NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 1

CBIZ National Industry Practice:

Commercial Real Estate REDUCE TAXES. INCREASE CASH FLOW. MINIMIZE RISK.

CBIZ Commercial Real Estate Practice

National Practice, Global Reach, Community Impact

Member of Kreston International

A global network of independent accounting

firms with the reputation for providing trusted

compliance and advisory services to

entrepreneurial business in the SME and

Mid-Market sectors

700 offices – 105 countries

NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 2

Financial & Accounting Benefits & Insurance

Audit & Assurance*

Accounting & Tax

Government Health

Care Consulting

Financial Advisory

Valuation

Litigation Support

Risk & Advisory

Services

Employee Benefits

Health Care Reform

Payroll / HRIS

Property & Casualty

Retirement Plan

Services

Life Insurance

Human Capital

Services

NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 3

Helping you evaluate and manage your business

from multiple perspectives

FINANCIAL RISK & ADVISORY VALUATION INSURANCE

• Audit*

• Accounting & Tax

• Property Tax

• Cost Segregation

• Debt & Funding

Placement

• Forensic

Accounting

• REITs

• Master Insurance

Programs

• Risk Control Services

• Captive & Alternative Risk

• Cyber Risk

• Employee Benefits

• Retirement & Succession

Planning

• Purchase Price Allocations

• Estate Tax & Planning

Valuations

• Market Value Appraisals

• Economic Impact Analysis

• Environmental Impairments

• Low Income Tax Credits

• Development Rights

• Portfolio Valuations

• Cost Recovery Services

• Construction Cost Review

• Business Continuity Planning

• Cybersecurity

• Internal Audit

• Credit Risk Services

• Payment Card Industry

Compliance

• Vendor Risk Management

*Attest services provided by MHM (Mayer Hoffman McCann P.C.) is an independent CPA firm that provides audit, review and attest services, and works closely with CBIZ, a business consulting, tax and financial services provider.

Not just a list of services – a business partner and adviser

• Full spectrum of consulting

to the real estate industry

• Assisting businesses,

principals, investors and

managers

• Relationship with MHM*

ensures a seamless

delivery of client service

and advisory.

• Members of your industry

NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 4

*MHM (Mayer Hoffman McCann P.C.) is an independent CPA firm that provides audit, review and attest services, and works closely with CBIZ, a business consulting, tax

and financial services provider.

NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 5

Clients & Sectors Served

Affordable

Housing

Office Retail Multifamily Hospitality REITs

Property

Managers Architects Developers

Construction

Related

Syndicators Investment

Funds

Real Estate

Lenders Investors

Sales & Leasing

Brokers

Mortgage

Brokers

Government

Agencies

Mixed-Use

Projects

Student

Housing

Historic / New

Market Projects

Offering industry insights and best practices

NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 6

How to Minimize Property Taxes – When determining if

your property tax liability could be reduced, be sure you are

taking advantage of all the benefits for which you are eligible.

Generate Savings with Tangible Property Regulations –

The new (2014) tangible property regulations mark the

largest change to tax laws in more than 25 years.

Cyber Risk – Now It IS the Daily News – Cyber intrusions

are no longer one-off events. Cyber issues are a fact of doing

business. Cyber risk should be top of mind for business

owners and executives across all business sectors and

industries

Insurance Audit: Peace of Mind and Potential Savings –

As your business expands, your risk increases. An insurance

audit takes a fresh look at your insurance policies coverage

and premiums.

e-Newsletters: Commercial Real Estate, Business Consulting and Financial Advisory

Key Industry Discussions White Papers, Webinars, Videos, Print

Newsletters, Case Studies

Trusted adviser to market leaders

NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 7

8

Client service is the foundation

of what we do.

We build lasting relationships by delivering what

clients have told us they believe is true value.

NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 8

A unique range of services and experts able

to work with your management team at a

strategic level

Resources and expertise of an

experienced, informed and active national

industry practice

Advocacy and availability of your local

adviser and service team committed to both

proactive and responsive service

NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 9

“Takeda Pharmaceuticals initially engaged CBIZ to perform construction audits. Upon

understanding our goals and objectives, their team was able to recommend additional services to

assist in risk management and cost savings, including internal audit services and cost segregation

studies.

Working with a professional services firm that provides a full range of tax and advisory services

has been a great partnership for Takeda.

