Blackwell I9601 BLACKWELL DRIVEROCKVILLE, MD

CBRE, Inc., as exclusive advisor, is pleased to present an exceptional opportunity to acquire a fee simple interest in 7115 Greentree Road, Bethesda, Montgomery County, Maryland (the “Property” or “WMAL Site”). The Property is an extremely rare development opportunity comprising 74.8 acres of land irreplaceably located at the crossroads of Capital Beltway (I-495) and I-270 (the Research and Technology Corridor). 7115 Greentree Road is also the largest tract of development land in Bethesda; one of the most affluent and supply-constrained residential neighborhoods in the United States.

Extremely Rare In-fill Development OpportunityAt 74.83 acres, the Property is the largest tract of development land in Bethesda. DC Radio Assets, or one of its predecessors, has owned this site for more than 70 years. Over the last ¾ of a century, the immediate area around the Property has evolved into one of the most densely populated, affluent and commercially active areas in the United States.

Bethesda, Maryland – Significant Demand and Barriers to EntryThe WMAL Site is irreplaceably located in Bethesda which is one of the most affluent and supply-constrained residential neighborhoods in the United States. The average household income within a one-mile and three-mile radii are $166,321 and $181,597, and average home values are $666,105 and $731,109, respectively. Housing values in a three-mile radius have increased by 14% over the past 5 years despite having a housing stock with a median construction year of 1971; many new construction home sales consist of “tear-downs”. Only 5% of the housing stock (owned and rented) is currently vacant and homes within Bethesda only spend an average of 14 days on the market. Bethesda ranked #1 on Forbes list of America’s most educated small towns in 2014 and #1 on CNNMoney.com’s list of top-earning American towns in 2012.

Perpetual Employment Demand DriversBethesda is an integral part of Metro Washington, D.C.; a gateway market with global allure. Its central location, superior housing stock, nationally-ranked schools and highly-educated work force is a derivative of the plethoric presence of public and private sector employers entrenched within Metro

Washington, D.C. National Institutes of Health (NIH) is headquartered in Bethesda (two miles from the Property), employs approximately 20,262 workers and is the single most mission critical facility for world health and treatment.

The Site transverses the North Bethesda area which contains its own concentration of office inventory (10.6 million SF), shopping and amenities. Lastly, Bethesda’s location along the northwest border of Washington, D.C. also allows residents to equally access employment opportunities within both the District of Columbia and Northern Virginia.

Bethesda’s UrbanizationDowntown Bethesda’s steady urbanization are also contributors to its establishment as a highly sought after residential community and live/work/play environment. Downtown Bethesda offers its surrounding neighborhoods an extensive mass transit system including Metrorail (Red line with stops in downtown Bethesda and Medical Center), Metro Bus, Ride On (Montgomery County’s bus system) and the Bethesda Circulator which provides free loop bus service in downtown Bethesda. It’s also characterized by dense mixed-use commercial development which includes upscale high-street retail, high rise apartment communities, eateries with sidewalk seating and 11 million square feet of office space contained within the Bethesda/Chevy Chase submarket.

Scalable Development OpportunityThe WMAL Site is the largest tract of development land in Bethesda. The Property is zoned R-90 (medium density residential) and should permit unique clustering of diverse housing stock including 1 acre, ½ acre, ¼ acre lots as

7115 Greentree Road Bethesda, Maryland

W M A L R A D I O L A N D

Westfield Montgomery Mall

DEMOCRACY BOULEVARD

Rock Spring Office Park

Offering Memorandum7115 Greentree Road Bethesda, Maryland

W M A L R A D I O L A N D

Offering

Investment Highlights

75-Acre Development Opportunity in Bethesda, Maryland

Offer Deadline : Thursday, March 12, 2015For more information visit cbremarketplace.com/wmal.

ICC

well as townhomes, while still providing excellent opportunities for community recreational uses and open space. Further, the current R-90 zoning permits certain special exception commercial uses such as hospitality, lodging, educational and medical uses.

