Innovation Place Georgetown University

MPS Real Estate

The Hoya Group

NAIOP 2011 Capital ChallengeCase Analysis and Development Proposal

March 25, 2011

InnovationPlace

Innovation

Executive Summary

Site Overview

Development Concept

Project Benefits

Potential Option Sites

Zoning

Metropolitan Economic Overview

Market Analysis

Financial Analysis

Conclusion

Development Team

Sponsors/Key Resources

Acknowledgments

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EXECUTIVE SUMMARY

The Hoya Group, LLC, is proposing a mixed use project of nearly 1.9 million square feet of retail, residential, office, and cultural space in the heart of Buzzard Point at 100 V Street, SW, Washington, D.C. The Hoya Group will create a unique neighborhood within the District of Columbia, known as Innovation Place, that ties together diverse communities, leading corporations, government agencies, and incubating alternative energy industries to leverage the city’s distinct position as the national capital and to create an opportunity for DC to further itself as a thought-leader in sustainable technologies.

Hoya Group’s vision responds fully to the city’s goal of improving the design and walkability of Southwest Washington, DC and broadening its mix of offerings. Innovation Place, with its collection of sustainable green buildings arrayed around graciously landscaped public grounds and linked to an upgraded Potomac Avenue, will bridge old energy generation technology represented by an adjacent PEPCO substation with the energy companies of the future, and its reach will extend far beyond the boundaries of the 8.8 acre subject property.

Development of Innovation Place will be as-of-right, and site design will be approached from the medium, more community-friendly density encouraged in the District’s Comprehensive Plan by maintaining an overall FAR of 5.3.

Innovation Place will include: • 90,000 square feet of high-quality retail space• 919,000 square feet of residential apartment space• 80,000 square feet of affordable apartment space• 800,000 square feet of professional offices and lab space• 357,000 square feet of below-grade parking, loading, and service area

Total project cost is estimated at $450 million.The Hoya Group also contemplates the possible development of the adjacent option sites.

SITE OVERVIEW

The name Buzzard Point conjures up many images currently, perhaps more negative than positive. The area is located on an isolated peninsula at the confluence of the Potomac and Anacostia Rivers. Once called Turkey Buzzard Point when it first appeared on a map in 1683, and later called Young’s Point when DC was being laid out, Buzzard Point today is dominated by industrial uses, underutilized spaces, and military institutions.

The subject property is an 8.8 acre parking lot, squarely centered in the middle of the Buzzard Point neighborhood. The site is bounded to the north by an area of largely low- to medium-density affordable housing. Immediately to the north of the site is a scrap metal recycling yard. Fort McNair, a secure federal facility located to the west, forms a wall between the entire site and the waterfront to the west. Direct site access to the Anacostia River to the south is blocked by the Coast Guard building, currently controlled by Monday Properties. A vacant 20,000 square foot parcel adjacent to Buzzard Point Park, currently controlled by a Fairfax-based developer, similarly blocks direct site access to the marina. A PEPCO substation adjoins the entire site to the east. Although PEPCO has announced the shutdown of the northern portion of the power plant by 2012, the southern portion of the plant will continue operations into the near future.

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The 8.8 acre site presents a unique opportunity to initiate substantial change and create a new identity for Buzzard Point. The streets immediately surrounding the subject site are neglected and have little pedestrian activity, and the area is almost entirely lacking in infrastructure. Long ignored and underutilized, Buzzard Point has been left largely untouched by ongoing development that immediately surrounds it, especially in the Stadium District just east of South Capitol Street, as well as the Southwest Waterfront to the west. As areas around Buzzard Point prosper and plans to decommission uninviting adjacent facilities move forward, the time has come for Buzzard Point to become a neighborhood of growth and innovation that sets the example for DC and perhaps even the nation.

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Innovation Place includes nine buildings consistent with the overall phased site plan on Page 5.

The Converter: A residential apartment building of 268,000 square feet, located on T Street, between 1st and 2nd Street, SW, with a medium-sized grocer, pharmacy, and ground floor retail uses. Accessed from a lobby on 2nd Street, the apartment building will rise 4 stories above the retail base and contain 220 units of market and affordable for-rent apartments. The residences will include a community courtyard and swimming pool on a second story pavilion. Phase 1.

Cleantech Building: An office tower of 200,000 square feet, located at the northeast corner of Square 609, Lot 804. Designed to be connected to Greenleaf Building by an atrium with entrances on 1st Street, SW, and the Courtyard. Phase 1.

Greenleaf Building: An office tower of 200,000 square feet, located at the southeast corner of Square 609, Lot 804. Designed to be connected to Cleantech Building by an atrium with entrances on1st Street, SW, and the Courtyard. Phase 1.

DEVELOPMENT CONCEPT

Innovation Place will create a diverse neighborhood comprised of living spaces, open spaces, community-serving retail and amenities, and a diverse mix of industries, especially those that engage in alternative energy research. Innovation Place will promote sustainability, particularly as it relates to energy generation from renewable resources. In accordance with this vision, the development plan envisions buildings with green roofs to reduce heat gain and runoff, solar panels for energy production, and geothermal heating and cooling systems. Stormwater runoff will be directed into recharge rain gardens and cisterns and sustainable agriculture will be promoted in rooftop settings.

Through comprehensive strategies such as siting, cool roofs, solar water heating, stormwater management, and water efficiency, the development will reduce its impact on the environment. The Hoya Group will work with local, regional, and federal stakeholders to set goals in the areas of energy efficiency, recycling, sustainable buildings, and water conservation at Innovation Place. Imagine a neighborhood, comprised of three city blocks, situated directly adjacent to a dated powerplant, which shows the world that it need not rely on outdated modes of energy. Innovation Place will bridge old and new technologies, creating a dynamic and responsible environment for DC residents to be proud of for years to come.

The Converter The CleantechThe Greenleaf

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Switchyard Building: A residential apartment building of 185,000 square feet, located on the northwest corner of Square 609, Lot 804. Designed to be connected to the Substation Building by an atrium with entrances on 2nd Street, SW, and the Courtyard. Phase 2.

Substation Building: A residential apartment building of 185,000 square feet, on the southwest corner of Square 609, Lot 804. Designed to be connected to the Switchyard Building by atrium with entrances on 2nd Street, SW, and the Courtyard. Phase 2.

