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Detail Report

707 Broadway - Washington Mutual SOLD

San Diego, CA 92101 - Downtown Submarket
1 Sale on 01/05/2005 for $48,000,000 ($283.13/SF) - Research Complete
169,536 SF Class B Office Building Built in 1961, Renov 2001

Buyer & Seller Contact Info

Recorded Buyer: Arden Realty LP Recorded Seller: 7th & Broadway Partners LLC
10188 Telesis Ct
San Diego, CA 92121
(858) 794-2900
True Buyer: Arden Realty, Inc. Seller Contact: James Ingebritsen
11601 Wilshire Blvd
Los Angeles, CA 90025
(310) 966-2600
Buyer Type: REIT
Buyer Broker: Secured Capital Corp. Listing Broker: Secured Capital Corp.
Adam Edwards Adam Edwards
(858) 646-7072 (858) 646-7072

Transaction Details ID: 963593

Sale Date: 01/05/2005 Sale Type: Investment

Sale Price: $48,000,000 - Confirmed Bldg Type: Office
Asking Price: - Year Built/Age: Built in 1961, Renov 2001 Age: 44
Price/SF: $283.13 RBA: 169,536 SF
Price/AC Land Gross: $46,462,104.35 Land Area: 1.03 AC (45,002 SF)

Percent Leased: 96.0% (18,971 SF At time of sale)

Seller Cap Rate: 7.60% Percent Improved: 76.6%
Transfer Tax: $52,800 Total Value Assessed: $34,200,000 in 2004
- Improved Value Assessed: $26,200,000
Land Value Assessed: $8,000,000
Land Assessed/AC: $7,743,684
Spacer
No. of Tenants: 31
Tenants at time of sale: Alter, Richard C; Bruce Fett; Cafe Ala Cart; City of San Diego; Cogeneration National Cor; Cogeneration
National Corp; Eastman, Gary L Atty; Equis Corporation; Fire Alarm; Healthcare Association Of San Diego
And Imperial C; Heinz & Feinberg; Inter@ctivate; Interactive Media Group; Lowell & Robbin; Manor Lou W
Attorney At Law; Maund, Walter J Attorney At Law Inc; MCI WorldCom; Mission Valley Designers; Nuffer,
Smith, Tucker, Inc.; Parsons Brinckerhoff; PinnacleOne; Primary Energy; San Diego Expressway Lp; SC
Design, Inc.; Siegel Moreno & Stettler; Southcoast Realty & Financial Inc; The Retirement Group; Theep,
Raymond T Law Office; Washington Mutual; Welch, David A; Yasny Group Inc
Legal Disclaimer 1/3/2007
This copyrighted report contains research licensed to CoStar Group, Inc. - 59427.
Page 1
Detail Report

707 Broadway - Washington Mutual SOLD

169,536 SF Class B Office Building Built in 1961, Renov 2001 (con't)

Tenants at time of sale: Alter, Richard C; Bruce Fett; Cafe Ala Cart; City of San Diego; Cogeneration National Cor; Cogeneration
National Corp; Eastman, Gary L Atty; Equis Corporation; Fire Alarm; Healthcare Association Of San Diego
And Imperial C; Heinz & Feinberg; Inter@ctivate; Interactive Media Group; Lowell & Robbin; Manor Lou W
Attorney At Law; Maund, Walter J Attorney At Law Inc; MCI WorldCom; Mission Valley Designers; Nuffer,
Smith, Tucker, Inc.; Parsons Brinckerhoff; PinnacleOne; Primary Energy; San Diego Expressway Lp; SC
Design, Inc.; Siegel Moreno & Stettler; Southcoast Realty & Financial Inc; The Retirement Group; Theep,
Raymond T Law Office; Washington Mutual; Welch, David A; Yasny Group Inc
Financing: Down payment of $48,000,000.00 (100.0%)
Legal Desc: Lots A thru I blk 46 Hortons Add map LL Lockling.
Parcel No: 534-322-01, 534-322-02, 534-322-03, 534-322-04, 534-322-05, 534-322-06, 534-322-07, 534-322-08
Document No: 0011299
Sale History: Sold for $53,000,000 ($312.62/SF) on 05/02/2006
Sold on 03/29/2005
Sold for $48,000,000 ($283.13/SF) on 01/05/2005
Sold for $35,200,000 ($207.63/SF) on 09/26/2003
Sold for $19,257,490 ($113.59/SF) on 12/14/2000
Spacer
Transaction Notes

Income/Expense:
It was reported that the property sold at a 7.6% cap rate based on income at time of sale. The property was 97% leased to 23 tenants.

Arden Realty LP c/o Brigitta Troy

7th & Broadway Partners LLC c/o James Ingebritsen

* Seller: Additional sellers: 901 7th Avenue Partners, LLC and 707 Weber, LLC.
* Frontage: There is an additional 200' on E St. and 150' on 8th Ave.
* Parking: 12-story, 792-stall garage, 4 stories below ground, 8 above.
* Sale Price: There was no deferred maintenance reported for this property.

