Corum Real Estate Group + JLL - Interactive PDF

JLL Leasing Services Presentation

Start

Agenda

Team

Strategy

Experience

Leasing Assumptions

Why JLL!

Market Overview

Team

Team

Jamie Roupp

John Beason

Bo Pitto

Maddy Stevenson

Sr. Vice President

Sr. Associate

Associate

Managing Director

Resume

Resume

Resume

Resume

Tenant Rep Connection

Subject Matter Experts

Team

Tenant Rep Connection

Dan McGowan

Brokerage Lead / Managing Director

Ken Gooden

Managing Director

Janessa Biller

Vice President

Team

Subject Matter Experts

TJ Jaroszewski

Bob Ageloff

Peter Merrion

Director, Research

Managing Director, Capital Markets

Market Director

Celina Busse

Jackson Lomis

Alana Ladner

Manager, Property Marketing

Analyst, Research

Global Sustainability Advisor

Team

Representative clients

Current responsibilities

• Beacon Capital Partners​

• Brookfield Properties​

• Colorado Department of Transportation ​

• Colorado State Land Board​

• DPC Companies​

• Denver International Airport​

• Denver Public Schools​
• Elevation Development Group​
• Endeavor Real Estate​

• Equity Commonwealth​
• Gravitas Development Group​
• Hines​

• KBS Realty Advisors​

• The Denver Post ​
• Riverside Investment & Development ​
• Unico​

• Western Development Group​

• Zeller Realty Group​

Jamie is primarily responsible for leasing office buildings located in the Central Business District (“CBD”). In addition to representing institutional quality assets, he focuses on ground up developments and significant building repositioning assignments. He has been active in emerging neighborhoods, such as River North (“RiNo”) and Lower Highlands (“LoHi”). He has earned a reputation for successfully resolving complicated real estate challenges. In addition to leasing office buildings, Mr. Roupp focuses on representing buyers and sellers of office buildings and land for development in the Denver metropolitan area. He has vast experience in transit-oriented developments (“TODs”).

Experience

Prior to rejoining JLL in 2011, James spent 5 years with the Denver Urban Renewal Authority (DURA). He was responsible for underwriting approximately $30 million of Tax Increment Financing (TIF) investments in real estate development projects, with a leveraged development value of roughly $150 million. Prior to his work with DURA, James worked with Corporex Colorado, a commercial real estate development company. At Corporex, he was involved in the development of the 174 room Embassy Suites Hotel at the Denver International Airport. Simultaneously, James developed strategic financial models used to analyze the acquisition of hotels and office buildings throughout the western U.S., resulting in the acquisition of 188 Inverness Drive. James began his career in real estate with the Staubach Company in Denver, where he supported senior tenant representation brokers

JamieRoupp

Education and affiliations

James received a Bachelor of Science degree in Business with emphasis in Finance and Real Estate from the University of Colorado.

Managing Director Agency Leasing ​​ T +1 303 217 7947​james.roupp@jll.com

Team

Representative clients

Current responsibilities

• Beacon Capital Partners​
• Ivanhoe Cambridge​

• Hines
• McCaffery Interests​

• TerraCap
• Schnitzer West
• Shea Properties​
• Oaktree Capital​
• DPC Companies​

• Midwest Property Group​

• Western Development Group​

• Liberty Media​
• Toma West​
• Stoltz​

• Investcorp​

• University of Notre Dame
• AmTrust Real Estat​

• Equity Commonwealth​

• TIER REIT​

• J.P. Morgan Asset Management​

• Structured Development​

• Motorola Mobility​

• Aon​

John Beason is a Senior Vice President on JLL’s Denver Agency Leasing Team where he focuses exclusively on landlord representation in Denver’s Southeast and Southeast Suburban, West Denver and Central Business District submarkets.​

Experience

John has over fifteen years of commercial real estate experience and has completed more than 4 million square feet of office leasing transactions on behalf of his clients. John began his career with JLL in Chicago in 2007 where he worked as a Downtown Agency Leasing broker before relocating to JLL’s Denver office in 2017. ​ John has successfully leased a wide variety of product types ranging from CBD high-rise towers to brick & timber assets in emerging submarkets. Servicing both institutional and entrepreneurial owners, John drives transactions aggressively at his properties, achieving the maximum returns for his clients. John represents every building with an ownership mentality and the highest level of client service, executing on customized strategies and delivering results.

JohnBeason

Education and affiliations

John earned a B.A. in Finance at the University of Colorado at Boulder, Leeds School of Business. John is a licensed real estate broker in Colorado, as well as a member of National Association of Industrial and Office Parks (NAIOP).

