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A LEADING LIQUIDITY PROVIDER TO REAL ESTATE INVESTORS WORLDWIDE

COMPANY PROFILE


Frost Bank Tower Austin, TX

NC Office Portfolio Charlotte and Raleigh,

300 Park Avenue New York, NY

53 & 75 State Street Boston, MA


One California Plaza Los Angeles, CA

Trianon Frankfurt, Germany

One Bush Street San Francisco, CA

520 Madison Avenue New York, NY


NYC Core Retail Portfolio Atlantic Center Adjacent to the Barclays Center Arena Brooklyn, NY


WHO WE ARE Madison International Realty is a global real estate private equity firm providing liquidity to owners and investors in class A properties and portfolios.

The firm was founded in 2002 by Ronald M. Dickerman, Madison’s President, with the idea of building a world class global investment platform focused on providing liquidity to real estate owners and investors who otherwise had few options for facilitating early exits from their illiquid real estate ownership positions or monetizing embedded equity. Today, with offices in New York City, London and Frankfurt and more than 40 professionals dedicated to the sourcing, underwriting, acquisition, asset management and investor relations for the firm, Madison has become a global leader in providing equity capital in a diverse range of real estate transactions involving class A properties and portfolios.

40

$1.8 billion 150 Institutional investors with investments in Madison funds 

Capital commitments from global institutional investors 

Offices in: 

Number of professionals dedicated to sourcing, acquisition and asset management for Madison 

NEW YORK LONDON FRANKFURT

CAPABILI TY ASSET TYPES 

OFFICE RETAIL

Healthcare

MADISON’S INVESTMENT SIZE 

GEOGRAPHIC LOCATIONS 

$10 Million$200+Million

Madison invests in properties and portfolios located in: 

 

U.K.  U.S. 

RESIDENTIAL

MIXED-USE

WESTERN EUROPE 

TRACK RECORD Total Asset Diversification Across All Funds  Healthcare Other 2% 3%

Retail 21%

Residential 8%

$23 billion 176 45 million Value of all properties in which Madison has invested 

Office 66%

Total number of properties in which Madison has invested 

Total square footage in which Madison has invested 


SENIOR MANAGEMEN T TEAM RONALD DICKERMAN

CAREY FLAHERTY

DEREK JACOBSON

MICHAEL SIEFERT

President

Managing Director

Managing Director

Managing Director

Mr. Dickerman primarily focuses on strategic direction, key relationship management, capital formation and risk management for the firm.

Mr. Flaherty oversees Madison’s portfolio and asset management activity across all funds.

Mr. Jacobson oversees Madison’s European investment underwriting and execution across all funds.

Mr. Siefert focuses on originating transactions from the European market.


BRADLEY CARROLL

TODD SILVERMAN

YEHUDA HECHT

Managing Director

Managing Director

Chief Financial Officer

Mr. Carroll focuses on originating transactions from the U.S. market.

Mr. Silverman is responsible for developing and executing Madison’s fundraising strategy and serves as liaison with the global investor community.

Mr. Hecht oversees all of Madison’s finance and accounting functions.


Devonshire House London, UK


Chrysler East Building New York, NY


PARTNER REPLACEMENTS Madison purchases interests in indirect or illiquid ownership structures such as:

▪ ▪ ▪ ▪ ▪

Limited partnerships Limited liability companies Open and closed ended funds Private REITs Other joint venture and co-investment interests

Madison purchases these interests from partners seeking liquidity or an early exit before the natural sale of the underlying real estate. Investors may seek early exits from their investments due to changes in their investment objectives and allocation strategy, delayed asset sales to pursue higher return opportunities. Although partial interests are illiquid and difficult to sell, Madison provides investors with an option to divest their interests despite the lack of a formalized secondary market. Because Madison acts as a passive financial investor, we can replace current partners with fresh equity capital while allowing remaining owners and sponsors to maintain full management control of their properties and portfolios.