Extraordinary Regional and Local AccessThe WMAL Site is uniquely located at the crossroads of the Capital Beltway (I-495) and I-270 (the Research and Technology Corridor) with approximately 1,720 feet of frontage along the Capital Beltway providing outstanding visibility; over 240,000 cars travel through this highway intersection daily. Primary access is provided by residential streets intersecting with Fernwood Road; Fernwood Road intersects with Democracy Boulevard only a few hundred yards from the I-270 interchange. Secondary access is provided

by other important local streets including Old Georgetown Road (MD 187) and Burdette Road.

Amenity-rich AreaIn addition to rich amenities provided within mass transit-oriented, downtown Bethesda, the Property is in very close proximity to deep amenity bases in other areas within Bethesda as well as Rockville. Westfield Montgomery Mall is located in the northwest quadrant of I-270’s intersection with Democracy Boulevard. This 1.2 million square foot upscale regional mall is anchored by Nordstrom, Macy’s and Sears, and nearing completion on a $90 million renovation/expansion which includes Arclight’s first 16-screen theater on the east coast, The Cheesecake Factory, several new restaurants and multiple family lounges.

Residential

Debt & Equity Finance

John SheridanSenior Vice President+1 703 905 0239john.sheridan@cbre.com

David WebbVice Chairman+1 202 585 5721david.webb@cbre.com

William RoohanVice Chairman+1 410 244 3122bill.roohan@cbre.com

Andrew BoyerExecutive Vice President+1 703 734 4737andy.boyer@cbre.com

Michael MuldowneyExecutive Vice President+1 410 244 3144mike.muldowney@cbre.com

Nathan BarthClient Services Coordinator+1 703 905 0228 nathan.barth@cbre.com

Commercial

Michael D. BluntSenior Vice President+1 202 585 5672michael.blunt@cbre.com

Randall HeiligVice President+1 202 585 5557randall.heilig@cbre.com

Olesya PuenteAssociate Director+1 202 585 5682olesya.puente@cbre.com

Francisco VieiraClient Services Coordinator+1 202 585 5561francisco.vieira@cbre.com

