Case Study Raleigh Portfolio West Raleigh submarket 624K size 172M at purchase 231M upon sale Corporate Expertise Positioned in the heart of NC State University’s (“NCSU”) Centennial Research Campus, Centennial Research Row is occupied by a variety of private and public sector tenants engaged in programmatic collaboration with numerous NCSU academic programs, resulting in an especially sticky tenant base. The campus further benefits from extremely high barriers to entry, in part due to NCSU owning all the developable land surrounding the campus. Investment Acumen Parkway’s acquisition of the Centennial Campus was driven by a university market thesis we’ve pursued with one of our major institutional partners, a global private equity firm. Operational Excellence Our strategic leasing, capital investment and re-branding plan resulted in more than 301K RSF of leasing at weighted average rents 14% above underwriting. This allowed us to sell the asset two years earlier than underwritten at a 34% premium to acquisition price, a 44% net levered IRR, and 1.9x equity multiple. Centennial Research Row Acquired / Sold Jun 2018 / Apr 2020 Rentable Square Feet 624K At Acquisition 172M Upon Sale 231M