Presentation by the Greater Washington Commercial Association of Realtors at the Annual Press Conference - held at the National Press Club in Washington DC on December 15, 2009.

1. 5 5 WASHINGTON DC METRO MARKET OVERVIEW www.grubb-ellis.com grubb-ellis.com

2. Susan Pepper 2010 President GREATER WASHINGTON COMMERCIAL ASSOCIATION OF REALTORS Senior Vice President Grubb & Ellis Company

4. D.C. Metro – Best of the Biggest Washington – 37,000

5. Unemployment Rate Year-End Source: U.S. Bureau of Labor Statistics 10.2% 7.6% 6.2%

6. Loss of Jobs Rising Vacancy But there’s more to it…

7. D.C. Metro Office Deliveries Source: Grubb & Ellis Research, CoStar Square Feet (Millions) *Anticipated Deliveries

8. Vacancy and Average Asking Rental Rates Dollars per Square Foot Vacancy Rate D.C. Office Market Source: Grubb & Ellis Research *Projection

9. Vacancy and Average Asking Rental Rates Dollars per Square Foot Vacancy Rate Source: Grubb & Ellis Research *Projection Northern VA Office Market

10. Vacancy and Average Asking Rental Rates Dollars per Square Foot Vacancy Rate Suburban MD Office Market Source: Grubb & Ellis Research *Projection

12. Available Sublease Space Source: Grubb & Ellis Research Increasing at a Decreasing rate… Square Feet

13. Office Sales Volume (In Billions) D.C. Metro Investment * Projection Source: Real Capital Analytics, Grubb & Ellis

14. 1099 New York Avenue – 178,000 SF Sale Price: $90.5 million Buyer: Credit Suisse Seller: Tishman Speyer What would we do without foreign money? 1999 K Street – 249,000 SF Sale Price: $207.8 million Buyer: Deka Immobilien Investment Seller: Vornado Realty trust

15. *Projection Source: General Services Administration, Grubb & Ellis GSA Regional Inventory of Leased Space GSA…YEA! (SF in Millions)