OVERVIEW

Well located
with immediate
repositioning upside

Address: 1129 20th Street

Location: Washington, DC

Square Footage: 127,445

Investment Profile: Opportunistic

Purchase Date: January 2006

Sale Date: February 2007

Purchase Price: $43,300,000

Sale Price: $61,800,000

INVESTMENT THESIS

Prime Location

Repositioning Opportunity

Superior Light and Views

Located in the Golden Triangle of the Central Business District submarket

Upgrade from Class B to Class A
via construction of new facade and
common areas and all new building
systems during 60% vacancy

Property is free-standing with window lines along all elevations allowing excellent light exposures and views with flexible floor plans

EXECUTION

ALIGNMENT WITH DEVELOPMENT PARTNER

Partnered with local real estate developer and investor
to provide construction/development expertise

OPPORTUNISTIC EXIT

Sold prior to development phase of business plan during period
of robust capital markets demand for vacancy and development

INSTITUTIONAL QUALITY MANAGEMENT

Implemented best practices during pre-development process
which facilitated quick sale to REIT buyer

RESULTS

Sold for $61.8 million (43% above purchase price)