Kelly A. Flynn

Associate Director, Real Estate

Case Studies

NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 11

CASE STUDY – FEDERAL TAX

Issue

A real estate developer reached the end of its second renovation in two years. At the same

time, it was finalizing the acquisition of a property that underwent building updates. CBIZ

MHM identified that all three projects presented opportunities to accelerate some of the

developer’s renovation expenses.

Solution

By examining the developer’s tax filings, depreciation schedules and building plans, our

team separated the assets that must be depreciated over 27.5 or 39 years as part of the

building’s costs from those that could be placed into shorter 5, 7 and 15-year lives. One

significant asset that had been depreciated over a long life qualified for a shorter one, which

allowed for a catch-up of depreciation expense that hadn’t previously been claimed.

Our team also considered what the real estate developer renovated, which allowed

for benefits on top of those identified by the cost segregation study. The developer’s

updates to its building’s lighting, plumbing, windows and HVAC systems qualified as

repairs under the recently enacted tangible property regulations.

Outcome

The cost segregation studies and the evaluation of the tangible property regulations on the

three renovation projects allowed the developer to accelerate several development-related

expenses and significantly reduce its current year tax liability. The cumulative present value

of the tax savings to the client exceeds $8 million.

Taking full advantage of a cost segregation study and the benefits under the

tangible property regulations requires careful examination of your operations. Our

team is adept at uncovering hidden opportunities and implementing solutions that

lead to significant tax savings.

CLIENT PROFILE:

Annual Revenue: $165M

Industry: Real Estate

Geographic Footprint:

New York City and Washington D.C.

Ownership Structure: Holding company

composed of family-owned partnerships

Real Estate Developer Benefits from

More than $8 Million in Tax Savings

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CASE STUDY – INSURANCE AUDIT

Complete Insurance Audit Yields Improved

Coverage and $600,000 in Annual Savings

CLIENT PROFILE:

Annual Revenue: $10M

Number of Employees: 85

Entity Structure: Limited Liability Corporation

Industry: Real Estate – Property Management

Ownership Structure: Privately Held

Geographical Footprint: Properties in

Multiple States

Problem

The client manages several multi-family properties in multiple states. During a

consultative discussion with their financial and tax advisers, CBIZ MHM, the client

agreed that a complete insurance audit would be welcomed to determine the

adequacy of coverage and possibilities for cost savings.

Solution

Our CBIZ insurance audit program identified both gaps in coverage and opportunities

for savings. Specifically, there was a complete exclusion of flood exposure in a flood

zone and low lying areas that caused the client to be out of compliance with their loan

and at risk for a loss that could have cost millions of dollars. Additionally, we noted

that a number of locations were identified as dog friendly properties yet their

umbrella and liability coverage specifically included an animal exclusion.

Through our national program, we were able to provide improved coverage, removed

the exclusions, and ultimately saved the client $600,000 in annual insurance expense.

Outcome

In addition to improved coverage at a lower cost, the client’s assets returned increased

market value based on decreased operating costs. Buoyed by their confidence in CBIZ

as their advocate for both financial and risk management, the client is considering

substantial expansion of their operation by acquiring a residential real estate portfolio.

As one of the largest publicly owned property and casualty insurance brokers in the

country, we are positioned to negotiate with the most competitive insurance

carriers to assure our clients of the best products and full service.

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CLIENT PROFILE:

Annual Revenue: $17B

Industry: Pharmaceuticals

Ownership Structure: Corporation

Geographical Footprint: International

Issue

A pharmaceutical company was preparing to build a $55 million lab and office space. Its

contractor was to perform the work under a cost-reimbursable contract, whereby the

pharmaceutical company would be billed for the cost of the work performed in addition to a

fee that would cover the contractor’s profit and overhead up to a guaranteed maximum

price.

Solution

CBIZ Risk & Advisory specialists helped the pharmaceutical company review the draft

contract before it was signed to limit the company’s financial exposure and protect it from

various overstated costs. This allowed our team to recommend changes that would better

guard against hidden profit centers and expenses that should have otherwise been covered

by the contractor’s fee.

During our initial audit, CBIZ identified overstated costs that related to sub-

contractor labor rates. There were also markup issues. When cumulated, the totaled

subcontractor markups exceeded the aggregated markup that was included in the

contract. Our findings presented an opportunity for the company to recover upwards

of $90,000 in project fees.

Outcome

The factual cost data we provided helped the company make informed business decisions,

on a timely basis, regarding the construction project. To date, the company has recovered

$90,000 with future project savings anticipated.