Generator Building: An office tower of 200,000 square feet, located at the northeast corner of Square 611, Lot 19. Designed to be connected to EnGen Building by atrium with entrances on 1st Street, SW, and the Courtyard. Phase 3.

EnGen Building: An office tower of 200,000 square feet, located at the southeast corner of Square 611, Lot 19. Designed to be connected to Generator Building by atrium with entrances on 1st Street, SW, and the Courtyard. Phase 3.

The Frederick: A residential apartment building of 185,000 square feet, located on the northwest corner of Square 611, Lot 19. Designed to be connected to the Douglass Building by atrium with entrances on 2nd Street, SW, and the Courtyard. Phase 3.

The Douglass: A residential apartment building of 185,000 square feet, located on the southwest corner of Square 611, Lot 19. Designed to be connected to the Frederick Building by atrium with entrances on 2nd Street, SW, and the Courtyard. Phase 3.

The SwitchyardThe Substation The Generator

TheEnGenThe Frederick

The Douglass

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Phase 1 Phase 2 Phase 3

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The following table summarizes the proposed development, and a more detailed description of the program elements follow:

PROGRAM TOTALS ( in square feet)

Total Commercial - Office 800,000

Total Commercial - Retail 89,251

Total Residential - Market 918,712

Total Residential - Affordable 79,888

Total Community 10,000

TOTAL PROGRAM 1,897,851

PROJECT BENEFITS

Create an Alternative Energy Incubator Enclave within the DistrictAlthough the proposed development will include office space for many diverse industries and companies, the Hoya Group will be particularly accommodating to alternative energy startups because DC, unlike other major cities such as New York or San Francisco, currently does not have any incubator neighborhoods.

The large land area of the subject property, along with the overall youthful educated demographic of the District and Stadium area, the proximity to the PEPCO substation, and the current lack of an overall identity for the Buzzard Point neighborhood, makes the subject site a perfect enclave for innovative businesses to develop and grow.

Establish Design ExcellenceBuzzard Point is poised to take off as a development area in the next decade. Scattered sites within the Capitol Riverfront Business Improvement District (BID) and large tracts along the river are currently being targeted as sites for development projects. The city has already put zoning requirements in place and budgeted capital improvements that encourage an improved resident, worker, and visitor experience. In order to achieve the public and private objectives these projects must add up to a unified whole with substantial design merit. Innovation Place will raise the bar for quality urban design, open space, and architecture in the neighborhood, will provide a major economic asset to the city, and will

fulfill the city’s vision for the neighborhood as envisioned in the Comprehensive Plan.

Support Environmental SustainabilityIn developing the site, the Hoya Group will apply environmentally sustainable development principles in a cost-effective manner and in full integration with all other design, construction, and management aspects of the project. The project is an opportunity to demonstrate that sustainability can be achieved in an affordable way – an essential ingredient for the truly widespread adoption of environmental sustainability principles. At a minimum the project can achieve LEED Gold, and is a viable candidate for the pilot LEED ND program.

Enhance Streetscape ImprovementsThe Hoya Group will enhance the streetscape improvements outlined within the DC Comprehensive Plan, the Monumental Core Framework Plan, and the Anacostia Waterfront Framework Plan. As an example, the site is uniquely positioned to improve the streetscape of Potomac Avenue, which is envisioned as a major pedestrian route. The Hoya Group’s ownership of U Street that traverses the site will allow the space on both sides of the street to be designed as a small urban plaza, with raised gardens, distinctive paving, and shaded seating.

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Attract a Diversified and High-Quality Retail MixInnovation Village will provide approximately 90,000 square feet of new retail space in Phase 1, attracting a medium-sized anchor grocer and a quality mix of retail stores currently unavailable in the local marketplace. These new opportunities for the community will attract shoppers, raise Buzzard Point’s profile in the area, and bring added value to all merchants by increasing retail activity throughout Southwest DC. Local residents will also benefit from the addition of services and convenient retail establishments planned for the project.

Improve Traffic and CirculationBuzzard Point’s inaccessibility, including the problematic one-way direction at First Street and Potomac Avenue and the cul-de-sac at northbound South Capitol Street, has long been an impediment to its development. The proposal will incorporate a private street through the site to help ameliorate traffic flow and circulation around the site.

Enhance Linkages and ConnectionsWhile there are many challenges in connecting the Buzzard Point neighborhood to the waterfront, the site offers a number of important opportunities for the creation of a hierarchical pedestrian and open space system. Pedestrian connections, as well as historic trails and canals, can also be greatly enhanced by establishing orientation points and connecting memorable stops along

the trail. By re-establishing the pedestrian street grid through U Street and creating passages between 1st and 2nd Streets to T to V Streets, pedestrians will have continuous access to public space in the Innovation Place courtyard from all edges of the project. Moreover, the proposed cross-connections come together at a central axis point on U Street within the courtyard, thereby integrating the landscaped plaza into the axis that connects the major green spaces.

One of the greatest opportunities for open space connectivity lies within Buzzard Point’s rich history and the cultural sites that have each played a large role in that history. Considerable efforts will be made to showcase and connect key sites of historic significance, including Tiber Creek, which once passed through the site and provided the Mall water access to the Anacostia. In addition, the proposed Anacostia Riverwalk Trail will run through the eastern portion of the site. Innovation Place will incorporate a 10,000 square foot Visitor’s Center and Pavilion at the trailhead to provide an important orientation point for users and visitors, while also providing additional historic and cultural information and exhibit space.

Serve Community NeedsIn addition to the Visitor Center, Innovation Place will provide an extraordinary amount of public open space, approximately 100,000 square feet. Additional public benefits will flow from community-sponsored performances, events, and exhibits. Innovation Place will be a focal point that brings the multiple, diverse populations of Buzzard Point to an area where events and activities can be shared and enjoyed by everyone.

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POTENTIAL OPTION SITES

Multiple option possibilities exist for expanding development on three sides of Innovation Place. Taking on a project of Innovation Place’s magnitude is already a large undertaking. However, the potential for the option sites to further connect Innovation Place to the surrounding urban fabric and waterfront is so great that preliminary option negotiations with the owners should begin now, before the development of Innovation Place raises the cost of the options.

