Appraisal Institutes Year-in-Review Symposium Daniel J. Jessup, CCIM President

2010 Sale Comparables Address Year Built Sq. Ft.Sale PricePrice/SFComments Bluemound Crossing W. Bluemound ,449$2,950,000$60.89 Class B, single story, 48% occupied Exec. Center VI 400 N. Executive Dr ,105$8,408,700$ story, multi-tenant, class B, 40% occupied Exec. Center IV 235 N. Executive Dr ,612$5,800,000$67.00 Two-story, multi-tenant, distressed sale, M&I lease rate around $6 / sq. ft Bluemound Rd ,696$1,550,000$62.75 Owner/occupant, investing $34 / sq. ft. in common areas and own suite, multi-story, brick construction

2010 Sale Comparables Address Year Built Sq. Ft.Sale PricePrice/SFComments 100 East Wisconsin ,000$80,200,000$ story, Class A,.63 acres, 720 N. Water parking structure, 94% occupied Crossroads V Swenson Drive ,000$1,300,000$65.00 Single story, owner/occupant, invested $35/sq.ft. in their space, 2.49 acres The Forum Building 3333 N. Mayfair Road ,902$5,000,000$61.00 Three-story, multi-tenant, distressed sale, significant vacancy Midwest Express Headquarters Oak Creek ,883$9,000,000$ Three story buildings, owner/occupant, 27+ acres, Class A, brick construction

2010 Lease Comparables Building Tenant Name Sq. Ft. Lease Rate Net Gross Op. Exp. / Sq. Ft. Lease Term Rent Concessions TIs/ SF Plaza East Associated Bank 17,432 $ % Gross$ mos. None$35.00 Plaza East Robertson Ryan 17,432 $ % Gross$ mos. None$ N. Exec. Dr. U.S. Bank20,796 $ % Gross$ mos. 5 mos. Gross Rent $25.00 Honey Creek IV Strayer University 14,922 $ % Net$ mos. 5 mos. Gross Rent $30.00

2010 Lease Comparables Lease Comparables Building Tenant Name Sq. Ft. Lease Rate Net Gross Op. Exp. / Sq. Ft. Lease Term Rent Concessions TIs/ SF 100 East Hinshaw & Culbertson 12,947 $ % Net$ mos. None$5.00 First Financial Centre Weiss, Berzowski & Brady 21,403 $ % Gross$ mos. None$ East Marsh & McLennan 22,600 $ % Net$ None$ S. Franklin TSA12,000 $ % Gross$ None$45.00

Current Lease Concessions Rent abatement Above market tenant improvements Moving allowance Blend and extend Motorcycles, automobiles, etc… Nothing is off the table

Tenants in the Market Astronautics – 176,000 sq. ft. Focused on The Brewery Von Briesen & Roper Law Firm – 75,000 sq. ft. Godfrey & Kahn Law Firm – 90,000 sq. ft. Baker Tilly – 70,000 sq. ft. Eaton Corp. – 90,000 sq. ft. Focused on a build-to-suit opportunities at I-45 and Good Hope Road Harmony Initiative – 70,000 sq.ft.

Prospective Developments Irgens/Lee Office Project Across from the Pfister Hotel 20 – 25 Stories Ranier Mixed Use Project Park East Corridor 15 stories – 280,000 sq. ft. Weas Development Office Project Southeast corner of N. Broadway and Michigan Avenue – Just north of I stories - 200,000 sq. ft. Note: The Manpower Headquarters project and Cathedral Square both received a $25 million subsidy from the City for parking structures.

Deal Obstacles Financing – C.R.E. – four letter word Bank underwriting standards Slow to no employment growth Tenants carrying excess space Financially distressed building ownership Financially distressed tenants Analysis paralysis Continued economic uncertainty

What Can We Expect in 2011? Slight, very gradual improvement Concessions may lessen in second half of 2011? No increase in lease rates Maybe – just maybe – a downtown office building will break ground? Financially stable tenants continue to blend and extend

What Can We Expect in 2011? More adaptive reuse of existing commercial properties Low cost of acquisition More urban opportunities versus vacant land parcels Superior construction Unique character Government incentives available

THANK YOU Grubb & Ellis I Apex Commercial, Inc. Daniel J. Jessup, CCIM, President Phone: