BIRMINGHAM OFFICE MARKET SURVEY GRAHAM&COMPANY,INC.

Transcription

1 BIRMINGHAM OFFICE MARKET SURVEY 2003 GRAHAM&COMPANY,INC

2 GRAHAM & COMPANY FAR EXCEEDED OUR EXPECTATIONS Through their knowledge of the local market and attentiveness to our goals, they were able to secure a quality tenant for our recent office expansion They did a terrific job! - Jim Cunningham - CHIEF OPERATING OFFICER, WARREN, AVERETT, KIMBROUGH & MARINO, LLC AS OUR LAW FIRM GREW AND OUR SPACE NEEDS INCREASED WE WANTED AN AGGRESSIVE and professional real estate group that had the expertise to analyze the market and provide us with multiple options to consider as well as the ability to assist us in overseeing the construction Graham & Company did that and more for us - I Ripon Britton, Jr - MEMBER, HAND ARENDALL, LLC

3 [255 MILLION SF TOTAL] SINGLE TENANT 9,189,339 SF MULTI-TENANT 16,213,094 SF MARKET BIRMINGHAM OFFICE MARKET OVERVIEW BIRMINGHAM S OFFICE MARKET ENDURED ANOTHER DIFFICULT YEAR Even though 2002 reflected some signs of stabilization over last year s results, the office market remains as challenging as any in over a decade New construction totaled approximately 13 million sf, significant square footage in light of current economic conditions Of the new construction, only 560,000 sf is speculative development Regions and SouthTrust Bank, as well as Protective Life, absorbed the remaining new space either by expanding bank operations centers or their campus Total absorption was strong with 686,000 sf Owner/users occupied all but 94,000 sf of the total Downtown grew significantly with the addition of two new speculative, Class-A office buildings, the first new CBD skyline silhouettes in over a decade Additionally, several sale transactions involving quality office buildings at healthy prices signal demand for owner-occupied buildings and passive real estate investment, possibly in response to volatile equity markets Typically, increased vacancy results in lower rental rates This was not the trend in 2002 with all four major submarkets reflecting flat to higher vacancy, yet all posting overall increased rental rates While conventional wisdom says the opposite, this may be yet another sign that landlords believe the worst is over for the office market, as rates rebound quicker than expected Quoted rental rates, however, do not reflect concessions currently prevalent in today s office market New construction is anticipated to be negligible next year unless demand suddenly increases Vacancy rates are expected to decrease slowly in step with a projected slow economic recovery FUTURE: Next year will challenge owners as demand slowly continues to rise Savvy users will exploit market conditions by locking in longer lease terms while taking advantage of ample choices and concessions DAN LOVELL, SIOR WALTER BROWN SAM CARROLL SUSAN HIRSCH Director Vice President Sales Associate Real Estate Assistant Office Group Office Group Office Group Office Group BIRMINGHAM, ALABAMA OFFICE MARKET SF 15 Million NEW CONSTRUCTION & REHAB ABSORPTION 125 Million 1 Million 750, , MILLION 844 THOUSAND 13 MILLION 600 THOUSAND 938 THOUSAND 686 THOUSAND 250, THOUSAND -250, , THOUSAND This report includes current spaces available for sublease GRAHAM & COMPANY / BIRMINGHAM OFFICE SURVEY 2003

