT&T ) and its affiliates. AT&T Services is the primary real estate procurement and information technology subsidiary, leveraging AT&T s buying power and simplifying acquisition of assets and services. AT&T Services provides: Centralized AT&T real estate functions, including administration of leaseholds and owned properties. Integrated AT&T transaction processing including billing, payroll, and accounts payable. Centralized AT&T procurement, ranging from the purchase of high tech multi-million dollar switches to leases of office copiers. Centralized AT&T information technology functions, including maintaining a hub of vital IT assets and employees. AT&T educational and professional development training, including high tech network applications, financial, customer services, as well as lineman training and other skills for the telecommunications industry. Key Property Statistics Address: 225 West Randolph Street Submarket: West Loop Year Built / Renovated: 1967 / 1991 / 2007 Rentable Square Feet: 849,252 Site Area: 1.11 Acres Number of Stories: 30 floors+ 3 mechanical penthouse levels and 2 sub-levels [1] Avg Floor Plate (RSF): 30,000 Ceiling Height (slab to slab): 15 Ceiling Height (finished): 9 Architect: Holabird & Root Parking: Two Story, Lower Level 88-stall parking garage. Leased: 100% [2] Tenant: AT&T Services, Inc. Guarantor AT&T Inc. Credit Rating: S&P: BBB+ Lease Expiration: December 31,2022 Lease Type: NNN [1] Floors 2 and 21 are additional mechanical floors [2] 79,598 RSF subleased to Avant Credit Corporation on the 28th, 29th and 30th floors expiring November

Lobby Award-winning Architectural Design Designed by the award-winning, international architecture firm Holabird & Root, 225 West Randolph is a professionally maintained iconic office tower in the

3 Lobby Award-winning Architectural Design Designed by the award-winning, international architecture firm Holabird & Root, 225 West Randolph is a professionally maintained iconic office tower in the West Loop. Operating on a legacy of innovation, Holabird & Root is the oldest architecture firm in Chicago. The firm made a name for itself early in the 20th century with its classic Art Deco style finishes which are typically found in many of its notable Chicago projects, including The Chicago Board of Trade, The Palmolive Building and Riverside Plaza. The firm also worked with the notable Ludwig Mies van der Rohe on his IIT buildings and, later, specialized in highly technical structures. 225 West Randolph offers a grand lobby entrance, clad in marble wall finishes with maximum exposure to natural light that illuminates the entire floor plate. Premium Asset Quality The Property s well-maintained physical condition is a testament to AT&T s first-class tenancy at 225 West Randolph. AT&T has invested over $17 million in major capital improvements since 2006 including exterior façade repairs, the addition of the customer presentation center, water pump replacement and piping, penthouse roof replacement and a controls system upgrade. Substantial Discount to Replacement Cost 225 West Randolph represents a unique opportunity to acquire a high-quality property at a significant discount to replacement cost. Based on recent estimates, the cost to complete a Class A high-rise office building in the Chicago CBD is approximately $480 per RSF. This cost estimate assumes that the office building has a characteristic modern design and is constructed with a glass and steel curtain wall system with minimal parking. Premier West Loop Location 225 West Randolph is located at the southeast corner of Franklin and Randolph Streets in the heart of the West Loop, Chicago s most dynamic and fastest growing submarket. The West Loop is the clear office location of choice for the city s financial and business services tenants, as evidenced by the recent relocations of Motorola Mobility, GoGo Inc., Assisted Living Concepts LLC, Baxalta and Archer Daniels Midland Company. Google has also moved into 252,000 square feet at the newly developed 1000 West Fulton. 225 West Randolph is well-positioned in the West Loop office submarket of Chicago, which contains 43.5 million RSF of office space equating to 32.5% of the total Chicago CBD inventory. With available office stock and great access to public transportation, the West Loop is the place to be for Class A office tenants. Accordingly, the submarket has a high concentration of officeusing employment and benefits from the highest concentration of finance, insurance, real estate and business services jobs, which will remain a viable long-term demand driver despite the recent economic turmoil. 3

Transformation Potential A potential investor would have the ability to reposition 225 West Randolph for other uses, such as multi-tenant office, residential or hotel-lodging and the virtually column

4 Transformation Potential A potential investor would have the ability to reposition 225 West Randolph for other uses, such as multi-tenant office, residential or hotel-lodging and the virtually column free design provides highly efficient floor plates that can easily be reconfigured for these uses. The West Loop is not only a booming business district for office tenants, but has the capability to absorb residential and hotel demand. Over the last decade, over 1.8 million RSF of office space in the Chicago CBD has been transformed for either hotel or residential usage, specifically student housing. 225 West Randolph is ideally located for this potential office conversion. Superior Access 225 West Randolph enjoys excellent proximity to Chicago s major commuter rail stations, Union Station, Ogilvie Transportation Center and LaSalle Street Station. All three major rail stations are within walking distance of the Property, giving it a distinct advantage with tenants. Additionally, 225 West Randolph is conveniently located near the Chicago Transit Authority s ( CTA ) rapid transit system and buses. Chicago s major expressway system is easily accessible from 225 West Randolph. The Kennedy Expressway provides connections to the Edens, Eisenhower, Dan Ryan and Stevenson Expressways which facilitates automobile and truck traffic throughout the metropolitan area. Additionally, Wacker Drive is a two-level, six-lane divided thoroughfare that provides easy access throughout the CBD and to Lake Shore Drive, which conveniently connects commuter traffic to the Gold Coast and suburban communities north of the CBD. 3

5 Contact Information HFF Chicago 181 West Madison Suite 3900 Chicago, IL Telephone: Fax: Investment Contacts Jaime M. Fink Senior Managing Director Jeffrey M. Bramson Senior Managing Director Managing Broker West Randolph Mark B. Katz Managing Director Navi K. Sandhu Analyst One North Franklin Financing Contact Christopher S. Carroll Managing Director Atlanta Austin Boston Carolinas 200 S Wacker CHICAGO Denver Dallas Florham Park (NJ) Houston Indianapolis Los Angeles Miami New York Orange County (CA) Orlando Philadelphia Pittsburgh Portland (OR) San Diego San Francisco Tampa Washington, DC 2015 HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff. HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.

RSI DISTRIBUTION CENTER 1,000,000 SF CLASS A INDUSTRIAL FACILITY WITH 13+ YEAR NNN LEASE 838 LINCOLN COUNTY PARKWAY LINCOLNTON, NC CHARLOTTE MSA

RSI DISTRIBUTION CENTER 1,000,000 SF CLASS A INDUSTRIAL FACILITY WITH 13+ YEAR NNN LEASE 838 LINCOLN COUNTY PARKWAY LINCOLNTON, NC CHARLOTTE MSA EXECUTIVE SUMMARY THE INVESTMENT OPPORTUNITY 1,000,000 SF