1. Overview [SITE]Site Characteristics [MKT]Market Conditions [OPP]Opportunities [CNST]Constraints [DEV]Development Opportunity

2. [SITE]Site Characteristics [MKT]Market Conditions [OPP]Opportunities [CNST]Constraints [DEV]Development Opportunity

3. Charlestown

4. unleveled, unimproved Land Area: 40,000 SF Surrounding Uses: warehouse, commercial office, light industrial, institutional BRA owned New Rutherford Avenue Local Industrial (LI) Sub-district Max FAR: 2.0 Max Building Height: 45 feet (3-4 stories) No regulations on lot dimension, yard, and usable open space Parking Requirement: office 2, industrial 0.5 space/1000SF Site Characteristics

5. [SITE]Site Characteristics [MKT]Market Conditions [OPP]Opportunities [CNST]Constraints [DEV]Development Opportunity

6. Boston Office Market: Supply Current construction activity is very low. The forecasted completions are below 1% of total inventory (next 5 years). Residential conversions of Class B & C office buildings erode the office inventory, leaving users of small office space with fewer options.

7. Boston Office Market: Demand Data: TWR Boston Office Submarket Report 2005

8. [SITE]Site Characteristics [MKT]Market Conditions [OPP]Opportunities [CNST]Constraints [DEV]Development Opportunity

9. Access Public TransportationHighway & Throughfare

10. [SITE]Site Characteristics [MKT]Market Conditions [OPP]Opportunities [CNST]Constraints [DEV]Development Opportunity

11. Price-Competitive

12. Proximity to Bioscience Cluster

13. Constraints Office market is still in trough Lower rents than in other areas Unappealing urban environmental quality Lot size + Zoning

14. [SITE]Site Characteristics [MKT]Market Conditions [OPP]Opportunities [CNST]Constraints [DEV]Development Opportunity

15. R&D Sub-Market On The Bright Side  Proximity to life science center -- Cambridge  Increasing R&D employment in Boston MSA  High rents in Boston/Cambridge ($40-45/SF NNN)  Small firms relocating for cheaper rents Caveat  New construction

16. Summary Office market rebound Good accessibility Affordable relocating destinations for bio- science Local employment benefits Timing essential

17. Thank you ！！

22. R&D Pipeline SiteSize (sf)AreaNotes NorthPoint+2,000,000East CambridgeProposed 301 Binney Street 435,000East CambridgeProposed 650 Kendall Street East 275,000East CambridgeProposed 7 Cambridge Center 231,000East CambridgeUnder Construction 750 Main Street 175,000East CambridgeProposed 670 Albany Street 161,255Back BayUnder Construction source: Colliers International (colliers.com)