Don’t be surprised by construction costs. Vague contract language, unexpected setbacks

and charges without a clear origin can wreak havoc on your construction project. Our team

performs reviews throughout the lifecycle of the construction project to identify potential

pitfalls in contract language, overstated costs and charges that do not reflect what you

agreed to pay for the work.

CASE STUDY – FEDERAL TAX

Pharmaceutical Company Recovers $90,000

from Initial Audit of Construction Project

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Client Saves $130,000 and Improves

Its Property & Liability Coverage

Issue

Our tax client owns and manages more than 2.5 million square feet of commercial

property in multiple states. Two different agents had been handling the property and

liability coverage, but the developer had concerns neither was considering its overall

insurance program.

Solution

The client’s CBIZ MHM financial advisor recommended a complete insurance review

through CBIZ Insurance Services to examine both risk exposure and cost of coverage.

The review exposed significant coverage exclusions within the developer’s insurance

program. Deductibles in certain areas were so high that had the developer incurred

any type of wind or water damage, it would have had very little insurance coverage to

help with the costs of repair. Other areas did not have coverage under its excess

umbrella policy, which could have also presented problems in the event the developer

needed to make a claim.

Outcome

By proactively identifying issues, the client was able to both improve coverage and

reduce its cost, averting the risk of discovering coverage gaps during a claims process

and saving an estimated $130,000 annually.

CBIZ delivers financial advisory, tax strategy, risk mitigation and valuation services

to help you safeguard your assets, maximize your net operating margins, improve

your return on investment and ultimately increase the value of your properties.

CLIENT PROFILE:

Annual Revenue: $18M

Number of Employees: 3

Industry: Commercial Real Estate

Ownership Structure: Privately held

investment firm (LLC)

Geographical Footprint: Properties in

more than 30 states

CASE STUDY – PROPERTY & CASUALTY REVIEW

14 NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE

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Proactive, Strategic Service Yields

Significant Reduction in Premium Spend Issue

This family-owned real estate investment and management company’s leadership

felt it was not receiving informed and proactive guidance from its benefits broker.

As a medium-sized employer, they suspected they were underserved by their

current broker’s unseasoned team who offered no long-term strategy and what

seemed to be stock programs with few options for their employees.

Solution

Following a thorough meeting with the company’s CFO, CBIZ ESO Benefits

Consultants developed a Health Reimbursement Arrangement (HRA) employing a

hybrid funding platform reversing the company’s renewal direction from a 9%

premium increase to a 12% net reduction in premium spend (a savings of $73k).

Additionally, a customized dashboard was developed—a standard for all CBIZ

ESO consulting engagements—to help the CFO and HR Director dictate various

scenarios for planning purposes and form a basis for long-term strategic plan.

Outcome

The company’s leadership now have a tool to help them discuss plan strategy,

detail and costs with company leadership. Developing a truly proactive and

strategic consultative relationship has been perhaps as important to the client as

the savings, according to the company’s CFO. “It is something that I’d never seen

before and something we’d been searching for for years.”

Our approach to client service: Contribute value by taking a holistic, advisory

approach, listening to client concerns and both responding to and anticipating

client needs. Our national industry practice structure prepares us to understand

your issues and deliver this level of client service.

CLIENT PROFILE:

Annual Revenue: $16M

Industry: Hospitality; boutique hotels

Ownership Structure: Family-owned corporation

Number of Employees: 76 fulltime; 300 seasonally

Geographical Footprint: Properties in six states

CASE STUDY – COMMERCIAL REAL ESTATE

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The Value of Industry Expertise

and a Culture of Client Service Issue During a conference call with our client, Takeda Pharmaceuticals, regarding a construction

cost review, their Senior Manager of Real Estate expressed interest in having a cost

segregation study performed on that same new lab construction.

Solution A single phone call to the leader of our National Cost Segregation Practice led to the quick

provision of an overview and benefits of performing a cost segregation study. A meeting

was scheduled with Takeda’s corporate team to discuss the cost segregation process and

expectations for tax benefits.

We noted that much of the information required for this study was already available to us

from the Construction Cost Review. Meeting with key project stakeholders was an

opportunity to develop confidence in our team’s depth of knowledge and ability to complete

the study in time to meet financial reporting deadlines.

Outcome The client’s corporate team greatly appreciated the seamless service extended by

our industry practice team. Their confidence and comfort level with the people they

would be working with led to a quick decision to engage CBIZ.

