OFFICE SAN DIEGO S MOST AMENITY-ORIENTED AND UNIQUE CLASS A OFFICE CAMPUS SITUATED IN A ONE-OF-A-KIND URBAN MIXED-USE COASTAL ENVIRONMENT.

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1 OFFICE SAN DIEGO S MOST AMENITY-ORIENTED AND UNIQUE CLASS A OFFICE CAMPUS SITUATED IN A ONE-OF-A-KIND URBAN MIXED-USE COASTAL ENVIRONMENT. Holliday GP Corp. ( HFF ), California Bureau of Real Estate License #

EXECUTIVE SUMMARY LIBERTY STATION OFFICE LEGEND Liberty Station Master-Planned Project HFF, as exclusive advisor, is pleased to offer to qualified investors an opportunity to purchase individually,

situated within a waterfront urban mixeduse destination located in San Diego, California.

2 EXECUTIVE SUMMARY LIBERTY STATION OFFICE LEGEND Liberty Station Master-Planned Project HFF, as exclusive advisor, is pleased to offer to qualified investors an opportunity to purchase individually, in combination, or as a single portfolio, a 100% fee simple interest in Liberty Station Office (collectively, the Properties or Portfolio ) four newly constructed ( ) Class A office buildings situated within a waterfront urban mixeduse destination located in San Diego, California. The Properties are located at the epicenter of the amenity rich 360-acre Liberty Station master plan and benefit from immediate walkability to over 100 retail establishments as well as access to over 13 million square feet of retail within a 1-mile radius. Liberty Station Office also boasts a short 4 minute drive to the San Diego International Airport as well as close proximity to local beaches and major San Diego freeways. Currently 81.1%* leased with a weighted average lease term remaining of 4.2 years, this offering provides stable in-place cash flow along with immediate value creation through the lease-up of a rare vacancy in Liberty Station. Situated on 7.59 acres, the offering comprises 181,171 square feet of highly functional office space featuring high slab-to-slab, abundant window line, and ideally-sized floor plates. The Portfolio s institutional quality design coupled with a highly synergistic built-in amenity base, places it among the most elite mixed-use projects in the Western United States. The Portfolio offers investors the extraordinary opportunity to acquire a stable cash flow stream while also capitalizing on strong tenant demand for rare available space in Liberty Station. Subject Properties BARNETT AVENUE PACIFIC HWY MARINE CORPS RECRUIT DEPOT *Herein 81.1% leased reflects the assumption that 9,647 SF currently leased by Ownership in Building 903 is leased to a new tenant post a sale. ROSECRANS STR 2 LIBERTY STATION OFFICE SAN DIEGO

Asset Name/ Address Building 901 2280 Historic Decatur Rd, San Diego, CA 92106 LIBERTY STATION OFFICE OVERVIEW Year Built NRA (SF) BOMA % Leased

1%) SAN DIEGO AIRPORT BLDG 906 ArtianoShinoff - Law Offices Cypher Analytics, Inc.

San Diego Funding Ascent Real Estate SAN DIEGO BAY HARBOR ISLAND BLDG 901 MITRE, Vacant Building 903 2750 Womble Rd, San Diego, CA 92106 Building

3 Asset Name/ Address Building Historic Decatur Rd, San Diego, CA LIBERTY STATION OFFICE OVERVIEW Year Built NRA (SF) BOMA % Leased EXECUTIVE SUMMARY WALT % Above/ (Below) Mkt , % 9.8 years (12.1%) SAN DIEGO AIRPORT BLDG 906 ArtianoShinoff - Law Offices Cypher Analytics, Inc. DOWNTOWN BLDG 903 Georgia Tech Applied Research, Vencore BLDG 905 Nuvve Corp. San Diego Funding Ascent Real Estate SAN DIEGO BAY HARBOR ISLAND BLDG 901 MITRE, Vacant Building Womble Rd, San Diego, CA Building Historic Decatur Rd, San Diego, CA Building Historic Decatur Rd, San Diego, CA HARBOR DRIVE , % 4.0 years (11.2%) CORONADO , % 2.2 years (7.2%) , % 2.5 years (6.4%) Total Portfolio , % 4.2 years (9.2%) Southeast Facing EET LIBERTY STATION OFFICE SAN DIEGO 3

PROPERTY OVERVIEW OFFICE Hampton Inn & Suites 181 Keys Under Construction Opening Year-End 2018 KINCAID