4 PHIA 8TH ST DOWNTOWN MARKET [759 MILLION SF TOTAL] SINGLE TENANT 2,677,455 SF MULTI-TENANT 4,919,536 SF BIRMINGHAM S DOWNTOWN SKYLINE NOW REFLECTS THE FACES OF TWO NEW SPECULATIVE OFFICE BUILDINGS, THE FIRST MAJOR CONSTRUCTION IN OVER 12 YEARS Both projects bring a total of over 460,000 sf of Class-A office space to the CBD Concord Center, 150,000 sf, and One Federal Place, 310,000 sf, offer the finest in new technology and flexible floor plans, providing high-quality office choices for businesses locating in the City Center As downtown expanded, the submarket had possibly its best year in many with the absorption of 105,500 sf The CBD, in virtual equilibrium during the recent past, is beginning to trend toward growth, even with the addition of significant new product As with other office submarkets, vacancy rose slightly, up approximately 337%; however, this negative trend was offset with a minor increase in multi-tenant rental rates, up 424% The CBD continues to be the financial district, home to Birmingham s Big Four banking institutions including SouthTrust, AmSouth, Compass, CONCO CENTER Birmingham s first new CBD Class-A office building in 12 years opened in March and Regions, as well as Alabama s largest law firms Several significant older office buildings have recently sold for loft redevelopment, a trend that should be exciting to watch as Birmingham s CBD evolves with an increasing residential population CHERRY NIEL ity ON AV AV JEFFERSON ODA 66 PAYNE 94 TUSCALOOSA AV 2ND AV AV ARKADEL BUSH BLVD - LOMB AV DENNISON West End HOR DR AV FINLEY BLVD BANKH E AD HWY 16TH ST 3AV W WENONAH ND U STRIAL DR 6TH AVE S GREEN SPRINGS AV 3 ST 34THAV 32NDAV 17TH ST DE 26TH ST 35TH AV BIRMINGHAM Graymont MON TEVALLO OXMOOR 8TH AV AV W PKWY GREE N SPR INGS Norwood 22ND ST 18TH 6TH AV N 3 AV N 3 AV S 3 AV 4TH AV S 149 H UNTSVILLE 24TH ST 8TH AV S 97 27TH AV 20 TH ST ST 31ST ST 22ND R N Birmingham Five Points OXMOOR HWY AV R D VANDERBILT R 10TH ST 35TH EAST AV 31 N LAKE MESS ER-AIRPORT S 113 BLVD 5TH 280 HWY GEORGIA 1ST AV N 1ST AV N 29TH AV HOMEWOOD LAKESHORE DR SHADES HIGHLAND AV HWY CLAIRMO NT CAHABA CREST VESTAVIA BIRMINGHAM INTERNATION AIRPORT A V MONTCLAIR PKWY Woo Avondale MONTEV MTN BROOK CHERO ONE FEDERAL PLACE Birmingham s second new CBD Class-A office building is anchored by the state s largest law firm GRAHAM & COMPANY / BIRMINGHAM OFFICE SURVEY 2003

5 GRAHAM&COMPANY,INC NEW DEVELOPMENT/ABSORPTION BUILDING LOCATION SF DELIVERY AVAILABLE SF ABSORPTION MAJOR TENANT Concord Center ,000 3/02 85,000 65,000 Lange, Simpson 3rd Ave N One Federal Place ,000 8/02 109, ,272 Bradley, Arant 5th Ave N SIGNIFICANT LEASES BUILDING SF TENANT/BUYER COMMENTS One Federal Place 8,900 Ogletree, Deakins Law Firm/Relocation Park Place Tower 20,000 Pittman, Hooks Law Firm/Renewal & Expansion Financial Center 20,400 Birmingham Regional New Lease Chamber of Commerce/ONB Park Place Tower 40,000 Haskell, Slaughter Law Firm/Relocation Concord Center 43,799 Lange, Simpson Law Firm/Relocation AmSouth/Harbert Plaza 79,000 Maynard, Cooper Law Firm/Renewal One Federal Place 150,000 Bradley, Arant Law Firm/Relocation SIGNIFICANT SALES DATE BUILDING SF PRICE PSF COMMENTS 11/01 Heritage Place 91,000± $1,927,500 $2118 Loft Development (Jemison Flats) (3 buildings) 4/02 Burger-Phillips Center 140,000 $1,600,000 $1143 Investment Sale 6/02 Brown Marx Tower 223,150 $1,000,000 $448 Potential Loft Development 9/02 Commerce Center 65,000 $1,100,000 $1692 Potential Loft Development % 100 OCCUPANCY RENT PSF $ % 911 % 901 % $1750 $1800 $1794 $ % MULTI-TENANT AVERAGES Occupany 785% Rate PSF $1816