655 Madison Avenue New York, NY

375 Park Avenue New York, NY

Trianon Office Tower Frankfurt, Germany

655 MADISON AVENUE 

375 PARK AVENUE 

TRIANON OFFICE TOWER 

PROPERTY SUMMARY Type: Class A Office Location: New York, NY Size: Three assets; 845,196 square feet

PROPERTY SUMMARY Type: Class A Office Location: New York, NY Size: 769,345 square feet

PROPERTY SUMMARY Type: Class A Office Location: Frankfurt, Germany Size: 734,798 square feet

ACQUISITION SUMMARY Capital Invested: $47.4 million

ACQUISITION SUMMARY Capital Invested: $5.6 million Ownership Interest Acquired: 6.66%

ACQUISITION SUMMARY Capital Invested: $109 million

(total portfolio investment) Ownership Interest Acquired: 21.6%

(includes co-investment capital) Ownership Interest Acquired: 50%


Piedmont Realty Trust Portfolio Aon Center Chicago, IL

PIEDMONT REALTY TRUST PORTFOLIO  PROPERTY SUMMARY Type: Class A Office Location: Various U.S. locations Size: 73 assets; 21,053,757 square feet ACQUISITION SUMMARY Capital Invested: $4.6 million Ownership Interest Acquired: 0.3%

STATOIL HEADQUARTERS  PROPERTY SUMMARY Type: Class A Office Location: Oslo, Norway Size: 721,935 square feet ACQUISITION SUMMARY Capital Invested: $68 million Ownership Interest Acquired: 33.4% Statoil Headquarters Oslo, Norway

AUSTIN CORE OFFICE PORTFOLIO  PROPERTY SUMMARY Type: Class A Office Location: Various U.S. locations Size: 8 assets; 2,939,861 square feet ACQUISITION SUMMARY Capital Invested: $36.6 million Ownership Interest Acquired: 16.7%

Austin Core Office Portfolio Frost Bank and One Congress Plaza Austin, TX


EQUITY MONETIZATION Madison provides capital to owners seeking to monetize embedded equity value in their assets and portfolios in order to:

▪ ▪ ▪

Realize embedded gains without selling assets Redeploy equity capital into future opportunities Diversify ownership in capital intensive assets and portfolios

Through direct joint ventures with Madison, owners can monetize embedded value in their assets as an alternative to traditional sales or recapitalizations where existing debt structures may restrict liquidity options. By partnering with Madison, owners can generate liquidity while maintaining operating and management control over their properties and portfolios.

Devonshire House London, U.K.

DEVONSHIRE HOUSE  PROPERTY SUMMARY Type: Class A Office Location: London, U.K. Size: 186,472 square feet ACQUISITION SUMMARY Capital Invested: $45.0 million Ownership Interest Acquired: 17.5%

One California Plaza Los Angeles, CA

ONE CALIFORNIA PLAZA  PROPERTY SUMMARY Type: Class A Office Location: Los Angeles, CA Size: 1,039,449 square feet ACQUISITION SUMMARY Capital Invested: $80.0 million Ownership Interest Acquired: 49.0%


NYC CORE RETAIL PORTFOLIO 

NYC Core Retail Portfolio Atlantic Center and Atlantic Terminal Brooklyn, NY

PROPERTY SUMMARY Type: Class A Retail Portfolio Location: NYC Metropolitan Area Size: 15 properties (2,649,909 square feet) ACQUISITION SUMMARY Capital Invested: $180 million Ownership Interest Acquired: 49.0%

NYC Core Retail Portfolio 42nd Street Retail & Entertainment Complex New York, NY


RECAPITALIZATIONS Madison provides equity capital to owners seeking to recapitalize the balance sheets of their existing properties and portfolios. Madison's equity enables owners to:

▪ ▪ ▪

Amortize existing debt positions Replace subordinated debt with equity Generate cash for leasing costs, capital expenditures, or renovations

Madison is a financial investor, not an owner or operator, and seeks to partner with quality sponsors with a proven track record of success. By partnering with Madison, owners gain access to additional equity capital to continue the real estate value creation process while also maintaining ownership and management control.