Senior Vice President​ Agency Leasing ​ ​ T +1 303 217 7949​ john.beason@jll.com​

Team

Representative clients

Current responsibilities

• TerraCap
• Asana
• Crescent Real Estate
• Stoltz
• Global Pacific Properties
• Stonebridge Companies
• BH Properties
• Focus Property Group
• NAS Properties
• Western Development Group
• Kresher Capital

Bo is focused on leasing office buildings primarily in Denver’s downtown, downtown adjacent and Colorado Boulevard submarkets. Additionally, he supports his team on various tasks and assignments, including market analysis and research for RFPs and pitches. Bo has become very knowledgeable on all office buildings in Downtown Denver and has a fresh perspective on real estate.

Experience

He brings his entrepreneurial spirit, tenacity and creative mind to the Agency Leasing team. Before joining JLL, Bo started a number of companies in the outdoor industry. Since starting at JLL five years ago, Bo is responsible for leasing office space in the LoDo, mid-town, RiNo, Golden Triangle, Cherry Creek, Colorado Boulevard and Denver Tech Center sub-markets. He’s well connected with the “junior” brokerage community and has completed leases ranging from 500 - 20,000 square feet. Bo is recently married and has two dogs, Rusko and Cider. They enjoy taking advantage of all the outdoor activities the Rocky Mountains have the offer. In the winter you can find him skiing on the slopes; in summer he’s fly fishing, hiking and camping. If Bo’s not in the mountains he enjoys tending to his garden, cooking, running and live music.

BoPitto

Senior Associate Agency Leasing ​ ​ T +1 303 260 6529 bo.pitto@jll.com​

Team

Representative clients

Current responsibilities

• Asana Partners
• Beacon Capital Partners
• CP Group
• Endeavor Real Estate
• Equity Commonwealth
• Global Pacific Properties
• Heitman
• Hines
• LCP Development
• Nuveen
• Riverside Investment & Development

Maddy Stevenson is an associate on JLL’s Agency Leasing team. In this role, Maddy focuses on landlord representation in Denver’s Central Business District (“CBD”) and River North (“RiNo”) submarkets.

Experience

Maddy joined JLL in June of 2017, following her graduation from the University of Denver. Prior to joining the Agency Leasing team in 2019, Maddy was a financial analyst for JLL's Capital Markets Group. In this role, she assisted in securing debt and equity financing for all property types, which included executing all aspects of pre-marketing due diligence, underwriting, offering materials production and facilitating marketing and closing processes.

Education and affiliations

Maddy earned a B.S. from the University of Denver, Daniels College of Business. She achieved a degree in Marketing complemented by minors in Economics and Communication Studies. During her tenure at the University of Denver, Maddy was a member of the University’s Division I Women’s Lacrosse team, where she participated in two NCAA tournaments and was named Captain for the 2017 season. She is a licensed real estate broker in the state of Colorado, an active member in The Commercial Real Estate Women Network (“CREW”), and a graduate of the 2020 Downtown Denver Leadership Program (“DDLP”).

MaddyStevenson

Associate Agency Leasing ​ ​ T +1 303 217 7949​ maddy.stevenson@jll.com

Full Service Offering

Transaction Management

Move and Relocation Management

Portfolio Administration and Analysis

JLL started as a real estate consultancy. To create better alignment and to deliver superior outcomes, we’ve evolved into a fully integrated, end-to-end provider.​

We are a fully integrated provider with scalable solutions

Best-in-Class Technology

Market Intelligence

Occupancy Analysis and Planning

Project and Development Services

Building Systems Assessment

Corporate Capital Markets and Finance

Experience

New Developments

The Hub

Gates District

200 Columbine

Circa

Prism

1144 15th Street

1900 Lawrence

T3 RiNo

Rev 360

2930 Umatilla

Boulder 29

Hub North

Steel House

320 Fillmore

New Developments

1144 15th Street

1900 Lawrence

T3 RiNo

View Project

View Project

View Project

Rev360

320Fillmore

200Columbine

View Project

View Project

View Project

1144 15th Street​

» Third-party branding and CGI​ » ​JLL involved 12 months priorto construction​ » 30-month build​ » 86% leased at delivery​ » Leased to 100% within 12 months​ » Now leased to 120% (with backfill of Chipotle sublease)​

Website

1900 Lawrence

» Pre-construction design » Amenity implementation » Financing » Marketing » Broker engagement » Signed lease 7 months after breaking ground

Website

T3 RiNo

» Pre-construction design and sustainability » Amenity implementation » Marketing - campaign, brochure, e-blasts, marketing center, events » Broker engagement » 901 E 6th Street

