South Florida Office Market Update

Mukang Cho founded Morning Calm Management and is the firm’s Chief Executive Officer and Managing Principal. Prior to joining Morning Calm Management, Mr. Cho was Chief Executive Officer and Principal of In-Rel Properties, a Managing Principal in charge of real estate strategy at Crown Capital Management and its affiliates, and a partner in the real estate practice group of Kirkland & Ellis. He began his career as a corporate attorney at Cravath, Swaine & Moore and then served as a principal of Trifecta, a distress focused middle market investment firm. In his capacities as principal and advisor, Mr. Cho has successfully completed hundreds of transactions with an aggregate value in excess of $100 billion. Mr. Cho is a member of the President’s Council of The Real Estate Roundtable and the Cornell Real Estate Council. He is also a Vice Chairman of the Medical Peace Foundation, a non-profit organization started by his late father which develops free medical centers around the world. Mr. Cho graduated with a J.D. from Harvard Law School and a B.A. From Cornell University (with distinction). Morning Calm Management is a real estate investment firm with a focus on special situation investing and commercial real estate credit. Through its affiliates, the firm owns and operates approximately 10 million square feet of commercial real estate throughout the United States and manages a series of separate accounts, funds and ventures for its equity and credit strategies.

With over 30 years of experience in the construction industry, Peggy Hogan Marker serves as president of Marker Construction Group, a construction management and general contracting firm headquartered in Fort Lauderdale, Florida. The firm, which she and her husband W. Grey Marker II founded in 2001, specializes in commercial, multi-family, condominiums, hospitality, health care, and very high-end residential construction throughout the state of Florida. Marker’s background includes ground-up development and construction, as well as lease negotiations for large shopping centers, mixed use/retail and apartment buildings. With her unique skill set, Marker offers an in-depth understanding of the construction industry, including the ability to schedule years out, and drive these schedules so all team members ― from multiple architects, engineers, consultants, construction manager, developer and a multitude of other trades ― work in synchronicity to complete the project on time and on budget. In addition, she is a part owner of her family’s real estate development companies. Headquartered in New York, these companies include commercial, multi-family and residential holdings throughout the states of New York and Florida. Marker’s awards include being named a 2019 Influential Business Women by South Florida Business Journal, which recognizes the top 25 most influential business women in South Florida. In addition, she is the recipient of the 2019 Healthy Mothers, Healthy Babies Mother’s Day award, which honors mothers who exemplify the qualities of outstanding parenthood; demonstrate exceptional leadership, vision and compassion while positively impacting the South Florida community; and present traits and accomplishments aligned with Healthy Mothers, Healthy Babies’ mission. Past awards include, South Florida Business Journals Up and Comers Award 2007, and Gold Coast Magazines 40 under 40 award. Marker is consistently featured as a construction industry expert in the Miami Herald and The Real Deal, and is frequently asked to appear live on Fox Business as a construction industry expert. Her professional affiliations include the Construction Association of South Florida, Associated Builders and Contractors, Inc., Commercial Real Estate Development Association, Urban Land Institute, Commercial Real Estate Women Network, National Association of Women in Construction, National Association for Industrial and Office Parks and Latin Builders Association. Peggy Marker currently sits on the boards of PAWS South Florida Rescue (an organization within the Humane Society of Broward County), Cold Spring Harbor Fire Museum, and the Community Foundation of Broward. She is actively involved with Save the Children, and 4Kids of South Florida ― an organization serving foster children in Broward and Palm Beach Counties. She previously served as a board member for the Museum of Discovery and Science, Humane Society of Broward County, Heart Gallery of Broward County, and Save the Children Long Island Council. She was previously on the steering committee for the Holy Cross Dorothy Mangurian Comprehensive Women's Center capital campaign. Marker holds a Bachelor of Arts in political science and English from the University of Vermont. She is married to W. Grey Marker II, who is CEO of Marker Construction Group. They have three children, and reside in Fort Lauderdale.

