2q2011 tenant view

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Is The Window of

Opportunity Closing?At the halfway point, 2011 is looking like a mixed year for the Washington

Metropolitan area, with vacancies and rental rates first increasing and then

dropping slightly as the optimism of the new year gave way to political and

economic concerns. One area of significant concern, especially for urban-

focused tenants, is Washington, DC’s high unemployment rate, standing at

10.2 percent as compared to the Metro Area’s 5.7 percent rate and the nation’s

8.7 percent.

Second quarter 2011 represented a benchmarking change in our methodology

for the UGL Services Washington, DC office. The changes, which allowed

us to expand to a broader data set, is reflected in this quarter’s results. One

important addition to this new data is that of government owned and leased

buildings. Given the government’s significant presence in Northern Virginia,

Suburban Maryland, and especially Washington, DC, it is important to account

for its impact on the commercial real estate market. This is clearly evident when

comparing 2010 with YTD 2011. With the government rethinking their use of

space and consolidating, 2011 looks to show significantly less absorption as

opposed to 2010, where the government accounted for a large majority of

the absorption.

Considering our expanded data set, our results show second quarter 2011

Washington, DC vacancy to be almost 300 basis points (bps) lower than

the Metro area which stands at 12.6 percent and almost $11 per square foot

rental rate premium over the Metro area, at $43.14. While the Washington, DC

shows strength over the Metro area, with decreasing vacancy, tenants should

be prepared to see rental rates increase, especially if vacancy continues to

decrease as expected. With slightly more than $2 million in troubled assets

and trades occurring near record levels in Washington, DC, the local market

is showing solid signs of recovery and tenants should be aware that time may

be running out to take advantage of the market.

WASHINGTON, DCSECOND QUARTER 2011

CHANGE FOR THE QUARTE

INVENTORY SF

OVERALL VACANCY

SUBLEASE VACANCY

AVERAGE ASKING RATE

NET ABSORPTION

UNDER CONSTRUCTION

UNEMPLOYMENT

WASHINGTON, DC RESEARCH

Daniel J Russell, Senior Research [email protected]

www.ugl-equis.com

UGL Services encourages commentary

feedback concerning corporate real es

issues and trends impacting the ofmarkets. Please submit your inquirie

expert representation via:



THE ECONOMY. Nationally,

unemployment in May decreased year

over year from 9.3 percent to 8.7

percent, a sign of national economic

growth. However, Washington DC’s

year over year change was not as

promising, rising from 9.4 percent

to 10.2 percent. This is a reflection,

of the government’s downsizing and

reductions in staff.

The addition of only 54,000 jobs

nationally in May —a staggering

178,000 jobs behind April— shows

that the economy, while improving over

the long run, has yet to find its legs

with weighing concerns of government

budget cuts, the ongoing debate over

the debt ceiling, slumping stocks, and

a sluggish housing market. However, in

May, when local governments slashed

29,000 jobs, growing sectors likeprofessional and business services

and health care added 44,000 and

17,000, jobs respectively. Overall, the

private sector gained 83,000 jobs in

May, making it the 14th straight month

for private sector employment growth.

With the Government being the primary

employer in Washington, DC, there

is growing concern regarding the

potential of significant budgets cuts

that would result in further reductions

in government employment. Allaying

this fear is the reality that the growing

professional and business services

sector is the second largest employment

sector in Washington, DC. Furthermore,

with many government agencies unable

to fulfill their obligations with limited

staff, private contractors will fill manyof those voids and most likely expand

their employee base to do so.

VACANCY. Vacancy in Washington

DC continues to decrease as it has

steadily since its peak a year ago.

Through the recession, employers were

attracted to Washington, DC’s stability

and strong employee and consumer

base. This, along with limited deliveries,

has driven the ongoing decrease invacancy we’ve seen. The increase in

availability shown through our revised

data may show the significant amount

of space currently occupied by the

government that has yet to be vacated.

The Northern Virginia market continues

to improve steadily with vacancies

decreasing since a year ago, while

Suburban Maryland’s vacancy has

UNEMPLOYMENT.

The U.S. Bureau of Labor

Statistics reports that as of M

the Washington,DC is trailingthe nation by 150 bps. While

both Maryland and Virginia

exhibited a year over year dro

in unemployment, Washingto

DC has seen an increase.

