'07 4Q - Boston

Northern Virginia New Supply - Revised 4Q 2007QUARTER SUBMARKET ADDRESS BUILDING NAME DEVELOPER/OWNERDelivery Date of 2007 3,140,198 2,237,731 902,467 28.74%PROJECTTYPEBLDG SIZE SFArlington County 177,046 10,926 166,120 93.83%Q4 Ballston 4075 Wilson Boulevard Two Liberty Center Shooshan Spec 177,046 10,926 166,120 93.83% N/A Cushman & WakefieldDFI International (102,500 SF),Strategic Analysis (41,000 SF)Fairfax County 2,506,533 1,963,144 543,389 21.68%Q1 Oakton 10580 Arrowhead Drive Redwood Plaza III SMII Fairfax LLC Spec 40,789 40,789 0 0.00% $32.00 /fs CB Richard EllisQ1 Rt 28 S 14291 Park Meadow Drive Plaza East II Tishman Speyer Spec 123,426 123,426 0 0.00% $32.00 /fs Tishman SpeyerQ1 Rt 28 S 4840 Westfields Boulevard Stoneleigh II Normandy Glenbrook II, LLC Spec 105,833 105,833 0 0.00% Negotiable Cassidy & Pinkard ColliersQ2 Reston 11790 Sunrise Valley Drive Reston Square The JBG Companies Spec 153,355 20,934 132,421 86.35% Negotiable CB Richard EllisWhitney, Bradley & Brown(65,343 SF)Q2 Rt 28 S 14295 Park Meadow Drive Plaza East I Tishman Speyer Spec 123,426 123,426 0 0.00% $32.00 /fs Tishman SpeyerQ2 Rt 28 S 15052 Conference Center Drive Stonegate II Opus East BTS 145,000 0 145,000 100.00% N/A Opus East Lockheed Martin (144,196 SF)Q2 Rt 28 S 14426 Penrose Place Penrose Center Zumot Real Estate Spec 150,384 150,384 0 0.00% $27.00 /fs Millenium RealtyQ3 Herndon 13820 Sunrise Valley Drive South Lake at Dulles Corner Brandywine Realty Trust Spec 267,351 267,351 0 0.00% $36.00 /fs CB Richard EllisQ3 Rt 28 S 2900 Towerview Road 2900 Towerview 2900 Towerview Road, LLC Spec 140,000 58,866 81,134 57.95% $16.75 /nnn Transwestern Pulse Communications (78,000Q3 Herndon 2300 Dulles Station Boulevard Dulles Station West Building 1 WRIT Spec 180,000 180,000 0 0.00% $38.00 /fs Grubb & EllisQ3 Herndon 2260 Woodland Pointe Avenue Woodland Pointe Tishman Speyer Spec 184,834 0 184,834 100.00% N/A Tishman Speyer Volkswagen (184,834 SF)Q3 Rt 28 S 13857 McLearen Drive Lincoln Park III @ Dulles International Lincoln Property Company Spec 202,992 202,992 0 0.00% $32.50 /fs Lincoln Property CompanyQ3 Rt 28 S 15020 Conference Center Drive Mission Ridge 1 Pitcairn Spec 156,041 156,041 0 0.00% $32.50 /fs Jones Lang LaSalleQ3 Rt 28 S 15030 Conference Center Drive Mission Ridge 2 Pitcairn Spec 156,040 156,040 0 0.00% $32.50 /fs Jones Lang LaSalleQ4 Herndon 2550 Wasser Terrace Overlook Towers at Dulles Corner Vardell Realty Investments Spec 217,074 217,074 0 0.00% $36.00 /fs Millennium RealtyQ4 Rt 28 S 14370 Newbrook Drive Commonwealth Centre BPG Properties Spec 159,988 159,988 0 0.00% $32.00 /fs Millennium RealtyLoudoun County 456,619 263,661 192,958 42.26%Q1 Rt 28 N 21575 Ridgetop Circle Ridgetop III @ Loudoun Tech Center Bavar Properties Group Spec 90,000 90,000 0 0.00% Negotiable Cassidy & Pinkard ColliersQ1 Rt 7 43480 Yukon Drive Building A Edens & Avant, Inc. Spec 60,000 27,191 32,809 54.68% $26.00 /fs The Wiley Companies Kaiser Permanente (30,000 SF)Q1 Rt 28 N 43490 Yukon Drive Building B Edens & Avant, Inc. Spec 60,000 0 60,000 100.00% N/A The Wiley CompaniesLong & Foster (6,000), AllState(2,000 SF)Q2 Leesburg 801 Sycolin Road SE Park Center I LLC Spec 70,000 28,150 41,850 59.79% $25.00 /fs Sperry Van Ness/Vaaler County of Loudon (19,834 SF)Q3 Rt 28 N 22675 Glenn Drive Willow Creek Westdulles Properties Spec 57,000 57,000 0 0.00% $28.00 /fs CB Richard EllisQ4 Rt 7 19775 Belmont Executive Plaza Building A Belmont Land, LP Spec 119,619 61,320 58,299 48.74% Negotiable Cassidy & Pinkard Colliers Toll Brothers (58,294 SF)AVAILABLESPACE SFPRELEASEDSF%PRELEASERENTLEASING COMPANYMAJOR TENANTSQUARTER SUBMARKETADDRESSBUILDING NAMEDEVELOPER/OWNERDelivery Date of 2006 3,247,951 1,799,304 1,448,647 44.60%Alexandria 175,000 116,700 58,300 33.31%Q4 Old Town 1925 Ballenger Avenue Carlyle Center Carlyle-Lane-CFRJ Venture Spec 175,000 116,700 58,300 33.31% $46.00 /fs Jones Lang LaSalleArlington County 1,329,811 435,934 893,877 67.22%Q2 Crystal City 2777 Crystal Drive