Website

Rev 360

» Design » Marketing - in-house at JLL » Enhanced amenities » Broker engagement

Website

320 Fillmore

» 60,000 SF speculative office building in Cherry Creek North » Preconstruction design, BOMA consulting, amenity and parking review » Marketing campaign and collateral » Secured 17,000 SF with Cobbs Allen Capital at $47.00 NNN, which was high-water mark for Denver » In lease with 10,000 SF on 3rd floor with additional two deals battling for position to take top floor of building

200 Columbine

» JLL took over assignment as 3rd brokerage team in, tasked with leasing 36,000 SF of challenged existing condition vacancy » JLL worked to with ownership to adjust brokers and tenant’s perception of 200 Columbine to gain traction in the market » Performed selective improvements to existing vacancy, as well as constructed flexible spec layouts in raw condition vacancy on the 2nd floor » JLL took 200 Columbine from 63% leased to 93% leased in 16 months with four transactions » JLL brought building to 100% leased during COVID with market leading rates » JLL in lease at $42.00 NNN on two renewals in building

Rental Rate History

Existing Buildings Experience​

Centerpoint

155 S Madison​

View Project

View Project

Denver Corporate Center

200 Fillmore

View Project

View Project

Centerpoint

» JLL brought on board to push occupancy, rates and mitigate downtime of known vacates » Centerpoint repositioned with hospitality geared lobby renovation and building improvements » JLL implemented an extensive vacancy prep and speculative work program to enhance marketability of all availabilities » JLL reintroduced the assets with comprehensive marketing campaign » During 2018 the JLL leasing team completed 60,420 SF of leasing taking the building from 86% - 95% leased setting new high-water mark rate

155 S Madison

» JLL hired in December, 2019 with building 75% leased »Advised ownership on lobby refresh, corridor upgrades, vacancy prep and spec suites » Implemented new marketing campaign, touring standards and deal chasing tenacity »During COVID, JLL completed 6 new lease transactions » The building is currently 91% leased

Denver Corporate Center

» JLL fully repositioned Denver Corporate Center II following owners purchase of the asset with a known full building vacate scenario » Introduced modern common area improvements » Implemented strategic speculative suite program » The leasing team completed 30 deals totaling 175,511 SF, raising the percentage leased from 0% to 90% in 24 months » Increased rental rates from $21.00 Gross to $28.00 Gross

200 Fillmore

» Ownership previously leased in house but brought JLL in to assist with a new vacancy and space they had not been able to move » JLL was generating significant leasing velocity for Western Development Group at their other asset, 200 Columbine » JLL advised on select vacancy improvements and implemented a marketing campaign » JLL brought 200 Fillmore to 100% leased by year end » In 2022, ownership confirmed that existing tenant Platte River Equity would be relocating to 300 University » JLL is in lease to backfill this full floor, which ownership doesn’t get back until April of 2024

Market Overview

Denver MSA Presence

Active Coverage

17

20M SF

Person Team

Across All Denver Submarkets

Portfolio

Office Market Fundamentals

Growth Rate

New construction leases completed in Cherry Creek, CBD & RiNo from Q1 2012 to Q3 2022

2.2%

17.9%

Cherry Creek

From 2014 to 2022

Annualized Growth

21.0%

2.3%

CBD

From 2012 to 2022

Annualized Growth

19.2%

2.4%

RiNo

From 2014 to 2022

Annualized Growth

Cherry Creek

RiNo

CBD

Current New Construction Asking Rate

Rental Rate Trend Line

Size of Bubble Represents S.F. Leased

Q3 2022 Cherry Creek Statistics

Existing Competitive Buildings​

New Construction Competitive Buildings​

Cherry Creek Developments

10

11

12

13

14

15

16

17

18

Dive In

Completed 677,438 SF | 100% Leased

Under Construction 295,968 SF | 84% Leased

Planned 1,335,000 SF | 10% Leased

Strategy

Strategy

DefineProject

Targeting Tenants

JLL Process Implementation

Project Marketing

Sustainability

Define Project

Maximize revenue and preserve flexibility with new/existing tenants ​

Stacking Plan

Develop new 60,000 SF office building

Sunflower Bank | Ground Lease Parking Solution

Massing Study

Relocate long-term tenants from 210 University into 60,000 SF office building

US Bank | Baird | Health Images

Develop new 340,000 SF office building

What do Tenants want?

Achieve highest rental rates ever!

210 University Timeline

Key Tenant Contact Information

Design and Permitting

Construction

Delivery

210 University Timeline

Key Tenant Contact Information

Design and Permitting

Construction

Delivery

Key Tenant Contact Information

US Bank

Health Images

Baird

Will be provided once hired!