COURT Embassy Suites 247 Keys Proposed Opening Q3 2020 BLDG 903 Homewood Suites 150 Rooms BLDG 906 BLDG

CUSHING ROAD CUSHING RD BARNETT STR E E T LYTTON STREET 9 24 10 PERRY RD 185 194 31 32 8 23 11 179 34

District 7 195 6 A 14 B 15 3 C 16 4 D 193 19 17 5 DEWEY ROAD 202 177 175 35 THE LOT 201 907 178 176 198

Schools Rock Church 83 FARRAGUT RD 271 HISTORIC DECATUR RD TRUXTUN RD W PORTER RD W EVANS RD E BAINBRIDGE

4 PROPERTY OVERVIEW OFFICE Hampton Inn & Suites 181 Keys Under Construction Opening Year-End 2018 KINCAID RD N HARBOR DR TO DOWNTOWN SAN DIEGO TownePlace Suites 222 Keys Under Construction Opening Early 2019 LEE COURT Embassy Suites 247 Keys Proposed Opening Q BLDG 903 Homewood Suites 150 Rooms BLDG 906 BLDG 905 Courtyard by Marriott 200 Rooms N HARBOR DR LANING RD 619 BLDG 901 CUSHING ROAD CUSHING ROAD CUSHING RD BARNETT STR E E T LYTTON STREET PERRY RD SIMS RD CHAUNCEY ROAD 2 HISTORIC DECATUR RD HISTORIC DECATUR RD The Arts TRUXTUN ROAD District A 14 B 15 3 C 16 4 D DEWEY ROAD THE LOT ROOSEVELT ROAD TRUXTUN ROAD 30 WOMBLE ROAD High Tech Schools Rock Church 83 FARRAGUT RD 271 HISTORIC DECATUR RD TRUXTUN RD W PORTER RD W EVANS RD E BAINBRIDGE RD W BAINBRIDGE RD LANING RD TO 5 FREEWAY ROSECRANS ROSECRANS ROSECRANS ROSECRANS 4 LIBERTY STATION OFFICE SAN DIEGO