Tere Blanca is the Founder, Chairman and Chief Executive Officer of Blanca Commercial Real Estate, Inc., the leading independently owned commercial real estate services firm in Florida. She founded the firm in 2009 after identifying a need in the marketplace for a local advisory and brokerage firm built on a culture of giving clients a highly personalized approach to service. With Tere’s vision, progressive leadership and foundation of passion, care and commitment to excellence, teams are purpose built and strategies are customized to fit each clients’ diverse needs allowing the firm to achieve successful outcomes and setting new market standards. Blanca Commercial Real Estate now has a dynamic team of more than 45 top professionals that embrace a culture of collaboration and caring for each other, the firm’s clients and the community. It is recognized as one of the top commercial real estate brokerage services companies in Florida, ranked by the South Florida Business Journal as one of the top ten firms in South Florida, maintaining more than 32% market share of all office lease transactions executed in Class A and B office space in Miami; the firm’s home base. Expanding across South Florida, the firm now has 3 offices across the region and has grown its services to include property management, tenant engagement services and development consulting. Throughout her 35-year career, Tere has participated and led many significant lease transactions and new development projects from land acquisition to the master planning, design, construction, marketing, lease-up, and sale of office and mixed-use assets. Clients of the firm include Nuveen Real Estate, Allianz, Hines, Agave Holdings, Lincoln Property Company, Blackstone, TA Realty, Federal Realty, Shorenstein, Stiles, Related Group, AIMCO, and the law firms of Akerman LLP, and White & Case, LLP; Greater Miami Chamber of Commerce, Miami Herald Media Company; WeWork; Coastal Construction, Quirch Foods, Inc.; Insigneo; Inktel, DASI, Neutralogistics, Mexican Consulate and the University of Miami, to name a few. Prior to launching Blanca Commercial Real Estate, Tere served for five years as Senior Managing Director for Cushman & Wakefield of Florida, Inc., where she led the firm’s South Florida region, achieving significant revenue growth and increased profitability. Tere also held the position of senior vice president at Codina Realty Services, Inc. ONCOR International where she was consistently among the top producers during her 14-year tenure. Tere holds a Bachelor of Business Administration with a concentration in international marketing and finance and a Master of Business Administration from the University of Miami and is fluent in English and Spanish. She is the proud mother of two daughters and resides with her husband in Coral Gables. COMMUNITY INVOLVEMENT: ● Chair of Urban Land Institute (ULI) for Southeast Florida and the Caribbean ● Member of the Board of Directors of BankUnited ● Member of the Board of Trustees of Miami Dade College ● Member of the University of Miami’s Herbert School of Business Real Estate Advisory Council ● Executive Committee Member of Urban Land Institute (ULI) ● Past chair and current Member of the Board of Miami-Dade County’s official economic development agency, The Beacon Council ● Member of the Board of Governors of the Greater Miami Chamber of Commerce ● Member of Young Presidents’ Organization (YPO) Miami/Ft. Lauderdale Gold ● Associate member of the Young Presidents’ Organization (YPO) Miami/Ft. Lauderdale Chapter ● Member of Women Corporate Directors (WCD) ● Past member of the Board of Directors of The Miami Foundation ● Past chair of the Board of Directors of City Year Miami AWARDS & RECOGNITION: ● “Top 100 Power Leaders”, South Florida Business Journal ● “Ultimate CEO”, South Florida Business Journal ● “Most Influential Business Women”, South Florida Business Journal ● “Power Leader of the Year”, Greater Miami Chamber of Commerce ● “Office Broker of the Year”, Greater Miami Chamber of Commerce ● “Women of Influence: Legends”, Real Estate Forum ● “Women of Influence”, Real Estate Forum ● “Top 25 Women in Real Estate”, Commercial Property Executive ● “Top Dealmakers of the Year”, Daily Business Review ● “Successful Hispanic Women of the Year”, Camacol ● “Philanthropist of the Year”, City Year Miami ● “Community Leader of the Year”, Hispanic Chamber of Commerce