One Potomac Yard Potomac Yard Crescent Resources BTS 318,418 0 318,418 100.00% N/A Jones Lang LaSalle EPA (fully leased)Q2 Crystal City 2733 Crystal Drive Two Potomac Yard Potomac Yard Crescent Resources BTS 310,741 209,183 101,558 32.68% $42.50 /fs Jones Lang LaSalle EPA (95,937)Q3 Clar/CH/VS 3434 N. Washington BoulevardOrr Company / George MasonUniversity Foundation Spec 200,000 0 200,000 100.00% N/A Grubb & Ellis SRA (152,064 SF)Q4 Ballston 4401 Wilson Boulevard Ellipse at Ballston West NRECA Spec 250,652 78,010 172,642 68.88% $39.00 /fs TranswesternPlateau Systems (48,016 SF),Newspaper Association ofAmerica (37,016 SF)Q4 Ballston 950 N. Glebe Road The Regent JBG / Morgan Stanley Spec 250,000 148,741 101,259 40.50% $44.00 /fs Jones Lang LaSalleAmerican Trucking Association(105,900 SF)Fairfax County 1,222,554 860,019 362,535 29.65%Q2 Rt 28 S 3076 Centerville RoadLincoln Park II - Bldg B DullesInternational Ctr Lincoln Property Company Spec 96,920 75,914 21,006 21.67% $28.50 /fsCox Communications (13,097Lincoln Property Company SF) Arcolex (8,200 SF)Q2 Rt 28 S 14668 Lee Road Liberty Center 3 Westfields Duke Realty BTS 158,920 27,610 131,310 82.63% N/A Duke Realty SAIC (103,000 SF)Q2 Rt 28 S 5155 Parkstone Drive Park Stone Place Westfields Realty Capital Partners Spec 76,391 76,391 0 0.00% Negotiable Trammell CrowQ3 Fairfax Ctr 11325 Random Hills Road Bridgewater Corporate Center Archon Group Spec 200,000 200,000 0 0.00% Negotiable Lincoln Property CompanyQ4 Oakton 10580 Arrowhead Drive Redwood Plaza 3 Trammell Crow / SMII Fairfax Spec 40,789 40,789 0 0.00% $32.00 /fs Trammell CrowQ4 Falls Church 400 S Maple Avenue 500 Maple Project Atlantic Realty Companies Spec 85,000 30,614 54,386 63.98% $29.00 /fs Trammell CrowTax Analyst's (30,000 SF -owner occupied)Q4 Rt 28 S 15040 Conference Center Drive Independence Center 2 WestfieldsCarrAmerica / Columbia EquityTrust Spec 115,563 115,563 0 0.00% $30.00 /fs Grubb & EllisQ4 Rt 28 S 5860 Trinity Parkway Trinity Centre 2 Trinity Centre Clark Advisors Spec 150,000 100,000 50,000 33.33% $34.50 /fs Grubb & Ellis Carfax (50,000 SF)Q4 Rt 28 S 4800 Westfields Boulevard Stoneleigh 1 Westfields SMCI / Starco Properties Spec 105,833 0 105,833 100.00% N/A Jones Lang LaSalle Apptis (105,833 SF)Q4 Herndon 12930 Worldgate Drive Monument III @ Worldgate Monument Realty. Spec 193,138 193,138 0 0.00% $37.50 /fs Jones Lang LaSalleLoudoun County 237,790 135,617 102,173 42.97%Q2 Route 7 20110 Ashbrook Place Merritt Properties Spec 58,000 58,000 0 0.00% Negotiable Merritt PropertiesQ2 Route 7 19980 Highland Vista Drive Merritt@University Center II Merritt Properties Spec 64,290 42,117 22,173 34.49% Negotiable CB Richard EllisQ2 Route 7 44927 George Washington University Center I Clarke-Hook Corporation Spec 35,500 35,500 0 0.00% $24.00 /n CommonwealthQ4 Rt 28 N 22400 Shaw Road Four Sterling Park Lerner Enterprises BTS 80,000 0 80,000 100.00% N/A Diamond Property GSA-DEA (80,000 SF)Prince William County 282,796 251,034 31,762 11.23%Q2 Rt 29/I-66 10611 Balls Ford Road General's Ridge I Linden Investors Spec 48,000 48,000 0 0.00% $25.00 /fs Chalmers PropertyQ2 Woodbridge 2525 Pointe Center Court Northpointe Center Spec 38,210 21,709 16,501 43.19% N/A Norman RealtyEDS (9,200 SF) ComputingTechnol (9,400 SF)Q3 Woodbridge 3800 Fettler Park Drive Quantico Center II Spec 52,000 52,000 0 0.00% $26.00 /fs Norman RealtyQ3 Manassas 9110 Railroad DriveBarros Acquistion &Developement Spec 30,000 14,739 15,261 50.87% $24.00 /fs Norman RealtyQ4 Woodbridge 12701 Marble Stone Drive County Center II Kettler Spec 55,680 55,680 0 0.00% $27.50 /fs NAI KLNBQ4 Rt 29/I-66 10432 Balls Ford Lane Battlefield Overlook II WTG Properties Spec 58,906 58,906 0 0.00% $26.50 /fs WTG PropertiesNote: Only bldgs added to supply are included on this listSupply consists of all A, B and C office bldgs > 30,000 square feet, excluding all medical, condo and owner occupied bldgsPROJECTTYPEBLDG SIZE SFAVAILABLESPACE SFPRELEASED %SF PRELEASERENTLEASING COMPANYMAJOR TENANTS