EXECUTIVE SUMMARY

Fremont / Warm Springs Value Add

R&D Investment Opportunity

FREMONT TECHNOLOGY PARK

Fremont, California

TECHNOLOGY DRIVE

Fremont Technology Park

Warm Springs Extension

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The Offering

PROPERTY OVERVIEW4209-4215

Technology Drive4221-4227

Technology Drive4245

Technology DriveTOTAL RENTABLE AREA 75,036 56,032 35,690PERCENT OCCUPIED 100% 65% 100%TOTAL PROJECT SIZE 166,758TOTAL PROJECT OCCUPANCY 88%NUMBER OF STORIES Partial 2 1 1YEAR BUILT 1985LAND AREA 9.8 AcresPARKING RATIO 514 Surface Spaces (3.08 Spaces per 1,000 Square Feet)CURRENT ZONING G-I: General IndustrialAPN 525-1652-1-1

4209-4215 TECHNOLOGY DRIVE – 75,036 SQUARE FEET | 100% OCCUPIED4209-4215 Technology Drive is a partial two story office/R&D building that is 100% occupied by Hewlett Packard Enterprise, number 20 on the Fortune 500 list.

The Building is a mix of open office, conference rooms, lab area and a cafeteria area.

4221-4227 TECHNOLOGY DRIVE – 56,032 SQUARE FEET | 64% OCCUPIED4221-4227 Technology Drive is a single story office/R&D building that is currently 64% occupied. Hewlett Packard Enterprise occupies 19,157 square feet, Blazer

Exhibits, an industry leader in custom displays, occupies 16,675 square feet and the remaining 20,200 square foot space is currently vacant. The occupied space

is a combination of office, lab and warehouse space. The vacant space is functional open office with warehouse space served by a dock.

4245 TECHNOLOGY DRIVE – 35,690 SQUARE FEET | 100% OCCUPIED4245 Technology Drive is a single story office/R&D building that is 100% occupied by Hewlett Packard Enterprise. The Building is a mix of office and lab areas

and serves as a research and development facility for Hewlett Packard Enterprise.

CBRE Capital Markets, as exclusive advisor, is pleased to present the outstanding opportunity

to acquire the 100% fee simple interest in Fremont Technology Park (the “Property” or

“Buildings”), comprised of three office/R&D buildings totaling 166,758 square feet located in

Fremont, California. The Property is currently 88% leased to two tenants, with Hewlett Packard

Enterprise representing 78% of the total occupancy. The Property offers in-place income and

future upside through renewing or re-tenanting the occupied space at market rents and

leasing the current vacant space in the project. This offering is being made unpriced on an

“as-is, where is” basis.

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Value Add Lease-Up Opportunity & Below Market RentsThe Property offers immediate upside through the lease-up of the vacant space at 4221 Technology Drive. The Property’s contractual rents are

an average of 11% below market providing investors the ability to increase cash flow by renewing or re-tenanting these spaces at market rents.

Tenant Migration and Declining R&D SupplyThe Fremont R&D market has witnessed tremendous tenant demand over the past several years and this demand is expected to continue in the submarket

due to several factors. A significant contributor to this demand is the nearly 16 million square feet of competitive product throughout Silicon Valley that has

been demolished and replaced with high rise office, residential or mixed use product. Tenants seeking high quality R&D space will continue migrating to

Fremont as fewer options remain throughout the greater Silicon Valley area.

Fremont Market FundamentalsFremont has witnessed a fundamental shift over the past five years,

as some of the most promising industry sectors of the economy are

moving to or expanding in Fremont. The demand drivers in Fremont

are unique to the greater Bay Area due to the mix of industries

clustered in the market, including next generation automotive (led by

Tesla), clean technology, advanced manufacturing and life science.

Since 2014, occupancy gains have totaled over 2.1 million square

feet, the most of any submarket in Silicon Valley over this time period.

This has resulted in a dramatic decrease in the vacancy rate, declining

1,040 basis points to 7.5% as of the first quarter of 2017. The Fremont

vacancy rate is now below the overall Silicon Valley vacancy rate.

Investment Highlights

[1] The calculation of total “Percentage Above/(Below) Market Rent” only includes existing tenants as noted in this schedule.

SILICON VALLEY VS FREMONT VACANCY RATE

Tenant Expiration Schedule

SuiteTenant at Sept 1, 2017

Square Feet

Total Project

Lease Start Lease End

Lease Term Remaining (Yrs.)