Scrap Metal Site (A)Currently, Super Salvage Inc., a full-service salvage company, owns the lot immediately to the north of the subject property. Aside from the salvage yard being a hindrance to leasing residential apartments in Innovation Place, it presents an opportunity to connect Innovation Place to an upgraded Potomac Avenue. Gaining frontage to Potomac Avenue would also provide Innovation Place with a direct link to South Capital Street and the Nationals Stadium. Initial due diligence suggests that the salvage yard site may present an opportunity to include a hotel and conference center, including a bow-tie park, as part of Innovation Place.

Coast Guard Building (B)Another critical option site is the Coast Guard Building located immediately south of Innovation Place, which is currently controlled by Monday Properties. The Hoya Group views the Coast Guard property as an opportunity to connect the waterfront to Innovation Place, providing a link between the site and one of the two marinas in the area. The Coast Guard’s plan to vacate the building at the end of 2014 is well-timed with Phase 3 of Innovation Place, set to commence at the beginning of 2015. A strategic partnership through a joint-venture with Monday Properties should be explored further for the Coast Guard site - an almost certain win-win situation which would substantially enhance the value of both Innovation Place and this site.

Pepco (C)In 2007, PEPCO announced its plans to shut down the Buzzard Point generating units located at the northern end of its site between S and T Streets and 1st and Half Streets by May 31, 2012. However, PEPCO currently plans to continue operating the substation, which is housed in an iconic smokestack structure located at the southern end of the PEPCO site.

For the northern portion of this site that is to be vacated by 2012, a compact, mixed use complex with additional high-quality retailers, entertainment uses such as a multiplex cinema, and additional restaurants may be successful at this location and could build upon the theme of Innovation Place.

For the southern end of the PEPCO site that contains the iconic smokestack, the Hoya Group will engage PEPCO and community stakeholders in a long-term strategy to eventually eliminate PEPCO’s entire footprint by leveraging partnerships with the pioneering alternative energy companies to be located at Innovation Place. Someday, the smokestack structure could house incubator space that develops the next renewable energy technology.

Site Adjacent to Buzzard Point Park (D)Another small but important piece of land, central to the connectivity of the area, is the vacant 20,000 square

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DB

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foot lot located adjacent to Buzzard Point Park, which Duane Deason, a Fairfax-based developer, bought in 2004. Plans have recently been unveiled for the site showing a mixed use, 97-unit development consisting of rowhouses, an 8-story residential tower, and ground-floor retail.1 The Hoya Group will engage Mr. Deason to explore joint collaboration potential for this small but strategically important site, particularly if these plans are not approved.

ZONING

The subject property is zoned Commercial Residential and falls within the Capital Gateway Overlay Zone (CG/CR). CG/CR zoning allows for mixed use development at up to a maximum 8.2 FAR if affordable housing is provided.2 However, the proposed development is planned for a more neighborhood-friendly total density of 5.3 FAR, of which 998,600 square feet will be residential multifamily housing and 889,251 square feet being non-residential uses such as a neighborhood grocer, professional offices, and incubator space. The development of Innovation Place will avoid almost all entitlement procedures because the uses proposed - multifamily residential, office, and retail – fall within matter-of-right zoning standards. Despite proposing permitted uses, the project will still undergo the Large Tract Review Procedure as the subject property is more than three acres and there is more than

1 See Office of Planning Public Hearing Report (ZC# 10-21) dated January 14, 2011.2 DC Zoning Regs §1601.2

50,000 square feet of mixed use commercial space being proffered.3 However, Large Tract Review only requires that the proposal be sent to the DC Office of Planning (OP) for comments. No public hearing is necessary as part of the procedure. Innovation Place will also request comments from OP on the proposed private street as part of this procedure.

The development program strategically calls for any potential lab space to come during the third phase of site development, as there is a possibility that a special exception may be required from the Board of Zoning Adjustment (BZA) depending on the type of lab or research space sought. If a specific tenant is identified and requests a particular type of lab space that requires a special exception, a public hearing before the BZA will be required.4

The building heights at Innovation Place will vary throughout the site, with the maximum height being 110 feet. The DC Height Act allows buildings to be up to 110 feet at this site because of the width of adjoining right-of-ways.5 Rooftop access is provided throughout Innovation Place, utilizing valuable programmed space for view-providing amenities such as community gathering areas and green roofs. Additionally, energy-saving technologies, likely those provided by the pioneering tenants that will make up Innovation Place, will also be situated on rooftop

3 DC Code, Title 10, § 2301.34 DC Zoning Regs, §613.15 DC Code §6-601, DC Zoning Regs §1601.3

spaces. DC zoning regulations allow these rooftop features to protrude an additional 18 feet 6 inches above the 110-foot height limit given by the Height Act as long as a 1:1 setback is provided.6

Innovation Place will provide affordable housing as part of the community to provide a mix of housing choices for residents of the area. Eight percent of Innovation Place’s residential gross floor area will be solely devoted to affordable housing, which is in accordance with the inclusionary zoning standards of the District.7

Lastly, Innovation Place may eventually seek a potential reduction to the onsite parking requirements. The proposal currently provides 790 parking spaces, the number required by current zoning regulations.8 However, given the site’s proximity to both existing Metro stations and planned streetcar lines, Innovation Place may request a parking reduction in the future through the special exception/variance process before the BZA. Utilizing this process may not be necessary if, as is likely, the District reduces parking requirements in the coming years and implements parking maximums rather than the minimums currently in place.

6 DC Zoning Regs § 630.47 DC Zoning Regs § 2603.28 DC Zoning Regs §2101.1

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METROPOLITAN ECONOMIC OVERVIEW

The District of Columbia’s expanding job base has fueled in-migration to the region with average annual population growth of 1.5 percent since 2000, and its growth is projected to continue outpacing the national average. The local job market is in much better shape than many others in the nation, with a 5.6 percent unemployment rate versus the national average of 9.4 percent. The influence of federal government spending insulated DC from the worst of the Great Recession. As a region, Metro DC experienced the lowest employment losses throughout the nation, as federal spending acted as a moderating influence, and forecasts indicate that the region will continue posting solid gains going forward. Despite anticipated federal budget cuts, key economic drivers will continue to be the federal government and related support industries, such as national security and alternative energy production.