210 University Stacking Plan​

Office stacking plan

Retail stacking plan

What Tenants Want

Architectural excellence ​ Identity/Signage​ Views ​ Efficiency​ Sustainability​

Biophilia​ Outdoor space​ Above Market Parking Ratio​ Sense of arrival ​ Amenities​

Target Tenants

Financial Services

Insurance

Energy

Donor Markets

Real Estate

Downtown

Sustainability

Net zero carbon commitments on the rise across owners & occupiers

Climate is investment risk.

Larry Fink, CEO, Blackrock

JLL is a signatory of the climate pledge.

Committing to zero carbon by 2040.

Sustainability

Integrate sustainability into the life cycle of commercial real estate​

We spend more than ​ 90% of our time indoors.​ Human environment and behavior make up 70% of what influences human health.​

Sustainability

Services supporting the ESG goals of assets and portfolios​

Sustainability

Experience

Blue Cross and Blue Shield

Four Seasons

Six Flags

T. Rowe Price HQ

North Carolina Sustainability Strategy

Global Design and Construction Standards

North America - 26 ParksESG Framework and Carbon Baselining

Baltimore, MD 551,000 SF | LEED Platinum / Fitwel 3-Star

LaSalle Investment Management Portfolio

US Bank

Novavax

McKinsey & Co

Multiple US Locations 6 million + SF | WELL Health Safety

Gaithersburg, MD 180,000 SF| WELL Platinum

Global Sustainability Design Standards, Green Leasing

Various properties | WELL Health Safety, LEED EBOM Certifications

Sterling Realty Organization

Campus 244

Hyatt Headquarters

NCR Global HQ

National PortfolioESG Program Establishment

Atlanta, Georgia Mass Timber Construction: LEED / Fitwel / Embodied Carbon

Chicago, Illinois 242,000 SF LEED CI Platinum / WELL Silver

Atlanta, GA 800,000 SF | LEED CS/CI Platinum

Project Marketing

Marketing Strategy Development

01

Discover and Define

Direct Outreach and Events

Brand Identity Development

» Analyze the market and current tenant trends » Understand the asset and competition » Identify the target audiences

Full Suite of Services

Print Marketing Development

Signage and Environmental Graphics

02

Create the Vision

» Identify key differentiators and develop the message strategy» Design or enhance the brand image » Define the marketing plan and timeline, develop deliverables

Advertising

Direct Marketing

03

Launch and Lease

Public Relations and Social Media

Web, Interactive and Mobile Marketing

» Launch campaign to all key audiences » Host customized, personal tours » Aggressive pursuit and follow-up

Project Marketing

Best-in-Class Examples

1900 Lawrence Denver

1144 15th Street Denver

Website

Website

JLL Process Implementation

02

03

01

04

Prospecting

Tour Prep

Art-of-the-Tour

The Follow-up

07

05

06

Do it again!

Deal Framing: Ownership Mentality

Proposal and Lease Execution

JLL has the capacity, experience and drive to perform this process on every deal.

Guerilla Marketing Tactics

Monument Signage

VIP Tour Experience

Leasing Assumptions

Lease Assumptions

Broker Fee:​ Outside: $1.25 PSF / YR Inside: $0.625 PSF / YR

39-65 month term 3-5 months net free $20-$40 TI​ $32-$35 NNN​ 2.5% escalations​

Existing Asset

Broker Fee:​ Outside: 3.0% of NNN Inside: 1.5% of NNN

126 month term​ 6 months net free​ $100 TI​ $50-$55 NNN​ 2.5% escalations​

New Construction

• Inside Broker Fees earned on the Existing Asset will be a credit to Landlord for Inside Broker Fees earned on New Construction.

• Inside Broker Fees earned on the initial phase of New Construction will be a credit to Landlord for Inside Broker fees earned on subsequent phases of New Construction (if any).

Our Why in 5

Access to Tenants, Research, Marketing, ESG

We have the best platform

We know the market inside and out

We execute with an ownership mentality

We have the best experience; existing assets & new construction

We are in it for the long haul!

Thank you

© 2022 Jones Lang LaSalle IP, Inc. All rights reserved. The information contained in this document is proprietary to Jones Lang LaSalle and shall be used solely for the purposes of evaluating this proposal. All such documentation and information remains the property of Jones Lang LaSalle and shall be k ept confidential. Reproduction of any part of this document is authorized only to the extent necessary for its evaluation. It is not to be shown to any third party without the prior written authorization of Jones Lang LaSalle. All information contained herein is from sources deemed reliable; however, no representation or warranty is made as to the accuracy thereof.