The cost segregation study involved approximately $55 million of leasehold improvements

being undertaken by Takeda for their new lab and office space in Cambridge.

Our approach to client service: Contribute value by taking a holistic, advisory

approach, listening to client concerns and both responding to and anticipating

client needs. Our national industry practice structure prepares us to understand

your issues and deliver authentic client service.

CLIENT PROFILE:

Annual Revenue: $17B

Industry: Pharmaceutical Manufacturing

Ownership Structure: Corporation

Geographical Footprint: International

CASE STUDY – AUTHENTIC CLIENT SERVICE

16 NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE

National Practice Professionals

Practitioners/marketers in any local office can choose to include any of these

CRE experts in addition to their own local talent. [DELETE THIS NOTE]

Paul has over 30 years of experience in financial reporting, income and estate tax planning, tax return preparation, tax controversy

representation and financial reporting for individuals, family-owned and closely-held businesses. Paul’s main industry expertise

includes real estate developers, operators and managers, mortgage brokers and architects. He has assisted clients in purchase/sale

transactions, loan financing, capital raising, tax-deferred exchanges and cost segregation studies. Paul often speaks on tax and

accounting topics to professional and civic groups.

310.268.2029 prosenkrantz@cbiz.com

NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 18

Kevin Nussbaum | National Vice President, Client Development

Kevin has over 30 years of management consulting experience ranging from small closely-held businesses to Fortune 500 companies.

He leads the CBIZ large national account team and several national industry initiatives. Kevin is a staunch proponent and key

implementer of the CBIZ Advantage, a cross-serving strategy of “client focus first” that connects our clients and prospects with CBIZ

professionals in ways that help them achieve their business objectives and insists that all new service lines have to bring value to the

client. Recently he has been working with real estate clients to implement the benefits of the tangible property rules and identifying

operating efficiencies for larger clients.

314.692.5824 knussbaum@cbiz.com

Larry Rosenblum | Managing Director, Financial Services, Southeast

Larry has more than 20 years of public accounting experience. Larry provides consulting and tax services for the company’s real

estate clients with a concentration in commercial property cost segregation studies. He is a frequent lecturer in cost segregation to the

banking, legal and real estate communities. Previously, Larry provided tax planning and consulting services for professional service,

real estate and manufacturing companies in the New York and Los Angeles metro areas. Larry is a member of the CBIZ Commercial

Real Estate national practice executive committee.

561.994.5050 lrosenblum@cbiz.com

Paul Rosenkranz | Managing Director, Financial Services, Southern California

Key Contacts

NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 19

Steve Dunavant | Managing Director, Financial Services, Southeast

Key Contacts Rob Kaelin | Regional President, Insurance Services, Midwest/West

Steve has over 25 years of public accounting experience with both local and international accounting firms. He specializes in the

areas of pass-through entity taxation, entity structuring for privately held businesses, and mergers and acquisitions for privately

held businesses. He serves clients who operate in a wide variety of industries and have diverse types of owners ranging from

private equity firms to family groups. Steve works with a number of attorneys and private equity groups to structure agreements

and transactions to suit the needs of the client and its investors. He has also designed compensation planning strategies for

tiered partnerships.

816.945.5158 rkaelin@cbiz.com

Greg Cryan | Regional President, Insurance Services, Southeast

Greg is an experienced insurance professional who founded and operated an independent insurance group before taking on

leadership positions with USI and then CBIZ. Greg has served as southeast regional president for CBIZ Insurance since 2012 and is a

member of the CBIZ Commercial Real Estate national practice executive committee. As a key member of the CBIZ Insurance national

leadership team, Greg ensures that clients receive both industry expertise and regional/local service as a feature of their account

service.

678-297-7776 gcryan@cbiz.com

Steve has over 25 years of public accounting experience with both local and international accounting firms. He specializes in the areas

of pass-through entity taxation, entity structuring for privately held businesses, and mergers and acquisitions for privately held

businesses. He serves clients who operate in a wide variety of industries and have diverse types of owners ranging from private equity

firms to family groups. Steve works with a number of attorneys and private equity groups to structure agreements and transactions to

suit the needs of the client and its investors. He has also designed compensation planning strategies for tiered partnerships.