Federal spending plays a large role in influencing the health of Metro DC’s economic base. Data from the Executive Office of the President shows that federal outlays increased 18 percent from 2008 to 2009 due to the stimulus package, and that the federal workforce has expanded by 52,000 since 2000, representing 21 percent of all job growth. While many agencies experienced increases in outlays, there is growing sentiment for cutting back the federal budget, implying reduced federal spending in the DC region. Consequently, economists do

not expect the recent high levels of spending growth to continue, and the threat of major cuts in federal outlays to curb the historic national debt could potentially compromise Metro DC’s prosperity. However, while economists warn of this risk, they also hold that such a scenario seems unlikely in the near future due to the early stages of the US economic recovery and the government’s continued involvement in capital markets finance.

Although Metro DC’s economy is tied to the government, it also has exposure to many private sector knowledge-based industries. DC boasts one of the most educated workforces in the country, where more than 20 percent of residents age twenty-five or older hold advanced degrees. It has become a destination for young professionals, which will keep the labor force growing, allowing businesses to expand.9

MARKET ANALYSIS

OFFICEThe combination of improving market conditions, strong job growth, and a vacancy rate among the lowest in the nation underscore the reason investors made numerous core office acquisitions in DC within the past 12 to 18 months. Continued expansion of the federal government significantly contributed to the positive local office environment, in which federal government 9 PPR/CoStar, Moody’s Analytics

leases reportedly accounted for 65 percent (3.6 million square feet) of the total net absorption in the DC region since 2009. Despite looming budget cuts for the federal government and reduced US General Services Administration (GSA) leasing activity, the Metro DC office market is projected to absorb 37.9 million square feet over the next five years, 15.2 million square feet of that space forecasted to absorb in the District of Columbia itself.10 The charts below illustrate that the District of Columbia can readily support the delivery of product that Innovation Place intends to yield. The underlying forecasts for Supply and Demand use historical supply, demand, and absorption trends from CoStar data, expected job growth for office- using employment and other metro-specific macroeconomic and demographic trends from Moody’s Economy.com, ESRI, and PPR.Graph 1.1

10 Property and Portfolio Research (PPR/CoStar)

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Graph 1.2

Office asking rental rates are averaging $47.61 per square foot full service for Class A Office in the Capitol Riverfront Submarket. This compares to $56.52 per square foot for Class A Office in Downtown DC and $52.52 per square foot in the Southwest DC Submarket. Given that the projected office rents falls below GSA’s $50 per square foot rental rate ceiling, Innovation Place is well positioned to attract large government and related users that support federal environmental initiatives.

Graph 1.3 – Rental Rate Comparison

Research further demonstrates that the resulting impact of supply and demand fundamentals and the expected excess demand therein will drive office vacancy rates from the current double-digit level of 11.5 percent for the District – Outer footprint (12.8 percent for Capitol Riverfront itself) down to the low- to mid-6 percent range over the next 5-7 years, increasing potential demand for Innovation Place office space.11

A strong business case is imperative to support the 1.9 million square foot proposed development program at Innovation Place. To make the case, the Hoya Group preliminarily identified a competitive set of potential office lessees that would fit Innovation Place. There are over 150 tenants occupying more than 100,000 square feet with leases expiring within the next six years in Metro DC. The following is a sample list of prospective tenants that may be attracted to Innovation Place as current leases expire:

Prospective Office TenantsSF

OccupiedMinerals Management Service 122,000U.S. Department of Agriculture 115,000National Park Service 217,000Office of Naval Research 310,000Environmental Protection Agency 247,000U.S. Nuclear Regulatory Commission 364,000The National Science Foundation 470,000U.S. Department of Energy 192,000Total Federal Gov’t Leases Expiring 15.1 mil

11 CoStar Group Analytics/PPR

APARTMENTThe DC apartment market is among the first major markets to emerge from the Great Recession and will continue to outperform most markets with robust demand because DC is one of only a few metropolitan areas to experience solid employment gains. Vacancies have fallen 120 basis points from their March 2009 peak to six percent. Due to strong fundamentals, asking rents barely fell during the downturn and have begun increasing in many of the more favorable submarkets, offering few or no rent concessions. Apartment rent and value growth during the recovery has ranked DC the highest among the major metropolitan markets. Graph 1.4 demonstrates that demand for apartments will exceed supply by more than 3,800 units over the next five years. With the uncertainty surrounding the future of government-sponsored enterprises (GSEs), stricter underwriting standards, and the possible impact of rising interest rates on housing affordability, combined with the region’s expanding job base, the apartment market is poised to grow at a higher rate than other major real estate products. The Hoya Group anticipates this growth to continue at a rate slightly above the long-term average at 6,300 units per year, primarily due to long-term employment trends that continue to attract an educated workforce to the region.

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Graph 1.4

RETAIL The Metro DC retail market is also benefiting from Washington’s strong recovery from the Great Recession. After slumping during the downturn, demand for retail space turned positive in 2010 (approximately 1.6 million square feet) and economic vacancies, the percentage of total retail inventory that is not supported by retail sales, also began trending lower. Washington’s solid demographics, limited new construction, and employment growth will provide for more stable metrics in retail space as economic vacancies continue to decline. Consequently, rent, net operating income (NOI), and value recoveries through 2015 should be among the best in the nation.

In the most recent quarter for which data is available, retail net absorption more than doubled, growing from a positive net absorption of 611,283 square feet in the 3rd quarter of 2010 to 1,694,936 square feet absorbed

in the 4th quarter. Quoted rents ended the 4thquarter of 2010 at $23.48 per square foot per year. That compares to $23.89 per square foot in the 3rd quarter of 2010, and $23.72 per square foot since the beginning of 2010. This represents a 1.7 percent decrease in rental rates in the current quarter, and a 1.32 percent decrease from four quarters ago.

As with potential office lessees, the Hoya Group conducted market analysis to establish a set of retail tenants that could provide services and amenities to the residents and employees of Innovation Place. Below is a list of potential retailers with which the Hoya Group has previous business relationships and may approach to provide retail services at Innovation Place.

Prospective Innovation Place Retailers Bloom Grocery Store - 40,000 SF Anchor

Rite-Aid Pharmacy - 20,000 SF AnchorFox and Hound/Bailey's Sports Grille

Pizza AuthenticaZIPS Dry Cleaners

FedEx OfficeFive Guys7-Eleven

Cosi

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FINANCIAL ANALYSIS

PROJECT COST

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PRO FORMA

After conducting a financial analysis with realistic data and assumptions, the Hoya Group confidently predicts that the Innovation Place proposal will be financially successful. Based on current assumptions, the product has an average Return on Equity of 26 percent, a Net Present Value (NPV) of $203,272,148, and an Internal Rate of Return (IRR) of 20 percent.