Virginia showed the only

positive non-farm employme

gain year over year in the Me

area, but still trailed the natio average of .7%.

Market Overview

O F F I C E | 2 Q 2 0 1 1P a g e 1



DC, there is a $14 Per square foot

difference between Class A and

Class C and a $13 Per square foot

gap between Class A and Class B. This

arbitrage opportunity is something

that building owners and investors

can take advantage of as the market

exhibits strength and growth potential

in the coming year. Should vacancy

continue to decrease as expected,

this gap will more than likely expand

further, providing even more incentive

to upgrade. Many owners have already

begun this process with renovations

already underway at properties like

1200 New Hampshire Ave NW and

the proposed renovation/expansionof properties like 1140 and 1146 19th

Street, Federal Office Building 8, and

2100 M Street NW.

Northern Virginia and Suburban

Maryland, while garnering lower rental

rates, saw an increase in rates over last

quarter. Northern Virginia has been

seeing a gradual increase for multiple

quarters since its bottom in late 2009.

Data shows a significant increase in

Suburban Maryland’s asking rates

over 1Q, the majority of this increaseis accounted for in benchmarking

changes, our focus now being the

inner suburbs. This higher rate is a

more accurate reflection of this market.

begun to rise again. Changes from first

quarter 2011, especially in Suburban

Maryland overstate these changes,

given benchmarking differences,

however vacancy is expected to

continue to decline in Washington, DC

and Northern Virginia, while Maryland

will continue to see higher vacancy

rates.

RENTAL RATES. At the close of the

second quarter, quoted rental rates

for the Washington, DC, Northern

Virginia, and Suburban Maryland Metro

area were at a weighted average of

$32.58 per square foot. Washington,

DC showed a premium of over $10

per sqaure footaveraging $43.14 Per

square foot while Northern Virginia

and Suburban Maryland trailed with

Metro average at $29.53 and $27.19

respectively.

The Washington, DC, in comparison

to the Northern Virginia and Suburban

Maryland markets, showed a rate

premium, it was the only of the three

to decrease from first quarter 2011.

Looking specifically at Washington, DC,

an examination of rental rates exhibits

a significant difference between

submarkets and even classes within

submarkets. Overall, in Washington,

“Long run estimates show Washington DC

maintaining its low vacancy rate while showing

slight rental rate growth.”

LEASING ACTIVITY.

[Market Overview Continued]

Comptroller of the Currency2

250 E Street SW

Southwest

337,788 SF

U.S. Department of Education2

830 1st Street NE

Capitol Hill Area

247,337 SF

Skadden, Arps, Slate, Meagher

Flom2

1440 New York Ave NW

Downtown DC

198,640 SF

Unknown Tenant

15030 Conference Center Drive

Greater Fairfax County

156,040 SF

Holland & Knight LLP

800 17th Street NW

Downtown DC

123,057 SF

ICF Marco

530 Gaither Road

I-270 Corridor

97,495 SF

General Services Administratio

12501 Aredennes AvenueI-270 Corridor

74,179 SF

Navigant Consulting1

1200 19th Street NW

Downtown DC

73,758 SF

SAIC

7990 Science Applications Court

Greater Fairfax County

65,136 SF

Paetec Communications Inc.

1764A Old Meadow RoadGreater Fairfax County

62,000 SF

AARP1

401 & 505 9th Street NW

East End

57,070 SF

1. UGL Services Client

2. Renewal/Expansion

O F F I C E |



ASKING RENT VS

VACANCY

—DC, VA, MD Metro

DELIVERIES VS

NET ABSORPTION

—DC, VA, MD Metro

LEASING ACTIVITY

—DC, VA, MD Metro

O F F I C E | 2 Q 2 0 1 1P a g e 3



ASKING RENT VS

VACANCY

—Washington, DC

VACANCY VS

AVAILABILITY

—Washington, DC

ASKING RENT VSVACANCY

—Class A & B Washington, DC

O F F I C E |



ASKING RENT VS

VACANCY

—Northern Virginia

NET ABSORPTION VS

ASKING RENT


ASKING RENT VS

VACANCY


O F F I C E | 2 Q 2 0 1 1P a g e 5



ASKING RENT VS

VACANCY

—Suburban Maryland

NET ABSORPTION VS

ASKING RENT


ASKING RENT VS

VACANCY


O F F I C E |



Opportunities & Challenges

LOOKING FORWARD.