Courvoisier Center Miami, FL

COURVOISIER CENTER PROPERTY SUMMARY Type: Class A Office and Retail Location: Miami, FL Size: 330,667 square feet ACQUISITION SUMMARY Capital Invested: $21.7 million (includes co-investment capital) Ownership Interest Acquired: 49.0%


RUBICON EUROPE PORTFOLIO Olof-Palme Strasse Frankfurt, Germany

Medicent Salzburg Salzburg, Austria

Olof-Palme Strasse Frankfurt, Germany

Campus Carree Frankfurt, Germany

Nike Headquarters Hilversum, Netherlands

PROPERTY SUMMARY Type: Class A Office Location: Germany, Netherlands, Belgium, Austria Size: 2,081,717 square feet ACQUISITION SUMMARY Capital Invested: $81.1 million Ownership Interest Acquired: 75.7%


SPECIAL SITUATIONS Madison realizes that no two real estate transactions are alike and the capital needs of investors, owners and their partners vary from transaction to transaction. Madison specializes in custom equity solutions for a wide range of real estate financings. Madison has provided capital for the following special situations:

▪ ▪ ▪ ▪ ▪ ▪

Private investments in public entities Loan acquisitions General partner acquisitions Converting debt to equity Monetizing residual interests Placing unsubscribed equity

Thomas Property Group Portfolio City National Plaza Los Angeles, CA

Thomas Property Group Portfolio City West Place Houston, TX

THOMAS PROPERTY GROUP PORTFOLIO  PROPERTY SUMMARY Type: Class A Office Location: Various U.S. locations Size: 20 assets; 10,501,887 square feet ACQUISITION SUMMARY Capital Invested: $54.5 million Ownership Interest Acquired: 17.8%

Songbird Estates Portfolio One Canada Square London, UK

SONGBIRD ESTATES PORTFOLIO  PROPERTY SUMMARY Type: Class A Office and Retail Location: London Size: 20 assets; 6,981,236 square feet ACQUISITION SUMMARY Capital Invested: $39.1 million Ownership Interest Acquired: 1.7%


TISHMAN SPEYER OFFICE FUND

Tishman Speyer Office Fund One Bush Street San Francisco, CA

PROPERTY SUMMARY Type: Class A Office Location: Various U.S. Locations Size: 16 Properties (8,332,559 square feet) ACQUISITION SUMMARY Capital Invested: $15.3 million Ownership Interest Acquired: 26.0%

Tishman Speyer Office Fund 300 Park Avenue New York, NY

Tishman Speyer Office Fund City Spire Tower New York, NY


655 Madison Avenue New York, NY


PROPERTY TYPES OFFICE

53 & 75 State Street Boston, MA

Lloyd’s of London Building London, UK

520 Madison Avenue New York, NY

31 West 52nd Street New York, NY

RETAIL

131-137 Spring Street New York, NY

42nd Street Retail & Entertainment Complex New York, NY

384 Post Street (Saks Fifth Avenue, Unio San Francisco, CA


375 Park Avenue New York, NY

Trianon Office Tower Frankfurt, Germany

RESIDENTIAL

e, Union Square)

Eastbridge Landing New York, NY

Madison at River Sound Atlanta, GA

One California Plaza Los Angeles, CA


Trianon Office Tower Frankfurt, Germany


PRESS EX POSURE


Songbird Estates Portfolio Canary Wharf London, UK


INDUSTRY PARTICIPATION


Statoil Headquarters Oslo, Norway


NEW YORK 410 Park Avenue 10th Floor New York, New York 10022 Telephone: (212) 688 8777 Facsimile: (212) 688 8774 inquiries@madisonint.com

FRANKFURT Mainzer Landstrasse 47 60329 Frankfurt / Main Germany Telephone: +49 (0) 69 95 92 52 51 Facsimile: +49 (0) 69 95 92 51 50 frankfurt@madisonint.com

LONDON 42 Brook Street London W1K 5DB United Kingdom Telephone: +44 (0) 203 008 7990


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