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					Company Overview
Company Overview


National Real Estate Investor
Shorenstein is one of the country’s oldest and most
respected real estate organizations active nationally
in the ownership and operation of high-quality office
properties. Due to its success over many years and
multiple real estate cycles, Shorenstein has established
its reputation as a creative and knowledgeable investor.
The company is privately owned and is headquartered
in San Francisco. Currently, Shorenstein owns and
manages a portfolio of 20 million square feet of office
properties valued at $5.5 billion, and holds loans on
an additional 3 million square feet of office properties
valued at $365 million.

Providing Real Property Services
Shorenstein provides asset management, leasing,
property management and construction services to the
properties in its portfolio through its wholly-owned
property services affiliate, Shorenstein Realty Services.

Seamless Integration of Capabilities
The close coordination between the investment, asset
management and operating professionals within
Shorenstein is the key to Shorenstein’s ability to deliver
exceptional services to its tenants and exceptional
value to its clients and partners. With extensive internal
resources and a commitment to excellence, Shorenstein
has an unsurpassed ability to address operating issues
and to capitalize on investment opportunities.



 Shorenstein integrates
 deep investment expertise
 with extensive hands-on
 operating experience.                                       Park Avenue Tower, New York, New York
Investment Philosophy



Attractive Risk-Adjusted Returns through                         Utilizing Debt Appropriately
Strategic Investments
                                                                 Shorenstein believes that leverage should be employed
Shorenstein seeks to generate attractive risk-adjusted           at a level that provides a meaningful enhancement to
returns through investments in high-quality office               investment returns but not be so high that a fundamentally
properties. Shorenstein executes this strategy by                sound asset will be put at risk during periods when leasing
combining sophisticated capital market and investment            markets soften or capital markets become constrained.
expertise with extensive asset management and operating
capabilities and experience.
                                                                 Mitigating Risk through Asset Quality and
                                                                 Tenant Service
Recognizing and Responding Quickly to                            In selecting among investment opportunities, careful
Capital Flow Cycles                                              assessment must be made of the risk profile of the
                                                                 various alternatives. In commercial office buildings, risk
Real estate is a cyclical business with its cycles determined,
                                                                 comes in basically two forms: rental rate risk and vacancy
in large part, by capital flows. A sound investment
                                                                 risk, with the greatest investment risk coming from the
strategy must recognize the importance of these cycles
                                                                 substantial costs that are incurred through vacancy.
and requires a commitment to maintain pricing discipline
                                                                 Shorenstein believes that both of these risks are best
when buying and a willingness and an ability to move
                                                                 mitigated by investing in high quality properties that, due
quickly to sell when the value enhancement program has
                                                                 to their location, physical quality, amenities and other
been completed and the capital markets are fully valuing
                                                                 attributes, will always be preferred business locations.
asset and market fundamentals.
                                                                 These risks are then further mitigated by operating these
                                                                 properties with an unwavering focus on responsive and
                                                                 cost-effective service to tenants so that opportunities to
                                                                 expand and retain tenants on the most favorable terms
                                                                 are maximized.




Shorenstein’s strong focus on
risk mitigation distinguishes
it from many other real estate
investors.
Operating Philosophy



                                                  More than Leasing – Value-Added Services
                                                  Shorenstein operates on the principle that its tenants are
                                                  not only leasing space in Shorenstein buildings, but are also
                                                  seeking a broad range of occupancy services to support and
                                                  enhance their core business operations. Delivery of a physical
                                                  product that is maintained and operated to the highest
                                                  industry standard is only the beginning. Shorenstein strives
                                                  to remain abreast of its tenants’ businesses in order to meet
                                                  their current needs, anticipate their future requirements and
                                                  be in a position to work cooperatively with them to respond to
                                                  unanticipated developments.

                                                  Best Environments, Highest Quality Service
                                                  The experienced asset management, leasing, property
                                                  management and construction professionals who work for
                                                  Shorenstein think and act as first-tier service providers. All
                                                  of Shorenstein’s employees understand that it is their job
                                                  to ensure that all Shorenstein properties offer the highest
                                                  quality business environments and occupancy services in
                                                  their respective marketplaces.


                                                  Proven Success
                                                  Shorenstein believes that the consistently high occupancy
                                                  levels in the Shorenstein portfolio is the strongest testament
                                                  to the validity of the Shorenstein operating philosophy and
                                                  the best evidence of the successful implementation of that
                                                  philosophy.
       Russ Building, San Francisco, California



                          Shorenstein offers the highest quality
                          business environments and occupancy
                          services to its tenants.
Operating Philosophy



                                           Shorenstein’s Commitment to Sustainability and
                                           Energy Conservation
                                           Shorenstein is strongly committed to achieving sustainability,
                                           including carbon reduction and energy efficiency, for the
                                           benefit of investors, tenants and the environment.

                                           Shorenstein is a participant in industry-leading national
                                           programs such as ENERGY STAR® (www.energystar.gov),
                                           LEED® (www.usgbc.org), and BOMA’s 7 Point Challenge (www.
                                           boma.org), and also works closely with janitorial, engineering,
                                           architectural, and construction firms as well as other vendors
                                           and suppliers to identify and implement sustainability best
                                           practices in existing properties and all new developments.

                                           The company’s G.R.E.E.N. Committee (Green Real Estate
                                           Environments Now!) meets regularly to discuss and evaluate
                                           potential new initiatives in sustainability and energy
                                           management, and to evaluate the effectiveness of existing
                                           programs. The G.R.E.E.N. Committee also provides tenant
                                           education through sponsorship of events, dissemination of
                                           bulletins and individual meetings.




            Market Square, San Francisco




                     Shorenstein is strongly committed to
                     achieving sustainability for the benefit of
                     investors, tenants and the environment.
Investment Activities



Proven Strategy Based on Real Estate                              Summaries of the investment activities of Shorenstein’s
Fundamentals                                                      nine investment funds can found in the following section
                                                                  entitled “Investment Fund Summaries”.
Shorenstein was founded in the 1920’s as a brokerage and
management company. Since the early 1960’s, Shorenstein
has been an active investor in high quality office projects,
adding to its portfolio through both acquisition and
development. Shorenstein has consistently operated with a
primary emphasis on creating a durable cash flow, proactively
managing its properties to generate attractive current returns
while at the same time positioning them to successfully
weather periodic market downturns. This strategy has given
Shorenstein the organizational and financial stability and
strength necessary to take full advantage of opportunities
presented at all points in the real estate market cycle.

Closed-End Investment Funds
Starting in 1992, Shorenstein has sponsored a series of
closed-end investment funds, each of which has been its
exclusive investment vehicle during its investment period. In
investing these funds, Shorenstein has used its investment
and operating capabilities to take advantage of those
opportunities which, at the particular time in the investment
cycle, offer the most attractive risk-adjusted returns. As
a result, fund investments have included everything from
ground-up development to execution of asset repositionings
to acquisition of stabilized assets. Investment structures have
included 100% acquisitions, preferred equity investments,
mezzanine loans and structured joint ventures. Since 1992,
these funds have invested in properties exceeding 45 million
square feet in markets throughout the United States.

Shorenstein is presently investing its ninth fund, which has                          Franklin Tower, Washington, DC
committed equity of $2.062 billion.


           Emphasis on cash flow, managing lease terms and
           appropriate use of financing has given Shorenstein
           sustained financial strength and organizational stability.
Investment Fund Summaries
Fund One Overview


Capitalization and Investments                                   In June 2003, the Fund One investors agreed to commit an
                                                                 additional $12 million in order to fund certain ownership
Shorenstein Realty Investors, L.P. (“Fund One”) was formed
                                                                 costs relating to Hills Plaza.
in 1992 with $148 million of committed capital, including $25
million committed by Shorenstein. Fund One was invested
over a 23 month period.
                                                                 Realizations
                                                                  n   LaSalle Plaza was sold in November 1997.
Fund One made equity investments in the following
properties:                                                       n   Golden Gateway Commons was sold in May 1998.

 n   The office and retail components totaling 269,929            n   Millennium One and Two were sold in May 1998.
     square feet of Golden Gateway Commons, a three-
     building mixed-use complex located in the North              n   One and Three Pacific Place were sold in May 1998.
     Waterfront submarket of San Francisco, California.
                                                                  n   Hills Plaza was sold in August 2004.
 n   Millennium One and Two, a 330,033 square foot two-
     building office complex located in Englewood, Colorado,      n   Phoenix Plaza was sold in September 2004.
     with an adjoining parcel that could support an additional
     300,000 square foot building.

 n   One and Three Pacific Place, a 125,452 square foot
     office building located in West Omaha, Nebraska, with
     an adjoining parcel that could support an additional
     120,000 square foot building.

 n
     The office and retail components totaling 614,433 square
     feet of Hills Plaza, a two-building mixed-use complex
     located in the South Financial District of San Francisco,
     California.

 n   Phoenix Plaza, an 857,250 square foot three-building
     office and retail complex located in the Midtown
     submarket of Phoenix, Arizona.

 n   LaSalle Plaza, a 599,619 square foot office building
     located in downtown Minneapolis, Minnesota.

Acquisition debt for Fund One equaled 63.6% of purchase
price.
Fund Two Overview


Capitalization and Investments                                    In October 1997, Fund Two commenced construction of the
                                                                  fourth office building at Bay Colony Corporate Center totaling
Shorenstein Realty Investors Two, L.P. (“Fund Two”) was
                                                                  161,605 square feet, and this building was completed in
formed in 1994 with $200 million of committed capital,
                                                                  December 1998.
including $15 million committed by Shorenstein. Fund Two
was invested over a 27 month period.
                                                                  Realizations
Fund Two made equity investments in the following
                                                                   n   In 1997, Fund Two completed a subdivision and
                                                                       entitlement process relating to the twelve acres of
properties:
                                                                       vacant land adjacent to One Century Place, creating the
                                                                       opportunity to develop an additional 260,000 square
 n   Bay Colony Corporate Center, an 807,003 square foot,
                                                                       feet. This development site was sold in December
     three-building office complex located in Waltham,
                                                                       1998.
     Massachusetts, with an adjoining parcel that could
     support an additional 161,605 square foot building.           n   Upon completion of the fourth building at Bay Colony
                                                                       Corporate Center in December 1998, a 50% interest in
 n   Carillon, a 469,656 square foot office building located in        the entire complex was sold.
     the Uptown submarket of Charlotte, North Carolina, with
     an adjoining parcel that could support an additional          n   Franklin Avenue Plaza was sold in October 2000.
     368,000 square foot building.
                                                                   n   First Union Financial Center was sold in August 2002.
 n   One Century Place, a 543,841 square foot, two-building
     office complex located in the Airport submarket of            n   One Century Place was sold in April 2003.
     Nashville, Tennessee, with an adjoining twelve acres of
     vacant land.                                                  n   Carillon was sold in December 2004.

 n   Franklin Avenue Plaza, a 456,326 square foot four-            n   The remaining 50% interest in Bay Colony Corporate
     building office complex located in Garden City, New               Center was sold in January 2005.
     York.

 n   First Union Financial Center, a 1,144,623 square foot
     office building located in Downtown Miami, Florida.
     Fund Two acquired this property in partnership with
     another Shorenstein-sponsored fund, Shorenstein
     Realty Investors Three, L.P., with each fund owning a
     50% interest in the property.