With the government looking

to slim their operations, the

resulting drop in demand will slow improvement of the

market. However, as opposed

to more sensitive markets,

Washington, DC has the

strength to weather a decrea

in demand without significan

changed to rental rates.

A slowing in the demand

for space will also providetime for building owners

and developers to upgrade,

renovate, and build preparing

for a stronger 2012 and 2013.

Additionally, Trophy and new

amenity-filled Class A buildin

will continue to draw a

premium and drive competit

to upgrade and improve the

building stock.

Recognizing the trends and

noting an improving building

stock, tenants should expect

vacancy to decrease and ren

rates to increase as the year

progresses.

The big challenges in decision making

are seeing what’s coming down the line

and knowing when to jump. For building

owners and investors, investing now totake advantage of future growth should

be the plan. However, some high Per

square foot prices, lengthy entitlement

processes and aged infrastructure,

owners will need to act soon to ensure

advantageous timing.

For the time being, users continue to

have more power to be selective about

where they locate. As companies,

—especially large forward-looking

firms— recognize a shift in office

culture brought on by a new generation

of employees the notion of “location,

location, location” becomes more

complex. It’s no longer that space users

prefer a particular part of town, now

it is a consideration of proximity to

transit and where employees want to

live, amenities for employees, and the

life employees lead outside the office.

As the economy improves and

employers look to grow and expand,

they will need more space. Havingweathered the recession and learned

from those struggles, employer tenants

will need to be more savvy in their

space use and real estate choices. Cost

cutting will be important in not just the

acquisition of space, but also its use

as it pertains to employee retention.

Given Washington, DC’s skilled

workforce, employee retention

continues to be a priority because

of the high cost of replacement. As

employees demand more of their

employers in regards to space,

employers will need to meet these

demands and adjust their real estate

decisions as such.

The continued move from the suburbs

to more dense, transit-oriented areas,

the increasing push to sustainable

building and operation, and the

ongoing integration of technology

and services will require a more

sophisticated approach to space use

and comprehensive approach to real

estate. The opportunities currently lie

in getting ahead of the curve before

your current space doesn’t meet your

needs and rental rates have increased.

With building owners positioning for

a stronger 2012 and 2013, tenants

should be prepared for decreasing

vacancy rates and increasing rental

rates as demand ticks up and properties

are improved. So, is the window of

opportunity closing? It’s starting to

slowly close; the market is positioned

to strengthen and tenants considering

changes in their space needs should

be aware that time is running out.

Assess and Adapt.

O F F I C E | 2 Q 2 0 1 1P a g e 7



RECENT TRADES.

Investment Properties

Commercial real estate in the nation’s

capital is poised for a significant

comeback in 2012 and 2013, and

building owners and investors arepreparing for it. Investor interest has

led to an increase in the number and

size of transactions, some high-priced

transactions reaching record prices

like the March sale of Market Square

for $905 Per square foot.

Investors who are disappointed in the

stock and bond markets are turning to

high-yield assets in strong markets like

Washington, DC. With this increased

investor interest limited primarily to

Class A and trophy assets, owners

are fielding competitive offers and

cashing in. Class B property owners

are recognizing the recent drop in Class

B rental rates and vacancies and are

positioning to upgrade their properties,

attempting to take advantage of the

increasing in demand for Class A

properties. This is especially the case

in the Washington, DC, where the

difference between Class A and Class

B averages around $13 per square foot.

Among the many areas of improvement

the most popular are technology

infrastructure upgrades, aesthetic

improvements, and LEED or “green”advancements. With pressure

mounting from space users, political

interests, international competition,

and investors, there will be a continued

and considerable push for office

buildings to progress in their style,

use, and sustainability.

Given its dated infrastructure and

large number of historic or outdated

structures, Washington, DC is

positioned well to take advantage

of this movement and see an influx

of capital and tenants which would

lead to increases in value and overall

market strength.

