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Consulting Proposal for

Consulting Proposal for. Portfolio Financial Services Co. Prepared For: Jerry Hudspeth, President Bill Agnew, Chief Financial Officer Prepared By: Mark Fraser SIOR Brandon O’Leary GVA Kidder Mathews. Key Issues and Objectives. Assignment Targets Market Relocation/Renewal Economics

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Consulting Proposal for

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  1. Consulting Proposalfor Portfolio Financial Services Co. Prepared For: Jerry Hudspeth, President Bill Agnew, Chief Financial Officer Prepared By: Mark Fraser SIOR Brandon O’Leary GVA Kidder Mathews

  2. Key Issues and Objectives • Assignment Targets • Market • Relocation/Renewal Economics • Process • Team Members

  3. Project Team Members • GVA Kidder Mathews: • Mark D. Fraser, SIOR – • Project Manager and Negotiation Brandon O’Leary Project Coordinator Monte Haynes – Construction Management

  4. Project Team Members • Hills Design - Sheryl Johnson Space Planning/Evaluation • PFSC – Bill Agnew

  5. Assignment Objective • Reduce Rental Rate to market or below • No PFSC Capital Expenditure • Get Concession Package from Landlord/PDC • Flexibility in Lease Term • Free Parking Forever

  6. Portland Office Market

  7. Portland Office Market Vacancy 1974-2007 (est) (estimate)

  8. 2000 Overall Vacancy 3.5% Rents peaking Class A Rents up to $30 Class B/C rents > $20 Very little flexibility for term, rent, capital exp. Portland Office Market 2000 vs. 2004 2004 • Overall Vacancy 14% • Rents 40% off of peak • Class A Rents up to $24 • Class B/C in free fall • Significant flexibility for term, rent, capital exp.

  9. 125 spaces in 74 building 27% vacancy in large vacancy properties Average time on the market 17 months Portland Office Market Multnomah and Washington Counties

  10. 24% vacancy Up from 18% Q1, 2003 Average time on the market 13 months PFSC is the second largest tenant in the portfolio Portland Office Market Weston/American Property Management

  11. The Process: A Competitive Market Approach

  12. The Process: A Competitive Market Approach

  13. Relocation Renewal Economics Tenant Costs

  14. Relocation Renewal Economics Landlord Costs

  15. The Process: A Competitive Market Approach • Establish a Real Estate Plan • Definition of Requirement • Survey of the Market • Selection of Most Qualified Properties • Solicitation of Proposals • Analysis of Responses • Selection of Appropriate Responses • Negotiation of Lease • Post Transaction Documentation

  16. The Process: Establishment of a Real Estate Plan • Conforms to and supports your 5 year plan • Has pre-approved timeline • Roles and responsibilities • Accountability and predictability

  17. The Process: Definition of Requirement • Location • Amenities • Transit • Economics • Rent • Tenant Improvements • Capital Costs • Term • Parking • Image • Building Features • Internal Configuration • Amenities • Sound Attenuation • HVAC/Light • Telecommunication • Storage • Structural Integrity • Term, Extension, Termination

  18. The Process: Survey of the Market • 597 spaces in 114 buildings within the freeway loop

  19. The Process: • Selection of Most Qualified Properties • Tour

  20. The Process: • Solicitation of Proposals • Analysis of Responses • Selection of Appropriate Responses • “If you want to be considered further…” • Negotiation Matrix

  21. The Process: • Lease Negotiation, Finalization • Post Transaction Documentation

  22. Unique Reasons to Retain Colliers Experienced Team Accountable Process

  23. Warning: Here comes the selling part.

  24. Mark D. Fraser, SIOR • 30 years experience in Portland Real Estate • Management experience • Top 20 North America in 2003 • Portland Office Broker of the Year 2001

  25. Mark D. Fraser, SIOR • Clients: • Willamette Week • Unico Properties • Specht Development • A.G.Edwards & Sons • C.E. John • ING • Foster Pepper & Tooze • TRW • Capital Pacific Bank • Harsch Investments • GemStone Systems • Pacific Interpreters • Portland Development Commission • Fujitsu • Prendergast & Associates • Northwest Power Planning Council • Three Oaks Development

  26. Brandon O’ Leary • Clients: • Unico Properties • Specht Development • Northwest Power and Conservation Council • Homestead Capital • Yates Matthews & Morasch, P.C. • Preston Bunnell & Stone, LLP • Pacific Interpreters • Patrick Lumber Company

  27. Accountable Process • Pre-approved timeline • Monthly written reports • Weekly Updates • Negotiation Matrix • Post transaction documentation

  28. Unique Reasons to RetainGVA Kidder Mathews Experienced Team Accountable Process

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