Acquisition debt for Fund Two equaled 56% of purchase
price.
Fund Three Overview


Capitalization and Investments                                  Fund Three sold a 50% interest in Oakland City Center
                                                                in November 1998 through a joint venture structure. In
Shorenstein Realty Investors Three, L.P. (“Fund Three”) was
                                                                1999, the Oakland City Center joint venture exercised an
formed in 1996 with $113.5 million of committed capital,
                                                                option to acquire from the City of Oakland the 1,587-stall
including $15 million committed by Shorenstein. Fund Three
                                                                parking garage located under Oakland City Center. In May
was invested over a five month period.
                                                                2000, Shorenstein completed the entitlement process and
                                                                the design work for a 485,039 square foot office building
Fund Three made equity investments in the following
                                                                and a 221-stall parking garage on one of the development
properties:
                                                                sites. The option to acquire the parcel was exercised and
                                                                the building was developed by the joint venture and was
 n   Oakland City Center, a 1,070,813 square foot, four-
                                                                completed in April 2002.
     building office and retail complex located in Downtown
     Oakland, California, with options to acquire from the
     City of Oakland (i) a 1,587-stall parking garage located
                                                                Realizations
     under Oakland City Center, and (ii) four neighboring        n   A 50% interest in Oakland City Center was sold in
     parcels that could support development of an additional         November 1998.
     2,000,000 square feet of office space.
                                                                 n   First Union Financial Center was sold in August 2002.
 n   First Union Financial Center, a 1,144,623 square foot
     office building located in Downtown Miami, Florida.         n   Fund Three sold its options to acquire two parcels
     Fund Three acquired this property in partnership with           neighboring Oakland City Center in June 2007.
     another Shorenstein-sponsored fund, Shorenstein
     Realty Investors Two, L.P., with each fund owning a 50%     n   The remaining 50% interest in Oakland City Center was
     interest in the property.                                       sold in June 2010.
Fund Four Overview


Capitalization and Investments                                   Realizations
Shorenstein Realty Investors Four, L.P. (“Fund Four”) was         n   50 Fremont Center was sold in July 2000.
formed in 1997 with $100 million of committed capital,
including $12.5 million committed by Shorenstein. Fund            n   123 Mission Street was sold in January 2005.
Four was invested over an 18 month period.
                                                                  n   JOHN HANCOCK CENTER was sold in January 2007.
Fund Four made equity investments in the following
properties:

 n   50 Fremont Center, a 765,450 square foot office building
     located in the South Financial District of San Francisco,
     California. Fund Four acquired a one-sixth interest in
     this property by direct negotiation with an institutional
     investor exiting an existing partnership of which
     Shorenstein was already a partner.

 n   123 Mission Street, a 329,662 square foot office
     building located in the South Financial District of San
     Francisco, California. Fund Four acquired a one-sixth
     interest in this property by direct negotiation with an
     institutional investor exiting an existing partnership of
     which Shorenstein was already a partner.

 n   The office, retail, observatory and broadcasting
     components totaling 1,103,059 square feet of JOHN
     HANCOCK CENTER, a mixed-use complex located in the
     North Michigan Avenue submarket of Chicago, Illinois.

Acquisition debt for Fund Four equaled 71.2% of purchase
price.
Fund Five Overview


Capitalization and Investments                                  Realizations
Shorenstein Investment Partners LLC (“Fund Five”) was            n   Washington Harbour was sold in March 2003.
formed in 1999 with $281.5 million of committed capital,
including $20 million committed by Shorenstein. Fund Five        n   Energy Centre was sold in November 2003.
was invested over a 29 month period.
                                                                 n   Prudential Plaza was sold in May 2006.
Fund Five made equity investments in the following
properties:

 n   Energy Centre, a 762,041 square foot office building
     located in the Central Business District of New Orleans,
     Louisiana.

 n   Prudential Plaza, a 2,193,170 square foot, two-building
     office and retail complex located in the East Loop
     submarket of Chicago, Illinois.

 n   The office and retail components totaling 537,258 square
     feet of Washington Harbour, a two-building mixed-
     use complex located in the Georgetown submarket of
     Washington, D.C.

In April 2001, Fund Five acquired land adjacent to Energy
Centre and proceeded to obtain entitlements to build a 466-
stall parking garage. Construction of the garage commenced
in September 2001 and was completed in August 2002.
Fund Six Overview


Capitalization and Investments                                        with a priority and a disproportionate share of cash flow
SRI Six Operating Company (“Fund Six”) was formed in 2001             and capital proceeds until satisfaction of an IRR hurdle
with $609.2 million of committed capital, including $75               to Fund Six.
million committed by Shorenstein. Fund Six was invested
over a 44 month period.                                           n   125 Park Avenue, a 604,245 square foot office building
                                                                      located in the Grand Central submarket of New York
Fund Six made equity investments in the following                     City.
properties:
                                                                  n   Las Olas City Centre, a 408,079 square foot office
 n   500 West Monroe Street, a 963,592 square foot office             building located in the Downtown Central Business
     building located in the West Loop submarket of Chicago,          District of Fort Lauderdale, Florida. Fund Six acquired a
     Illinois.                                                        90% controlling interest in this property.

 n   450 Lexington Avenue, a 910,473 square foot office          Fund Six made debt investments relating to the following
     building located in the Grand Central submarket of New      properties:
     York City.
                                                                  n
                                                                      A hybrid equity/debt investment in Two Liberty Place,
 n   U.S. Bank Plaza, a 458,885 square foot office building           a 1,257,000 square foot office building located in
     located in the Downtown submarket of Sacramento,                 the Market Street West submarket of Philadelphia,
     California, with a 5-story building located diagonally           Pennsylvania.
     across the street containing 403 parking spaces and
     19,409 square feet of office and retail space.               n   A junior mezzanine loan (the “CDC Junior Mezz Loan”)
                                                                      collateralized by equity interests in a joint venture which
 n   123 Mission Street, a 329,662 square foot office building        owned 350 Madison Avenue and 1440 Broadway in New
     located in the South Financial District of San Francisco,        York City.
     California. Fund Six acquired a 49.5% interest in this
     property by direct negotiation with an investor exiting
                                                                 Realizations
     an existing partnership of which Shorenstein and a
     prior Shorenstein-sponsored fund, Shorenstein Realty         n   123 Mission Street was sold in January 2005.
     Investors Four, L.P., were existing partners.
                                                                  n   The CDC Junior Mezz loan was repaid in February 2005.
 n   Hamilton Square, a 248,500 square foot office building
     located in the East End submarket of Washington, D.C.        n   450 Lexington Avenue was sold in June 2005.

 n   1111 Pennsylvania Avenue, NW, a 331,070 square foot          n   U.S. Bank Plaza was sold in July 2005.
     office building located in the East End submarket of
     Washington, D.C. Fund Six acquired a 74.1% nominal           n   Two Liberty Place was sold in September 2005 and the
     interest in the property structured to provide Fund Six          Fund Six debt investment was repaid in full.
Fund Six Overview continued



n   500 West Monroe Street was sold in July 2007.

n   125 Park Avenue was sold in August 2010.

n   1111 Pennsylvania Avenue, NW was sold in October
    2010.

n   Las Olas City Centre was sold in July 2011.
Fund Seven Overview


Capitalization and Investments                                  n   1625 K Street, NW, a 108,063 square foot office building
                                                                    located in the Central Business District of Washington,
Shorenstein Realty Investors Seven, L.P. (“Fund Seven”)
                                                                    D.C.
was formed in 2003 with $775 million of committed capital,
including $75 million committed by Shorenstein. Fund
                                                                n   Fair Lakes, a 1.25 million square foot portfolio of nine
Seven was invested over a 37 month period.
                                                                    office buildings and developable land, which has been
                                                                    entitled for an additional 497,000 square feet, located
Fund Seven made equity investments in the following
                                                                    in Fairfax, Virginia.
properties:

                                                                n   311 South Wacker Drive, a 1.3 million square foot office
 n   Cisco Tower, a 283,135 square foot office building
                                                                    building located in the West Loop submarket of Chicago,
     located in Santa Clara, California.
                                                                    Illinois.
 n   1155 Perimeter Center West, a 376,693 square foot
                                                                n   Seattle Trade & Technology Center, a 339,595 square foot
     complex located in the Central Perimeter submarket
                                                                    office building located in the Denny Triangle/Belltown
     of Atlanta, Georgia that includes an office building, a
                                                                    submarket of Seattle, Washington, with a 592-stall
     66,499 square foot trading facility and data center, and
                                                                    parking garage located across the street and connected to
     an 8-level garage.
                                                                    the office building by a skybridge.
 n   The Starrett Lehigh Building, a 2.3 million square foot
                                                                n   Media Studios North, a media and entertainment
     office building located in the Chelsea submarket of New
                                                                    campus comprising 932,190 square feet in five existing
     York City.
                                                                    office buildings located in Burbank, California, with
                                                                    options to acquire three neighboring parcels that could
 n   409 and 499 Illinois Street, a 3.8-acre development site
                                                                    support development of an additional 426,000 square
     entitled for up to 450,000 square feet of commercial
                                                                    feet of office space. Simultaneously with Fund Seven’s
     and/or laboratory space located in the Mission Bay
                                                                    acquisition of its interest in Media Studios North,
     submarket of San Francisco, California.
                                                                    another Shorenstein-sponsored fund, Shorenstein
                                                                    Realty Investors Eight, L.P., also acquired an interest
 n   1201 Third Avenue, a 1,111,478 square foot office
                                                                    in the property, with each fund owning a 45% interest.
     building located in the Central Business District of
     Seattle, Washington.
                                                                n   Palisades Office Park, a 635,194 square foot, four-
                                                                    building office complex located in the Central Perimeter
 n   5000 & 7000 Marina Boulevard, a 147,669 square foot,
                                                                    submarket of Atlanta, Georgia, which includes additional
     two-building office complex located in the Sierra Point
                                                                    development sites that are entitled for 524,000 square
     submarket of Brisbane, California.
                                                                    feet of office space, 200 multi-family units, a 200-room
                                                                    hotel, 50,000 square feet of retail space, and 10 live/
 n   Blanchard Plaza, a 244,529 square foot office building
                                                                    work office condominiums.
     located in the Denny Triangle/Belltown submarket of
     Seattle, Washington.
Fund Seven Overview continued


In September 2006, Fund Seven entered into a long-
term property lease with a privately-owned biotechnology
company for 100% of a building to be constructed at 409
Illinois Street and the option to lease up to 100% of a
second building to be constructed at 499 Illinois Street.
In November 2006, Fund Seven commenced construction
on the two buildings totaling 452,659 square feet, the
buildings were completed in November 2008, and the
tenant took occupancy of 409 Illinois Street in December
2008, with its option to lease 499 Illinois Street still
pending.

In March 2010, the Media Studios North joint venture
exercised its option to acquire one of the three neighboring
parcels. This parcel is entitled to build a three-story
96,000 square foot office building. The project is being
marketed to potential tenants.