James Fox is the founder and President of Maddox Group Inc. A full service General Contracting firm specializing in cooperate office buildouts that opened its doors in July of 2017. James has more than 25 years’ experience in interior construction and has been in Florida since 2007 after relocating from Boston Massachusetts. Prior to owning his own firm, he was the Vice President of a Top 50 National Construction Company, leading their efforts in the South Florida market. As president of the company James oversees the entire project from commencement to close out. James ensures project success through monitoring client satisfaction, team effectiveness, and resource allocation, as well as the project’s financial, quality, safety, and schedule goals. He oversees preconstruction and budgeting services, subcontractor procurement, change management and closeout services. Additionally, he leads the charge for the business development of the company. In the 2 years since Maddox Group opened its doors they have completed over 500,000 square feet of corporate office buildouts for such clients as: MobileHelp, Jack Nicklaus Golf, Vitacost, Shoes for Crews, Canon, OTIS Elevator, RBC Wealth Management, Boston Private, Raymond James, Amerprise Financial, BOEING, Cresa Global, Crocker Partners, Cushman & Wakefield, Jones Lang Lasalle, CBRE and more…. Maddox Group was recently voted Best Tenant Improvement Contractor for South Florida by Build Magazine. James is focusing on continued growth for Maddox Group within greater Florida and will leverage his established relationships and solid reputation to increase the company’s volume of corporate interiors work. Ultimately, Maddox Group’s ongoing mission is to become the best interior general contractor in the Florida area and become the go-to company for interior buildouts. Such an ambitious focus will drive the company towards even more exciting and innovative projects and higher standards of service over the years to come. James has a Bachelor’s Degree in Civil Engineering from Northeastern University in Boston Massachusetts and a Master’s in Construction Management from Wentworth Institute of Technology in Boston Massachusetts.

Matthew joined Cain International in 2017 and specialises in origination, execution and asset management of US equity and debt investments throughout. Before joining Cain International, Matthew was a member of the investment team at Brockton Capital, where he engaged in investment opportunities across a range of sectors including office, residential, industrial, retail and data centres. Prior to Brockton, Matthew was based in New York as a member of UBS's foreign exchange trading desk, assisting hedge funds and institutions in the formation and implementation of macro strategies. Matthew graduated from the Wharton School at the University of Pennsylvania with a Bachelor of Arts in finance.

John Osborne is responsible for asset management and joint venture relationships for CP Group’s South Florida portfolio, which currently totals 5.8mm square feet. His focus is on repositioning, leasing, and disposition strategies for the South Florida portfolio. Since joining the organization in 2007, Mr. Osborne has held positions in both acquisitions and asset management and has been directly involved in over $1 billion of transactions. Mr. Osborne obtained his Bachelor of Science degree in Finance from the University of Florida.

As Senior Managing Director of Stiles Commercial Group, Kyle oversee the company’s commercial development and investment activities. Most recently, he held the role of Portfolio Manager for Stiles Property Fund (“SPF”), a discretionary private equity investment vehicle that acquires and repositions office and retail assets. As the founder of SPF, Kyle developed the investment strategy, led fundraising efforts, and managed fund formation. He continues to lead all SPF operations, including acquisitions, asset management, portfolio management, and investor relations. SPF’s portfolio comprises approximately $200 million of assets under management. Prior to his role leading the fund business, Kyle was a Development Manager for nearly a decade at Stiles. He was responsible for more than $300 million of developments throughout South Florida, a role that has helped shape his strong foundation in commercial development. Kyle’s development project experience encompasses urban office, suburban office, urban retail, suburban retail, and mixed-use product types. In addition to his primary responsibilities, Kyle has been involved with several important government affairs initiatives on behalf of Stiles and NAIOP. These initiatives include the deepening and widening of Port Everglades, the Vote No on 4 Campaign concerning a statewide constitutional amendment to require public votes on all Comprehensive Plan Amendments, the expansion of the southern runway at Fort Lauderdale International Airport, and the Fort Lauderdale Downtown Master Update. Mr. Jones attended the University of Florida where he earned his Masters of Real Estate, Bachelor of Science in Finance, and Bachelor of Arts in Political Science. During his time at the University of Florida, Mr. Jones was elected Student Body President, and he served on the University Board of Trustees, the Alumni Association Board of Directors, and the Athletic Association Board of Directors.