5 PROPERTY OVERVIEW ARTS 19 AND Something Different Studio Gallery 15 Anneville Studio 15 Black Rainbolt Studios 19 Bravo School of Art 14 Brian Brown Studio 176 California Ballet School 16 Casa Valencia Galeria 15 Colleen Veltz Art 14 Debinko Design Studio 17 EAS Art Studio 201 Expressive Arts Institute 19 FX Dojo: Digital Arts 175 Jean Isaccs San Diego Dance Theater 19 June Rubin Studio 15 Kerianne Quick Materialsmith 19 Kevin Winger 16 Lauren LeVieux Artist 200 Life of an NTC Recruit 19 Lovejoy Creations 19 M. Fischbeck Studio Gallery 175 Malashock Dance 175 Mandell Weiss Gallery 14 Market Street Group 201 Martha Pace Swift Gallery 19 minotto disengo 17 MK Envision Galleries 19 Mod-Est Studio Gallery 176 Monart School of Arts 176 National Comedy Theater 15 Neisha s Dance & Music Academy 202 New Americans Museum 15 Outside the Lens 201 Pachis, an Art Studio for Kids 16 Paul Dean Loft / Gallery 176 PLNU, Art & Design Department 200 Point Loma Legacy Exhibit 14 Portraits4All 176 Recreational Music Center 200 Reuben H. Fleet Tribute 15 Ron s Shop 175 San Diego Ballet 3 San Diego Comic Art Gallery 202 San Diego Watercolor Society 16 San Diego Writers, INK 30 School of Rock 175 Theatre Arts School of San Diego 200 VADM James B Stockdale and Sybil Stockdale Tribute 19 Victoria Hanlon Studio 202 Visions Art Museum: Contemporary Quilts & Textiles 16 WeaveLife, fiber arts studio 19 Whimsique Designer Invitations & Stationary 176 White Box Live Arts 16 Women s Museum of CA HEALTH 631 European Wax Center 193 Fitness Together High Tech Schools 1 Kid Ventures 27 Liberty Station Orthodontics 631 Massage Envy 29 Omni Dental 175 Performing Arts & Athletic Restorative Training Specialists 1 Pigtails & Crewcuts 176 Pilates by the Bay 27 Point Loma Children s Dentistry 30 Point Loma Optometry 195 Point Loma Pediatrics 210 Point Loma Sports Club 633 Polish Me Nails 210 The Bar Method 94 The Rock Church 210 San Diego Gymnastics 27 Smart Nails 194 Sparkcycle 30 Yoga Six EVENT 32 Brick 177 Corky McMilin Companies Event Center 200 Dick Laub NTC Command Center Ingram Plaza Luce Court 208 The North Chapel 623 Point Loma Conference Center SHOP 27 4G Wireless 19 7Stitches Ethnic Jewelry 19 Apricot Yarn & Supply 176 California Hardwoods 15 Comickaze Comics, Books & More 193 Crown Ace Hardware 10 GTD Golf D Gilmore Family Jewelers 30 JOL Salon 27 Liberty Station Cleaners 1 Moment Cycle Sports 23 Moniker General 30 Navy Federal Credit Union 11 Pigment 201 Pinot s Palette 14 Point Loma Tea 30 Postal Annex 27 Ruby Charm 19 Sara Despain Designer Goldsmith D Quarters D 15 Thatch Jewelry Showroom 27 The Candy Bandit 14 The Hot Spot: Pottery Painting & Candle Making 30 Trader Joes 28 Vons STAY EAT Courtyard by Marriott Homewood Suites by Hilton Hampton Inn & Suites Towne Place Suites Embassy Suites 1 California Breakfast Republic 19 Chi Chocolate & Banyan Catering 30 Cold Stone Creamery 193 Con Pane Rustic Breads & Cafe 24 Corvette Diner & Gamer Garage 11 El Jardin 30 Fig Tree Cafe 8 Fireside by the Patio Group 27 Five Guys 632 Harbor Greek Cafe 30 Ikiru Sushi 633 Issara Thai 632 Los Primos Mexican Food 30 Luna Grill 27 Nekter Juice Bar 1 Officine Buona Forchetta 634 Oggi s Pizza & Brewing Co. 27 Panera Bread 30 Poke Sammy s Woodfired Pizza 193 Slater s 50/ Smashburger 193 Soda & Swine 201 Solare Ristorante 632 Starbucks on Laning 30 Starbucks on Truxtun 1 Stone Brewing Wold Bistro & Gardens 631 Subway 633 Sushiya 30 Tender Greens 10 The Loma Club 35 The LOT OFFICE 27 Advanced Reservation Systems 901 Allison & Partners 905 Anderson Reynard LLP 906 ArtianoShinoff - Law Offices 905 Ascent Real Estate 201 Banyan Tree Learning Center 16 Better San Diego 16 Boys & Girls Foundation 16 Brand Meets Copy 15 Brandoise Studios 14 Brian Brown Studios 29 California Apartment Association 202 California Southern SBDC 26 California State Parks 906 California Strategies 905 Civilian Agency 28 Cubrc, Inc. 906 Cypher Analytics 16 Delicious Design Studio 903 DEPT of Homeland Security 905 EIP 28 Elite Escrow 201 Elizabeth Hospice 903 First 5 Comission of San Diego 28 Forward Slope, Inc. 903 Georgia Tech Research Corp. 905 Gnostech, Inc. 29 Good Health Natural Products 202 Hire Heroes USA IDW Publishing 903 Innovative Defense Technologies 30 Ives Insurance Services 201 John Harvard Academy 903 Jones Payne Group 201 KIT: Kids Included Together 28 Klansbruckner & Associates 17 KMA Architecture 904 Lifewellness Institute 21 LSCA 907 Love Does 29 LPL Financial 176 Mathnasium Point Loma 193 Metron, Inc. 201 Mission Edge 31 Moniker Commons 906 Morgan Business Consulting 903 Murphy Development Company 906 North Central University 153 North Sails 202 NTC Foundation 27 Pacific Sotheby s 28 Program Management Analytics 906 ProTravel International 15 Reading Legacies 28 River Rock Management 16 San Diego Brain Injury Foundation 202 San Diego Costkeeper 905 San Diego Funding 14 San Diego Habitat Conservancy 15 San Diego Museum Council 905 Scrypt 905 Sullivan Lawyers 19 Swann Soirees: Wedding Planning 14 Taylor Architecture 906 The Boeing Company 14 The Energy Coalition 901 The Mitre Corporation 907 The San Diego Foundation 903 Vencore 200 Venues Liberty Station 175 Walkabout International Subject Tenants Highlighted in Orange LIBERTY STATION OFFICE SAN DIEGO 5

EXECUTIVE SUMMARY BUILDING 905 FROM PAST.

