Market Overview

Macquarie Investment Management to Relocate Philadelphia Headquarters to Keystone Property Group's 100 Independence Mall West

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Macquarie Investment Management, a global asset management firm and part
of Macquarie Group, and Keystone Property Group today announced that
Macquarie will relocate its Philadelphia headquarters to 100
Independence Mall West in 2020. Macquarie has entered into a lease
agreement with Keystone Property Group to occupy 145,000 square feet of
space in the historic building. Macquarie plans to redevelop the space,
which is located steps from US landmarks including the Liberty Bell,
National Constitution Center, and Independence Hall, where the
Declaration of Independence was signed.

"Our US mutual fund business has been in Philadelphia since 1929, and we
are proud to say the city is the global headquarters for our investment
management business," said Shawn Lytle, deputy global head of Macquarie
Investment Management and president of Delaware Funds by Macquarie.
"With this move, we look forward to reimagining this iconic space to
combine the best of old and new, maintaining its historical significance
while modernizing it to reflect our company culture and our position as
a destination employer in the Delaware Valley."

"We are pleased to welcome Macquarie as our newest tenant at 100
Independence Mall West," said Keystone President and COO Richard
Gottlieb. "When we set out to transform this historic property into a
mixed-use commercial destination, we imagined filling it with companies
that would appreciate the rich sense of history, creativity, and
vibrancy present in this building and the surrounding area. The addition
of Macquarie Investment Management's global headquarters represents a
critical step toward the full realization of that vision, as well as a
testament to the enduring appeal of not just this building, but all of
Center City Philadelphia."

Independence Mall West, built in 1965 and designed by world renowned
architect Pietro Belluschi and formerly known as the Rohm and Haas
Building, is listed on the National Register of Historic Places.

Mitch Marcus, Tom Weitzel and Ashley Parrillo of JLL represented
Keystone Property Group in the transaction. Macquarie was represented by
Glenn Blumenfeld and Scott Crumley of Tactix.

Keystone Property Group acquired the nine-story, approximately
400,000-square-foot Class A office building in 2013. As part of its $25
million reinvestment strategy, it has transformed the building's
formerly empty ground floor and lower level by creating a dynamic
indoor-outdoor experience for pedestrians with Independence Beer Garden
and the La Colombe coffee cafe — all within steps of several of
Philadelphia's cultural landmarks. Additionally, Keystone has installed
a 110-space public parking facility in the former basement of the
building, managed by Parkway Corporation.

100 Independence Mall West provides easy access to the city's premier
shopping and dining destinations, as well as a host of arts, cultural,
and historic sites. The property is a short walk from local SEPTA train
and bus routes and a short drive from area highways including
Interstates 95 and 676.

Keystone's strategy is part of a broader, multi-faceted plan to
revitalize Philadelphia's Center City and Independence Mall area—an
emerging hub of culture, entertainment, dining, and business. It also
owns and manages The Curtis, the publishing landmark that has been
transformed into a mixed-use destination featuring luxury residential,
office, and retail space, in addition to popular restaurants such as PJ
Clarke's and The Cooperage.

Keystone is also repositioning One Washington Square, the former home of
life insurance company Penn Mutual, adding to Center City's increasingly
dynamic pedestrian experience.

About Macquarie Investment Management

Macquarie Investment Management is a global asset manager with offices
throughout the United States, Europe, Asia, and Australia. As active
managers, we prioritize autonomy and accountability at the team level in
pursuit of opportunities that matter for clients. Our conviction-based,
long-term approach has led institutional and individual clients to
entrust us to manage $US249 billion in assets of June 30, 2018. In the
US, retail investors recognize our Delaware Funds® by
Macquarie as one of the longest- standing mutual fund families, with
more than 75 years in existence. Macquarie Investment Management is a
division of Macquarie Asset Management, a global asset manager with
$US395.3 billion in assets under management as of June 30, 2018. For
more information, visit macquarieim.com.

About Keystone Property Group

Keystone Property Group develops and invests in commercial and mixed-use
properties, creating inspired work, living and retail spaces that
encourage collaboration and cultural vibrancy. With offices located in
Conshohocken, Pa.; Miami, Fla.; and New Jersey, Keystone operates in
well-located urban and suburban locations to build, revitalize, and
unlock potential in office buildings designed to meet the evolving
demands of the modern workplace.

The company, which also manages a set of real estate investment funds,
has been recognized by Inc. 500 magazine, the Entrepreneurs' Forum and
the Wharton Small Business Center, and several of its projects have
earned "Best Real Estate Awards" from the Philadelphia Business Journal
and BOMA (Chicago). For more information, please visit keystonepropertygroup.com.

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