Alex Zylberglait is a Senior Managing Director Investments in the Miami office of Marcus & Millichap. In the past fifteen years, Mr. Zylberglait has been involved in more than $2 billion in real estate transactions and has been recognized as the top agent in the Miami office since its inception with more than $550 million in transactions since 2004. As a seasoned senior investment specialist, Zylberglait has represented owners and investors in numerous local and national transactions, including the Region’s Bank Building in Coral Gables and the United Teachers of Dade Building in Miami Florida. As a member of Marcus & Millichap’s National Office and Industrial Properties Group, Zylberglait has ranks as a top agent nationally and ranked as the top agent nationwide in 2009 and 2014. He has also transacted the most number of office building sales in Miami -Dade County over the last ten years as reported by The Costar Group. In addition to publishing several articles on real estate and investment strategies, Zylberglait has also participated in numerous panels, seminars and real estate roundtables in the region. He is also sought after by media outlets and has been featured on CNN, the Wall Street Journal and The Miami Herald among others. Backed by a network of more than 1,800 investment professionals nationwide, Zylberglait and his team of commercial real estate specialists provide detailed market analysis, underwriting and investment services for an array of clients around the country and abroad. Zylberglait has earned the designation of Certified Commercial Investment Member and earned a bachelor’s degree from the University of California, Los Angeles and a master’s degree from the University of Illinois with a concentration in finance and real estate. He is a licensed real estate broker in the State of Florida and is the top investments sales broker in Miami-Dade County in the last 10 years as reported by The CoStar Group. In addition, Zylberglait was presented with the 2012 Top 50 Entrepreneur Award by Business Leader magazine for South Florida. In 2007, Alex received the Building our Community Awards in Real Estate from the March of Dimes. He was also a an Up and Comer in Real Estate as well as a Heavy Hitter in Real Estate as published in the South Florida Business Journal. He has recently been selected as one of the “40 under 40” by the South Florida Business Journal. Most recently, Alex was recognized in the Wall Street Journal as a top agent nationwide in Marcus & Millichap. Zylberglait is very active in the Greater Miami Jewish Federation, where he organized Sunset over Miami, the largest event of its kind for the organization’s real estate division and has served as co-chair of the Network, the young adult division of the Federation. He is also actively involved with the American Jewish Committee and formerly chaired the Latin American Task Force for the Miami/Broward chapter. Zylberglait is also a member of SIOR (Society of Industrial and Office Realtors) as well as the Association of Hispanic Leaders, an organization sponsored by the Government of Spain. Zylberglait serves on the board of Junior Achievement and supports Big Brothers Big Sisters of America, as well as several other charitable groups in the region.

Eric R. Groffman has a primary focus on strategic ownership representation in Miami Dade County. Eric is known as one of the top deal makers in the market, working for some of the most sophisticated institutional investors in the world and providing strategic consulting, marketing and negotiation expertise that helps protect and enhance the value of their office holdings. His current and past clients include Ponte Gadea, Sumitomo Corporation of America, Rockpoint Group, Parkway Properties, Tishman Speyer, TA Associates, KBS Realty Advisors, JP Morgan, Blackstone, EOP, LaSalle Investment Management, Crescent Real Estate Equities and Morgan Stanley. Eric currently oversees the marketing and leasing of Southeast Financial Center, a 1.22M square-foot, 55-story Class A office building located in Downtown Miami’s Central Business District. Eric also oversees the marketing and leasing of Courvoisier Centre and 1221 Brickell located in the Brickell submarket. Experience Prior to rejoining JLL, Eric worked for nine years at Transwestern where he earned numerous Top Producer and New Business procurement achievement awards. During his 18-year career, Eric has been involved with leasing of other notable assets such as Miami Center, Douglas Entrance, Colonnade and The Alhambra. Education and Affiliations Graduating with honors, Eric earned his bachelor’s in business administration from the University of Miami. There he was also the recipient of the Bowman F. Ashe scholarship, an academic honor bestowed on select students. Eric is a licensed real estate sales person in the State of Florida.

Cameron Tallon is a Vice President for JLL’s Agency Leasing team, specializing in owner representation in South Florida. He is responsible for representing both institutional and entrepreneurial investors in the ownership of office properties across the tri-counties of Miami-Dade, Broward and Palm Beach. Cameron’s primary focus consists of advising clients relative to the development and implementation of aggressive leasing and marketing strategies that most competitively position their assets to maximize overall occupancy levels and create value for ownership. Cameron currently represents the leasing efforts at Southeast Financial Center, a 55-story landmark trophy office tower in downtown Miami. The 1,225,000 square foot tower is the prominent class A office tower in the Miami CBD and is the largest high-rise office building in the state of Florida. Cameron’s experience and expertise includes: • Lease Negotiations 5,000 Sq. Ft. - 150,000+ Sq. Ft. • Economic and Non-Economic Lease Restructures • Expansions/Contractions • Relocation and Renewal Negotiations • Strategic Planning and Transaction Management • Workplace Strategy • Multi-Market Portfolio Management and Optimization • Placement of State, County and Municipal Incentives Education Florida State University, B.S., Real Estate and Finance (Magna Cum Laude), 2012