Osborn Village @ MIT A proposal to redevelop the Osborn Triangle TCB Properties Kimberly Rae | Peter Vanderweil | Yali Wang | Joshua Zade TCB Properties Osborn Village @ MIT

Site Approach Regenerate the city’s urban fabric between MIT and Central Sqare. Preserve existing street alignment. Creatively reuse existing buildings. Generate activity day and night. Remain sensitive to surrounding areas. TCB Properties Osborn Village @ MIT

Precedents : Open Spaces TCB Properties Osborn Village @ MIT

Precedents : New Buildings TCB Properties Osborn Village @ MIT

Precedents: Adaptive Reuse TCB Properties Osborn Village @ MIT

Site Plan Osborn Village @ MIT TCB Properties Residential Student Housing Market Lab MIT Lab MIT Museum/ Performing Art Hotel/Extended Stay TCB Properties Osborn Village @ MIT

Program Osborn Village @ MIT TCB Properties 7% 4% 5% 9% 3% 7% 6% 37% 16% 6% Retail Affordable Residential Office Student/Faculty Housing Lab Condominium MIT Museum, Conference, Hotel Performance Mkt/Lux Resdential Extended Stay TCB Properties Osborn Village @ MIT

Preserved Streets and Buildings TCB Properties Osborn Village @ MIT

Site Planning Concepts TCB Properties Osborn Village @ MIT

Transit & Retail Street Activation TCB Properties Osborn Village @ MIT

Phasing: Existing Conditions TCB Properties Osborn Village @ MIT

Phasing: Phase 1 TCB Properties Osborn Village @ MIT

Phasing: Phase 2 TCB Properties Osborn Village @ MIT

Phasing: Phase 3 - Complete TCB Properties Osborn Village @ MIT

Gateway Plaza Street View 1 TCB Properties Osborn Village @ MIT

Gateway Plaza Street View 2 TCB Properties Osborn Village @ MIT

Museum Green Street Views TCB Properties Osborn Village @ MIT

View West from Albany Street TCB Properties Osborn Village @ MIT

Zoning and Community Relations Seek PDA designation for entire site. Required Zoning Relief Distribute FAR across entire site (3.87 aggregate FAR). Exceed allowable building heights (240’ vs. 120’). Reduce required parking ratios (0.75 X Required). Community Benefits 2.6 acres of public open space. 233 units of affordable housing. TCB Properties Osborn Village @ MIT

Financial Metrics $807 MM Total Project Cost 15% Project-level IRR before land cost Net Present Value: $462 million (midpoint) Sensitivity Analysis: $368 MM 7% terminal cap rates (all assets sell in Yr 15) 9% WACC (discount rate) $575 MM 5% terminal cap rates (all assets sell in Yr 15) 7% WACC (discount rate) TCB Properties Osborn Village @ MIT

Proposed Deal with MIT Ground Lease 75-year subdivisible and assignable ground lease. One-time payment of $25MM at lease execution. $8MM/year land rent, escalated at 1% per year. Design Process MIT has approval rights over Master Plan and conceptual design. MIT Space Use MIT to lease space at market rents. Disposition MIT has right of first offer on all asset sales. 50/50 split of proceeds above 25% asset-level IRR to TCB. TCB Properties Osborn Village @ MIT

Osborn Village @ MIT TCB Properties Osborn Village @ MIT