1100 4th St SW

Southwest

Class A

635,000 SF$356m / $560.63 Per square foot

B: USAA Real Estate Company

S: Bresler & Reiner, Vornado Rea

Trust, Forest City Enterprises

June 2011

100% Occupancy

700 6th St NW

East End

Class A

300,000 SF

$191m / $636.67 Per square foot

B: USAA Real Estate CompanyS: Akridge

June 2011

90% Occupancy

529 14th St NW

East End

Class B

378,000 SF

$167.5m / $443.12 Per square foo

B: AEW Capital Management

S: Resource America, Quadrang

Development

June 201196% Occupancy

325 7th St NW

East End

Class A

157,285 SF

$139m / $883.75 Per square foot

B: Paramount Group

S: Beacon Capital Partners

June 2011

97% Occupancy

9801 Washingtonian Boulevard

GaithersburgClass A

315,000 SF

$90m / $286 Per square foot

B: CB Richard Ellis Investors

S: LaSalle Investment

Management

April 2011

85% Occupancy

Trends in Trades.

O F F I C E |

*2Q11 represents sales figures based on available data through May 2011

*



Quarterly Statistics

(1) Inventory defined as existing Class A, B and C of fice properties, 5,000 square foot minimum rentable base area inclusive of government owned and/or leased, own

occupied, medical (<75%), single, and multi-tenant buildings. (2) Overall vacancy inclusive of vacant direct and sublease space. (3) Net absorption defined as the chan

in physical occupancy from one period to the next. (4) Weighted average asking rents are gross per square foot, per year. Average asking rents are direct and weighte

against the overall rentable building area.

Leasing Fundamentals.

O F F I C E | 2 Q 2 0 1 1P a g e 9

SUBMARKETINVENTORY (1) OVERALL VACANCY (2) SUBLEASE VACANCY NET (3) UNDER AVERAGE (

SQ FT SQ FT RATE SQ FT RATE ABSORPTION CONSTRUCTION ASKING REN

Capitol Hill Area 32,604,150 2,776,940 8.5% 40,830 0.1% 94,273 625,133 $49.17

Class A 23,867,959 2,283,853 9.6% 37,130 0.2% 263,524 625,133 $50.69

Class B 7,208,852 438,022 6.1% 3,700 0.1% (145,727) 0 $42.44

Class C 1,527,339 55,065 3.6% 0 0.0% (23,524) 0 $39.48

Downtown DC 93,496,829 9,601,008 10.3% 1,307,208 1.4% (369,831) 2,854,692 $51.30

Class A 58,757,718 7,143,811 12.2% 1,015,952 1.7% (210,717) 2,854,692 $54.54

Class B 29,956,105 2,240,486 7.5% 263,144 0.9% (131,083) 0 $42.24

Class C 4,783,006 216,711 4.5% 28,112 0.6% (28,031) 0 $38.11

Georgetown/Uptown 15,423,380 1,322,102 8.6% 197,022 1.3% (27,298) 179,107 $39.02

Class A 4,198,944 640,602 15.3% 144,713 3.4% (1,199) 179,107 $44.28

Class B 8,056,215 527,877 6.6% 49,785 0.6% (17,625) 0 $34.37

Class C 3,168,221 153,623 4.8% 2,524 0.1% (8,474) 0 $33.07

Northeast/Southeast 1,985,729 359,124 18.1% 0 0.0% 449 0 $23.14

Class A 63,000 1,400 2.2% 0 0.0% 0 0 $45.93

Class B 1,308,249 238,900 18.3% 0 0.0% 2,400 0 $23.92

Class C 614,480 118,824 19.3% 0 0.0% (1,951) 0 $21.30

DISTRICT OF COLUMBIA 143,510,088 14,059,174 9.8% 1,545,060 1.1% (302,407) 3,658,932 $43.14

Class A 86,887,621 10,069,666 11.6% 1,197,795 1.4% 51,608 3,658,932 $46.97

Class B 46,529,421 3,445,285 7.4% 316,629 0.7% (292,035) 0 $33.58

Class C 10,093,046 544,223 5.4% 30,636 0.3% (61,980) 0 $32.99



Quarterly StatisticsLeasing Fundamentals.