Restaurant at Liberty Station (Soda & Swine).

RECOGNIZED ICONIC REAL ESTATE A naval base-turned-san

acquisition of the entire property in 2000, Liberty

Naval Training Center (NTC) that opened in 1923.

cultural hub of art, leisure and history--creating a

Built by design, Liberty Station creates an authentic

promenades, restored historic buildings that have been

International Real Estate Federation in 2011, Liberty

excellence in all the real estate disciplines involved

6 EXECUTIVE SUMMARY BUILDING 905 FROM PAST... Liberty Public Market has 30+ Artisans BUILDING 903 Restaurant at Liberty Station (Soda & Swine)...TO PRESENT INVESTMENT HIGHLIGHTS INTERNATIONALLY RECOGNIZED ICONIC REAL ESTATE A naval base-turned-san Diego s signature neighborhood upon McMillin s acquisition of the entire property in 2000, Liberty Station was built upon naval roots and originally the Naval Training Center (NTC) that opened in NTC transitioned into Liberty Station and became a cultural hub of art, leisure and history--creating a timeless destination. Built by design, Liberty Station creates an authentic experience-encompassing beautifully landscaped promenades, restored historic buildings that have been preserved for today s commerce, storied corridors, historic landmarks and spacious plazas. Recipient of the Prix d Excellence Award by the International Real Estate Federation in 2011, Liberty Station is recognized as the project that best embodies excellence in all the real estate disciplines involved in its creation. Office tenants benefit from the neighborhood s inspiring design and global recognition to use for attracting and retaining employees. 6 LIBERTY STATION OFFICE SAN DIEGO

EXECUTIVE SUMMARY THE HOTTEST MIXED-USE LOCATION IN SAN DIEGO Restaurant at Liberty Station (Buona Forchetta) Liberty Station has emerged as San Diego s premier mixed-use community through the

7 EXECUTIVE SUMMARY THE HOTTEST MIXED-USE LOCATION IN SAN DIEGO Restaurant at Liberty Station (Buona Forchetta) Liberty Station has emerged as San Diego s premier mixed-use community through the execution of thoughtful planning that re-purposed the site into a thriving live, work, play environment. The historic district has undergone a complete transformation with the creation of best-in-class office space along with a plethora of retail shops and restaurants, 349 residential units, 347 hotel rooms (additional 650 hotel rooms under construction or proposed), a golf club, museums, numerous parks and on-site events and Public market. Liberty Station has become part of the fabric of San Diego as well as a major tourist destination. Located at the epicenter of this oneof-a-kind master-planned community, Liberty Station Office is the preferred location for office tenants, enjoying some of the highest office rents in San Diego County with average asking rents at the Subject Properties of $3.65 +E. AMENITIES WITHIN LIBERTY STATION The iconic location within Liberty Station s one-of-a-kind master planned community generates significant tenant demand. Office tenants benefit from VERY BIKEABLE EXCELLENT BIKE LANES WALK SCORE VERY WALKABLE VISITORS PER DAY AT LIBERTY STATION an abundance of amenities: 30+ Food & Beverage Establishments 40+ Shopping and Retail stores (including grocery-anchors) Stone Brewing World Bistro and Gardens, a 700-seat bar, restaurant and events venue 16 Health & Fitness centers 20+ Galleries & Arts Studios 11 Event Spaces 350 hotel rooms on-site with three additional hotels under construction or proposed that will add 650 rooms 46-acre waterfront park and jogging trail Liberty Public Market, a 25,000-square-foot 7-day a week public market housing 30+ artisan vendors Luxury Movie Theatre Golf Course LIBERTY STATION OFFICE SAN DIEGO 7

EXECUTIVE SUMMARY BUILDING 901 UNMATCHED TENANT DEMAND Currently 81.1% leased, the Portfolio has averaged 95.2% leased since 2010 through 2Q 2018 compared to 88.