Realization
 n   In July 2007, 1155 Perimeter Center West was sold
     and proceeds from this sale were used to acquire
     Palisades Office Park in August 2007 through a
     Section 1031 tax-deferred exchange.

 n   409 and 499 Illinois Street were sold in April 2011.

 n   The Starrett Lehigh Building was sold in July 2011.
Fund Eight Overview


Capitalization and Investments                                    n   The Spring District, a 36-acre development site located
                                                                      along the Bellevue-Redmond Corridor in Bellevue,
Shorenstein Realty Investors Eight, L.P. (“Fund Eight”) was
                                                                      Washington. The site is currently improved with a
formed in 2006 with $1.1 billion of committed capital,
                                                                      699,885 square foot, six-building industrial storage
including $100 million committed by Shorenstein. Fund
                                                                      facility.
Eight was invested over a 15 month period.

Fund Eight made equity investments in the following
                                                                  n   601 City Center, a 1.38-acre development site entitled
properties:                                                           for 594,000 square feet of office space located in
                                                                      Downtown Oakland, California.
 n   Media Studios North, a media and entertainment
     campus comprising 932,190 square feet in five existing       n   601 California Avenue, a 111,653 square foot office
     office buildings located in Burbank, California, with            building located within the Stanford Research Park
     options to acquire three neighboring parcels that could          submarket of Palo Alto, California.
     support development of an additional 426,000 square
     feet of office space. Simultaneously with Fund Eight’s      In August 2007 Fund Eight sold a 50% nominal interest and
     acquisition of its interest in Media Studios North,         entered into a development joint venture with an institutional
     another Shorenstein-sponsored fund, Shorenstein             investor for the development of a 594,000 square foot office
     Realty Investors Seven, L.P., also acquired an interest     building on the 601 City Center site. The project is being
     in the property, with each fund owning a 45% interest.      marketed to potential tenants.

 n   Franklin Tower, a 227,845 square foot office building       In November 2007, Fund Eight commenced construction of
     located in the East End submarket of Washington, D.C.       First & Main, a 364,700 square foot LEED Platinum office
                                                                 building located in the Central Business District of Portland,
 n   399 Boylston Street, a 228,820 square foot office           Oregon. The building was completed in August 2010.
     building located in the Back Bay submarket of Boston,
     Massachusetts.
                                                                 In December 2007, Fund Eight commenced construction of
 n   A portfolio of properties located in the Portland, Oregon   a 108,454 square foot office building located in the Kruse
     metropolitan area consisting of 50 office buildings         Way submarket of Lake Oswego, Oregon. The building was
     totaling 4,180,671 square feet and one development site     completed in April 2009.
     that could support an additional 90,000 square feet in
     one office building.
                                                                 In June 2010, The Spring District joint venture completed
     1400 and 1500 Seaport Boulevard, a 447,747 square           rezoning and executed a Development Agreement with the
 n
     foot, two-building office complex that is part of 1.7       city of Bellevue, Washington for a minimum of 3,000,000
     million square foot office campus known as Pacific          square feet of commercial space and 750,000 square feet of
     Shores Center located in Redwood City, California.          residential space.
Fund Eight Overview continued


In March 2010, the Media Studios North joint venture
exercised its option to acquire one of the three neighboring
parcels. This parcel is entitled to build a three-story 96,000
square foot office building. The project is being marketed to
potential tenants.


Realization
 n   First & Main was sold in March 2011.
Fund Nine Overview



Capitalization and Investments                                 n   Santa Clara Towers, a 426,326 square foot, two-
                                                                   building office complex located in Santa Clara,
Shorenstein Realty Investors Nine, L.P. (“Fund Nine”) was
                                                                   California.
formed in 2007 with $2.062 billion of committed capital,
including $154 million committed by Shorenstein.
                                                               n   Market Square, a 1,068,475 square foot two-building
Fund Nine has made equity investments in the following             office and retail complex located in San Francisco,
properties:                                                        California.


  n   2000 West Loop South, a 356,959 square foot office       n   13031 Jefferson Boulevard, a 20-acre site located in
      building with a 1,300-stall attached parking garage          the Playa Vista submarket of Los Angeles, California.
      located in the Galleria submarket of Houston, Texas.         The property is currently improved with a former
                                                                   USPS distribution facility, and is entitled for 380,000
 n    Five Post Oak Park, a 567,191 square foot office             square feet of office space.
      building with a 1,673-stall adjacent parking garage
      located in the Galleria submarket of Houston, Texas.    Fund Nine has made debt investments relating to the
                                                              following properties:
  n   850 Third Avenue, a 613,664 square foot office
      building located in the Midtown submarket of New         n   A junior mezzanine loan collateralized by equity
      York City.                                                   interests in the owner of, and a B-Note and a C-Note
                                                                   collateralized by, 660 Madison Avenue, a 254,896
  n   Park Avenue Tower, a 615,857 square foot office              square foot office condominium located in the
      building located in the Midtown submarket of New             Midtown submarket of New York City.
      York City.
                                                               n   A subordinated interest in a junior tranche of a
  n   Oyster Point Business Park and Marina Village, a             construction loan collateralized by the first phase of
      39-acre site located on the waterfront in South San          Moffett Towers, a 900,600 square foot, three building
      Francisco, California. The site currently improved           office development located in Sunnyvale, California.
      with 470,164 square feet of flex/industrial space,
      a 235-berth marina and 340-stall dry boat storage        n   A senior and junior mezzanine loan package
      facility. In March 2011, the site was re-entitled to         collateralized by equity interests in the owner of
      accommodate up to 2.25 million square feet of life           1200 New Hampshire Avenue, a 278,257 square foot
      science and office uses.                                     office building, and 2300 M Street, a 113,908 square
                                                                   foot office building, both located in the West End
  n   Main Plaza, a 611,577 square foot two-building office        submarket of Washington, D.C.
      complex with a six-level parking garage that is part
      of a 48-acre commercial master plan known as Irvine      n   A senior and junior mezzanine loan package
      Concourse located in Irvine, California.                     collateralized by equity interests in the owner of 1180
Fund Nine Overview continued


     Avenue of the Americas, a 382,837 square foot office       In March 2010, Fund Nine assumed ownership of Santa
     building located in the Midtown submarket of New           Clara Towers through a consensual foreclosure.
     York City.
                                                                In April 2010, the Moffett Towers loan was extended and
 n   A senior and junior mezzanine loan package                 restructured.
     collateralized by equity interests in the owner of 14
     Wall Street, a 1,018,035 square foot office building       Realizations
     located in the Downtown submarket of New York City.
                                                                 n    As part of the extension and restructuring of the
                                                                      Moffett Tower construction loan, Fund Nine received
 n   A junior tranche of a first mortgage loan collateralized
                                                                      a partial principal repayment.
     by 2600-2800 Colorado Avenue, a 302,370 square
     foot office building located in Santa Monica,
                                                                 n    The 650 Madison Avenue mezzanine loan was repaid
     California.
                                                                      in June 2010.
 n   A mezzanine loan collateralized by equity interests in
                                                                 n    The 1200 New Hampshire Avenue and 2300 M Street
     the owner of 650 Madison Avenue, a 601,604 square
                                                                      senior and junior mezzanine loan package was repaid
     foot office building located in the Plaza District of
                                                                      in October 2010.
     New York City.

                                                                 n    The 660 Madison Avenue junior mezzanine loan,
 n   A mezzanine loan collateralized by equity interests in
                                                                      B-Note, and C-Note were repaid in December 2010.
     the owner of Santa Clara Towers, a 426,328 square
     foot, two building office complex located in Santa
                                                                  n   The 1180 Avenue of the Americas senior and junior
     Clara, California.
                                                                      mezzanine loan package was repaid in May 2011.
 n   A senior mezzanine loan collateralized by equity
     interests in the owner of 450 Lexington Avenue, a
     910,473 square foot office building located in the
     Grand Central submarket of New York City.
Current Investments
Current Investments


Equity Investments

Atlanta, GA                    Irvine, CA                   Redwood City
Palisades Office Park          Main Plaza                   1400 and 1500 Seaport Boulevard

Beaverton, OR                  Lake Oswego, OR              San Francisco, CA
Nimbus Corporate Center        Kruse Woods Corporate Park   188 Spear
                                                            45 Fremont
Bellevue, WA                   Los Angeles, CA              50 California
The Spring District            13031 Jefferson              Market Square
                                                            Russ Building
Boston, MA                     New York, NY
399 Boylston                   850 Third Avenue             Santa Clara, CA
                               Park Avenue Tower            Cisco Tower
Brisbane, CA                                                Santa Clara Towers
5000 & 7000 Marina Boulevard   Oakland, CA
                               601 City Center              Seattle, WA
Burbank, CA                                                 1201 Third Avenue
Media Studios North            Palo Alto                    Blanchard Plaza
                               601 California Avenue        Seattle Trade & Technology Center
Chicago, IL
311 South Wacker               Portland, OR                 South San Francisco, CA
                               Congress Center              Oyster Point Business Park
Fairfax, VA                    Johns Landing
Fair Lakes Office Portfoli     Lincoln Center               Washington, DC
                               Umpqua Bank Plaza            1301 & 1317 Connecticut Avenue
Houston, TX                                                 1625 K Street
2000 West Loop South                                        1875 K Street
Five Post Oak Park                                          Franklin Tower
                                                            Hamilton Square

Debt Investments

New York, NY                   Santa Monica, CA
14 Wall Street                 2600-2800 Colorado Avenue
450 Lexington Avenue
                               Sunnyvale, CA
                               Moffett Towers
Palisades Office Park
5901-5909 Peachtree Dunwoody Road
Atlanta, Georgia 30328

Property Description
Palisades Office Park is a four building office complex
located on a 23-acre park-like setting. Buildings A, B
and C were constructed in 1981 and building D was
constructed in 1991; all were designed by Cooper
Cary & Associates and developed by Lang Properties.
The office complex offers several on-site amenities
including a conference facility, four-hole putting green,
fitness center, café, a four-acre lake, and both covered
and surface parking.

Palisades Office Park is located in the heart of Central
Perimeter, Atlanta’s largest and most dynamic office
submarket. The property enjoys a highly visible
location in the northeast quadrant of the intersection
of Interstate 285 and Peachtree Dunwoody Road and it
is also within walking distance to two MARTA stations.
The Perimeter Center Parkway Flyover Bridge lies on the
eastern border of the property.

Opportunity for Development
Palisades Office Park has additional development
sites that are entitled for 524,000 square feet of
office space, 200 multi-family units, a 200-room hotel,
50,000 square feet of retail space, and 10 live/work
office condominiums.



