William S. (Billy) Macklowe is the founder and Chief Executive Officer of William Macklowe Company

(WMC), a vertically integrated real estate development, investment and operating company based in New York

City. Highly regarded in its industry, WMC’s business centers on the acquisition, development and

redevelopment of prime commercial, medical, and residential assets in New York City and the boroughs, real

estate correlated investments, portfolio acquisitions, and third-party management.

WMC redeveloped the office buildings at 636 Avenue of the Americas, 386 Park Avenue South, 311

West 43 rd  Street and 156 William Street, which it successfully repositioned as Downtown Manhattan’s premier

medical office building. WMC recently developed the medical office building 333 East 61 st  Street which is

leased in its entirety to Memorial Sloan Kettering, and both completed and successfully sold 100% of the units

at 21 East 12 th Street, a luxury, 23-story condominium designed by Annabelle Selldorf, in the heart of

Greenwich Village. WMC is currently developing Paseo on Fifth, a ground-up -275,000 square foot (sf) mixed-

use complex comprised of 185 rental apartments and 66,000 sf of commercial and retail space leased to an

array of national tenants over multiple buildings in prime Park Slope Brooklyn, as well as an office to multifamily

conversion at 291 Broadway in Tribeca.

Prior to establishing WMC, Billy was the President of Macklowe Properties, where he was responsible

for the firm’s successful development and redevelopment of over 25 million square feet, valued in excess of

$15 billion, including, among other projects, the office buildings at 340, 400 and 540 Madison Avenue and 140

West 57th Street , the high-rise multifamily buildings at 777 Sixth Avenue and Longacre House, and the highly

successful residential condominium projects at 310 E. 53 rd Street and 145 E. 76 th Street. Additionally, he played

a major role in re-establishing The General Motors Building as the preeminent office tower in the world. Billy

was the point of direct oversight of a 14 million square foot portfolio of Class A, midtown Manhattan office

buildings and 3,000 multifamily units

Billy, a graduate of New York University, is a member of the Board of Trustees of the Chapin School,

where he is the Chair of the Buildings and Grounds Committee and was responsible for the $240 million dollar

expansion and overbuild of a new building which was constructed on top of the existing school. Billy served on

the Real Estate Board of New York’s Board of Governors and is also member of YPO International of which he

is a past Chairman of the Gotham Chapter.

Greta Guggenheim is Chief Executive Officer and President of TPG Real Estate Finance Trust (“TRT”) and a Firm Partner of TPG. TRT is a NYSE listed commercial mortgage REIT (ticker TRTX) that originates commercial real estate mortgage loans in major markets throughout the U.S. Previously, Ms. Guggenheim was Co‐Founder and Chief Investment Officer of Ladder Capital. Ms. Guggenheim’s prior experience includes positions at Dillon Read Capital Management, UBS, Bear Stearns and Credit Suisse. Ms. Guggenheim serves on the ULI Board of Trustees, Board of Governors of CREFC as well as several charitable foundations. Ms. Guggenheim has a MBA from the Wharton School and a BA from Swarthmore College.

Anthony Orso is Chief Executive Officer and Co-Founder of CCRE, a fully integrated commercial real estate finance company providing loan originations and securitization, loan sales and acquisition services. Since 2010, CCRE has closed over $24 billion worth of loan and become a leading issuer of mortgage-backed securities. CCRE, which was ranked No. 1 Fastest Growing Company by Crain's New York Business in 2014, operates in over 15 locations nationwide with more than 300 employees. Previously, Mr. Orso was a Managing Director at Credit Suisse and Co-Head of the Credit Suisse Real Estate Direct Group where he was responsible for over $100 billion in North American real estate loan origination and over $30 billion of high yield real estate debt and equity distribution. Mr. Orso oversaw the expansion of the business in the US, Mexico, Latin America, the Caribbean, and the Middle East, with offices in Dubai and Mexico City. Mr. Orso has also held senior-level real estate positions at APC Realty Advisors, Chemical Bank, Boston Properties, and Merrill Lynch. Mr. Orso also serves on the Board of Directors for Big Brothers Big Sisters of New York and also the in the executive board of director of STARS Club, non-profit organization aiming to assist underprivileged students in their academic pursuits. Mr. Orso is a graduate of Columbia Business School where he received an MBA in Finance, and St. John's University where he received a Bachelor of Arts degree.