The Hoya Group ran a Crystal Ball analysis, a powerful statistical program that runs a monte carlo analysis (simple random sampling) on data inputs to predict a broad range of potential outcomes, to check the proposed project’s financial assumptions, and forecast the probability of loss scenarios. The Crystal Ball analysis tested over 60,000 potential outcomes and based on its findings, Innovation Place has less than a one percent chance of losing money and a 50 percent chance of earning an IRR of greater than 20 percent.

Throughout the development of the financial forecast, the Hoya Group made numerous financial assumptions. In order to keep these assumptions as reasonable as possible, we consulted with many real estate professionals and data sources and conducted a robust in-depth market analysis. Revenues, expenses, capitalization rate, and financing terms were the most influential assumptions

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Sources 200,000,000 Valuation PV Reversion 273,056,990$ 76%Equity 60,000,000 Cap Rate 6% PV Operating 86,236,954$ 24%Investor 1 12,000,000.0 Sales Expense 4% Total 359,293,944$ Investor 2 48,000,000 Discount Rate 10% CF0 60,000,000$ Debt 140,000,000 NPV 299,293,944$ 299,293,944.05

Equity Break Down Finance IRR 21%Tranche 1 140,000,000 Total Equity 30.0% Loan-to-Value 70% Average ROE 30%Tranche 2 Sponsor Percent 20.00% Principal 140,000,000 Reversion $/sf 143.71$

Uses 200,000,000 Limited Partner 80.00% Term (years) 30Construction Int 3.3% Sales Price (2032) 2,046,074,597$

Development Cost (including land) 200,000,000 Preferred Return 18% Perm Interest 7.0% Sales Expense 81,842,984$ Development Cost (including land) 200,000,000.00 Principal Repay 79,240,725$

Investor Repay 48,000,000$ Surplus/(Deficit) - Sales Proceeds 1,836,990,888$ Percent of GI

6.15%

Phase 1 Phase 2 Phase 3Operations Units SF $/SF Units SF $/SF Units SF $/SFResidential 201 Units 201,000 SF 3.3 psf 415 Units 415,000 SF 581 Units 581,000 SFLow Income 18 Units 18,000 SF 2.3 psf 36 Units 36,000 SF 51 Units 51,000 SFRetail 1.50% 80,326 SF 18 psf 80,326 SF 80,326 SFOffice 400,000 SF 50 psf 400,000 SF 1,126,360 SF

Low income % Low Income % Low Income %9% 9% 9%

Rental Escl 5% 5% 5%Residential Vacancy 5% 5% 5%Retail Vacancy 5% 5% 5%Office Vacancy 7% 7% 7%Expenses Multi-family $/unitMulti-family $/SFOffice $/SF Multi-Family Retail Office Multi-Family Retail Office Multi-Family Retail OfficeExpense Esc 1% 2% 2% 2% 2% 2% 2% 2% 2%Repairs and Maintenance 500 0.50 0.52 100,500 40,163 208,000 207,500 290,500 - 585,707 Management Fees 0 0.00 0.83 - - 332,000 - - - 934,879 Administrative 299.1258423 0.30 0 60,124 24,028 - 124,137 173,792 - - Utilities 997.086141 1.00 3.4 200,414 80,092 1,360,000 413,791 579,307 - 3,829,624 Taxes 797.6689128 0.80 7.97 160,331 64,074 3,188,000 331,033 463,446 - 8,977,089 Operations 0 0.00 0.33 - - 132,000 - - - 371,699 Janitorial 0 0.00 1.97 - - 788,000 - - - 2,218,929 Insurance 199.4172282 0.20 0.13 40,083 16,018 52,000 82,758 115,861 - 146,427 Legal and Accounting/RR 149.5629211 0.15 0 30,062 601 - 62,069 86,896 - - Advertising and Promotion/pay roll299.1258423 0.30 0 60,124 1,202 - 124,137 173,792 - Other/ws 398.8344564 0.40 0.08 80,166 10,000 32,000 165,516 231,723 90,109

31.93% <---percent of total expenses to GITI/Concessions 2% 7,059,983.28 <--total expenses

100 V Street Pro Forma Assumptions

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100 V Street Pro FormaPhase 1---> Phase 2---> Phase 3------>

2013 2014 2015 2016 2017 2018 2019 2020 2021Period Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9

Revenue

Retail 1,445,868$ 1,518,161$ 1,594,069$ 1,673,773$ 1,757,462$ 1,845,335$ 1,937,601$ 2,034,481$ 2,136,206$

Office 20,000,000$ 21,000,000$ 22,050,000$ 23,152,500$ 68,454,881$ 71,877,625$ 75,471,506$ 79,245,082$ 83,207,336$

Residential 663,300$ 696,465$ 1,455,300$ 1,528,065$ 2,330,490$ 2,447,015$ 2,569,365$ 2,697,834$ 2,832,725$

Retail Vacancy 72,293$ 75,908$ 79,703$ 83,689$ 87,873$ 92,267$ 96,880$ 101,724$ 106,810$

Office Vacancy 1,400,000$ 1,470,000$ 1,543,500$ 1,620,675$ 4,791,842$ 5,031,434$ 5,283,005$ 5,547,156$ 5,824,513$

Residential Vacancy 33,165$ 34,823$ 72,765$ 76,403$ 116,525$ 122,351$ 128,468$ 134,892$ 141,636$

Total Revenue 20,603,710$ 21,633,895$ 23,403,401$ 24,573,571$ 67,546,593$ 70,923,923$ 74,470,119$ 78,193,625$ 82,103,307$

Total Project Operating Expenses

Repairs and Maintenance 348,663$ 354,631$ 469,860$ 477,140$ 979,757$ 996,330$ 1,013,203$ 1,030,383$ 1,047,877$

Management Fees 332,000$ 338,640$ 345,413$ 352,321$ 1,011,943$ 1,032,182$ 1,052,825$ 1,073,882$ 1,095,360$

Administrative 84,152$ 85,234$ 151,631$ 153,397$ 206,857$ 209,186$ 211,543$ 213,929$ 216,344$