901.685.5575 sdunavant@cbiz.com

NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 20

Lonnie Davis | Managing Director, Financial Services, Philadelphia

Key Contacts Linda Atkinson | Managing Director, CBIZ Valuation Group CRE Practice

Linda has over 28 years of diversified experience in real estate consulting and valuation analysis for office, retail, multifamily,

industrial and lodging properties as well as many special use properties such as ranches, health facilities and education

campuses. A member of the CBIZ Commercial Real Estate national practice executive committee, she has significant expertise

in managing large multi-location valuation projects across North America, Puerto Rico and Europe, involving all valuation

disciplines and expert witness testimony. Prior to joining CBIZ Valuation Group, Linda directed the commercial real estate

consulting and valuation operations for LandAmerica Financial Group, Inc. She has held similar positions with Arthur Andersen

LLP focusing on large scale multi-location and multi-discipline valuation projects.

314.692.5818 latkinson@cbiz.com

Brian Cohen | Director, CBIZ MHM, South Florida

Brian has more than 25 years of experience providing accounting, tax planning and business consulting services to professional

service firms, construction and related industry companies, and real estate partnerships. Prior to joining CBIZ MHM, Brian held

financial and operational positions with a privately-held distribution company and a privately-held real estate developer. He is well

experienced in the preparation of financial statements, development of budgets and operating forecasts, implementation of cash

policies and management of investor and banking relationships.

561.994.5050 bcohen@cbiz.com

With over 34 years of experience in all areas of taxation, 29 of which with his current employer, Lonnie specializes in tax and business

planning for closely held business and high-income and high net-worth individuals. He has extensive expertise in tax and business

issues with construction and real estate, financial services, manufacturing, wholesale clients. Lonnie is a former member of the Tax

Section of the Philadelphia Bar Association, the Financial Planning Association and the International Tax Planning Association, and

has been a registered representative with the National Association of Securities Dealers. On a regular basis, he is asked to speak on

technical tax issues at various seminars and conferences.

610.862.2385 ledavis@cbiz.com

NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 21

Jim Judd | Consultant, CBIZ Insurance Services, Kansas City

Key Contacts

Jim Feeny | Vice President, CBIZ Insurance Services, Philadelphia

Jim works with employers to help solve their risk management problems. He focuses on remediating poor claims experience in

areas such as workers' compensation and general liability. In addition, he works with public and private companies on the

structure of their Directors and Officers coverage. His specialties include Workers' compensation, Directors and Officers,

Fiduciary Liability and non-profit coverages.

610.862.2428 jfeeny@cbiz.com

Daniel B. Hughes | Lead Managing Director, CBIZ MHM, Phoenix

With more than 20 years of experience in accounting, Dan serves as the lead managing director in the tax and business services

division. He has developed specializations in partnerships, real estate taxation, trust taxation, stock options, estate and gift tax

planning, and cost segregation studies.

602.264.6835 dhughes@cbiz.com

Jim is a National Real Estate Practice leader for CBIZ with more than 20 years of prior Insurance experience in the analysis,

development, marketing and implementation of Commercial Property & Casualty Insurance programs for clients. He works with

Property Managers, Private Portfolio Owners and REITs relative to Risk Management and the placement of their Insurance needs. Jim

is adept at conducting the systematic review of the exposures by addressing operational risks as they relate to systems, processes

and procedures.

816.945.5630 jjudd@cbiz.com

NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 22

Jay C. Mason | Managing Director, CBIZ MHM, St. Louis

Key Contacts Allan C. Klose | Senior Manager, CBIZ MHM, Phoenix

Allan has extensive experience in the provision of auditing and accounting services to both privately-held companies and public

companies ranging in size from development stage companies to large international organizations. Allan has specific expertise

working within the real estate industry, including providing services to single family homebuilders, multi-family property

developers, real estate investment funds, hospitality developers & managers, commercial property developers and others within

the industry.

602.264.6835 aklose@cbiz.com

Bryan Koch | Managing Director, CBIZ MHM, Memphis

With more than 15 years of public accounting practice with both national and local firms, Bryan has advised clients in industries

including manufacturing, financial services, professional services with a primary focus on real estate. Bryan’s experience spans from

compliance to consulting, and he specializes in guiding large family-owned and closely-held private businesses through business

deals and planning.

602.264.6835 bkoch@cbiz.com

Jay leads the Real Estate and Personal Property Tax practice in the St. Louis office and a member of the CBIZ Commercial Real

Estate national practice executive committee. He has over 40 years of property tax experience in government and corporate

environments throughout the United States. Prior to joining the CBIZ MHM, Jay was the Vice President of Property Taxes for The May

Department Stores Company where he was responsible for the administration of an annual tax expense of $175 million. He is a

frequent contributor to the CBIZ newsletters and blogs, not surprisingly, on the topic, How To Minimize Your Property Taxes.