Building Facts
n   4-building complex completed between 1981 and
    1999

n   5, 6, and 11 story buildings

n   635,151 square feet combined
Nimbus Corporate Center
8910-9790 SW Gemini Drive and 9203-9740 SW Nimbus Avenue
Beaverton, Oregon 97008




Property Description                                              Property Facts
Nmbus Corporate Center is a 16-building office campus             n   16-building office campus completed between 1984
located in Beaverton, one of Portland’s leading suburban              and 1991
communities, just minutes southwest from downtown                 n   1 & 2 story office buildings
Portland. The property is an ideal location for practically any
type of profession or firm size, offering a conference and        n   688,741 square feet
training facility, proximity to Washington Square regional
mall and easy access to major thoroughfares including
Highways 217 and 26, and Interstate 5.
The Spring District
1227 124th Avenue, NE
Bellevue, Washington 98005




Development Description                                           plan for the Bel-Red Corridor. The land-use, zoning and
                                                                  comprehensive plan for the corridor was finalized and
The Spring District is the former 36-acre site of the Safeway     approved in May 2009 and encourages the type of
Distribution Facility and currently has five buildings totaling   mixed-use development that The Spring District will
707,163 square feet of industrial space. The proposed             bring to the area.
dynamic project will be an environmentally sustainable,
mixed-use urban neighborhood. When fully developed, The           The Spring District is located at the intersection of
Spring District will total approximately four million square      State Route 520 and Interstate 405 in the Bellevue-
feet including three million square feet of office space, up      Redmond Corridor. The site will be a Transit Oriented
to 1,000 multifamily residences, and ground floor retail          Development (TOD) with an approved Light Rail station
spaces. The urban neighborhood has views of the Cascade           on the property offering direct access to downtown
Mountains, downtown Bellevue, Lake Washington, Seattle,           Seattle, Redmond, and SeaTac Airport. The site also
the Olympic Mountains, and Mt. Rainer.                            has easy vehicular access to greater Bellevue, the
                                                                  Eastside and the region; the site is just three miles
In 2005, the City of Bellevue formed the Bel-Red Steering         southwest of Microsoft’s headquarters in Redmond
Committee to develop a long-range land use and transportation     and one mile east of the Bellevue CBD.
399 Boylston
399 Boylston Street
Boston, Massachusetts 02116

Property Description
399 Boylston Street is a distinguished office property
located in Back Bay, the heart of Boston’s cultural
hub. The property enjoys extensive frontage along one
of the city’s most well known promenades, and offers
outstanding views of the Boston skyline, Public Garden,
Boston Common and the Charles River. Designed
by CBT Architects of Boston, the property features a
traditional red brick façade on the first eight floors and
reflective glass on the top five floors, with distinctive
bay windows located on the front of the structure.

399 Boylston Street is uniquely positioned on the
vibrant Boylston Street corridor one block from the
urban oases of the Public Garden, Boston Common,
and the famed retail enclave of Newbury Street. The
property is a stone’s throw away from the Arlington
Street MBTA Station, and minutes from Storrow Drive,
I-93, the Mass Pike (I-90) and Logan International
Airport. Additionally, the property is within steps of
the Taj Hotel, the Four Seasons Hotel and a variety of
premier dining and high end residential developments.



Property Facts
n   Completed in 1983

n   13-story office building with street-level retail

n   228,820 square feet
5000 & 7000 Marina Boulevard
5000 & 7000 Marina Boulevard
Brisbane, California 94005




Property Description                                            public transportation is made accessible through a
                                                                shuttle bus offering direct access to BART and CalTrain,
5000 & 7000 Marina Boulevard is a 147,669 square foot, two-     and ferry service has been approved for Oyster Point,
building office complex located in the Sierra Point submarket   less than two miles from the property, providing service
of Brisbane, California. The waterfront property is on the      to San Francisco and the East Bay.
San Francisco Bay and offers remarkable views from every
floor and abundant open spaces. 5000 Marina Boulevard           Property Facts
possesses large, flexible floor plates, over 12-foot high
ceilings, and modern, state-of-the-art systems. 7000 Marina     5000 Marina
Boulevard offers a unique space that includes a five-story      n   Completed in 2000
atrium providing abundant natural light throughout the
building.                                                       n   3-story office building
                                                                n   63,174 square feet
5000 & 7000 Marina are located within Sierra Point, a 102-
acre master-planned commercial business park adjacent           7000 Marina
to Highway 101 and surrounded on three sides by the San
Francisco Bay. The property’s location offers access to all     n   Completed in 1986
transportation options in the Bay Area: vehicles can access     n   5-story office building
Sierra Point via Highway 101’s dedicated off-ramp; San
Francisco International Airport is located ten minutes south;   n   84,495 square feet
Media Studios North
2255 North Ontario Street
Burbank, California 92505




Property Description                                             Opportunity for Development
Media Studios North is a 932,190 square foot media and           The property also has the option to acquire three
entertainment campus on 19 acres comprised of five office        neighboring parcels that could support development of
buildings, a state-of-the-art health club, two commissary        another 426,000 square feet of office space.
facilities, and on-site covered parking. The office buildings
were developed over the last 10 years and are fully leased       Property Facts
to such tenants as GE Capital, Technicolor, Yahoo!, and          n   Completed in phases between 1968 and 2006
Insomniac Games. The property was awarded in 2006 with
BOMA International’s Office TOBY Award as office building of     n   Five 3-5-story office buildings
the year in the suburban office park category.                   n   932,190 square feet
Media Studios North is located in the Burbank Media District
North submarket of Burbank, CA, which is home to five of
the world’s largest film and television studios, Warner Bros.,
Disney/ABC, Dreamworks SKG, NBC and Universal. The
property boasts on-site amenities unique to the local market
and is ideally located adjacent to the Bob Hope Airport and
the Burbank Hilton Hotel & Conference Center.
311 South Wacker
311 South Wacker Drive
Chicago, Illinois 60606

Property Description
311 South Wacker is an architecturally impressive
postmodern structure, designed by internationally
acclaimed Kohn Pedersen Fox Associates. The property
is a dominant presence on the city skyline with its
stunning illuminated crown combined with it being the
fourth tallest building in Chicago. 311 South Wacker
offers tenants appealing character and quality offering
sweeping views of the CBD and Lake Michigan from
three separate floor plate sizes, the highest quality
craftsmanship and finishes, and one of the most
unique attributes of the property — the 12,000 square
foot, six-story glass atrium known as the Wintergarden.
The Wintergarden features a beautiful bronze waterfall
and sculpture, as well as café seating, shops and a
white tablecloth restaurant. Immediately outside the
Wintergarden is an outdoor public park, which is the
largest area of green space in the West Loop.

311 South Wacker Drive is located on a one-acre site on
Wacker Drive between Van Buren Street and Jackson
Boulevard in the West Loop submarket. The building
is ideally situated within close proximity to three major
highways servicing the Loop, two main rail stations
including Union Station and Ogilvie Metra Station.



Property Facts
n   Completed in 1990

n   65-story office building

n   1,276,850 square feet
Fair Lakes Office Portfolio
12500 Fair Lakes Circle
Fairfax, Virginia 22033




About Fair Lakes                                                    Fair Lakes Office Portfolio
Fair Lakes is a mixed-use, master-planned community                 The Fair Lakes Office Portfolio is a 1.25 million square
developed by The Peterson Companies. The property is                foot portfolio of nine office buildings located on over 93
highly regarded for its campus setting, retail amenities and        acres within the Fair Lakes master-planned community.
significant transportation infrastructure that provide easy         The buildings were built from 1986 through 2001 and
access to Fairfax County Parkway and Interstate 66, making          range in size from 74,184 square feet to 273,539 square
it one of the most accessible office locations in Northern          feet. Ample tenant parking is provided resulting in a
Virginia. It is also only 16 miles west of Washington, DC and       parking ratio of 3.5 spaces per 1,000 square feet.
11 miles south of Dulles International Airport. The Fair Lakes
community is 637-acres set amongst three lakes, a hardwood
                                                                    Opportunity for Development
forest and extensive landscaping, and was developed over            For new or expanding tenants, the Portfolio also
the last twenty years featuring 2.2 million square feet of          contains the capacity to immediately develop an
office space, 1.2 million square feet of retail space, two hotels   additional 497,000 square feet of approved and fully
comprising 430 rooms, 1,700 units of residential apartments         entitled office space. New space can be built on a
and 400 residential condominiums.                                   build-to-suit basis.
2000 West Loop South
2000 West Loop South
Houston, Texas 77027

Property Description
2000 West Loop South was developed by Hines
Interests in 1970. The property underwent extensive
renovations in 1992 and 2002 including the main lobby
and common areas, modernization of the elevators and
new security and energy management systems. Typical
floors offer up to 16,700 efficient and flexible square
feet positioned in rectangular floor plate.

2000 West Loop South is located in the Galleria
submarket, one of Houston’s most desirable office
locations by virtue of its central location, unmatched
retail/hotel amenities, proximity to the city’s most
prestigious residential areas, and convenient access
to downtown.



Property Facts
n   Completed in 1970

n   Renovated 1992 & 2002

n   21-story office building

n   356,959 square feet
Five Post Oak Park
4400 Post Oak Parkway
Houston, Texas 77027




Property Description                                             Oak Park business park. Land uses adjacent to the park
                                                                 include a wooded, landscaped common area park,
Five Post Oak Park is one of Houston’s most prominent            upscale retail, luxury St. Regis Hotel, and proximate
architectural landmarks. Originally developed by The Winter      to affluent high density residential neighborhoods
Company, the property has unique architectural features with     including River Oaks and Tanglewood.
arched windows on the lower levels overlooking the park to
the north. The facade is composed of horizontal travertine       Property Facts
spandrels and alternating reflective vision glass glazed in
                                                                 n   Completed in 1982
aluminum.
                                                                 n   28-story office building
The ground floor includes a popular restaurant and twin
travertine staircases leading up to the second floor skylobby.   n   567,191 square feet
The second floor encompasses the main elevator lobby and
skybridge connection to the adjacent parking garage.

Five Post Oak Park is located on 3.6 acres within the
prestigious Galleria submarket, inside the West Loop (I-610).
The property is an integral component of the 43-acre Post
Main Plaza
1920/2010 Main Street
Irvine, California 92614




Property Description                                            club and two hotels. The property is located in the
                                                                heart of the John Wayne Airport submarket of Irvine,
Main Plaza is an award-winning Class A office development       California offering excellent visibility and immediate
and one of Orange County’s leading assets in terms of           access to the I-405 Freeway, easy connections to the
location, quality of infrastructure and amenities. Designed     55 and 73 freeways, and is just minutes away from
by Langdon, Wilson, Mumper Architects, the property is          regional transportation hub, John Wayne Airport.
known for its sleek mahogany colored granite exterior,
terraced balconies, and impressive two-story lobby finished     Property Facts
in granite and marble with warm wood walls. Main Plaza
                                                                n   Completed in 1988
offers panoramic views of the Saddleback Mountains, ample
and convenient parking in a dedicated garage, and exquisite     n   Twin 12-story office buildings
landscaping highlighted by sculptured seating, fountains,
                                                                n   Lobby, main entrance, and elevators renovated in
waterfalls and reflective pools.
                                                                    2008
Main Plaza is situated in the 48-acre Irvine Concourse master
                                                                n   611,577 square feet combined
planned development, a ten-building office park featuring
unmatched on-site amenities including restaurants, a sports
Kruse Woods Corporate Park
Meadows Road and Kruse Way
Lake Oswego, Oregon 97035




Property Description                                                along with its location near the confluence of four
                                                                    major roadways, make it the perfect destination for
Kruse Woods Corporate Park is a distinctive, twenty-building        work, play and everything in between.
office campus, including the newly developed and LEED®
Gold certified, Kruse Oaks III building, completed in the           Opportunity for Development
spring of 2009. The property features state-of-the-art facilities
                                                                    For new or expanding tenants, Kruse Woods Corporate
and amenities, and is located in Lake Oswego, one of the
                                                                    Park also contains the capacity to develop an additional
most attractive and exclusive communities in the Portland
                                                                    90,000 square feet of approved and fully entitled office
area. The property offers magnificent views of Tualatin Valley,
                                                                    space. New space can be built on a build-to-suit basis.
including scenic oak groves and natural wetlands lining the
south edge of the property.                                         Property Facts
Lake Oswego is situated just eight miles southwest of               n 20-building office campus completed between 1981-
Portland on the banks of the Willamette River. The quaint           2009
downtown offers locally owned boutiques, trendy shops
and restaurants and a variety of services that cater to the         n   Buildings range from 3 to 8 stories
business community. Kruse Woods Corporate Park’s easy               n   1.85 million square feet combined
access to Lake Oswego’s executive housing and amenities,
13031 Jefferson
13031 West Jefferson Boulevard
Los Angeles, California 90066




Development Description                                           Century City, and the Los Angeles International Airport.
                                                                  This premier location offers excellent local and regional
13031 Jefferson is a 20-acre site currently improved with a       access via major surface streets and close proximity
former U.S. Postal Service distribution facility. The site is     to the Marina (CA-90) and San Diego (I-405) Freeways.
entitled for approximately 380,000 square feet of office and      13031 Jefferson is located across the street from The
industrial space. The redevelopment of this property presents     Village at Playa Vista (“The Village”), the second
an opportunity to develop a creative office use campus,           phase of development which features residential,
which would become one of the largest blocks of contiguous,       retail, and open space, creating a place to live, work,
creative space available in the Westside submarket of Los         shop and play.
Angeles. The plan could also include a recreational park,
fitness center, café, cafeteria, and al fresco dining.