O F F I C E |

SUBMARKET INVENTORY (1) OVERALL VACANCY (2)

SUBLEASE

VACANCY NET (3) UNDER AVERAGE

SQ FT SQ FT RATE SQ FT RATE ABSORPTION CONSTRUCTION ASKING RE

Alexandria/I-395 32,604,150 2,776,940 8.5% 40,830 0.1% 94,273 625,133 $49.17

Class A 23,867,959 2,283,853 9.6% 37,130 0.2% 263,524 625,133 $50.69

Class B 7,208,852 438,022 6.1% 3,700 0.1% (145,727) 0 $42.44

Class C 1,527,339 55,065 3.6% 0 0.0% (23,524) 0 $39.48

Dulles Corridor 93,496,829 9,601,008 10.3% 1,307,208 1.4% (369,831) 2,854,692 $51.30

Class A 58,757,718 7,143,811 12.2% 1,015,952 1.7% (210,717) 2,854,692 $54.54

Class B 29,956,105 2,240,486 7.5% 263,144 0.9% (131,083) 0 $42.24

Class C 4,783,006 216,711 4.5% 28,112 0.6% (28,031) 0 $38.11

East Falls Church 15,423,380 1,322,102 8.6% 197,022 1.3% (27,298) 179,107 $39.02

Class A 4,198,944 640,602 15.3% 144,713 3.4% (1,199) 179,107 $44.28

Class B 8,056,215 527,877 6.6% 49,785 0.6% (17,625) 0 $34.37

Class C 3,168,221 153,623 4.8% 2,524 0.1% (8,474) 0 $33.07

Greater Fairfax County 1,985,729 359,124 18.1% 0 0.0% 449 0 $23.14

Class A 63,000 1,400 2.2% 0 0.0% 0 0 $45.93

Class B 1,308,249 238,900 18.3% 0 0.0% 2,400 0 $23.92

Class C 614,480 118,824 19.3% 0 0.0% (1,951) 0 $21.30

Greater Fredericksburg 143,510,088 14,059,174 9.8% 1,545,060 1.1% (302,407) 3,658,932 $43.14

Class A 86,887,621 10,069,666 11.6% 1,197,795 1.4% 51,608 3,658,932 $46.97

Class B 46,529,421 3,445,285 7.4% 316,629 0.7% (292,035) 0 $33.58

Class C 10,093,046 544,223 5.4% 30,636 0.3% (61,980) 0 $32.99

Manassas/Rt 29/I-66 5,441,344 788,064 14.5% 27,333 0.5% 8,472 200,950 $21.74

Class A 987,949 218,218 22.1% 0 0.0% 13,760 200,950 $24.74

Class B 3,837,955 524,631 13.7% 26,983 0.7% (15,167) 0 $20.74

Class C 615,440 45,215 7.3% 350 0.1% 9,879 0 $18.85

Rosslyn-Ballston Corridor 23,763,999 3,105,269 13.1% 395,136 1 .7% (604,965) 1,329,086 $35.28

Class A 16,221,111 1,672,439 10.3% 372,197 2.3% (76,930) 1,329,086 $40.90

Class B 6,207,768 716,415 11.5% 22,939 0.4% 88,685 0 $36.13

Class C 1,335,120 716,415 53.7% 0 0.0% (616,720) 0 $21.32

SE Fairfax County 7,192,849 769,107 10.7% 23,320 0.3% (16,704) 637,582 $27.54

Class A 1,634,418 114,467 7.0% 13,860 0.8% (46,510) 637,582 $37.84

Class B 4,565,893 621,587 13.6% 9,460 0.2% 9,481 0 $26.10

Class C 992,538 33,053 3.3% 0 0.0% 20,325 0 $19.02

Woodbridge/I-95 Corridor 3,171,007 480,850 15.2% 7,352 0.2% 52,900 23,537 $21.48

Class A 543,993 90,746 16.7% 3,272 0.6% 18,502 23,537 $25.54

Class B 2,132,010 293,133 13.7% 4,080 0.2% 7,734 0 $20.24

Class C 495,004 96,971 19.6% 0 0.0% 26,664 0 $21.44

NORTHERN VIRGINIA 198,891,890 27,507,855 13.8% 2,111,135 1.1% 782,184 2,611,028 $29.53

Class A 113,499,707 16,371,807 14.4% 1,526,722 3.7% 965,764 2,611,028 $32.12

Class B 73,419,785 9,593,006 13.1% 570,013 1.5% 287,374 0 $26.31

Class C 11,972,398 1,543,042 12.9% 14,400 0.1% (470,954) 0 $22.07



Quarterly Statistics

(1) Inventory defined as existing Class A, B and C of fice properties, 5,000 square foot minimum rentable base area inclusive of government owned and/or leased, own

