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

2. 2010 Sale Comparables www.apexcommercial.com Address Year Built Sq. Ft.Sale PricePrice/SFComments Bluemound Crossing 16620 W. Bluemound 198948,449$2,950,000$60.89 Class B, single story, 48% occupied Exec. Center VI 400 N. Executive Dr. 1985102,105$8,408,700$85.00 3-story, multi-tenant, class B, 40% occupied Exec. Center IV 235 N. Executive Dr. 198085,612$5,800,000$67.00 Two-story, multi-tenant, distressed sale, M&I lease rate around $6 / sq. ft. 9898 Bluemound Rd.196524,696$1,550,000$62.75 Owner/occupant, investing $34 / sq. ft. in common areas and own suite, multi-story, brick construction

3. 2010 Sale Comparables www.apexcommercial.com Address Year Built Sq. Ft.Sale PricePrice/SFComments 100 East Wisconsin1989430,000$80,200,000$186.51 35 story, Class A,.63 acres, 720 N. Water parking structure, 94% occupied Crossroads V 21075 Swenson Drive 198920,000$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 197081,902$5,000,000$61.00 Three-story, multi-tenant, distressed sale, significant vacancy Midwest Express Headquarters Oak Creek 1996 2000 120,883$9,000,000$74.45 2 - Three story buildings, owner/occupant, 27+ acres, Class A, brick construction

4. 2010 Lease Comparables www.apexcommercial.com 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 $19.50 2.5% Gross$10.77 132 mos. None$35.00 Plaza East Robertson Ryan 17,432 $18.50 3% Gross$10.77 69 mos. None$10.00 400 N. Exec. Dr. U.S. Bank20,796 $17.00 2.5% Gross$7.74 125 mos. 5 mos. Gross Rent $25.00 Honey Creek IV Strayer University 14,922 $13.95 3% Net$10.75 60 mos. 5 mos. Gross Rent $30.00

5. 2010 Lease Comparables www.apexcommercial.com 2010 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 $15.50 3% Net$11.58 60 mos. None$5.00 First Financial Centre Weiss, Berzowski & Brady 21,403 $13.93 2% Gross$8.79 92 mos. None$12.00 411 East Marsh & McLennan 22,600 $13.50 2.5% Net$10.75120None$35.00 9809 S. Franklin TSA12,000 $25.00 3% Gross$5.05120None$45.00

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

7. Tenants in the Market www.apexcommercial.com 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.

8. Prospective Developments www.apexcommercial.com 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-794 15 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.

9. Deal Obstacles www.apexcommercial.com 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

10. What Can We Expect in 2011? www.apexcommercial.com 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

11. What Can We Expect in 2011? www.apexcommercial.com 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

12. www.apexcommercial.com THANK YOU Grubb & Ellis I Apex Commercial, Inc. Daniel J. Jessup, CCIM, President www.apexcommercial.com Phone:262-784-7500