13031 Jefferson is located in the Playa Vista office submarket    Development Facts
of Los Angeles, California. Playa Vista is an affluent, master-
                                                                  n   20-acre site
planned, coastal community situated about one mile from the
Pacific Ocean nestled below the bluffs of Westchester. Playa      n   Pre-entitled for 380,000 square feet of office space
Vista is adjacent to the newly restored Ballona Freshwater
Marsh and within easy reach of Santa Monica, Venice,
Park Avenue Tower
65 East 55th Street
New York, New York 10022

Property Description
Park Avenue Tower is an iconic office tower built in
1986, making it one of the more modern and efficient
properties in the Park Avenue corridor. The property’s
location, views and virtually column-free floor plates
make it an attractive place of business. The property’s
upper floors have Central Park views and breathtaking
cityscape views looking south down Park Avenue. A
unique feature of the building is that it was designed
as a “building-within-a-building” for IBM (the original
anchor tenant), allowing the current anchor tenant,
Paul Hastings, to have its own address, entrance and
lobby on 55th Street.

Park Avenue Tower is located immediately west of Park
Avenue between 55th and 56th Streets in Midtown
Manhattan’s Park Avenue submarket. The property is
surrounded by world-class hotels, four-star restaurants,
and top-end luxury retail.



Property Facts
n   Completed in 1986

n   35-story office building

n   615,857 square feet
850 Third Avenue
850 Third Avenue
New York, New York 10022




Property Description                                              Property Facts
850 Third Avenue, historically known as the Western               n   Completed in 1963
Publishing Building, was designed by Emery Roth and Sons,
                                                                  n   Redevelopment completed in 1996
the influential architectural firm which also designed the
Empire State Building. Long considered one of the most            n   21-story building
efficiently designed buildings on Third Avenue, the property
offers extraordinary flexible floor plates ranging in size from   n   613,664 square feet
5,200 square feet to 40,000 square feet.

850 Third Avenue is located on the west side of Third Avenue
between 51st and 52nd Streets in Midtown Manhattan’s
East Side office submarket, home to landmarks including
the United Nations, Grand Central Terminal, Central Park,
Rockefeller Center, and the Fifth and Madison Avenues
retail corridor. The property offers excellent access to public
transportation which allows tenants to draw employees from
all of the major transportation hubs in Manhattan.
601 City Center
601 12th Street
Oakland, California 94612

Development Description
601 City Center is a planned 23-story office tower
entitled for approximately 600,000 square feet. It will
be the largest green office building in the East Bay and
is designed to achieve LEED® Platinum certification.
The 23-story office tower will provide a dramatic
new addition to the Oakland skyline while offering
phenomenal 360-degree views of San Francisco and
the Oakland hills. The main entry plaza and ground
floor retail will feature a combination of stone and wood
finishes and a soaring 20-foot glass entrance wall.
A landscaped garden area at 11th Street and Martin
Luther King Jr. Way will provide a second entrance to
the building. 601 City Center will be constructed with
high quality materials including natural stone at the
ground floor, cast stone panels, high performance
dual-glazed tinted windows and painted aluminum.
A translucent illuminated glass crown will create a
distinctive addition to the Oakland skyline.

601 City Center is located in Oakland, California’s
bustling City Center business district. City Center offers
a wide variety of restaurants and retail shops. People-
oriented public spaces feature fountains, sculptures,
entertainment, abundant landscaping, festive lighting
and al fresco dining. City Center’s central location
is unsurpassed in ease of access, with direct access
to the BART system, major freeways, and Oakland
International Airport, Oakland City Center is an ideal
location for businesses and their employees.



Development Facts
n   Fully entitled office building

n   23-story building

n   600,000 square feet
601 California Avenue
601 S. California Avenue
Palo Alto, California 94306




Property Description                                               companies and law firms. The convenient location is
                                                                   adjacent to Stanford University and walking distance to
601 California Avenue is an institutional quality design and
                                                                   downtown Palo Alto, El Camino Real and Caltrain, and
modern construction office building with an unique H-shape
                                                                   easily accessible from Interstate 280 and Highway 101.
design which maximizes window lines and provides for
flexible floor plates which can efficiently accommodate single     Property Facts
or multi-tenant uses.
                                                                   n   Completed in 1998
The property’s desirable location is on the eastern edge
                                                                   n   2-story office building
within the Stanford Research Park in Palo Alto, California.
Stanford Research Park spans in excess of 700 acres and            n   111,653 square feet
was formed by Stanford University in 1951. The Research Park
consists of over 10 million square feet of office and research
and development space in approximately 160 buildings. The
Research Park is a premier location situated within the heart
of Silicon Valley, the high-technology capital of the world
making it attractive for venture capitalists, financial services
Congress Center
1001 SW Fifth Avenue
Portland, Oregon 97204




Property Description                                              Congress Center is ideally located in Portland’s central
                                                                  business district bounded by SW 5th and 6th Avenues,
Congress Center derives its name from the distinguished
                                                                  and Salmon and Main Streets. The building is central
Congress Hotel, built in 1912 and formerly located on the site.
                                                                  to the heart of the city and all its conveniences,
Awarded the Certificate of Merit by the Portland Historical
                                                                  from government offices to transportation, hotels,
Landmarks Commission, Congress Center possesses
                                                                  restaurants, shopping and entertainment centers.
remnants from the original structure and a gazebo was
constructed replicating the historic arches that framed the       Property Facts
former hotel’s entrance. The hexagon-shaped tower is clad
                                                                  n   Completed in 1980
in charcoal gray reflective glass with Spanish pink granite at
the two-story ground level. The building features a two-story     n   Renovation completed in 2001
lobby with granite walls and glass trim, limestone/sandstone
                                                                  n   23-story office building
floors, and Anigre wood walls that curve into the ground-level
retail shops. Congress Center’s upper floors offer scenic         n   368,965 square feet
views of the Willamette River and snow-capped Mount
Hood and Mount St. Helens, and views of the west hills and
cityscape can be enjoyed from all floors.
Johns Landing
4380, 4386, 5100, and 5550 SW Macadam Avenue
Portland, Oregon 97239




Property Description                                             Property Facts
Johns Landing is one of the leading suburban business            n   4-building office campus completed between 1945
corridors in the Portland metropolitan area, offering                and 1985
customers an unmatched business environment and setting          n   Buildings ranging from 3 to 5 stories
with numerous restaurants, hotels, and business support
services. With its eclectic variety of shops and restaurants,    n   335,987 square feet combined

contemporary buildings, historic residences and upscale
condominiums, Johns Landing offers neighborhood charm
with urban culture.

Johns Landing is located two miles from downtown Portland
nestled between the Willamette River on the east and
Terwilliger Curves to the west. The convenient location offers
access to three major freeways: I-5, I-405 and I-84 as well as
bus service to both Corbett Avenue and downtown Portland.
Lincoln Center
10220 SW Greenburg Road
Portland, Oregon 97223




Property Description                                            Property Facts
Lincoln Center offers a premier suburban campus setting         n   7-building office campus completed between 1978
in an ideal location with excellent visibility.   The seven-    and 1990
building campus is tranquil with lush landscaping, outdoor
                                                                n   Buildings ranging from 1 to 12 stories
seating, and features conference and training facilities,
fitness center, and proximity to Washington Square Mall, a      n   730,331 square feet combined
landmark shopping destination in the Portland area offering
the finest shopping environment.

Lincoln Center is located in the Southwest Portland Submarket
on Greenburg Road, east of Highway 217, between Oak and
Locust Streets, just minutes from downtown Portland, Lake
Oswego, and Hillsboro. The property’s convenient location
offers immediate access to freeways including Highway 217,
Interstate 5 and Highway 26.
Umpqua Bank Plaza
One SW Columbia Street
Portland, Oregon 97258




Property Description                                             Umpqua Bank Plaza is conveniently located in
                                                                 Portland’s central business district bounded by Naito
Umpqua Bank Plaza is a landmark office building adjacent         Parkway, SW Jefferson Street, SW 1st Avenue, and SW
to Tom McCall Waterfront Park in downtown Portland. The          Columbia Street. This prime location offers easy access
building offers spectacular, unobstructed views of the           to major freeways and bridges and is within walking
Willamette River and snow-capped Mount Hood to the east          distance to Light Rail. Nearby hotels, restaurants and
and Mount St. Helens and cityscape views to the north, south     other business services complement this desirable
and west. The building’s timeless architecture features a red    location.
brick façade with reflective glass windows and 17,000 square
foot floor plates with minimal interior columns for efficient    Property Facts
and flexible space planning. The building’s two-story lobby
is designed with classic finishes of maple paneling, marble      n   Completed in 1974
floors, and brass finishes centered around an inviting seating
                                                                 n   Renovation completed in 1997
area for visitors. Red brick pavers surround the property
with open plazas, outdoor gazebo, and picnic tables nestled      n   18-story office building
among beautifully landscaped grounds. An indoor/outdoor
plaza on the 19th floor offers a serene setting with panoramic   n   281,458 square feet
views.
1400 and 1500 Seaport
1400 and 1500 Seaport Boulevard
Redwood City, California 94063




Property Description                                              Property Facts
1400 and 1500 Seaport Boulevard were developed in 2002            n   Completed in 2002
by Jay Paul Company as part of the greater ten-building,
                                                                  n   Two 5-story office buildings
1.7 million square foot Pacific Shores Center office campus.
The two five-story buildings sit adjacent to each other and       n   447,747 square feet combined
feature modern steel and glass design, high-end interior
finishes, state-of-the-art building systems, floor-to-ceiling
glass, flexible floor plates, and above-standard clear heights
that can accommodate lab construction.

