Sale of Key Tower: questions

I am distributing this email below from a person who wishes to remain anonymous. According to this information, it seems to me like someone got the steal of the Century on this parcel. Maybe some of you out there can shed a little more information. John

Why are we selling this property so cheap? Or what is happening here? Please copy it and send it to them. This is the 2005 Real Estate tax record. The next is 2003 in red. What is happening here? Is Mitchell going to get a bonus when this sale is added before the end of the year into earnings? Is STRS Ohio the Redevelopment Corp? This is the Key Tower. The 1.36 million-square-foot office building, 403-room Marriott hotel and 982-space parking garage will be sold to affiliates of Wells Real Estate Investment Trust II for $312.25 million. See Kathy's Blog!

PRIMARY OWNER Public Sq North Comm SECONDARY OWNER Redevelopment Corp PROPERTY ADDRESS 127 Public Square Cleveland, OH 44113 TAX MAILING ADDRESS Public Square North Comm, 25425 Center Ridge Rd, Westlake, OH 44145-4122 LEGAL DESCRIPTION 61 62 S/L BLK-A 10107023 Field Definitions PROPERTY CLASS OFFICE BUILDINGS - 3 OR MORE STORIES (ELEVATOR) 2005 (pay in 2006) TAXBILL SUMMARY PARCEL NUMBER 101-07-022 TAXSET Cleveland TAX YEAR 2002 (pay in 2003) 2003 (pay in 2004) 2004 (pay in 2005) 2005 (pay in 2006)

ASSESSED VALUES MARKET VALUES FLAGS LAND VALUE 4,550,000.00 LAND VALUE 13,000,000.00 2.5% RED. N BUILDING VALUE 990,710.00 BUILDING VALUE 2,830,600.00 HOMESTEAD N TOTAL VALUE 5,540,710.00 TOTAL VALUE 15,830,600.00 FORECLOSURE N HOMESTEAD VALUE 0 CERT. PEND. N

CERT. SOLD N HALF YEAR CHARGE AMOUNTS RATES PAYMENT PLAN N GROSS TAX 284,238.42 FULL RATE 102.6 LESS 920 RED 48,250.80 920 RED. RATE .169755 SUB TOTAL 235,987.62 EFFECTIVE RATE 85.183172 ESCROW 10% RED. AMOUNT 0.00 ESCROW N 2.5% RED. AMOUNT 0.00 PMT. AMOUNT 0.00 HOMESTEAD RED. AMOUNT 0.00 ACCOUNT TOTAL ASSESSMENTS 0.00 HALF YEAR NET TAXES 235,987.62 CHARGES PAYMENTS BALANCE DUE TAX BALANCE SUMMARY: 471,975.24 0.00 471,975.24

2005 (pay in 2006) CHARGE AND PAYMENT DETAIL Tax Information is up to the hour - tell me more. TAXSET CHARGE TYPE CHARGES PAYMENTS BALANCE Cleveland 1st half tax 235,987.62 0.00 235,987.62 1ST HALF BALANCE 235,987.62 0.00 235,987.62 2nd half tax 235,987.62 0.00 235,987.62 2ND HALF BALANCE 235,987.62 0.00 235,987.62 TOTAL BALANCE 471,975.24 0.00 471,975.24

--------------------------------------------------------------------------------

CUYAHOGA COUNTY ASSUMES NO LIABILITY FOR DAMAGES AS A RESULT OF ERRORS, OMISSIONS OR DISCREPANCIES CONTAINED IN THESE PAGES. PROSPECTIVE PURCHASERS SHOULD CONSULT A REAL ESTATE ATTORNEY AND PURCHASE A TITLE INSURANCE POLICY PRIOR TO THE SALE. © 2003 CUYAHOGA COUNTY AUDITOR'S OFFICE

PRIMARY OWNER Public Sq North Comm SECONDARY OWNER Redevelopment Corp PROPERTY ADDRESS 127 Public Square Cleveland, OH 44113 TAX MAILING ADDRESS Public Square North Comm, 25425 Center Ridge Rd, Westlake, OH 44145-4122 LEGAL DESCRIPTION 61 62 S/L BLK-A 10107023 Field Definitions PROPERTY CLASS OFFICE BUILDINGS - 3 OR MORE STORIES (ELEVATOR) 2002 (pay in 2003) TAXBILL SUMMARY PARCEL NUMBER 101-07-022 TAXSET Cleveland TAX YEAR 2002 (pay in 2003) 2003 (pay in 2004) 2004 (pay in 2005) 2005 (pay in 2006)

ASSESSED VALUES MARKET VALUES FLAGS LAND VALUE 4,550,000.00 LAND VALUE 13,000,000.00 2.5% RED. N BUILDING VALUE 990,710.00 BUILDING VALUE 2,830,600.00 HOMESTEAD N TOTAL VALUE 5,540,710.00 TOTAL VALUE 15,830,600.00 FORECLOSURE N HOMESTEAD VALUE 0 CERT. PEND. N

CERT. SOLD N HALF YEAR CHARGE AMOUNTS RATES PAYMENT PLAN N GROSS TAX 270,663.68 FULL RATE 97.7 LESS 920 RED 51,018.48 920 RED. RATE .188494 SUB TOTAL 219,645.20 EFFECTIVE RATE 79.284138 ESCROW 10% RED. AMOUNT 21,964.52 ESCROW N 2.5% RED. AMOUNT 0.00 PMT. AMOUNT 0.00 HOMESTEAD RED. AMOUNT 0.00 ACCOUNT TOTAL ASSESSMENTS 0.00 HALF YEAR NET TAXES 197,680.68 CHARGES PAYMENTS BALANCE DUE TAX BALANCE SUMMARY: 395,361.36 395,361.36 0.00

2002 (pay in 2003) CHARGE AND PAYMENT DETAIL Tax Information is up to the hour - tell me more. TAXSET CHARGE TYPE CHARGES PAYMENTS BALANCE Cleveland 1st half tax 197,680.68 197,680.68 0.00 1ST HALF BALANCE 197,680.68 197,680.68 0.00 2nd half tax 197,680.68 197,680.68 0.00 2ND HALF BALANCE 197,680.68 197,680.68 0.00 TOTAL BALANCE 395,361.36 395,361.36 0.00

--------------------------------------------------------------------------------

CUYAHOGA COUNTY ASSUMES NO LIABILITY FOR DAMAGES AS A RESULT OF ERRORS, OMISSIONS OR DISCREPANCIES CONTAINED IN THESE PAGES. PROSPECTIVE PURCHASERS SHOULD CONSULT A REAL ESTATE ATTORNEY AND PURCHASE A TITLE INSURANCE POLICY PRIOR TO THE SALE. © 2003 CUYAHOGA COUNTY AUDITOR'S OFFICE PARCEL ID 101-07-022 OWNERS NAME PUBLIC SQ NORTH COMM ADDRESS 00120-00127 PUBLIC SQUARE NONE CITY CLEVELAND ZIP 44113 Field Definitions

Transfer History NEXT PREVIOUS

Page 1 of 1

Transfer Date: 01-JAN-89 AFN Number: V89000000000 Receipt: Parcel Deed Type Vol / Page Sales Amt Convey. Fee Convey. No Multiple Sale / No. of Parcels 101-07-022 Not Entered 00000 / 0000 $0 $0 0 / 0

Grantee(s) Grantor(s) Public Sq North Comm Redevelopment Corp