6 PHIA 8TH ST MIDTOWN/ WEST HOMEWOOD MARKET [73 MILLION SF TOTAL] SINGLE TENANT 2,469,532 SF MULTI-TENANT 4,842,523 SF CONSIDERED BIRMINGHAM S CENTRAL MARKET, MIDTOWN MAINTAINS THE HIGHEST METROPOLITAN OCCUPANCY RATES Aside from a small portion of the Protective Life expansion, little speculative construction was added in 2002 However, the total submarket increased by a significant 830,000 sf with a build-to-suit for AOL/Time- Warner and both expansion of SouthTrust s and the opening of Region s operation centers Total absorption for the submarket was a very strong 737,272 sf, attributable mainly to the three previously referenced corporate PROTECTIVE LIFE BUILDING This new building, ready for occupancy in fall of 2002, is anchored by Protective Life and adjacent to their corporate headquarters users Even with multi-tenant vacancy rising 1% and absorption staying relatively flat, an optimistic note for 2002 is rental rates, rising 46% Currently no speculative development is planned for 2003; however, as the market strengthens, expect Midtown to be the first sector to announce a new project Midtown is easily accessed from any area of metropolitan Birmingham via I-65, Red Mountain Expressway, Highway 31 and Highway 280 As a convenient location, large office users such as Southern Progress, State Farm Insurance, SouthTrust Bank, Regions Bank and Protective Life have located on Lakeshore Parkway, making the Parkway one of the more prominent and attractive office locations in this submarket V ERSON 66 TUSCALOOSA AV 2ND AV AV ARKADEL BUSH BLVD - LOMB AV DENNISON West End KESHORE WENO NA H OXMO OR AV FINLEY BLVD BANKH E AD HWY 6TH ST 3AV W WENONAH R D IND U STRIAL - Graymont DR MON TEVALLO OXMOOR W 8TH AV 6TH AVE S GREEN SPRINGS AV Bluff Park 3 ST AV W PKWY ALFO TYLER 17TH ST GREE N SPR INGS Norwood 6TH AV N 3 AV N AV 42 22ND ST 18TH 3 AV S 3 AV 4TH AV S TH ST 20 TH ST 8TH AV S OXMOOR AV 97 ST Five Points HWY R D 31ST ST 22ND ST 35TH MESS ER-AIR 31 S 1ST AV N 1ST A 29TH AV HOMEWOOD COLUMBIANA LAKESHORE DR MONTGOME R Y SHADES HIGHLAND AV HWY CLAIRMO NT CAHABA CREST OCKY RIDGE VESTAVIA Rocky A V 5TH A Avondale 7 MONTCLAIR R PKWY MONTEVALLO MTN BROOK DOLLY RIDGE Woodla ALTADENA Cr O MO CHEROKEE R Ca R 44 LAKESHORE CROSSINGS BUSINESS PARK Time Warner Cable and Atherotech chose to relocate to this park in 2002 GRAHAM & COMPANY / BIRMINGHAM OFFICE SURVEY 2003

7 GRAHAM&COMPANY,INC SIGNIFICANT TRANSACTIONS BUILDING SF TENANT/BUYER COMMENTS Independence Plaza 12,000 McGriff, Seibels & Williams Expansion Protective Life 17,000 Parsons, Lee, Juliano Relocation Economic Development 30,700 Sanders Trust Sale $3,200,000 & Partnership Lakeshore Crossing 32,500 Atherotech Relocation Protective Life 35,103 Huie, Fernambucq & Stewart Relocation NEW DEVELOPMENT DATE BUILDING LOCATION SF MAJOR TENANT 1/02 AOL Time Warner Lakeshore Crossings 40,000 Build-to-Suit 5/02 Wildwood III Lakeshore Drive/ 184,000 SouthTrust Bank Wildwood Operations Center 6/02 Regions Bank Lakeshore Drive/ 296,000 Regions Bank Oxmoor Operations Center 11/02 Protective Life Lakeshore Drive/ 300,000 Protective Life Highway 280 NEW ON THE MARKET DATE BUILDING LOCATION SF PRICE 5/02 Jefferson County Valley Ave & 18th St,000 $7,850,000 Board of Education Homewood 7/02 Gorham Building Beacon Parkway West 9,963 $935,000 10/02 Beacon Center Office Park Beacon Parkway West 103,912 $6,400,000 % 100 OCCUPANCY RENT PSF $ % 963% 945% 935% $1622 $1658 $1645 $ MULTI-TENANT AVERAGES Occupany 9015% Rate PSF $1703