The amenity-rich Pacific Shores Center is a 106-acre waterfront
campus located east of Highway 101 midway between San
Francisco and San Jose providing easy access to commuters
from San Francisco, the Peninsula, the South Bay, and the
East Bay. The property also features a 50-acre public access
park and adjacent to 135 acres of restored wetlands within
the San Francisco Bay Wildlife Refuge.
188 Spear
188 Spear Street
San Francisco, California 94105




Property Description                                            Urban In-Fill Development Project
188 Spear Street was designed by architect Jorge DeQuesada.     188 Spear is currently undergoing a major
The property has distinctive architecture with its warm red     redevelopment, which includes a vertical expansion
brick exterior and arched windows. The property’s location,     of the property designed by Brereton Architects, which
views and virtually column-free, large floor plates make it     will add four additional floors totaling 72,000 square
an outstanding business address. The upper floors offer         feet and a new canopied street-front entry on Spear
stunning views of the Bay Bridge and San Francisco Bay, and     Street that will open to a double-story lobby. The
the landscaped plaza offers a charming oasis.                   project also includes replacement of all windows,
                                                                elevators, and electrical HVAC systems, upgraded MEP
188 Spear Street is located along the Spear Street Corridor     systems, and seismic upgrade. The project will be built
in the heart of San Francisco’s burgeoning South Financial      to LEED® Gold certification standards and is planned
District. The property’s superior location is two blocks from   for completion in July 2012.
the Embarcadero, the promenade running along the San
Francisco Bay waterfront, and offers exceptional convenience
                                                                Property Facts
through its easy access to BART, Muni, ferries, the new         n   Completed in 1972
Transbay Terminal, the Bay Bridge and all major freeways.
                                                                n   9-story office building

                                                                n   142,553 square feet
45 Fremont
45 Fremont Street
San Francisco, California 94105




Property Description                                               Property Facts
45 Fremont Street was designed by the renowned architects          n   Completed in 1978
Skidmore, Owings & Merrill. The property is handsomely
                                                                   n   34-story office building
finished in aluminum and glass. Adjoining the building is
a spacious and beautifully landscaped plaza with wooden            n   596,059 square feet
benches, fragrant flowers and seasonal plantings.

45 Fremont Street is situated in San Francisco’s South
Financial District offering exceptional convenience through
direct access to BART, Muni and all major freeways.
Additionally, the project’s proximity to the trendy Spear Street
Corridor provides excellent dining and retail options for the
tenant base.
50 California
50 California Street
San Francisco, California 94111




Property Description                                               from all forms of public transportation including BART,
                                                                   Muni, the Marin and Alameda County ferries, all Bay
50 California Street was designed by architect Welton Becket       Area bus lines, and the historic California Street Cable
& Associates. The lobby has flame-cut red and black granite        Car. Fine restaurants, internationally renowned hotels,
finished floors and mahogany wall panels trimmed with black        spacious parks, and a wide variety of retail shops are
reveals and polished bronze. The exterior facade features          all within easy walking distance.
vertical precast concrete columns with opaque spandrel and
clear glass panels.                                                Property Facts
Remodeled in 1997, the exquisitely designed plaza is made          n   Completed in 1972
of red granite contrasted with green limestone accents in
                                                                   n   37-story office building
the stone radius. The plaza is beautifully landscaped with
seasonal planting in raised planters surrounding benches           n   688,181 square feet
and spacious walkways.

50 California Street occupies one of the most strategic
locations in the heart of San Francisco’s Central Business
District, at the junction of California and Davis Streets. As
convenient as it is prestigious, the building is only steps away
Market Square
1355 Market Street
San Francisco, California 94103




Property Description                                             where more than 4,500 new residential units have
                                                                 risen in recent years and it is also connected to
Market Square consists of two buildings joined by a              SOMA’s commercial district, Hayes Valley’s restaurants
landscaped plaza and features 890,000 square feet of Class       and shops and is across Market Street from Civic
A office space above 200,000 square feet of street-level         Center Plaza, Davies Symphony Hall, War Memorial
retail. The original building, formerly known as the Western     Opera House, the Asian Art Museum, Bill Graham
Furniture Exchange and Merchandise Mart, is an Art Deco icon.    Civic Auditorium and a short walk from the city’s
The historic building was completed in 1937 and has been         theater district. Several forms of public transportation,
extensively renovated maintaining its classic architecture       including the Civic Center BART station located steps
and at the same time offering modern and state-of-the-art        away, serve the property.
conveniences. The 80,000 square foot floor plates and large
blocks of contiguous space allow occupants extraordinary         Property Facts
opportunities and virtually unlimited configurations to create
                                                                 n   Completed in 1937 and 1974
customized work environments.
                                                                 n   Two buildings: 10-story and 11-story
Market Square spans an entire block along Market Street
between 9th and 10th Streets located in the Mid-Market           n   1,068,475 square feet combined
submarket of San Francisco. Its location puts it in an area
Russ Building
235 Montgomery Street
San Francisco, California 94104




Property Description                                             Property Facts
The Russ Building is a California State Historic Landmark.       n   Completed in 1927
Constructed in 1927, the building has a neo-Gothic
architectural design giving it a majestic look compared          n   31-story office building
to the neighboring contemporary structures. It is a steel        n   509,120 square feet
frame building with a curtain wall constructed of terra cotta
tile and brick. The interior is exquisitely detailed with the
finest materials and finishes featuring granite floors and
marble wainscoting, elevator lobbies with ornate area rugs,
and pendant light fixtures. The building has been carefully
maintained and periodically refurbished so that it offers a
modern office environment within a classic and meticulously
preserved structure.

The Russ Building is located in the heart of the San Francisco
Financial District. It fronts the entire block of Montgomery
Street between Pine and Bush Streets, and is convenient to
all modes of transportation, retail and dining.
Cisco Tower
3979 Freedom Circle
Santa Clara, California 95054




Property Description                                              Property Facts
Cisco Tower was developed in 2001 as part of a two-phase          n   Completed in 2001
project. Designed by renowned architectural firm Hellmuth,
                                                                  n   12-story office building
Obata & Kassabaum, Inc., the property features institutional
quality design and construction with top quality interior         n   283,235 square feet
finishes, state-of-the-art building systems, highly flexible
floor plates, panoramic views and generous parking.

Cisco Tower is located directly adjacent to Highway 101 in
Santa Clara in the heart of Silicon Valley’s “Golden Triangle,”
the world’s commercial hub for technology, life science,
and defense companies. The Golden Triangle is situated in
an amenity-rich environment with proximity to a myriad of
business and financial services, restaurants, entertainment
and luxury hotels, and public transportation options including
San Jose International Airport within three miles and a nearby
light-rail station.
Santa Clara Towers
3945 and 3965 Freedom Circle
Santa Clara, California 95054




Property Description                                                Property Facts
Santa Clara Towers is a leading Class A asset in the Silicon        n   Completed between 1986 and 1998
Valley office market, consisting of twin granite office buildings
                                                                    n   Two 11-story office buildings
centered around one of the Valley’s most-recognized
business eateries, Birk’s Restaurant. The efficient floor plates    n   426,326 square feet
accommodate full floor and multi-tenant configurations.
On-site amenities include lobby food services, an athletic
club, indoor pool and jacuzzi, and abundant structured
parking.

Santa Clara Towers is well-located in the Golden Triangle
submarket of Santa Clara, fronting Highway 101, with
convenient access to Route 237 and Interstate 880. The
property is surrounded by a strong amenity base which
includes major hotels, universities, and the San Jose
International Airport.
1201 Third Avenue
1201 Third Avenue
Seattle, Washington 98101




Property Description                                             Puget Sound, the Olympic Mountains and Seattle
                                                                 Center.
1201 Third Avenue is an award-winning office tower with a
distinct granite and emerald green glass tower incorporating     1201 Third Avenue is a full city block located at the
an historic building at its base. The distinctive and            corner of University Street and Third Avenue in the heart
sophisticated architecture of 1201 Third Avenue was designed     of Seattle’s Central Business District. The property’s
by Kohn Pederson Fox and The McKinley Architects, winning        central location is unmatched with its equidistance
numerous awards and recognition for its design including         between the retail and residential centers to the north
from The New York Times, Architectural Magazine, and the         and the entertainment opportunities to the south.
Urban Land Institute. The property rises from a landscaped       Furthermore, the property’s location between Second
pedestrian plaza with three levels of restaurants, shops         and Third Avenues strikes the best balance between
and service businesses. The plaza features people-oriented       waterfront views and highway and public transit access.
public spaces with a concert stage for outdoor entertainment,
fountains, sculptures and comfortable seating among lush
                                                                 Property Facts
landscaping. Above the three stories of retail is the office     n   Completed in 1988
tower featuring a grand atrium on its west side with generous
indoor landscaping and seating overlooking the outdoor           n   55-story office building
plaza. The property offers extraordinary views of Elliott Bay,
                                                                 n   1,111,478 square feet
Blanchard Plaza
2201 Sixth Avenue
Seattle, Washington 98121




Property Description                                               The property’s location offers unobstructed views, less
                                                                   traffic congestion than downtown locations, convenient
Blanchard Plaza was developed by the renowned international        access to major arterials, and an abundance of parking
development firm, Olympia & York of Toronto, Canada. The           options. The Metro Transit Center is walking distance
building’s unique two-wing design offers sweeping views of         from the property and more than twenty different bus
Puget Sound, the Olympic Mountains, Lake Union and the             routes pass within a four block radius.
Downtown Seattle skyline. The renovated lobby features
17-foot high ceilings, richly colored carpeted flooring, granite   Property Facts
accents and blonde hardwood wall panels.
                                                                   n   Completed in 1982
Blanchard Plaza occupies an extraordinary location at
                                                                   n   Lobby renovated in 2008
the confluence of Seattle’s three most dynamic markets:
Belltown to the west offers a thriving residential community       n   15-story building
with a plethora of restaurants and services; to the southeast
                                                                   n   244,508 square feet
is Paul Allen’s South Lake Union master plan of life science
bio-technology, office, residential and retail uses, and to
the immediate south is the Retail Core and the Central
Business District offering extensive services and amenities.
Seattle Trade & Technology Center
2601 Elliott Avenue
Seattle, Washington 98121




Property Description                                            Regrade submarket of Seattle, Washington. The Denny
                                                                Regrade submarket is a vibrant and rapidly growing
Seattle Trade & Technology Center was built originally to       area attracting Seattle’s thriving high-tech and bio-
provide warehouse and manufacturing facilities for the          tech industries as well as traditional office users.
American Can Corporation. The property was renovated            The area’s popularity is due to a number of factors
in 1976 and converted to use as an apparel mart, and in         including the impressive views, proximity to the lively
1998, was converted to high-quality office space following      Belltown residential neighborhood, diverse waterfront
an extensive $16 million renovation. The large, open floor      amenities, and superior access to downtown Seattle’s
plans and 14-foot exposed ceilings make it an attractive        retail and financial districts and the freeway system.
and flexible space for large and small users. The property’s
surrounding landscape offers terraced observation decks         Property Facts
with unobstructed views of Elliott Bay and the Olympic
                                                                n   Built in two phases: 1917 & 1925
Mountains. The property also includes a 594-stall, five-story
parking garage located across the street and connected to the   n   Redevelopment completed in 1998
office building by a covered sky bridge.
                                                                n   6-story office building
Seattle Trade & Technology Center encompasses 2 ½ city
                                                                n   339,595 square feet
blocks along the northern downtown waterfront in the Denny
Oyster Point Business Park and Marina Village
385 Oyster Point Boulevard
South San Francisco, California 94080




Development Description                                           BART and Caltrain. Additionally, a new ferry terminal
                                                                  located within walking distance from the property is
Oyster Point Business Park and Marina Village is a 39.7-          scheduled to open in 2011.
acre waterfront site located in South San Francisco. The site
currently contains 456,000 square feet of flex/industrial         Development Facts
space in six buildings and an adjacent 235-berth marina, and
                                                                  n   39-acre waterfront site
340-stall dry boat storage located in South San Francisco.
It is anticipated that, upon re-entitlement, the site will        n   Pre-entitled for 2.3 million sf of life science and
accommodate approximately 2.25 million square feet of life            office space
science and office uses.