Utilities 1,640,506$ 1,671,312$ 1,920,380$ 1,954,566$ 4,834,832$ 4,925,500$ 5,017,921$ 5,112,130$ 5,208,162$

Operations 3,412,405$ 3,479,050$ 3,721,144$ 3,792,190$ 10,268,709$ 10,469,260$ 10,673,775$ 10,882,331$ 11,095,008$

Taxes 132,000$ 134,640$ 137,333$ 140,079$ 402,339$ 410,386$ 418,593$ 426,965$ 435,504$

Supplies and Materials 788,000$ 803,760$ 819,835$ 836,232$ 2,401,840$ 2,449,877$ 2,498,875$ 2,548,852$ 2,599,829$

Insurance 108,101$ 109,862$ 155,188$ 157,447$ 296,402$ 301,124$ 305,929$ 310,818$ 315,792$

Legal and Accounting 30,663$ 30,976$ 63,942$ 64,587$ 91,075$ 91,992$ 92,919$ 93,855$ 94,800$

Advertising and Promotion 61,327$ 61,952$ 127,883$ 129,175$ 182,150$ 183,985$ 185,838$ 187,710$ 189,601$

Other 122,166$ 123,807$ 212,540$ 215,102$ 349,493$ 354,071$ 358,717$ 363,432$ 368,216$

Total Expenses 7,059,983$ 7,193,865$ 8,125,147$ 8,272,237$ 21,025,397$ 21,423,893$ 21,830,138$ 22,244,286$ 22,666,493$

check 7,059,983$ 7,193,865$ 8,125,147$ 8,272,237$ 21,025,397$ 21,423,893$ 21,830,138$ 22,244,286$ 22,666,493$

Net Operating Income 13,543,726$ 14,440,030$ 15,278,254$ 16,301,334$ 46,521,197$ 49,500,031$ 52,639,981$ 55,949,339$ 59,436,813$

T.I. 331,638$ 348,219$ 376,491$ 395,315$ 1,088,142$ 1,142,550$ 1,199,677$ 1,259,661$ 1,322,644$

Debt 12,114,096$ 13,050,096$ 21,602,870$ 25,960,963$ 47,746,366$ 47,746,366$ 47,746,366$ 47,746,366$ 47,746,366$

DSCR 1.118$ 1.107$ 0.707$ 0.628$ 0.974$ 1.037$ 1.102$ 1.172$ 1.245$

Reversion FCF -$ -$ -$ -$ -$ -$ -$ -$ -$

Operating FCF 1,097,992$ 1,041,714$ (6,701,107)$ (10,054,944)$ (2,313,312)$ 611,115$ 3,693,938$ 6,943,312$ 10,367,804$

Total FCF (60,000,000.00)$ 1,097,992$ 1,041,714$ (6,701,107)$ (10,054,944)$ (2,313,312)$ 611,115$ 3,693,938$ 6,943,312$ 10,367,804$

Cash-on-Cash 60,000,000 2% 2% -11% -17% -4% 1% 6% 12% 17%

30%Average Cash on Cash Return

17

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Retail Pro FormaPhase 1----> Phase 2-----> Phase 3----------->

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Period 1 2 3 4 5 6 7 8 9 10

Revenue

Retail 1,445,868$ 1,518,161$ 1,594,069$ 1,673,773$ 1,757,462$ 1,845,335$ 1,937,601$ 2,034,481$ 2,136,206$ 2,243,016$

Retail Vacancy 72,293$ 75,908$ 79,703$ 83,689$ 87,873$ 92,267$ 96,880$ 101,724$ 106,810$ 112,151$

Total Revenue 1,373,575$ 1,442,253$ 1,514,366$ 1,590,084$ 1,669,589$ 1,753,068$ 1,840,721$ 1,932,757$ 2,029,395$ 2,130,865$

Retail Expenses

Repairs and Maintenance 40,163$ 40,966$ 41,786$ 42,621$ 43,474$ 44,343$ 45,230$ 46,135$ 47,057$ 47,999$

Management Fees -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Administrative 24,028$ 24,508$ 24,998$ 25,498$ 26,008$ 26,528$ 27,059$ 27,600$ 28,152$ 28,715$

Utilities 80,092$ 81,694$ 83,328$ 84,994$ 86,694$ 88,428$ 90,197$ 92,000$ 93,840$ 95,717$

Taxes 64,074$ 65,355$ 66,662$ 67,995$ 69,355$ 70,742$ 72,157$ 73,600$ 75,072$ 76,574$

Operations -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Supplies and Materials -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Insurance 16,018$ 16,339$ 16,666$ 16,999$ 17,339$ 17,686$ 18,039$ 18,400$ 18,768$ 19,143$

Legal and Accounting 601$ 613$ 626$ 638$ 651$ 664$ 677$ 691$ 704$ 719$

Advertising and Promotion 1,202$ 1,227$ 1,251$ 1,276$ 1,302$ 1,328$ 1,354$ 1,381$ 1,409$ 1,437$

Other 10,000$ 10,200$ 10,404$ 10,612$ 10,824$ 11,041$ 11,262$ 11,487$ 11,717$ 11,951$

Total Expenses 236,178$ 240,902$ 245,720$ 250,634$ 255,647$ 260,760$ 265,975$ 271,295$ 276,720$ 282,255$

Net Operating Income 1,137,396$ 1,201,352$ 1,268,646$ 1,339,450$ 1,413,942$ 1,492,308$ 1,574,746$ 1,661,463$ 1,752,675$ 1,848,610$

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Office Pro FormaPhase 1---> Phase 2-----> Phase 3--------------->

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Period 1 2 3 4 5 6 7 8 9 10

Revenue

Office 20,000,000$ 21,000,000$ 22,050,000$ 23,152,500$ 68,454,881$ 71,877,625$ 75,471,506$ 79,245,082$ 83,207,336$ 87,367,702$

Office Vacancy 1,400,000$ 1,470,000$ 1,543,500$ 1,620,675$ 4,791,842$ 5,031,434$ 5,283,005$ 5,547,156$ 5,824,513$ 6,115,739$

Total Revenue 18,600,000$ 19,530,000$ 20,506,500$ 21,531,825$ 63,663,039$ 66,846,191$ 70,188,501$ 73,697,926$ 77,382,822$ 81,251,963$