occupied, medical (<75%), single, and multi-tenant buildings. (2) Overall vacancy inclusive of vacant direct and sublease space. (3) Net absorption defined as the chan

in physical occupancy from one period to the next. (4) Weighted average asking rents are gross per square foot, per year. Average asking rents are direct and weighte

against the overall rentable building area.

Leasing Fundamentals.

O F F I C E | 2 Q 2 0 1 1P a g e 1 1

SUBMARKETINVENTORY (1) OVERALL VACANCY (2) SUBLEASE VACANCY NET (3) UNDER AVERAGE (

SQ FT SQ FT RATE SQ FT RATE ABSORPTION CONSTRUCTION ASKING REN

Bethesda/Chevy Chase 11,554,196 1,009,892 8.7% 181,474 1.6% 116,362 0 $33.74

Class A 5,530,361 467,979 8.5% 150,954 2.7% 6,014 0 $37.87

Class B 5,127,283 400,366 7.8% 27,720 0.5% 103,979 0 $32.26

Class C 896,552 141,547 15.8% 2,800 0.3% 6,369 0 $24.24

I-270 Corridor 41,709,123 6,293,309 15.1% 342,041 0.8% (137,340) 588,440 $27.98

Class A 20,752,976 3,677,034 17.7% 294,381 1.4% 227,464 588,440 $30.87

Class B 16,984,912 2,359,062 13.9% 40,260 0.2% (440,464) 0 $24.22

Class C 3,971,235 257,213 6.5% 7,400 0.2% 75,660 0 $21.27

N Prince George's County 18,630,578 3,482,962 18.7% 41,573 0.2% (103,602) 268,762 $20.27

Class A 7,419,228 1,544,637 20.8% 29,799 0.4% (16,606) 268,762 $20.77

Class B 9,114,542 1,768,730 19.4% 11,774 0.1% (64,689) 0 $20.03

Class C 2,096,808 169,595 8.1% 0 0.0% (22,307) 0 $18.24

SE Montgomery County 12,663,884 1,596,202 12.6% 182,753 1.4% (324,937) 0 $25.34

Class A 5,648,955 587,105 10.4% 131,352 2.3% (79,697) 0 $30.11

Class B 5,489,112 795,439 14.5% 34,274 0.6% (251,128) 0 $22.93

Class C 1,525,817 213,658 14.0% 17,127 1.1% 5,888 0 $21.17

SUBURBAN MARYLAND 84,557,781 12,382,365 14.6% 747,841 0.9% (449,517) 857,202 $27.19

Class A 39,351,520 6,276,755 16.0% 606,486 6.9% 137,175 857,202 $29.91

Class B 36,715,849 5,323,597 14.5% 114,028 1.5% (652,302) 0 $24.86

Class C 8,490,412 782,013 9.2% 27,327 1.6% 65,610 0 $21.23

DC-VA-MD METRO 426,959,759 53,949,394 12.6% 4,404,036 1.0% 30,260 7,127,162 $32.58

Class A 239,738,848 32,718,228 13.6% 3,331,003 1.4% 1,154,547 7,127,162 $36.33

Class B 156,665,055 18,361,888 11.7% 1,000,670 0.6% (656,963) 0 $28.25

Class C 30,555,856 2,869,278 9.4% 72,363 0.2% (467,324) 0 $25.43



UGL Services

WHO WE ARE. A multidiscipline, integrated corporate real estate services

firm that focuses exclusively on the users of space. Our strategic solutions

align our clients’ real estate with their business strategies, creating competi-

tive advantage.

ABOUT US. UGL Services, through its affiliated companies, is a global cor-

porate real estate firm that focuses exclusively on the business space user.

