Market Overview

Schnitzer West Expands Investment in Denver Commercial Real Estate Market Through Long-Term Partnership with the John Madden Company

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Portfolio Includes Three Class A, Fully Leased Office Buildings in
Greenwood Village

Schnitzer West, one of the West Coast's fastest-growing real estate
investment, development and property management companies, today
announced it has formed a joint venture with the John Madden Company to
own and manage a three-building, 726,742 square-foot, 100 percent
leased, Class A office portfolio.

The joint venture includes the Palazzo Verdi, and Fiddler's Green I and
II buildings in the Fiddler's Green Core Plus office portfolio in
Greenwood Village and expands Schnitzer West's footprint in the Denver
commercial real estate market. Schnitzer West developed the
recently-opened Civica Cherry Creek, a seven-story boutique office
building in the Cherry Creek neighborhood. Civica Cherry Creek is
expected to be fully leased by the end of the year.

"This portfolio is emblematic of the distinctive architecture,
thoughtful master planning and commitment to innovation and
sustainability that defines the John Madden Company's properties,"
shared Dan Ivanoff, founding partner of Schnitzer West. "The coming
together of these two brands is a natural alignment as both companies
are known for their best-in-class developments, dedication to quality
environments which are operated with a premium focus on customer
service. We look forward to continuing our strategic investment in the
Denver area."

The portfolio is part of the greater Denver southeast suburban (SES)
submarket, Denver's largest office market. The SES contains more than 30
million square feet of office space and is home to the region's largest
concentration of corporate headquarters, including seven of the state's
nine Fortune 500 headquarters. With the acquisition of these properties,
Schnitzer West now owns and/or manages more than roughly 1.4 million
square feet of office space and adds to Schnitzer West's regional
development pipeline totaling approximately 1.6 million square feet in
the Denver area.

Constructed in 2008, Palazzo Verdi is a 312,049-square-foot, 15-story
office building; Fiddler's Green I, built in 1999, is a
207,520-square-foot, six-story office building; and Fiddler's Green II,
built in 2001, is a 207,173 square-foot, six-story office building.

Developed by The John Madden Company, the three properties feature
state-of-the-art systems built with sustainability at their cores,
on-site amenities and efficient floor plates. The buildings include
high-quality interior and exterior finishes, such as polished black
granite stone flooring, floor-to-ceiling murals, 60-foot-high ceilings,
and ornamental lighting fixtures. In addition to providing superior
transportation access with conveniently located light rail and bus
stations, the portfolio is located just off I-25, providing exceptional
visibility to the over 230,000 vehicles a day.

"Given Schnitzer West's expertise and reputation in developing and
managing best-in-class properties in Seattle and Denver and the
company's focus on expanding its investment in the Denver area, we are
thrilled with their decision to become a part of this great portfolio,"
said John Madden, founder, chairman and president of the John Madden
Company. "We believe Schnitzer West will extend and reinforce the
quality and values the John Madden Company has established over the past
sixty years."

Over the last six decades, the John Madden Company has developed more
than 10 million square feet of office and related space nationally.

"Denver's southeast region has grown significantly and its combined
highly-educated workforce, convenient public transportation hubs and
nearby executive housing bases have made it an attractive compelling
alternative to Denver's central business district," said Doug Zabel,
investment partner for Schnitzer West.

About Schnitzer West, LLC

Schnitzer West, LLC is one of the West Coast's fastest growing real
estate investment, development and property management companies.
Founded in 1997 by managing investment partner Dan Ivanoff of Seattle
and Schnitzer Investment Corp (now MMGL Corp.), the company has built a
successful track record in the commercial and multi-family housing
markets through product innovation, disciplined management and
investment expertise. Known for its commitment to "Outperform the
Expected," Schnitzer West has earned recognition for creating innovative
workplaces and living spaces, for delivering superior-to-market returns,
and for its value-creation approach to property management. To date, it
has developed in excess of 10.5 million square feet of Class A office
and suburban office, flex, industrial and bio-tech space and luxury
multi-family residential in Seattle and Denver. Additionally, it has
acquired and repositioned approximately 2.8 million square feet of
commercial product. Currently, its Asset Operations group actively
manages 5.4 million square feet of office and industrial property for a
variety of clients. Building on its success in the Northwest, Schnitzer
West owns additional properties in Denver and is exploring new market
opportunities across the Western United States. Learn more at www.schnitzerwest.com.

About John Madden Company

Colorado's Integrated Commercial Developer. John Madden Company offers
completely integrated real estate services, including land acquisition,
asset management, project management, brokerage and leasing, tenant
finish, construction management, and property management in the Denver
area. Proudly family-owned and operated, John Madden Company has been a
pioneer of commercial development in the Denver area since the company's
inception in the 1960s. To date, John Madden Company has developed more
than 10 million square feet of office and related space nationally and
manages more than 700,000 square feet of office space in the Denver
area. John Madden Company is headquartered in Greenwood Plaza, a
nationally acclaimed business park of its own creation in Greenwood
Village, Colo.. Greenwood Plaza is a perfect example of John Madden
Company's commitment to an innovative mix of art, architecture, and
landscaping with thoughtful master planning.

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