Multi-Family Expenses

Repairs and Maintenance 208,000$ 212,160$ 216,403$ 220,731$ 633,988$ 646,668$ 659,601$ 672,793$ 686,249$ 699,974$

Management Fees 332,000$ 338,640$ 345,413$ 352,321$ 1,011,943$ 1,032,182$ 1,052,825$ 1,073,882$ 1,095,360$ 1,117,267$

Administrative -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Utilities 1,360,000$ 1,387,200$ 1,414,944$ 1,443,243$ 4,145,308$ 4,228,214$ 4,312,779$ 4,399,034$ 4,487,015$ 4,576,755$

Taxes 3,188,000$ 3,251,760$ 3,316,795$ 3,383,131$ 9,717,090$ 9,911,432$ 10,109,660$ 10,311,854$ 10,518,091$ 10,728,453$

Operations 132,000$ 134,640$ 137,333$ 140,079$ 402,339$ 410,386$ 418,593$ 426,965$ 435,504$ 444,214$

Supplies and Materials 788,000$ 803,760$ 819,835$ 836,232$ 2,401,840$ 2,449,877$ 2,498,875$ 2,548,852$ 2,599,829$ 2,651,826$

Insurance 52,000$ 53,040$ 54,101$ 55,183$ 158,497$ 161,667$ 164,900$ 168,198$ 171,562$ 174,994$

Legal and Accounting -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Advertising and Promotion -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Other 32,000$ 32,640$ 33,293$ 33,959$ 97,537$ 99,487$ 101,477$ 103,507$ 105,577$ 107,688$

Total Expenses 6,092,000$ 6,213,840$ 6,338,117$ 6,464,879$ 18,568,542$ 18,939,913$ 19,318,711$ 19,705,086$ 20,099,187$ 20,501,171$

Net Operating Income 18,568,000$ 13,316,160$ 14,168,383$ 15,066,946$ 45,094,497$ 47,906,278$ 50,869,790$ 53,992,840$ 57,283,635$ 60,750,792$

21

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Multi-Family Pro FormaPhase 1---> Phase 2-----> Phase 3----------->

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Period 1 2 3 4 5 6 7 8 9 10

Revenue

Residential 663,300$ 696,465$ 1,455,300$ 1,528,065$ 2,330,490$ 2,447,015$ 2,569,365$ 2,697,834$ 2,832,725$ 2,974,362$

Low Income 41,400$ 42,021$ 85,303$ 86,582$ 124,498$ 126,365$ 128,261$ 130,185$ 132,138$ 134,120$

Residential Vacancy 33,165$ 34,823$ 72,765$ 76,403$ 116,525$ 122,351$ 128,468$ 134,892$ 141,636$ 148,718$

Total Revenue 671,535$ 703,663$ 1,467,838$ 1,538,244$ 2,338,464$ 2,451,029$ 2,569,158$ 2,693,127$ 2,823,227$ 2,959,763$

Multi-Family Expenses

Repairs and Maintenance 100,500$ 101,505$ 211,671$ 213,787$ 302,295$ 305,318$ 308,372$ 311,455$ 314,570$ 317,716$

Management Fees -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Administrative 60,124$ 60,726$ 126,632$ 127,899$ 180,849$ 182,657$ 184,484$ 186,329$ 188,192$ 190,074$

Utilities 200,414$ 202,418$ 422,108$ 426,329$ 602,829$ 608,858$ 614,946$ 621,096$ 627,307$ 633,580$

Taxes 160,331$ 161,935$ 337,686$ 341,063$ 482,263$ 487,086$ 491,957$ 496,876$ 501,845$ 506,864$

Operations -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Supplies and Materials -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Insurance 40,083$ 40,484$ 84,422$ 85,266$ 120,566$ 121,772$ 122,989$ 124,219$ 125,461$ 126,716$

Legal and Accounting 30,062$ 30,363$ 63,316$ 63,949$ 90,424$ 91,329$ 92,242$ 93,164$ 94,096$ 95,037$

Advertising and Promotion 60,124$ 60,726$ 126,632$ 127,899$ 180,849$ 182,657$ 184,484$ 186,329$ 188,192$ 190,074$

Other 80,166$ 80,967$ 168,843$ 170,532$ 241,132$ 243,543$ 245,978$ 248,438$ 250,923$ 253,432$

Total Expenses 731,805$ 739,123$ 1,541,311$ 1,556,724$ 2,201,208$ 2,223,220$ 2,245,452$ 2,267,906$ 2,290,585$ 2,313,491$

Net Operating Income (60,270)$ (35,460)$ (73,473)$ (18,480)$ 137,256$ 227,810$ 323,706$ 425,220$ 532,641$ 646,272$

23

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Innovation Place

Innovation Place not only demonstrates positive financial returns but has the potential to attain perhaps an even more noble goal – forging an identity for a neighborhood that allows the District to compete with other forward-thinking cities around the country.

ASSUMPTIONS

The assumptions on expenses, revenues, and capitalization rate came from a combination of expert opinion, detailed market reports, and comparable properties. All revenues and expenses were calculated on a per square foot basis.

In order to make a project of this magnitude work, the Hoya Group will need to take on a large loan and an additional equity partner. After speaking with several different financing companies and equity partners, the following financing structures were decided upon:

MetLife has agreed to provide an initial $160 million construction to permanent loan. This loan assumes a 75 percent loan to cost (LTC) and interest rate of 3.25 percent during the construction period and 7.0 percent for the permanent financing. The interest rate for the construction period is equivalent to 300 basis points above the 1-month LIBOR, while the permanent loan factors in additional risk premium for the forward commitment.

Blackstone, the Carlyle Group, and the Trump Organization are the most likely equity partners. Based on meetings with these firms, the proposed equity structure consists of an 80/20 split with a preferred return of 18 percent. Although this number is slightly high, the Hoya Group was aggressive to attract such a large amount of equity during an uncertain economic climate. With the equity structure in place, the limited partner will be

looking at a 20 percent return on equity. This return is both fair and highly likely to become a reality.

CONCLUSION

Based on extensive analysis of the current economy, market conditions, and underlying fundamentals, the highest and best use of the property would be a mixed use project leveraging the aging infrastructure provided by the adjacent PEPCO station, offering residential and service-related retail along with office and research space to a variety of innovative industries, preferably those with an alternative energy focus. Innovation Place will maximize the value of the land, while actively navigating economic conditions and regulatory constraints as well as establishing an identity for the neighborhood.