Jamie ButlerVice President+1 202 585 5759jamie.butler@cbre.com

Transaction Team

© 2015 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

CONFIDENTIALITY AGREEMENT WMAL LAND – 7115 GREENTREE ROAD, BETHESDA, MD 20817

This Confidentiality Agreement (the “Agreement”) is entered into as of _____________, 2015, by and between DC Radio Assets, LLC (the “Owner”) and CBRE, Inc. (“CBRE”) and hereinafter, Owner shall be referred to as the (“Disclosing Party”), and ____________________________referred to as the (“Receiving Party”). 1. Recitals. Owner is considering the potential sale of 7115 Greentree Road, Bethesda, MD 20817 (the “Possible Transaction”). Disclosing Party is willing to provide Receiving Party with confidential and proprietary information on the condition that the Receiving Party protects such information from unauthorized use and disclosure as provided in this Agreement. The foregoing recitals are incorporated herein. 2. Confidential Information. The term “Confidential Information” means all material, data, non-public research, and commercial information provided before, on, or after the date hereof to the Receiving Party pertaining to the Possible Transaction; but excludes information to the extent that such information becomes generally available to the public, other than as a result of unauthorized disclosure by the Receiving Party or by persons to whom the Receiving Party has made such information available. Receiving Party hereby agrees not to disclose any Confidential Information, except as specifically permitted herein. 3. Prohibited Use or Disclosure. The Receiving Party shall not, without the prior written consent of the Disclosing Party: (a) use any portion of the Confidential Information for any purpose other than the analysis, negotiation, documentation, and/or consummation of the Possible Transaction (herein referred to as the “Permissible Uses”); (b) disclose any portion of the Confidential Information to any persons or entities other than to the directors, officers, employees, and agents (collectively, “Representatives”) of the Receiving Party who reasonably need to have access to the Confidential Information for a Permissible Use; or (c) directly or indirectly use, for the Receiving Party’s own account or the account of any other person or entity, any portion of the Confidential Information, or represent, advise, or assist any person or entity in so doing. Without limiting the foregoing, the Receiving Party shall use its best efforts, including employing reasonable safeguards, to prevent any disclosure of Confidential Information in breach of this Agreement. 4. No Disclosure of Discussion(s). Without the prior written consent of the Disclosing Party, the Receiving Party will not, and will direct its Representatives not to, disclose to any person either the fact that any investigation, discussions or negotiations are taking place concerning a Possible Transaction. 5. No Representations or Warranties. Disclosing Party makes no representations or warranties concerning the accuracy or completeness of the Confidential Information, or its sufficiency for any purpose, including Receiving Party’s evaluation of a Possible Transaction, and disclaims any representations and warranties, expressed or implied, which may be contained within the Confidential Information. The Confidential Information may be based on assumptions and projections relating to the general economy, competition, and other factors which are subject to change. Although Disclosing Party does not know of any Confidential Information which, as of the date such information was gathered, calculated, projected, or assessed, is inaccurate or misleading, Receiving Party releases and discharges Disclosing Party from any claims, liabilities, damages, or losses of any kind arising from or related to any inaccuracies in or omissions from the Confidential Information. Receiving Party agrees to exercise independent due diligence in verifying the accuracy and completeness of all Confidential Information. 6. Affiliates. The reference to the Receiving Party and the Disclosing Party shall be deemed to include any entity (i) in which such party has an equity or other ownership interest, (ii) in which such party is a member (if the other entity is a non-profit or non-stock corporation), (iii) that has at least 50% ownership of such party (directly or indirectly), and any subsidiary of that entity, and (iv) the business or affairs of which such party has the ability, by contract or otherwise, to direct or control. 7. Relationship of Parties; Indemnity. Disclosing Party and Receiving Party both acknowledge that no brokerage commissions, finder’s fees, and other compensation is due in connection with the Possible Transaction and if such claim or claims for commissions, fees or other compensation are based in whole or in part on dealings with Receiving Party or any other of its representatives; and both Disclosing Party and Receiving Party agree to indemnify and hold harmless each other and their respective affiliates, successors, and assigns, employees, officers, and directors against and from any loss, liability or expense, including reasonable attorneys’ fees arising out of any claim or claims by any broker, finder or similar agent for commissions, fees, or other compensation for bringing about the Possible Transaction if such claim or claims are based in whole or in part on dealings with Receiving Party or any of its representatives. 8. Miscellaneous.

(a) No amendment of this Agreement shall be valid or binding unless set forth in writing and executed by the party against whom enforcement of the amendment is sought. This Agreement constitutes the entire understanding and agreement between the parties hereto with respect to the subject matter hereof, and it supersedes all prior oral or written agreements, commitments, or understandings with respect to such matters.

(b) This Agreement shall be binding upon and shall inure to the benefits of the parties hereto and their respective successors and assigns. Each party agrees not to assign this Agreement to any person without the consent of the other Party.

(c) All issues and questions concerning the construction, validity, interpretation, and enforcement of this Agreement shall be governed by the laws of the State of Maryland, without giving effect to any choice of law rules.

(d) This Agreement and the obligations hereunder shall terminate on the consummation of the Proposed Transaction between Owner and Receiving Party, or if no such consummation between Owner and Receiving Party, then one (1) year from the date hereof.

(e) The invalidity or unenforceability of any provision of this Agreement shall not affect or limit the validity or enforceability of any other provision hereof. If any provision shall be deemed to be invalid or unenforceable, each party authorizes any court or tribunal of competent jurisdiction to amend, revise, or edit the unenforceable provision so as to narrow its application to the extent necessary to render it enforceable according to, or in compliance with, applicable law.

(f) The headings of the Sections of this Agreement are inserted for convenience only and shall not constitute a part hereof or affect in any way the meaning or interpretation of this Agreement. IN WITNESS WHEREOF, the undersigned party has executed this Confidentiality Agreement as of the date first set forth above for the benefit of Owner. RECEIVING PARTY: By: ____________________________________ Address: ______________________________________ Name: ____________________________________ ______________________________________ Company:____________________________________ ______________________________________ Title: ____________________________________ Email: ______________________________________ Phone: ______________________________________

Please return all executed Confidentiality Agreements to Jessica Kata at Jessica.Kata@cbre.com