Case Study Miami Portfolio Miami Beach & Brickell submarket 523K size 211M at purchase 254M upon sale Corporate Expertise Parkway bought the asset in Miami Beach using Operating Partnership units as a mechanism to defer taxes for the Seller. Parkway needed to go through an extensive loan extension process, but we were able to extract significant value by using an unusual transaction structure. Then Parkway purchased a second asset that was previously distressed and had not fully recovered. Investment Acumen Parkway purchased Courvoisier Center, believing that recently completed renovations would allow for higher rental rates at this one-of-a-kind property. Parkway successfully implemented rental rate increases and other value enhancements, leading to a successful recapitalization of the asset with a foreign capital partner. In the case of Lincoln Plaza, Parkway exited the asset into a strong capital market and created a solid return with no new leasing or rental rate increases necessary for the 100% leased asset. Operational Excellence Parkway transformed an asset that had been subject to workout issues from a previous landlord by increasing tenant service and quality, reducing operating expenses, and increasing its leasing prominence in the market. Courvoisier Centre I & II Acquired / Sold Apr 2014 / Oct 2016 Rentable Square Feet 341K At Acquisition 146M Upon Sale 174M Lincoln Place Acquired / Sold Dec 2013 / Oct 2016 Rentable Square Feet 140K At Acquisition 65.4M Upon Sale 80M