Located between other recent developing areas and forging a distinct identity, Innovation Place will complement, rather than compete with, the surrounding emerging neighborhoods near the Nationals stadium and the Southwest Waterfront. Further, Innovation Place will ultimately connect with these other neighborhoods through streetcar lines, river trails, and pedestrian connections running north along the western edge of Innovation Place.

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Jason Emilo – Team LeaderJason is a Senior Financial Services Director for CoStar Group where he provides real estate research, analytics, and advisory services to Financial Services firms and Insitutional Investors throughout the Mid-Atlantic. In this capacity, Jason offers his clients customized solutions utilizing the CoStar, PPR, and Resolve Technology platforms. Prior to joining CoStar at the beginning of 2008, Jason was an Area Manager with GreenPoint Mortgage Funding, a division of Capital One Financial, where he closed over $1.3 Billion in wholesale residential and commercial loans. A native of Middlebury, VT, Jason graduated Cum Laude from The Hill School in Pottstown, PA before receiving a BA in Economics from Hobart College in Geneva, NY. He is currently a candidate for a Master of Professional Studies in Real Estate Finance from Georgetown University in the fall of 2011.

Luke HingsonCurrently, Mr. Hingson is a full time graduate student in Georgetown’s Masters in Real Estate Program. He has chosen to pursue dual concentrations in both Finance and Development. Mr. Hingson is a licensed salesperson in the Commonwealth of Pennsylvania. Mr. Hingson works with the Retail and Investment brokerage services groups of NAI Pittsburgh Commercial and assists with agency and tenant representation assignments. Currently his duties include helping NAI Pittsburgh expand its services

DEVELOPMENT TEAM

Ali ChopraAli Chopra, a student at Georgetown University is obtaining a Master of Professional Studies in Real Estate with a concentration in Finance and Development. Ali graduated in 2009 with a Bachelor of Science in Architecture from The New York Institute of Technology. He has also studied Architecture at Parsons School of Design in New York, as well as at Tongji University, in Shanghai, China.

Jonathan ClarkMr. Clark is currently a full-time graduate student in Georgetown University’s Masters of Real Estate Program pursuing concentrations in both Finance and Development. Jonathan graduated from the University of Virginia with a dual degree in Economics and History with a concentration in Finance. Most recently Jonathan was the Director of Marketing for G.W. Peoples, a construction firm based in Arlington, VA. Prior to joining G.W. Peoples, Mr. Clark was an analyst at the hedge fund Brochet Capital, where he helped research and develop long/short equity trading strategies covering domestic and international markets. As well as being a White House intern during the Clinton administration heavily involved in Finance and Fundraising activities, Jonathan was also with Morgan Stanley serving as an analyst as well as the private equity fund Sterling Venture Capital. Mr. Clark is a licensed salesperson in the State of Maryland.

to various organizations and institutions throughout the Pennsylvania.While at NAI Pittsburgh Commercial, Mr. Hingson founded the Emerging Leaders Program (ELP) within NAI Global. ELP is a program specifically designed to connect, train, and support Emerging Leaders within the NAI Global Network.Prior to joining NAI Pittsburgh Commercial, Mr. Hingson worked as an intern for Bombardier Transportation, a Fortune 500 Company, in their finance department. Mr. Hingson also worked for a marketing solutions company as a sales representative.

Damon OrobonaDamon is a Senior Legislative Analyst for the Montgomery County Planning Department. Damon is heavily engaged in planning policy for Montgomery County, from rezoning specific properties to stimulate new physical and economic development to drafting and analyzing proposed land use and zoning legislation at both the local and state level. Damon has been involved with many notable projects in Montgomery County, such as the planned purple line transit route, the 4 Bethesda Metro Center proposal, the Metro Pike Plaza redevelopment at White Flint station, and the controversial proposed expansion of Suburban Hospital. Damon received a JD from St. Thomas University School of Law and is licensed to practice law in Maryland and the District of Columbia. Damon has studied both urban planning and urban design

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Innovation Place

at the Harvard University Graduate School of Design and will be AICP eligible in July. Damon is currently pursuing a masters in real estate finance at Georgetown University to round out his knowledge of the development process.

Cary SheihCary is a real estate professional with 15 years of experience in real estate advisory, development, finance, and project management in both the public and private sector. As President of Mending Walls, Cary has worked with clients and advised them on residential and commercial market analysis, site selection, and financial feasibility. He is currently obtaining a Master’s in Real Estate Finance from Georgetown University. He is currently a ULI Young Leader Mentor Coordinator. As a Senior Associate with ULI, he directed ten national Advisory Panels with topics that ranged from reviving dead malls to adaptive reuse strategies. Sheih was also the coordinator for the Project Analysis Sessions at the annual ULI meetings. He also worked on the Hines Competition and Education Programs at ULI. Prior to that he worked as a project manager for Hill International where he concentrated on coordination work with the Port Authority of New York in the rebuilding efforts associated with the World Trade Center. For his work on Phase I of rebuilding, Cary received the James G. Hellmuth Unit Citation Award. In Phase II of rebuilding, Cary continued to work within the framework of the Libeskind Master Plan for Ground Zero

with internal and external stakeholders. His work includes analyzing different build-out scenarios of the Calatrava Transit Hub, as well as the 9/11 Memorial and Freedom Tower, in the context of reconnecting the site to Lower Manhattan. Prior to joining Hill International, Mr. Sheih worked as an urban planner at New York City Transit and Urbitran. Cary Sheih has a M.S. in Urban Planning from Columbia University and a B.A. in architectural design and urban studies from the University of Pennsylvania.

SPONSORS/KEY RESOURCES

Development Consultants David Neuman and Adam Weers, Trammell Crow

Architect ConsultantsDavid Kitchens and Steve Smith, Cooper Carry

Construction ConsultantMatt O’Malley, Clark Construction

Brokerage ConsultantBeau Berthelot, Edge Commercial Real Estate

Civil Engineering ConsultantsMark Morelock and Kyle Oliver, VIKA Inc.

Finance Consultants – Monument Bank

ACKNOWLEDGEMENTS

Chuck Schilke, Georgetown University

Ashleigh Simpson and Terence O'Connell, MetLife Real Estate Investments

Paul Tummonds, Goulston & Storrs

Perkins Eastman, Water Color Renderings