December 12, 2017 — Developer-owner Trammell Crow Co., a subsidiary of CBRE, holds an official groundbreaking ceremony for The Center at Needham Ranch, the first phase (of three) of the Gate-King Industrial Park in Newhall. (The actual groundbreaking occurred several weeks earlier.) The entry to The Center is off of Sierra Highway, south of Eternal Valley Cemetery.

A company press release follows.

LOS ANGELES, CA — December 12, 2017 — Trammell Crow Company (TCC) and Clarion Partners have begun construction on The Center at Needham Ranch, a 54-acre, state-of-the-art industrial business park in Santa Clarita, CA. The project is the first phase of a larger 132-acre, fully entitled site approved for up to 4.2 million square feet of Class A industrial space. Phase 1 is expected to begin deliveries during the Q3 2018. A ceremonial groundbreaking event is being held on December 12 to be attended by public officials, the development team and other parties.

"We are very excited to see this long-awaited project underway," said Mayor Cameron Smyth, City of Santa Clarita. "The Center at Needham Ranch will help the City of Santa Clarita realize two key objectives: generate more local employment opportunities for Santa Clarita residents which reduces numbers of commuters and provide support to the City's investment in the revitalization of the Old Downtown Newhall area."

Phase 1 of The Center at Needham Ranch will comprise an approximately 869,000-square-foot, 7-building Class A industrial park offering buildings ranging from 34,270 to 210,000 square feet, situated in a unique natural park-like setting amidst abundant open space. The state-of-the-art buildings will feature 30-to-36-foot interior clear heights with ESFR fire sprinklers, abundant dock high loading and large truck courts and yard areas with capacity for above standard parking.

John Balestra, SVP, Trammell Crow.

"We are delighted to be providing new Class A industrial space into the highly constrained north Los Angeles market and a premier location for business," said TCC Senior Vice President John Balestra, with the firm's SoCal-Los Angeles office. "In addition to being located minutes from the intersection of Interstate 5 and the 405 Freeway with access to over 5 million people within a 30-minute commute, there are so many advantages for companies to locate within the City of Santa Clarita, one of the best cities in all of Southern California in which to do business. The list of strategic advantages includes access to a highly skilled and educated workforce, substantial economic incentives, expedited permit processing and a highly responsive City staff focused on job creation and economic development. The advantages for businesses are virtually endless."

The Center at Needham Ranch is located at the southern entrance to the City of Santa Clarita within one mile of the intersection of Interstate 5 and Highway 14, 30 miles from Downtown Los Angeles and 15 miles from Burbank Airport. The Project directly links to all areas within the San Fernando Valley and Greater Los Angeles County population centers and easily accessible from numerous major highways including the 5, 14, 405, 210, 118 and 126, in addition to Metrolink access via the Newhall Station in proximity.

"We see a tremendous amount of tenant demand in the North Los Angeles market for quality, state-of-the-art Class A industrial product in close proximity to the population centers, and an overall lack of new supply to meet those needs," said Michael Marrone, Senior Vice President at Clarion Partners. "Clarion Partners looks forward to partnering with Trammell Crow to fulfill this demand in a growing market that complements our existing Southern California portfolio."

Since 2001, TCC and Clarion Partners have partnered together on over 118 developments totaling more than 40 million square feet and $2.75 billion in investment.

CBRE's Craig Peters and Doug Sonderegger are the leasing agents for the property. "This has been a 15-year journey, and this ground breaking is such a big milestone," said Peters. "This project will deliver much-needed high-quality industrial space to the region. Interest in this site has been already extremely high, and we haven't even started on the first building yet."

About Trammell Crow Company

Trammell Crow Company (TCC), founded in 1948, is one of the nation's leading developers and investors in commercial real estate. The Company has developed or acquired more than 2,600 buildings valued at more than $60 billion and over 565 million square feet. As of September 30, 2017, TCC had $5.9 billion of projects in process and $5.4 billion in its pipeline.