Oyster Point Business Park is the largest remaining contiguous
development site in South San Francisco. Oyster Point has a
premium waterfront location in an established South San
Francisco life science cluster. Located just 15 minutes south
of San Francisco, Oyster Point is in close proximity to Highway
101 and Interstate 280, two major north-south arteries, and
offers numerous public transportation options including
1301 Connecticut Avenue
1301 & 1317 Connecticut Avenue, NW
Washington, DC 20036




Property Description                                          Property Facts
1301 Connecticut Avenue is a boutique office building with    1301 Connecticut Avenue
an adjacent retail townhouse located at 1317 Connecticut      n   Completed in 1917
Avenue. 1301 Connecticut was originally built in 1917 and
                                                              n   Renovated in 1987 & 2006
underwent a substantial renovation in 1987 and again in
2006. The property’s unique footprint offers unobstructed     n   8-story office building including ground floor retail
views and a high ratio of windowed offices.                   n   60,172 square feet

1301 & 1317 Connecticut Avenue enjoys an outstanding          1317 Connecticut Avenue
location positioned in the heart of Washington, D.C’s         n   Completed in 2008
Central Business District submarket perched atop the corner
                                                              n   3-story retail townhouse
of the three-way intersection of Connecticut Avenue, N
Street, and 18th Street. Metrorail’s Dupont Circle station    n   5,545 square feet
is located one block from the property. The property is
situated amidst the most distinguished hotels and richest
dining, shopping, and hospitality base in Washington, DC.
1625 K Street
1625 K Street, NW
Washington, DC 20004




Property Description                                             the densest amenity base in the Washington, DC region
                                                                 with high-end retailers, fine dining and 5-star hotels.
1625 K Street was designed by Singletary Rueda Architects
in 1943. The exterior features an elegant combination of         Property Facts
limestone with polished granite. The property underwent
                                                                 n   Completed in 1943
extensive renovations in 1996, then again in 2002, and
most recently in 2003, during which $2.5 million more            n   Redeveloped in 2002
in capital improvements were completed including a new
                                                                 n   12-story office building
emergency power generator, mechanical systems upgrade,
and improvements to the building’s common areas and              n   108,063 square feet
façade.

1625 K Street is exceptionally well-positioned on the 1600
block of K Street, which is the main east-west artery running
through the Central Business District and is one of the most
prestigious addresses in Washington, DC. Located one-half
block from Farragut Square, the property offers tenants access
to two major Metro stations. The property is surrounded by
1875 K Street
1875 K Street, NW
Washington, DC 20006




Property Description                                            mass transit. Vehicular access options to major
                                                                thoroughfares include I-66, the George Washington
1875 K Street was designed by Hartman-Cox Architects and        Memorial Parkway, and the Rock Creek Parkway. Public
features a detailed stone and precast facade with an elegant    transportation is just steps away with the adjacent
granite base. Fluted columns rise along the full height of      Farragut North Metrorail station and the Farragut West
the building and lead to a two-story penthouse, creating an     Metrorail station just two blocks away.
impressive tower at the prestigious intersection of 19th and
K Streets. Further attributes include dark, recessed windows    Property Facts
reminiscent of a Neo-Gothic architectural style, an eleventh
                                                                n   Completed in 2002
floor balcony, backlit stained glass art panels in the lobby,
a stepped granite terrace, and an outdoor cafe with a vibrant   n   12-story office building
street-level environment.
                                                                n   176,127 square feet
1875 K Street is located at the northeast corner of 19th
and K Streets in the heart of the Central Business District
in Washington, DC. The property is surrounded by elegant
hotels, prominent restaurants and world-class shops.
The location offers superior accessibility by both car and
Franklin Tower
1401 Eye Street, NW
Washington, DC 20005




Property Description                                               Franklin Park, in the heart of downtown Washington,
                                                                   DC’s East End submarket. The property is adjacent
Franklin Tower was originally built in 1967 and underwent          to the McPherson Square Metrorail station, and three
an extensive redevelopment to a Class A standard in 1991.          blocks from The White House. This central location
Floors are approximately 19,500 square feet and most               offers tenants access to Capital Hill, the CBD and
offer a four-sided window line providing great natural light,      distinguished hotels, restaurants and retail.
relatively uncommon in Washington, DC. The property
boasts amenities appealing to high-end tenancy including           Property Facts
a full-time concierge, fitness facility and a roof deck offering
                                                                   n   Completed in 1967
sweeping view of Franklin Park. The lobby at Franklin
Tower is currently undergoing a renovation incorporating           n   Redeveloped in 1991
contemporary design and high level finishes including Italian
                                                                   n   12-story office building
marble, pearlescent glass panels with stainless steel trim,
custom lighting and a new lobby desk. These finishes will be       n   227,845 square feet
carried into the elevators cabs.

Franklin Tower enjoys an outstanding location on the
southwest corner of 14th and Eye Streets, overlooking
Hamilton Square
600 14th Street, NW
Washington, DC 20005




Property Description                                            The property enjoys superior accessibility, both by
                                                                car and mass transit, and is conveniently located one
Hamilton Square is a landmark building that was originally      block from the US Department of Treasury and less
constructed in 1929 and operated as the flagship store          than two blocks from The White House.
for Garfinckel’s department store until 1990. From 1997-
1999, the property was redeveloped into a modern office         Property Facts
building behind a restored historic facade. The award
                                                                n   Completed in 1929
winning renovation was designed by Skidmore, Owings
& Merrill and features state-of-the-art systems, exquisite      n   Redeveloped in 1999
finishes and details that were reminiscent of the building’s
                                                                n   9-story office building
original construction. The old-style craftsmanship is evident
immediately upon entering the lobby, which features vaulted     n   248,500 square feet
ceilings and marble, stone, and wood finishes, accented by
unique wall sconces, elegant commissioned paintings and
sculpture, and a marble fountain.

Hamilton Square is located on the northwest corner of 14th
and F Streets in the East End submarket of Washington, DC.
14 Wall Street
14 Wall Street
New York, New York 10005




Property Description                                           offers excellent public transportation access with eight
                                                               subway lines and the PATH train within a couple of
Shorenstein Properties, on behalf of its ninth investment      blocks.
fund, Shorenstein Realty Investors Nine, L.P., purchased a
senior and junior mezzanine loan package collateralized by     Property Facts
equity interests in the owner of 14 Wall Street.
                                                               n   Completed in 1912
The neo-classical building, originally known as the Bankers
                                                               n   Renovation in 1966 and 2008
Trust Building, was built in 1912 and is a New York City
landmark. Designed by Trowbridge & Livingston, 14 Wall         n   37-story office building
Street is one of New York’s most picturesque skyscrapers
                                                               n   1,018,035 square feet
featuring a prominent terraced pyramid which served as the
bank’s registered trademark. The property features a granite
and limestone façade with a decorative base derived from the
Ionic order of the Erechtheum in Athens.

14 Wall Street is located in the Downtown submarket of
New York City across from the New York Stock Exchange
and two blocks south of the Federal Reserve. The property
450 Lexington Avenue
450 Lexington Avenue
New York, New York 10017




Property Description                                             tenants to the eighth-floor sky lobby, a grand double-
                                                                 height space overlooking seasonal gardens.
Shorenstein Properties, on behalf of its ninth investment
fund, Shorenstein Realty Investors Nine, L.P., purchased a       450 Lexington is located in the Grand Central submarket
senior mezzanine loan collateralized by equity interests in      of New York City, adjacent to Grand Central Terminal
the owner of 450 Lexington Avenue.                               in Midtown Manhattan on the southwest corner of
                                                                 45th Street and Lexington Avenue offering exceptional
450 Lexington Avenue is a 32-story office tower built over the   conveniences including access to the area rail and
historic, eight story Grand Central Post Office. Designed by     subway systems, and outstanding restaurants, hotels
renowned architects, Skidmore, Owings & Merrill, the property    and cultural centers.
maintains the spirit of the original neo-classical landmark
building. 450 Lexington, which is clad in Sardinian grey         Property Facts
granite, features a repeating diamond motif that highlights
                                                                 n   Completed in 1992
the building setbacks, and is topped by a distinctive crown
that is illuminated from within.                                 n   32-story office building above the historic Grand
                                                                     Central Post Office
450 Lexington is among the most modern office buildings in
Midtown Manhattan offering large, column free floor plates       n   910,473 square feet
and floor-to-ceiling windows. Shuttle elevators transfer
2600-2800 Colorado Avenue
2600-2800 Colorado Avenue
Santa Monica, California 90404




Property Description                                              Property Facts
Shorenstein Properties, on behalf of its ninth investment         n   Completed in two phases: 1982 and 1989
fund, Shorenstein Realty Investors Nine, L.P., purchased a
                                                                  n   Renovation completed in 1998
junior tranche of a first mortgage loan collateralized by 2600-
2800 Colorado Avenue.                                             n   5-story office building
The brick and solarized glass building features accessible        n   302,370 square feet
balconies on floors two through five and boasts first class
amenities with abundant parking, a full-service commissary        n   3.1:1,000 square foot parking ratio
with outdoor dining areas, a fitness center, day care center,
screening room, and music recording studio.

2600-2800 Colorado Avenue is located on a 3.2-acre site at the
corner of Colorado Avenue and 26th Street in Santa Monica’s
professional and entertainment district. The property’s
location affords easy access from Pacific Coast Highway (Hwy
1), the 10 Freeway via Cloverfield Boulevard and by public
transportation along Wilshire and Santa Monica Boulevards.
Executive Biographies
Douglas W. Shorenstein

Chairman and Chief Executive Officer

Doug Shorenstein joined the family business in 1983 and became
chairman and chief executive officer in 1995. During his tenure,
the company has evolved from a San Francisco-focused real estate
operating company into a real estate investment, development and
management company active throughout the United States.

Mr. Shorenstein supports numerous civic and philanthropic causes and
serves on the board of many such institutions. His current board activity
includes: chairman of the board of directors, Federal Reserve Bank of
San Francisco; board member, Environmental Defense Fund; executive
council of UCSF Medical Center; executive committee, The Real Estate
Roundtable; and advisory board member, The Joan Shorenstein Center
on the Press, Politics and Public Policy at Harvard’s Kennedy School
of Government. Mr. Shorenstein’s previous board seats include Yale
School of Management and Vanderbilt University.

Professional Experience
Prior to joining Shorenstein, Mr. Shorenstein worked for three years as
a real estate attorney with the law firm of Shearman & Sterling LLP in
New York in its Real Estate Group.