With more than 40,000 affiliated employees in nearly 100 locations around

the world, Chicago-based UGL Services provides comprehensive real estatesolutions through portfolio strategy and management, transaction advisory,

corporate finance, project services, workplace integration, data management,

facility management and audit & recovery services for national and global

companies with office, industrial and retail opportunities throughout the United

States, Mexico, Asia Pacific, Europe and the Middle East. UGL Services is a

subsidiary of UGL Limited, (ASX: UGL).

OWNERSHIP. UGL Services acquisition by UGL Limited has created the

world’s largest conflict-free corporate real estate services firm. Our union

combines the strengths of both American and Australian firms while it brings

added financial stability and increased executive leadership. We remain com-mitted to maintaining the quality, processes, procedures, approach and other

expertise for which UGL Services built its renown while increasing our global

services reach.

CLIENTS. UGL Services manages more than 80 client real estate portfolios

covering 43 countries and totaling nearly 650 million square feet.

SERVICE LINES.

Portfolio Management

We optimize corporate real estate

assets by focusing on overall perfor

mance of client portfolios.

Transaction Advisory

As the world’s largest corporate rea

estate firm exclusively focused on

users of business space, we assure

you of conflict-free representation.

Data Management

Our data management professionals

turn data into actionable information f

reducing occupancy costs, managing

dates, and tracking asset inventories.

Audit & RecoveryWe help recover funds and prevent fu

overpayments, enabling our clients

invest more into their businesses.

Corporate Finance

Our finance professionals bring a

powerful combination of capital ma

agement, corporate finance expertis

and negotiating skills to financial

structuring and transaction process

Facility Management

We offer a single point of contact

for optimizing the operations ofcomplex facilities.

Workplace Integration

Our professionals develop and exec

solutions that maximize space usag

by aligning our client’s organizationa

processes and cultural sensitivities

with their business objectives.

Project Services

Our project teams manage and cont

capital outlays for maintenance, rep

and operations in order to meet

performance objectives.

Strategic Consulting

The portfolio analyses we provide

allows the optimal real estate plan to

be engineered for specific markets,

goals or industries.

Site Selection & Incentives Consult

Location analysis and applicable

government incentive programs.

O F F I C E |



© Copyright 2011 UGL Services. The aforementioned information was obtained from sources deemed reliable. UGL Services makes no representation or warranty concethe accuracy or completeness of the information. Data Sources: UGL Services Research, CoStar Group, REIS, Real Capital Analytics, Bureau of Labor Statistics and Moo

Transaction Advisory

WASHINGTON DC3000 K Street, NW, Suite 200

Washington, DC 20007

T: 202.293.9556 F: 202.293.9557

BROKERAGE TEAM

Craig Estey, EVP, Managing Director

[email protected]

202.721.2341

Michael Christian, EVP

[email protected]

202.721.2341

Matthew Siegel, SVP

[email protected]

202.721.2348

Catherine Jones, SVP

[email protected]

202.721.2358

Brian Liss, SVP

[email protected]

202.280.6982

Aaron Pomerantz, SVP

[email protected]

202.293.9556

Daniel Rasmussen, SVP

[email protected]

202.721.2342

Junius Tillery, SVP

[email protected]

202.721.2351

Michael Wiley, SVP

[email protected]

202.721.2345

Chet Rao, VP

[email protected]

202.721.2347

Stephen Ross, VP

[email protected]

202.721.2352

Will Courtney, Senior Assoc

[email protected]

202.721.2343

Reza Ghassabeh, Senior Assoc

[email protected]

202.721.2359

Greg Millwater, Senior Assoc

[email protected]

202.280.6983

Mary Catherine Williams, Senior Assoc

[email protected]

202.293.9556

Brian Dickerson, Assoc

[email protected]

202.293.9556

Colin Oppenheimer, Assoc

[email protected]

202.721.2350

CAM TEAM

Peter Brohoski, SVP

[email protected]

202.280.6984

Bill Evans, SVP

[email protected]

202.293.9556

Christopher Reutershan, SVP

[email protected]

202.721.2380

Susan Stoudt, SVP, SPM

[email protected]

202.721.2344

David Lamore, VP

[email protected]

202.293.9556

Denise Harris, Transaction Specialist

[email protected]

202.721.2381

Matthew Attaway, AVP

[email protected]

202.721.2340

Erika Gilmore, AVP

[email protected]

202.721.2354

2q2011 tenant view

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