8 HIGHWAY 280/I-459 MARKET [64 MILLION SF TOTAL] SINGLE TENANT 2,085,138 SF MULTI-TENANT 4,382,356 SF THE HIGHWAY 280/I-459 SUBMARKET WAS BY FAR THE MOST ACTIVE OF ALL OFFICE SECTORS IN 2002 Sale activity far exceeded other areas of Birmingham with seven significant office buildings being involved in transactions this year The largest transaction was The Colonnade, an office and retail development located at the intersection of Highway 280 and Interstate 459 With many of the buildings commanding prices over $100 psf, real estate as an investment is definitely popular Highway 280/I-459 leasing activity was vigorous THE COLONNADE This acquisition added nearly 452,000 sf of office and 112,000 sf of retail space to a local REIT s portfolio compared to 2001 However, even with increased leasing activity, the sector s vacancy rate decreased by only 09% Absorption was a negative 51,898 sf, but compared to last year s negative 192,000 sf, this was a step in the right direction Following the trend in other Birmingham office sectors, a slight increase in rental rates, up 081%, was encouraging No significant new construction added to the sector s vacancy New product should not appear until available sublease space totaling 345,000 sf is occupied The Highway 280/I-459 submarket continues to be one of Birmingham s most active growth areas With large corporations including Healthsouth, Vulcan Materials, and Bellsouth, as well as the GOME R Y AV OD ES DR ase HWY ABA 31 CREST ROCKY RIDGE VESTAVIA Rocky Ridge MTN BROOK 280 DOLLY RIDGE 115 OLD ROCKY RIDGE ALTADENA CHEROKEE R 44 DALE 62 OLD FLORIDA CALDWELL 29 SHORT R O UTE MILL O VERTON Cahaba Heights INDIAN SPRINGS VILLAGE 17 Inverness A FLORIDA SHORT INVERNESS PKWY 14 Meadow Brook CAH city s most affluent new neighborhoods, golf courses, and shopping malls, this submarket should continue to strengthen in the short term FORMER JUST FOR FEET CAMPUS Jack Henry & Associates, a Missouri-based software developer, purchased this 20-acre campus for their Alabama headquarters GRAHAM & COMPANY / BIRMINGHAM OFFICE SURVEY 2003

9 GRAHAM&COMPANY,INC SIGNIFICANT TRANSACTIONS BUILDING SF TENANT COMMENTS 3700 Colonnade 9,078 ITC DeltaCom Sublease Emmett R Johnson 12,053 Hunter Systems New Lease State Farm Building 14,200 Source Medical New Lease Perimeter Park 15,000 Alabama Quality Sublease 2700 Meadow Brook South 16,500 Intercept Lease 2700 Meadow Brook South 16,600 Citation Lease 100 Meadow Brook 19,909 Charter Communications New Lease International Park 25,024 Intermark Group New Lease 2600 Meadow Brook South 25,279 Allstate Insurance Expansion SIGNIFICANT SALES DATE BUILDING SF PRICE PSF BUYER 2/02 Just For Feet 47,000 $3,250,000 $6915 Jack Henry World Headquarters & Associates 5/02 The Colonnade Office 452,000 $55,500,000 $9837 Colonial Retail 112,186 Properties Trust 6/02 Meadow Lake 34,661 $3,835,000 $11064 Local Investment Group Business Park 7/ Colonnade Pkwy 10,392 $1,207,000 $11615 Local Investment Group 8/02 State Farm 14,200 $1,525,000 $10739 Local Investment Group 9/ Colonnade Pkwy 21,500 $2,472,500 $11500 The Stewart Organization 11/02 Willow Ridge 39,730 $3,250,000 $8180 Alabama Professional Building Psychiatric % 100 OCCUPANCY RENT PSF $ 20 $1855 $1870 $1840 $ % 915% % 874% MULTI-TENANT AVERAGES Occupany 8139% Rate PSF $1825

