Quarry Oaks Atrium, Austin, TX Acquired in July of 2003 as a value-add, "off-market" transaction. Leased 162,145 SF of the project (98%) within one year of acquisition. Actual leasing outpaced pro-forma lease-up period by two years. Purchased asset for $66/SF (significantly below reproduction cost of $225/SF), resulting in an IRR since acquisition that has doubled the NCREIF index. Additional upside exists in the project given that original purchase also included 19 acres of land available for future development. Property Amenities / Key Attributes Class A, 3-story suburban office with structured parking and open atrium accented by pecan and walnut paneling and limestone and slate flooring. Property is situated on 32 wooded acres overlooking a 20-acre quarry lake. Located in amenity-rich, growth corridor of NW Austin, TX near the intersection of Highway 183 and Mopac Expressway. Area employers include IBM, National Instruments, State Farm, 3M, Freescale Semiconductor, Samsung, and Dell Computer.