21-Mar-14 - Steve McCarthy came into town for a tour of 2501 M Street and 2450 N Street, as well as to meet with the PRP team. After the tour, he indicated that his interests would be in the 2501 M Street asset, and that he believes the team has an opportunity to create something really special at that location.

3-Apr-14 - Passed on LA as it was not a fit and are now looking at Charlotte (Charlotte ended up blowing up due to PRP underwriting error)

18-Dec-13 - Unlikely to be interested in this portfolio due to the markets that the assets are in. Really looking for gateway cities and downtown assets, not looking for suburban. Do have a bucket of money in their core fund that has a value-add component to it. The only asset they would consider would be San Vicente (in isolation), and not big on taking leasing risk in West End.

6-Mar-14 - Called and spoke with Donald Huffners office, EA informed us that Tim Barry is the Managing Director that covers office assets in the West Coast, Mid-Atlantic, and some markets along the east coast. Left a voicemail for Tim.

12-Nov-13 - Good initial conversation. May have a few pockets of money for this. PW to send the package.

19-Nov-13 - Does not fit with CBRE Strategic Partners Fund. Vic Bucchere runs separate accounts, and he said that the separate account clients are currently looking for core / core+ investment profiles with consistent/stable cash on cash returns. May have an interest in a few of the assets.

Mike Nichols is the new head of real estate (Peter Atwood left a couple of months ago as of 11-26-2013). Sent email congratulating Mike, and discussing PRP. Passed - Aetna sources its real estate business from a short list of correspondent mortgage brokers (comment as of November 26, 2013)

18-Nov-13 - Passed - Over exposure to the DC market. Of the 5 assets, the only market they would potentially be of interest is Charlotte.

4-Nov-13 - Passed - They are seeking programmatic joint ventures with institutionally capitalized operating partners. Strategies are best characterized as core plus to value add in the major property types. Seeking returns in the 8 – 10% unlevered range (12 – 15% with leverage). Partners need the ability to contribute 50% of the equity (possibly less if they have a very strong credit profile), and their balance sheets need to support the assumption that they could execute a buy/sell without seeking outside capital. Closed end fund format generally does not work because of the nature of the structure. Their rule of thumb for groups to invest alongside is $500 - $1 B + of net equity. This group is fairly small and generally consists of REITs, institutions with in house real estate platforms, and private REOCs that have an institutional investor in their platform.

27-Feb-14 - Passed - He spoke with their team internally and they did not like the basis on the assets.

29-Jan-14 - Passed - They closed their initial $400M value-add fund which is fully committed, and are raising their second fund which will be around $550M. They are currently over-allocated to office deals in their pipeline, and are focused on other asset classes at the moment. Their sweet spot is $10-$30M equity checks per transaction, but that can be increased with a programmatic venture.

5-Nov-13 - Passed - tap out at $20-25mm of equtiy per transaction, wrapping up Value-Add fund and starting a Core fund early next year

12-Mar-14 - Passed - The investment team was not enamored with the quality of the assets, and they are looking for more urban locations.