10 SOUTHERN/ I-65 MARKET [4 MILLION SF TOTAL] SINGLE TENANT 1,7,214 SF MULTI-TENANT 2,068,679 SF BY SQUARE FOOTAGE, THE SOUTHERN MARKET IS THE SMALLEST BIRMINGHAM SUBMARKET Encompassing Hoover, Riverchase and Vestavia Hills, this submarket is home to large corporate users including Blue Cross/Blue Shield of Alabama, AmSouth Bank Operations Center and Bellsouth Data Center No new buildings were completed this year, although AmSouth Bank is currently expanding its operations center, scheduled for 2003 occupancy The overall vacancy escalated 3% to 94% Multi-tenant vacancy increased 508% to 1828%, the largest increase in any VESTAVIA CENTRE Momentum Business Solutions continues to expand its Birmingham operation in Vestavia Centre of the four major submarkets Absorption of a negative 104,546 sf also reflected current market trends, the poorest performance in recent years Keeping in form with other metro submarkets, both vacancy and rental rates increased Multi-tenant rates rose 265%, for an average rate of $1516 psf, one of the few market bright spots The Southern Market is easily accessible to I-65, its main thoroughfare, as well as I-459 Service companies and several small to mid-size office developments serving the R & D industry characterize this submarket, known for its lush landscaping, greenery and rolling terrain ND U STRI OXMOO W Bluff Park PKWY ALFO TYLER CHAPEL LORNA AV HOOVER COLUMBIANA 97 MONTGOME R Y LORNA 31 SHADE Riverchase HWY VESTAVIA ROCKY RIDGE Rocky Ridge 113 DOLLY RIDGE OLD ROCKY RIDGE ALTADENA DALE CAHABA OLD FLORIDA CALDWELL 29 INDIAN SPRINGS VILLAGE SHORT R O Inv MILL D V FORMER STATE FARM INSURANCE BUILDING Located on Data Drive, this building was purchased by a local software design firm in April PELHAM OAK MOUNTA GRAHAM & COMPANY / BIRMINGHAM OFFICE SURVEY 2003

11 GRAHAM&COMPANY,INC SIGNIFICANT LEASES BUILDING SF TENANT/BUYER COMMENTS Vestavia Centre 4,396 Momentum Expansion Business Solutions Riverchase Center 9,084 Aspreon Technologies Renewal/Expansion Woods Point 48,284 Colonial Bank Renewal SIGNIFICANT SALES DATE BUILDING SF PRICE PSF BUYER 1/ Vestavia Pkwy 45,000 $3,000,000 $6667 Investment Sale 4/02 State Farm Insurance 10,200 $890,000 $8725 Actek 5/02 Sonics/IMAX 39,000 $1,500,000 $3846 SCISYS Computer Group 7/02 Kling Square 16,500 $0,000 $5758 Retirement Specialists of the South 10/02 Allstate 10,434 $800,000 $7667 Local Investor 12/02 Cahaba Valley Center 21,000 $2,350,000 $11190 Restore Therapy NEW ON THE MARKET DATE BUILDING LOCATION SF COMMENTS 1/02 Harbert Valleydale Road/I-65 57,203 Includes Corporate Building 135 Acres 5/02 Phillips Building 501 Riverchase Parkway 17,890 For Lease/Sale 6/02 Former Adventure 1810 Merchants Drive, 11,820 For Sale Travel Headquarters Riverchase 10/02 IKON Office Solutions 2183 Parkway Lake Drive 34,100 For Sublease % 100 OCCUPANCY RENT PSF $ % 0% 936% 906% $1637 $1684 $1654 $ MULTI-TENANT AVERAGES Occupany 8172% Rate PSF $1516