8 EXECUTIVE SUMMARY BUILDING 901 UNMATCHED TENANT DEMAND Currently 81.1% leased, the Portfolio has averaged 95.2% leased since 2010 through 2Q 2018 compared to 88.2% leased for all Class A office buildings in San Diego over the same period. Further demonstrating the demand to office at Liberty Station, the Portfolio enjoys some of the highest asking rents in all of San Diego County with current asking rents that are 12.7% higher than the average asking rent for Class A office in San Diego. Liberty Station Office ( LSO ) vs. San Diego Class A Office Rent & Vacancy Direct Asking Rent $ $3.75 $3.50 $3.25 $3.00 $2.75 $2.50 $2.25 $2.00 Direct Vacancy % 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% LSO Direct Vacancy SD Class A Direct Vacancy LSO Asking Rent SD Class A Asking Rent RARE OFFICE VACANCY IN LIBERTY STATION The Liberty Station office micromarket is comprised of approximately 394,000 square feet within 10 buildings primarily built between 2003 and Currently, the only direct vacancy among the buildings is the 24,592 square feet recently vacated at Building 901 making the highly desirable micromarket 93.5% leased. With the lack of available office space in this amenity rich environment, the Portfolio is well-positioned to rapidly increase its income through the absorption of the full floor vacancy at Building 901 and 9,647 square feet at Building 903 (space leased by Ownership and assumed to be leased to a new tenant post a sale). *Due to size, Asking Rent and Vacancy at LSO represent an average over the named time period and trailing twelve months through 2018 Q2 4.8% Avg. Direct Vacancy at Liberty Station Office (since 2010) CORE QUALITY OFFICE PRODUCT 12.7% Premium over San Diego Class A Office Asking Rents Liberty Station Office checks all the boxes as core quality office product: Newly constructed ( ) 87 Walk Score Institutional quality construction with timeless exterior architecture Class A workspace achieving some of the highest rents in San Diego County Long-term tenant commitment with over 33% of tenancy in occupancy for 10+ years 8 LIBERTY STATION OFFICE SAN DIEGO

EXECUTIVE BUILDING 901 SUMMARY LOBBY DIVERSIFIED AND RESILIENT TENANCY Liberty Station Office is 81.1% leased to 23 tenants in 14 different industries.

Further mitigating any move-out risk is the Portfolio s strong historical occupancy of 95.2% since 2010.

9 EXECUTIVE BUILDING 901 SUMMARY LOBBY DIVERSIFIED AND RESILIENT TENANCY Liberty Station Office is 81.1% leased to 23 tenants in 14 different industries. The largest tenant of the portfolio occupies 13.4% of the Portfolio net rentable area insulating an investor from any tenant specific risk. Further mitigating any move-out risk is the Portfolio s strong historical occupancy of 95.2% since % 5% 2% 2% 5% 7% 22% 7% 7% TENANT SUITE AT BUILDING 903 8% 18% 12% 2% LEGAL PROF. SERVICES AEROSPACE & DEFENSE HOSPITALITY PUBLIC RELATIONS SOFTWARE IT SERVICES MEDIA FINANCIAL SERVICES R&D GOVERNMENT REAL ESTATE EDUCATION LIBERTY STATION OFFICE SAN DIEGO 9

OFFICE INVESTMENT ADVISORS NICK PSYLLOS NICK FRASCO KARA MATHIS, CFA TAYLOR BERGTHOLD Senior Managing Director Senior Director Senior Associate Analyst 858.812.2352 858.812.2354 858.242.6220 858.812.2356 npsyllos@hfflp.

10 OFFICE INVESTMENT ADVISORS NICK PSYLLOS NICK FRASCO KARA MATHIS, CFA TAYLOR BERGTHOLD Senior Managing Director Senior Director Senior Associate Analyst CA Lic. # CA Lic. # CA Lic. # CA Lic. # DEBT ADVISOR LEASING ADVISORS TIM WRIGHT RYAN GRANT MATT CARLSON Senior Managing Director First Vice President Senior Vice President CBRE CBRE CA Lic. # CA Lic. # CA Lic. # Copyright 2018 Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, HFF ), HFF Securities L.P. and HFF Securities Limited (collectively, HFFS ) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on HFF has been engaged by the owner of the property [properties] to market it [them] for sale. Information concerning the property [properties] described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. HFFLP.COM

Peter Quinn. Colin Secor

Peter Quinn. Colin Secor FOR LEASE ± 8,900 SF (Divisible to 2,500 SF) Waterfront Adjacent Retail, Office & Flex Space in Historic Liberty Station E R E PRIC! N O I DUCT Peter Quinn Senior Advisor pquinn@mckinneycapital.com 858.864.8491