Education
Mr. Shorenstein graduated from University of California at Berkeley
with a B.A., and from University of California, Hastings College of the
Law with a J.D.
Glenn A. Shannon

President

Glenn Shannon joined Shorenstein in 1994. He is responsible
for overseeing all aspects of the company’s activities, including
strategic planning, investments and investment management, and for
coordinating functions across the enterprise.

Mr. Shannon is a board member of the Lincoln Center Real Estate
and Construction Council, the Bay Area Council and the Committee
on Jobs, and is a member of the Urban Land Institute and Lambda
Alpha International. Mr. Shannon serves on the Real Assets Advisory
Committee for Williams College.

Professional Experience
Prior to joining Shorenstein, Mr. Shannon worked for twelve years at
the law firm of Shearman & Sterling LLP in New York in its Real Estate
Group, the last four years as a partner.

Education
Mr. Shannon graduated from Williams College with a B.A., and from
University of Michigan Law School with a J.D.
Richard A. Chicotel

Chief Financial Officer

Rich Chicotel joined Shorenstein in 1988. He is responsible for
planning, monitoring and communicating financial performance of
all company investments and for managing the liquidity, profitability,
and capital structure of the company and its investments. Mr. Chicotel
also oversees the company’s financing activities, its risk management
program, and its investor reporting activities. In 2007, he was named
San Francisco Bay Area CFO of the Year, Private Company, by the San
Francisco Business Times.

Since 1996, Mr. Chicotel has served on the advisory board of MAP
Royalty, Inc. (formerly Mineral Acquisition Partners, Inc.). Mr. Chicotel
is also a member of the San Francisco Neighborhood Parks Council.

Professional Experience
Prior to joining Shorenstein, Mr. Chicotel was an assistant project
manager in high-rise office development at Hines Interests in Los
Angeles. Prior to Hines, Mr. Chicotel was employed as a financial
analyst in corporate finance and mortgage finance at First Boston in
New York City and San Francisco.

Education
Mr. Chicotel graduated from Harvard College with a B.A., from the
University of Otago, Dunedin, New Zealand with a Postgraduate
Diploma in International Economics, and from the Stanford Graduate
School of Business with an M.B.A.
Charles W. Malet
Executive Vice President,
Investments

Charlie Malet joined Shorenstein in 1995. He is responsible for
overseeing and managing all of the company’s acquisition and
disposition activity and the investment performance of all assets
throughout the United States. His responsibilities include establishing
policies, practices and standards, sourcing, underwriting and closing
acquisitions, overseeing dispositions, developing and executing
investment plans for all company investments, and monitoring the
investment performance of all properties.

Professional Experience
Prior to joining Shorenstein, Mr. Malet was a vice president at Cornish
& Carey Commercial, a large brokerage firm in Silicon Valley, handling
assignments for both landlords and tenants.

Education
Mr. Malet graduated from University of San Diego with a B.B.A.
Robert S. Underhill
Executive Vice President,
Equity Capital Markets

Bob Underhill joined Shorenstein in 2002. He is responsible for leading
the company’s equity capital markets activities, including fund-raising
and investor relations. Mr. Underhill also is responsible for monitoring
significant developments in the capital and investment markets and
ensuring they are reflected in the company’s investment guidelines and
investment activities.

Mr. Underhill is a member of the Urban Land Institute and The Real
Estate Roundtable’s Real Estate Capital Policy Advisory Committee.
Mr. Underhill is a member of the Princeton Theological Seminary
Investment Committee, a board member of Crosland Company, and a
member of the Investment Committee of Sarah Lawrence College.

Professional Experience
Prior to joining Shorenstein, Mr. Underhill was a principal at Lazard
Frères Real Estate Investors where he was part of a management team
that was brought in to manage and restructure investments in their
fund portfolios. Prior to Lazard Frères, Mr. Underhill worked for over 17
years in real estate investment and operations with LaSalle Partners
and Security Capital Group.

Education
Mr. Underhill graduated from Colby College with a B.A., and from The
Kellogg Graduate School of Management at Northwestern University
with an M.B.A.
Stanley E. Roualdes
Executive Vice President,
Property Management and Construction Services

Stan Roualdes joined Shorenstein in 1988. He is responsible for
overseeing the management and operation of the company’s national
real estate portfolio, and leads the physical and financial due
diligence process for all acquisitions, financings and dispositions.
His responsibilities include establishing management and operating
policies, practices and standards, managing company resources to
complete capital transactions, and ensuring tenant satisfaction and
asset performance.

Mr. Roualdes is a member of the Institute for Real Estate Management,
and an advisory committee member of The Real Estate Roundtable’s
Homeland Security Task Force. In 2005, Governor Arnold Schwarzenegger
appointed Mr. Roualdes to serve on the Real Estate Industry Leadership
Council as a member of the Green Building Initiative Team. Mr.
Roualdes is past chairman of the national advisory council for the
Building Owners and Managers Association.

Professional Experience
Prior to joining Shorenstein, Mr. Roualdes worked at Coldwell Banker
as senior vice president, regional manager for Northern California.

Education
Mr. Roualdes graduated from University of San Francisco with a
B.S., and from The Institute for Real Estate Management with a CPM
(Certified Property Manager) certification.
Thomas W. Hart
Executive Vice President,
Corporate Relations Director and Manager, Shorenstein Family Office

Tom Hart joined Shorenstein in 1982. He is responsible for overseeing
the company’s community, political, and governmental relations in
the San Francisco Bay Area and plays a leading role in the company’s
development activities. Mr. Hart also oversees the performance of a
portfolio of investments held by members of the Shorenstein family.

Mr. Hart is a board member of the San Francisco Chamber of Commerce,
San Francisco Planning and Urban Research Association, and Urban
Land Institute San Francisco District Council.

Professional Experience
Prior to joining Shorenstein, Mr. Hart worked as a vice president of
development for Marriott International in Washington, D.C. where he
was responsible for development, acquisition or joint venture for over
7,000 hotel rooms in 15 properties. In 1972 and 1973, Mr. Hart served
as Special Assistant to President Richard Nixon at The White House.

Education
Mr. Hart graduated from Brigham Young University with a B.S., and from
Harvard Business School with an M.B.A.
Andrew R. Friedman
Managing Director,
Capital Transactions Group

Andy Friedman joined Shorenstein in 2004. He is responsible for
overseeing the company’s acquisition and disposition activity in the
Western United States, including sourcing, evaluating, negotiating, and
closing transactions.

Mr. Friedman is a member of the Urban Land Institute, Lambda Alpha
International, the Real Estate Investment Advisory Council, and the
National Association of Industrial and Office Properties.

Professional Experience
Prior to joining Shorenstein, Mr. Friedman was a principal at Lend Lease
Real Estate Investments, Inc. overseeing capital transaction and asset
management assignments throughout the Western United States. Mr.
Friedman continued in this role when he joined Morgan Stanley upon
its acquisition of Lend Lease in 2003.

Education
Mr. Friedman graduated from University of California at Berkeley with a
B.A., and from University of California, Los Angeles Graduate School of
Management with an M.B.A.
Mark L. McCarthy
Managing Director,
Debt Capital Markets

Mark McCarthy joined Shorenstein in 2000. He is responsible for
overseeing the company’s debt capital markets activities nationwide,
including mortgage financings, partnership credit lines, and hedging
arrangements.

Mr. McCarthy is on the board of directors for the Association of Foreign
Investors in Real Estate, a board member of the Lincoln Center Real
Estate and Construction Council, an executive committee member of
Urban Land Institute New York District Council, and a member of the
Urban Land Institute.

Professional Experience
Prior to joining Shorenstein, Mr. McCarthy was a vice president at
General Electric Investments in Connecticut and GE Capital in New
York where his responsibilities included real estate acquisitions,
dispositions and financings. Prior to General Electric, Mr. McCarthy was
a director at Aetna Realty Investors in Hartford, Connecticut and Arthur
Young in Boston, Massachusetts.

Education
Mr. McCarthy graduated from the University of Massachusetts,
Amherst with a B.B.A., and from the University of Chicago Graduate
School of Business with an M.B.A. Mr. McCarthy is also a Certified
Public Accountant.
Mark E. Portner
Managing Director,
Capital Transactions Group

Mark Portner joined Shorenstein in 1999. He is responsible for
overseeing the company’s acquisition and disposition activity in the
Eastern United States, including sourcing, evaluating, negotiating, and
closing transactions.
Mr. Portner is a member of the Urban Land Institute and The Real
Estate Group.

Professional Experience
Prior to joining Shorenstein, Mr. Portner was a vice president at Carey
Winston Company in Washington, D.C. where he specialized in the
disposition of distressed loans.

Education
Mr. Portner graduated from University of Richmond with a B.S., and
from Columbia University with an M.B.A.
Walter H. Shorenstein 1915-2010

Founder

During the period that Shorenstein Company grew from a regional
leasing and management company to one of the preeminent owner/
operators in the country, the company was led by Walter H. Shorenstein.
After Mr. Shorenstein stepped back from day-to-day management of
the company in the early 1990s, his deep experience continued to offer
the company an important source of strategic guidance and advice.

Walter Shorenstein began work in commercial real estate with the
brokerage firm Milton Meyer & Company in 1946 after being discharged
in San Francisco from military service as a Major. In 1951, he was
made a partner in the firm, and in 1953 he was named a “Leader of
Tomorrow” by Time Magazine. By 1960, Mr. Shorenstein had become
president and sole owner of Milton Meyer & Company (which was
subsequently renamed Shorenstein Company), and began dramatically
expanding its real estate development and management activities.
Under his leadership, Shorenstein Company became the largest
owner and operator of Class A office buildings in San Francisco, and
forged lasting relationships with major institutional partners such
as IBM, Bechtel, MetLife and Bank of America. In recognition of his
accomplishments, Mr. Shorenstein was inducted into the University of
Southern California’s Real Estate Hall of Fame in 1997, and the Bay Area
Council’s Business Hall of Fame in 1998.

Outside the world of business, Walter Shorenstein demonstrated
his interest in building a better community and nation through his
extensive philanthropic and political activities. He was a steadfast       of New Orleans’ Broadmoor neighborhood
supporter of the Democratic Party, and in 1997 received the Democratic     following Hurricane Katrina.
National Committee’s Lifetime Achievement Award. Mr. Shorenstein           In memory of his daughter Joan, Mr.
was an advisor to Presidents Lyndon Johnson, Jimmy Carter, and Bill        Shorenstein and his late wife Phyllis
Clinton.                                                                   founded the Joan Shorenstein Center on
Among his community and humanitarian activities, in 1993 Mr.               Press, Politics and Public Policy at Harvard’s
Shorenstein played a major role in forming an investor group to            Kennedy School of Government. He also
retain the San Francisco Giants when they were considering a move          sponsored the Shorenstein Initiative at
to Florida, in 1995 Mr. Shorenstein chaired the United Nations 50th        Stanford University’s Asia/Pacific Research
Anniversary Charter Commemorative Celebration in San Francisco, and        Center, as well as programs at UC Berkeley’s
in 2009 Mr. Shorenstein worked with the Clinton Global Initiative to       Institute of East Asian Studies.
create an ongoing public-private partnership to support the recovery
Shorenstein Properties LLC
    235 Montgomery Street
 San Francisco, California 94104
         415.772.7000 p
         415.765.9080 f
       www.shorenstein.com

				
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