12 ABOUT GRAHAM & COMPANY Founded in 1978, Graham & Company is a full-service commercial real estate firm based in Birmingham With offices in Birmingham and Huntsville, the company offers professional services including sales, leasing, property management, appraisal, consulting, investment and development In response to client demand, Graham has systematically extended its range of services and geographic reach, now serving clients throughout Alabama and several surrounding states APPRAISAL SERVICES Since Graham & Company was founded, appraisal services have been a mainstay of the company s operations Our comprehensive database helps ensure accurate market-based valuations Graham & Company s brokerage division makes extensive use of appraisal resources in pricing the company s listings and evaluating offers during the negotiation process To maximize the benefit to our clients in both negotiations and valuations, our appraisal/consulting and brokerage divisions exchange sales and lease data COMMUNITY INVOLVEMENT Part of making Birmingham a better place to work includes teaching the next generation about commercial real estate Graham & Company annually sponsors a community service program known as LEAD (Leadership, Experience, Attitude, Determination) Through this program, we hire inner-city students from local high schools to spend a summer gaining experience and developing work skills in the commercial real estate industry GRAHAM & COMPANY ANNUAL OFFICE TRANSACTIONS GRAHAM & COMPANY / BIRMINGHAM OFFICE SURVEY 2003

13 PHIA 8TH ST IN V E RRY Y D 5 K AV ERIE ST ARONOV DR TH ST ARY 93 GAV AV 67 R D MIDFIELD ST PR ATT AV E FAIRFIELD R JEFFERSON 11 LAKESHORE PKWY BROOKSID E A ROBERT HWY 67 R D HEFLIN AV WOODWA AV PER HWY BESSEMER WENONAH LIPSCOMB SEMER NICIPAL PORT SHADES ford POWDERLY- CUT- AV I Morgan MONTEVALLO OFF Forestdale WILSON AV F AV Ensley AV 93 READER'S GAP - SHANNON 31ST ST 2 E D UGAN 6TH PL 19TH ST 20TH ST WARRIOR PARKWOOD AV W 42 CHERRY DANIEL Pratt City ENSLEY Central Park Powderly AV COALB URG CREST PEARSON AV ISHKOODA WENONAH JEFFERSON - Shannon PAYNE BUSH 120 TUSCALOOSA AV 2ND AV AV BLVD ARKADEL LOMB AV DENNISON West End LAKESHORE WENO NA H OXMO OR CREST DR AV FINLEY BLVD BANKH E AD 58 HWY 16TH ST 3AV W WENONAH SHADES R D IND U STRIAL - DR MON TEVALLO OXMOOR W HELENA 8TH AV GREEN SPRINGS AV 3 ST 6TH AVE S AV W ALFO TYLER CHAPEL FULTONDALE WALKER CHAP E L PKWY 34THAV 32NDAV 17TH ST GREE N LORNA 52 26TH ST Norwood SPR INGS 261 6TH AV N 3 AV N AV 42 22ND ST 18TH HWY DECATUR 35TH AV 24TH ST TH AV 31 NEW BLACK CREE VANDERBILT 35 PINEHILL 79 K 31 3 AV S 3 AV 4TH AV S H UNTSVILLE 20 TH ST 8TH AV S OXMOOR HWY BIRMINGHAM Graymont Bluff Park ST 31ST ST 22ND R D N Birmingham HOOVER Five Points AV 10TH ST 35TH EAST AV INDIAN INDUSTRIAL PKWY 119 R VILLAGE 44 PAWNEE TARRANT - HUFFMAN 78 PINSON N LAKE MESS ER-AIRPORT S BLVD 57TH ST HWY GEORGIA 1ST AV N 1ST AV N 29TH AV R D HOMEWOOD COLUMBIANA LAKESHORE DR MONTGOME R Y MONTGOMERY LORNA PELHAM SHADES Riverchase HWY HIGHLAND AV HWY TARRANT CLAIRMO NT CAHABA CREST ROCKY RIDGE EAST VESTAVIA Rocky Ridge LAKE A V 5TH AV S MONTCLAIR PKWY MONTEVALLO MTN BROOK DOLLY RIDGE OLD ROCKY RIDGE ALTADENA BLVD BIRMINGHAM INTERNATIONAL AIRPORT Avondale OLD LAWSON 1S T N 5TH AV AV EAST INDUSTRIAL DR CRESTWOOD BLVD LEEDS N OPOR TO-MADRID BLVD CARSO N FIVE MILE ROBIS ON DR RED LANE ROEBU P ARKWAY 4TH AV S 16TH ST CK DR CHEROKEE OLD LEEDS DALE CAHABA GOODRICH DR Woodlawn Crestline OLD FLORIDA CALDWELL Roebuck MOUNTAIN BROOK SHORT R O UTE MILL O VERTON Cahaba Heights INDIAN SPRINGS VILLAGE Inverness 13TH AV Simmsville 36 EAST 75 East Lake H UFFMAN RUFFNER IRONDALE FLORIDA SHORT INVERNESS PKWY Meadow Brook OAK MOUNTAIN STATE PARK CENTER PO Huffman 78 OVERTON SPRINGVILLE CAHABA ROUTE GRANTS ALTON Coalville SCALE IN MILES: MILL Grants Mill Chelsea Greystone Highland Lakes DUNNAVANT QUEENSTOWN BEAR CREEK B I R M I N G H A M A R E A East Saginaw 39 TRUSSVILLE Shoal Creek 341 P

