Market Overview

Construction Begins on 38-Acre Creative Office Campus Encompassing Nearly One Million Square Feet within Tustin Legacy

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Lincoln Property Company and Alcion Ventures have finalized a major land
acquisition from the City of Tustin and begun construction of Phase 1 of
a two-phased, 38-acre, state-of-the-art creative office campus in the
heart of Orange County within the 1,600-acre master-planned community of
Tustin Legacy.

The project team worked closely with the City over the better part of
three years to create the vision for this modern office campus, widely
considered to be Orange County's most anticipated and significant
ground-up office development in recent history.

Named FLIGHT at Tustin Legacy in reference to the property's longtime
use as a Marine Corps Air Station, the two-phased mixed-use campus will
ultimately be comprised of 18 low-rise office buildings, retail areas,
open space and market-leading amenities. Phase 1 will consist of
approximately 470,000 square feet of office, restaurant and amenity
space in 10 buildings spread over 17.5 acres and located immediately
adjacent to the nearly completed 26-acre Tustin Legacy Park, connecting
the new office campus with passive and active outdoor space and walking
trails.

A signature feature of FLIGHT is Mess Hall Market, a 12,000-square-foot
chef-driven, curated market food hall serving breakfast, lunch, and
dinner, as well as a full-service bar. Building on the success of its
recently opened Irvine market food hall known as TRADE Marketplace &
Food Hall, the developers aim to bring an unparalleled on-site food and
beverage amenity to the future employees of FLIGHT. Leasing efforts for
Mess Hall Market, which will accommodate 12 vendors, are currently
underway — anchor tenants will be announced in the fall.

The project also embodies cutting-edge creative office features such as
inspiring architecture, curated art and 14-foot to 37-foot ceiling
heights as well as innovative design elements. Most notably the
progressive decentralized core floor plate design produces highly
efficient space layouts with more usable interior square footage and
encourages collaboration via modern workplace design strategies. The
decentralized core also affords tenants the unique ability to create
outdoor patios and entrances directly to their workspace from the
exterior of the building — forgoing a traditional common office lobby
entirely.

"This was a rare opportunity in Orange County to acquire a large
centrally-located land parcel adjacent to substantial retail and
residential uses," said Mark Potter, Co-Founder and Partner of Alcion
Ventures. "FLIGHT is more than office space — it will be an unmatched
creative office environment for businesses and their employees who will
be able to dine, exercise, socialize and enjoy the outdoors within the
project."

FLIGHT's amenities include outdoor meeting spaces and flexible break-out
rooms, indoor and outdoor fitness areas with space designed to hold
exercise classes, a bike share program, dog walk and walking trails, and
electric vehicle charging stations. FLIGHT will also feature
extraordinary landscaping by the award-winning Rios Clementi Hale
Studios, who also designed the architecture and interiors of the
project, as well as full-scale art murals and curated imagery throughout
the campus.

"This is an exciting milestone in creating what will be a dynamic
employment hub in the area," said Parke Miller, Executive Vice President
of Lincoln Property Company. "There will be truly nothing like it in
Orange County, and maybe anywhere in the greater Western United States.
The location, architecture and amenity package is extraordinary, and no
other office property has a public park as its backyard. Prospective
tenants may be most impressed with how efficient the buildings space
plan is, creating occupancy cost savings as a result of needing to take
less rentable square feet at FLIGHT than typical office product. The
overall value proposition is significant."

With close proximity to several major area freeways, including the 55,
405 and 5, plus adjacent toll roads, employees from across Southern
California will have convenient access to the site. FLIGHT is also
located minutes from the Metrolink Tustin Station, making public transit
an option for employees getting to and from work.

"We are thrilled to see the vision of Tustin Legacy continue to be
fulfilled with the addition of FLIGHT at Tustin Legacy," said Mayor Dr.
Allan Bernstein of the City of Tustin. "The campus will add
high-quality, in-demand creative office space to Orange County in a very
centralized location, making Tustin a premier choice for employers."

The project will be constructed in phases. The project's first phase,
which includes four 4-story office buildings, a collection of four
custom-built incubator-style office buildings dubbed the Platform
Campus, the Mess Hall Market, and a conference center, is expected to be
completed in late 2018. Rios Clementi Hale Studios is responsible for
the architecture, landscape, interior design and urban planning of
FLIGHT.

Construction financing was brokered by Holliday Fenoglio Fowler, L.P.
and provided by ACORE Capital and iStar, Inc. Ted Snell, Chris Bates,
Eric Snell of CBRE represented the City of Tustin in the transaction.
Jeff Pion, David Dowd, Matt Didier and Jennifer Whittington of CBRE will
serve as office listing agents.

About Lincoln Property Company

Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is
a privately-owned real estate firm involved in real estate investment,
development, property management and leasing worldwide. Lincoln has
offices in all major markets of the U.S. and throughout Europe.
Lincoln's cumulative development efforts have produced over 130 million
square feet of commercial space and over 212,000 multifamily residential
units. Lincoln Property Company is the second largest apartment manager
in the United States.

Access www.lpcwest.com
for more information.

About Alcion Ventures

Founded in 2004, Alcion Ventures is a real estate investment manager
with extensive experience of generating risk-adjusted returns for
institutional investors through the active repositioning of assets
across property types. Alcion's senior team have worked together for
almost two decades resulting in a disciplined, thesis-driven investment
strategy that leverages a deep network of relationships and targets
seven major North American cities. Based in Boston, Alcion invests on
behalf of major U.S. and international institutional investors including
public and private pensions, endowment and foundations and high net
worth individuals. For more information, please visit www.alcionventures.com.

FLIGHT Project Description

Lincoln Property Company redeveloped the former Marine Corps Air Station
in Tustin, CA, into a 870,000-square-foot, eight-building, mixed-use
office campus. FLIGHT — the area's first major office project in more
than 15 years — delivers a workplace experience to improve livelihood
and efficiency across 38 acres. The design borrows cues from the
aviation vernacular with large, light-filled floor plates and
double-height buildings to recall airplane hangars that once occupied
the site. Rather than a central core and lobby in each building, all
common areas, elevators, and stairs are oriented outside to connect to
the landscape. This bold strategy delivers more useable interior square
footage and encourages interactions among employees. Tenants have easy
indoor/outdoor accessibility from exterior spaces into their own work
areas. The campus provides direct access to a park, inspiring artwork,
dining and retail options, and other amenities. Rios Clementi Hale
Studios is responsible for the architecture, landscape, interior design,
and urban planning of FLIGHT.

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