PlanRVA Cushman & Wakefield | Thalhimer | 0

Real Estate UpdatePREPARED FOR

Audit, Facilities & Finance Committee

November 24, 20201:30 PM

Cushman & Wakefield | Thalhimer | 1PlanRVA

AGENDA

General Update - Process Since Project Inception

• Focus - Immersion & Programming

• Sightline Study by Baskervill

• Space Requirement Summary

• Program: 9,727 SF (currently leasing 16,035 SF - Subleased 1,600 SF to Homeward)

• Program: 324 SF per person (currently 481 SF per person)

• Path Forward - Relocate or Recast-in-Place

Cushman & Wakefield | Thalhimer | 2

REAL ESTATE MARKET UPDATE

COVID Impact

Tepid Activity

Work from Home & Impact

Landlord Outlook

PlanRVA

3Cushman & Wakefield | Thalhimer | 3PlanRVA

TIMELINE

4Cushman & Wakefield | Thalhimer | 4PlanRVA

PROCESS

Cushman & Wakefield | Thalhimer | 5PlanRVA

NEXT STEPS

Build Consensus on Relocationor Extension in Place

Immediate- Approach Landlord to develop space plan- Solicit construction pricing - Explore extension terms

Long Term - Evaluate relocation options