14 GRAHAM & COMPANY PERSONNEL PRINCIPALS Steve Graham, MAI, CRE Mike Graham, CPM, SIOR PROPERTY MANAGEMENT Senior Asset Manager Thomas P Krebes, FMA, RPA Property Managers Judy A Lewis Dorothy Wozny Administrative Assistant Allyson Quick COMMERCIAL APPRAISALS Hayden Luce Tim Rau COMMERCIAL/ INDUSTRIAL GROUP Sales/Leasing Jack Brown, SIOR Sonny Culp, SIOR Ogden Deaton, SIOR Jack Key, SIOR Henry G Seibels III Claude Tindle, SIOR Commercial Agent Assistant Peggy Pearson ADMINISTRATIVE ASSISTANT Cheryl Spencer GRAPHIC DESIGN Jane McGriff Herlong OFFICE GROUP Sales/Leasing Walter Brown, Jr Sam Carroll IV Dan Lovell, SIOR Real Estate Assistant Susan Hirsch ACCOUNTING Charlie Crane Maria Goldschmidt INFORMATION/ TECHNOLOGY Jebb Long RECEPTIONIST Eleanor Caver FACILITIES Jay Elliot Craig Jackson Barry Stone HUNTSVILLE OFFICE MANAGING PARTNER Gardner Lee, CPM, SIOR SALES/LEASING Jeremy Pope Bart Smith Jeff Wilke, CCIM PROPERTY MANAGER Marshanne N Castro ADMINISTRATION Catherine Cook AFFILIATIONS CORFAC International Corporate Facility Advisors SIOR Society of Industrial & Office Realtors NAIOP National Association of Industrial & Office Parks IREM Institute of Real Estate Management Appraisal Institute Counselors of Real Estate CRE Certified Commercial Investment Member CCIM Building Owners and Managers Association BOMA Birmingham Association of Realtors Huntsville Board of Realtors wwwgrahamcompanycom wwwgrahamcompanycom 2200 Woodcrest Place, Suite Birmingham, Alabama TEL FAX Information deemed reliable, but not guaranteed

15 OUR COMPANY S GROWTH HAS PLACED SIGNIFICANT IMPORTANCE on our office needs Graham & Company, Inc has always provided Dawson Engineering with the real estate expertise we have needed to reach our company s facilities objectives - Bill Dawson - PRESIDENT, DAWSON ENGINEERING, INC OUR LAW FIRM HAS GROWN TREMENDOUSLY OVER THE PAST FIVE YEARS including opening offices out of state Graham & Company has provided us with expert advice and service for all of our locations, locally and regionally - Thomas Logan - CARR, ALLISON, PUGH, HOWA, OLIVER & SISSON

16 GRAHAM&COMPANY,INC BIRMINGHAM 2200 Woodcrest Place, Suite 210 Birmingham, Alabama TEL FAX HUNTSVILLE 200 Westside Square, Suite 800 Huntsville, Alabama TEL FAX wwwgrahamcompanycom