Existing Rent as of Sep 1, 2017

Market Rent as of Sep 1, 2017

Percentage Above/(Below) Market Rent [1]

4209-4215 HP Enterprise 75,036 45% Apr-05 May-20 2.92 $1.15 PSF NNN $1.20 PSF NNN -4.17%4245 HP Enterprise 35,690 21.4% Apr-05 May-20 2.92 $1.15 PSF NNN $1.20 PSF NNN -4.17%4225 HP Enterprise 19,157 11.5% Apr-05 Nov-17 0.25 $1.15 PSF NNN $1.20 PSF NNN -4.17%4227 Blazer 16,675 10% Jul-13 Feb-21 3.66 $0.44 PSF NNN $1.20 PSF NNN -63.75%Total Leased Square Feet 146,558 87.97% 3.01 Years $1.07 $1.20 -10.95%

17.9%

12.9%

8.4%

7.5%

12.0%

9.0%

6.9%

7.7%

0.0%2.0%4.0%6.0%8.0%

10.0%12.0%14.0%16.0%18.0%20.0%

1 2 3 4 1 2 3 4 1 2 3 4 1

2014 2015 2016 2017

% VacancySilicon Valley vs Fremont Vacancy Rate

Fremont Silicon Valley

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Fremont’s Leading Transportation and Residential DevelopmentsThis spring the Warm Springs/South Fremont BART Station opened providing the Property with public transportation to the entire Bay Area. Located less than

two miles from Fremont Technology Park, the Warm Springs/South Fremont BART Station offers commuters direct access to Contra Costa and Northern Alameda

Counties, where the majority of the Bay Area’s labor force resides. Additionally, the commute times from the Warm Springs/South Fremont BART Station to

San Francisco will rival Caltrain commute times to Palo Alto and Mountain View. Surrounding the new BART Station is Fremont’s Innovation District, an 879-acre

area that was approved by the City in 2014 to add up to 4,000 new residential units, many of which are currently under construction, as well as commercial space

including a mix of retail, hotel and office/R&D product.

Convenient Transportation AccessThe Property is located near the corner of

Technology Drive and Auto Mall Parkway, one

of Fremont’s most traveled thoroughfares. This

location is centered between Interstates 880

and 680, offering ease of access to the greater

Bay Area.

TECHNOLOGY DR42454209 - 4211

4221

FREMONT BLVD

S GRIMMER BLVD

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5.3 Million Square Feet

Investment Highlights

Abundant Nearby AmenitiesThe Property enjoys convenient proximity to

several retail, dining and hotel options. Located

off of Auto Mall Parkway just west of Interstate

880 is the Pacific Commons Shopping Center,

one of the largest retail centers in Alameda

County. Consisting of nearly 1.2 million square

feet of retail space, the center offers a movie

theater, several retail stores including Lowe’s,

Nordstrom Rack, and Target and over 40 dining

options, including Five Guys Burgers & Fries,

Panera Bread and P.F. Chang’s.

Warm Springs Extension Service Began March 25, 2017

Future VA Outpatient Clinic

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Site Plan

4209 - 4215 Technology Drive

4245 Technology Drive4227 Technology Drive

4221 Technology Drive (Vacant)

4225 Technology Drive

75,036 SF

35,690 SF16,675 SF

20,200 SF

19,157 SF

Lease Expiration: May 2020Lease Expiration: Feb 2021Lease Expiration: Nov 2017

© 2017 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. 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.

JOE MORIARTYExecutive Vice President+1 408 453 7480joseph.moriarty@cbre.comLic. 01224328

JACK DEPUYSenior Associate+1 408 453 7466jack.depuy@cbre.comLic. 01796176

BRAD ZAMPAExecutive Vice President+1 415 772 0225brad.zampa@cbre.comLic. 01174366

MICHAEL WALKERSenior Vice President+1 415 772 0278michael.l.walker@cbre.comLic. 01843658

CHIP SUTHERLANDSenior Vice President+1 408 453 7410chip.sutherland@cbre.comLic. 01014633

SCOTT J. PROSSER, SIORExecutive Vice President+1 408 453 7454scott.prosser@cbre.comLic. 01104754

INVESTMENT CONTACTS

LOCAL MARKET LEASING DEBT & STRUCTURED FINANCE

4221, 4245, and 4209 - 4211 Technology Drive

Fremont, California

CAPITAL MARKETSOFFICE | WESTERN U.S.

BAY AREARussell IngrumScott ProsserJoe MoriartyTyler MeyerdirkSeth McKinnonJack Depuy

DENVERTim RicheyMike WinnChad Flynn

LA/OC COUNTIESTodd TydlaskaSean SullivanMike LongoAnthony DeLorenzo

PHOENIXBarry Gabel

PORTLANDTrevor KafouryCharles Safley

SEATTLETom PehlLou Senini

SAN DIEGOLouay AlsadekHunter Rowe

DEBT & STRUCTUREDFINANCEBrad ZampaMichael WalkerBrady O’DonnellVal AchtemeierBruce FrancisMark McGovern

FREMONT TECHNOLOGY PARK

Fremont, California