Northborough Tower provided the opportunity to own an asset and developable land parcel at below replacement cost in an attractive Houston submarket. The office tower is occupied by a tenant through 2018. Under the provisions of the lease agreement, rental rates will increase in 2013, presenting a significant value increase for this property.

Northborough Tower is a 14-story, 206,553-square-foot, single-tenant property occupied by an international oil and gas company. The building is located in the Greenspoint submarket on a 5.4-acre site, which includes a 2.3-acre developable land parcel that is currently paved for surface parking.

Northborough Tower is in proximity to Interstate 45 and Beltway 8. This property acquisition complements the nearby Northpoint Central building acquired by the Fund in September 2007, and strengthens our presence in Greenspoint.

Greenspoint, heavily occupied by oil- and gas-related entities, is home to more than 50 multinational corporations and is also the location for the world or U.S. headquarters for 18 companies.

Northborough Tower was constructed in 1983 and renovated in 1991.

PROPERTY HIGHLIGHTS

• Provides potential development opportunity on adjacent 2.3-acre land parcel
• Located in proximity to Houston’s George Bush Intercontinental Airport
• Accessible from Interstate 45 and Beltway 8

206,553 rentable sq. ft.