Current Building Information ID: 42622

Bldg Type: Office Bldg Status: Built in 1961, Renov 2001 Age: 46
Class: B RBA: 169,536 SF
Total Avail: 18,971 SF % Leased: 88.8%
Bldg Vacant: 18,971 SF Rent/SF/Yr: Negotiable
Tenancy: Multi Elevators: 5 with 1 frt
Owner Type: REIT Core Factor: 3.2%
Owner Occupied No Stories: 18
Zoning: CBX Typical Floor Size: 9,418 SF
Land Area: 1.03 AC Building FAR: 3.77
Const Type: Masonry

Expenses: 2003 Combined Tax/Ops @ $12.00/sf

Street Frontage: 400 feet on Broadway
Parking: Covered Spaces @ $160.00/mo; Ratio of 2.50/1,000 SF
Amenities: Corner Lot, On Site Management, Property Manager on Site
Location Information
Cross Street: 7th Ave
Metro Market: San Diego
Submarket: Downtown/Downtown
County: San Diego
CBSA: San Diego-Carlsbad-San Marcos, CA
DMA: San Diego, CA
Map(Page): Thomas Bros. Guide 1288-J3
Spacer

Legal Disclaimer 1/3/2007

This copyrighted report contains research licensed to CoStar Group, Inc. - 59427.
Page 2
Detail Report
707 Broadway - Washington Mutual SOLD
169,536 SF Class B Office Building Built in 1961, Renov 2001 (con't)

Parcel Number: 534-322-01, 534-322-02, 534-322-03, 534-322-04, 534-322-05, 534-322-06, 534-322-07, 534-322-08
Legal Description: -
County: San Diego

Plat Map: 707 Broadway - Washington Mutual

Legal Disclaimer 1/3/2007

This copyrighted report contains research licensed to CoStar Group, Inc. - 59427.
Page 3
Quick Stats Report

Comps Statistics
Low Average Median High Count

Office
Sale Price $210,000 $14,203,227 $995,000 $370,000,000 227
RBA 577 SF 51,516 SF 3,879 SF 1,174,866 SF 227
Price per SF $7.22 $275.71 $278.37 $7,650.27 227
Seller Cap Rate 5.11% 7.34% 6.72% 12.40% 18
Days on Market 5 179 120 730 64
Sale Price to Asking Price Ratio - - - - -
General Retail
Sale Price $500,000 $2,322,600 $1,404,500 $28,300,000 73
Center Size 112 SF 9,478 SF 3,738 SF 135,000 SF 73
Price per SF $44.48 $245.06 $380.95 $18,750.00 73
Seller Cap Rate 6.13% 6.22% 6.22% 6.30% 2
Days on Market 90 150 120 240 3
Sale Price to Asking Price Ratio - - - - -
Shopping Center
Sale Price $2,150,000 $10,511,280 $12,010,000 $25,100,000 11
Center Size 9,870 SF 74,679 SF 62,875 SF 287,679 SF 11
Price per SF $41.75 $140.75 $214.53 $278.89 11
Seller Cap Rate 2.00% 4.70% 4.70% 7.40% 2
Days on Market - - - - -
Sale Price to Asking Price Ratio - - - - -
Mixed-Use
Sale Price $2,125,000 $2,125,000 $2,125,000 $2,125,000 1
Building Size 8,979 SF 8,979 SF 8,979 SF 8,979 SF 1
Price per SF $236.66 $236.66 $236.66 $236.66 1
Seller Cap Rate 6.50% 6.50% 6.50% 6.50% 1
Days on Market - - - - -
Sale Price to Asking Price Ratio - - - - -
Totals

Sold Transactions Total Sales Volume: $3,511,431,362 Total Sales Transactions: 312

Survey Criteria

Location: Location method - State; State - Virginia

Basic Criteria: Sale Status - Sold; Property Type - Office, Retail, Shopping Center, Mixed Use; Sale Date - from
1/1/2006; - Include Non-Arms Length Comps

This copyrighted report contains research licensed to CoStar Group, Inc. - 306574. 11/10/2006
Page 1
Trend Report
Dollar Volume # of Transactions

Cap Rate Average Price Per SF

Current Survey
Legend: 01/01/2003 - 11/14/2006
Sold
Transactions
Current Survey
Number of Records 193
Sold Transactions
Total Dollar Volume $892,183,375
Total Bldg Square Feet 4,054,210
Total Land in Acres 34.74
Average Price $4,622,712
Average Number of SF 21,006
Average Price Per Bldg SF $220.06
Time Interval - Quarterly Median Price Per SF $294.12
Average Number of Acres 0.18
Average Cap Rate 8.2%
Survey Criteria

Location: Location method - State; State - New York

Basic Criteria: Sale Status - Sold; Property Type - Office; - Exclude all Portfolio Sales; - Exclude all Condo Sales; Sale
Date - from 1/1/2000; Price - $2,000,000-$9,000,000; - Exclude results where Price is not disclosed; - Include Non-Arms Length
Comps

This copyrighted report contains research licensed to CoStar Group, Inc. - 306574. 11/14/2006
Page 1