314.995.5512 jcmason@cbiz.com

NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 23

Scott M. Slabotsky | Lead Managing Director, CBIZ MHM, Kansas City

Key Contacts Jake McDonald | Consultant, CBIZ MHM Credit Risk Advisory, Philadelphia

Jake advises clients regarding the risks affecting their business and develops ways to manage and mitigate those risks. Initially

focusing on credit risk, Jake has expanded his practice to a holistic suite of solutions and services that also address risks

pertaining to enterprise, market, operational, regulatory and compliance. His clients are primarily financial institutions, lenders

and investors. His work in the Commercial Real Estate space includes commercial lending advisory, crowd funding, loan

structuring, risk analysis, commercial credit analysis, vendor risk and business process improvement.

610.862.2202 aklose@cbiz.com

James J. McNally | Managing Director, CBIZ MHM, Philadelphia

Jim has over 30 years of tax experience assisting professional practices, real estate developers, construction contractors, wholesalers

and high net worth individuals. Both a Tax and Litigation Managing Director in CBIZ MHM, Jim has assisted clients with tax

compliance and strategy, transaction planning, year-end planning and representation before various taxing authorities. He began his

career with the Internal Revenue Service. Jim has been a speaker for the Pennsylvania Institute of CPAs, the Pennsylvania Bar

Institute, the Internal Revenue Service, and the Continuing Education Programs sponsored by Temple University, Philadelphia

College of Textiles & Sciences and the Community College of Philadelphia.

610.862.2220 jmcnally@cbiz.com

Scott has over 35 years of experience in public accounting. He has particular expertise in providing sound business solutions for

closely held businesses, real estate companies, healthcare providers, hotel/hospitality companies, individuals, partnerships, limited

liability companies, real estate companies and wholesalers.

816.945.5530 jslabotsky@cbiz.com

NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 24

Key Contacts Jason Vanden Bosch | Managing Director, CBIZ MHM, Chicago

Jason has 20 years experience providing accounting, tax and attest compliance and consulting services to mid-market, privately

held businesses. His clients include real estate developers, managers and investors; construction companies, including general

and sub-contractors; professional service firms; and high-net worth individuals. His consulting projects have included structuring

acquisitions and dispositions, including 1031 exchanges, providing accounting efficiency reviews, implementation of complex

accounting methods for contractors, and restructuring assets for estate planning. Jason also assists private real estate funds

with proper accounting and tax structuring.

312.602.6881 jvandenbosch@cbiz.com

Jay Webber | Managing Director, CBIZ MHM, New England

He is a member of the Accounting and Auditing Group and has many years of experience working with clients in the manufacturing,

wholesale/distribution, retail, and real estate industries. Additionally, he advises family offices and high net worth individuals. Jay's

areas of expertise include receivable and inventory management, debt and equity financing, financial reporting and analysis, strategic

planning, systems reviews and tax planning. In serving the company's high net worth clients, Jay has extensive experience in both

income tax and estate planning.

617.761.0725 jwebber@cbiztofias.com

Kevin Wulff | Managing Director, CBIZ MHM, New England

As a Managing Director in the Boston Tax Group, Kevin works with CFOs of private, closely-held real estate companies and

investment partnerships to help them improve their operations and financial position. With over 25 years of experience, Kevin provides

clients with proactive tax planning, consulting and compliance services that educate them on best tax practices.

617.761.0692 KWulff@cbiztofias.com

NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 25

Key Contacts Alex Lebruto | Managing Director, CBIZ MHM, New England

Alex has more than 15 years of tax planning and tax compliance experience with privately-held companies in the real estate,

professional services, retail, high tech, and food industries. He provides clients with compliance and tax consulting services, as well as

reviews of corporation, partnership, trust and individual returns for privately-held entities and their owners..

617.761.0680 ALebruto@cbiztofias.com

Matt Mercier| Executive Vice President, CBIZ Insurance Services

Matt has developed a niche in the condominium association arena. He serves as Director of Community Insurance & Risk

Management for CBIZ nationally. A graduate of Florida State University, Matt has earned CMCA, AAI, LCAM and CIRMS

designations.

561.353.0800 mmercier@cbiz.com

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NATIONAL INDUSTRY PRACTICE: COMMERCIAL REAL ESTATE 26

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QUESTIONS

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