Trammell Crow Company's teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential, through its operating subsidiary High Street Residential and mixed-use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients' needs. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development or providing incentive-based fee development services.

TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world's largest commercial real estate services and investment firm (in terms of 2016 revenue). For more information visit www.TrammellCrow.com.

About Clarion Partners

Clarion Partners, LLC, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 35 years. Headquartered in New York, the firm has offices in Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle and Washington, DC. With more than $43 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 300 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.

July 30, 2018 — Trammell Crow Company (TCC) and Clarion Partners, LLC today announced that vertical construction has commenced on Phase 1 of The Center at Needham Ranch, a 54-acre business park that is the first phase of a larger 132-acre, fully entitled site with approvals for up to 4.2 million square feet of industrial/commercial space.

Phase 1 of The Center at Needham Ranch will be comprised of an 869,760-square-foot, 7-building Class A industrial park, offering buildings ranging from 34,270-to-209,559 square feet. The initial buildings in Phase I are scheduled for occupancy in 1Q2019 and will feature state of the art Class A features including 30-to-36-foot interior clear heights with ESFR fire sprinklers, abundant dock high loading with large truck courts and yard areas, attractive architectural design featuring extensive use of glass and abundant vehicle parking with capacity for above standard parking counts.

The City of Santa Clarita and the master developer have set aside hundreds of acres of natural open space immediately adjacent to the project, with an extensive hiking trail network to be integrated into the project, creating a unique natural park like setting with densely landscaped open space.

The Center at Needham Ranch is located at the southern entrance to the City of Santa Clarita, along Sierra Highway and Highway 14, south of Newhall Avenue and one mile from the intersection of Interstate 5 and Highway 14. The project location directly links to all areas within the San Fernando Valley and Greater Los Angeles County population centers and is easily accessible from numerous major highways including the 14, 5, 405, 210, 118 and 126. In addition, Metrolink access is available via the Newhall Metrolink Station in close proximity.

Michael Marrone, Vice President at Clarion Partners, stated, "The City of Santa Clarita is rated as one of the best places in the U.S. to live, work and play with a low cost of doing business and a high quality of life. The City of Santa Clarita is the third largest city in Los Angeles County and has experienced significant growth since its incorporation in 1987. During this time, however, it has had negligible industrial development and the Center at Needham Ranch was envisioned by City leaders as a way to increase local employment opportunities for area residents to address the regional jobs/housing imbalance that contribute to growing traffic congestion."

"We are pleased to officially begin execution of vertical construction with our partner Clarion, delivering on the long anticipated vision for this unique project which dates back to the year 2000," said John Balestra, Senior Vice President with TCC's SoCal-Los Angeles Business Unit. "Given the scarcity of modern, highly functional industrial space in the greater Los Angeles North market, where the average industrial building is over forty years old and lacks the enhanced functional utility of today's modern industrial facilities, The Center at Needham Ranch will give small and large space users access to a premier location with immediate proximity to the San Fernando Valley and Greater Southern California region, with over 5.3 million people within 30 miles of the site".

"We are delivering best-in-class, highly functional state-of-the-art industrial facilities with up to 36-foot interior clear height, coveted by media and entertainment, manufacturing, warehousing and logistics/last mile distribution space users," said Craig Peters, Executive Vice President with CBRE. "We have already received a significant level of interest from potential occupiers well before commencing vertical construction, validation that the City of Santa Clarita offers a highly advantageous low-cost business environment and the project location immediately adjacent to the 14 freeway, minutes from the San Fernando Valley, provides a reverse commute advantage with a strategic location in close proximity to the population centers of the San Fernando and Antelope Valley's and Greater Los Angeles market."

The General Contractor is Oltman's Construction Co., the architect is HPA, Inc. and the civil engineer is Alliance Land Planning & Engineering. CBRE's Craig Peters and Doug Sonderegger are the leasing agents for the property.