Economist and former fixed income professional with nearly 20 years of macro strategy experience.

Strong econometric modeling skills and extensive research experience. CFA holder; Master's degree in Mathematical Finance.

Specialties: Quantitative and econometric modeling; scenario analysis; solid knowledge of labor market dynamics. (Also: curve trading/relative value strategy, trading and execution. ALM and interest rate/FX hedging.) Knowledge of eViews and MATLAB. Authored "An Examination of Transparency in European Bond Markets", CFA Institute

As CBRE’s Americas Chief Economist, Jeffrey provides the broader commercial real estate community with thought leadership on real estate trends, the macro-economy and economic events. He works with investors, occupiers and other users of commercial real estate to better understand real estate and capital markets in order to make better investment and leasing choices. He is also responsible for guiding the CBRE Econometric Advisors (CBRE EA) team. CBRE EA provides best-of-class research, data, analytical tools and forecasting services to its clients. With

its staff of highly-qualified economists, CBRE EA assists clients in achieving maximum returns while managing risk in commercial real estate.

Before joining CBRE, Jeff served as the Director of Research at National Council of Real Estate Investment Fiduciaries. During his time there, he created and published a monthly thought piece to explain NCREIF data, analyze trends and educate membership on new topics, including for senior leadership a quarterly executive summary with additional data from NAREIT to summarize investment returns in the public and private markets. Jeff also worked as a Global Strategist with Property & Portfolio Analytics, leading the company’s global expansion effort by coordinating real estate market coverage across North America, Europe and Asia. As a Vice President at Equity Office Properties, he spearheaded long-term strategic research projects to support and advance the company’s $25 billion portfolio and future expansion.

Jeff currently serves as a board member of the Real Estate Research Institute (RERI). He has co-authored several research papers, including “The Case of Real Estate,” “Derivatives Markets: How Far Does Real Estate Have to Go,” and “The Use of Leverage by Institutional Investors: Pros, Cons and Implementation Considerations.” He is also a Homer Hoyt Fellow and he became a Counselor of Real Estate (CRE) in April 2016. Jeff holds a masters in economics from University of Virginia and a B.A. in Economics from Lehigh University.

Ryan Severino is the chief economist at JLL where he manages the economics team and is responsible for global and regional economic research, analysis and forecasting as well as property market forecasting.

Prior to JLL, Ryan served as senior economist and director of research at Reis in the research and economics department, the team responsible for the firm's market forecasting, valuation, and portfolio analytics services. Ryan also served as the Associate Director of Research at MetLife Real Estate Investments where he was responsible for macroeconomic and real estate market analysis, formulating portfolio strategy, and conducting deal reviews. Before joining MetLife, Ryan served as the Director of Investment Strategy and Market Research at Starwood Capital Group where he directed the entire research effort at the firm. Ryan has also held research positions at Prudential Real Estate Investors and UBS.

Additionally, Ryan currently serves as an Adjunct Professor of finance and economics at Columbia University and New York University teaching courses such as Urban Economics, Portfolio and Risk Management, Microeconomics, and Macroeconomics. He also has experience in real estate asset management, portfolio management, and acquisitions.

Ryan's original research has appeared in a number of journals such as the Wharton Real Estate Review and The Real Estate Finance Journal. His assessments of market conditions have appeared in international publications like The Economist, The Wall Street Journal, The New York Times, and The Financial Times and on business networks such as CNBC and Bloomberg. Ryan is a member of the CFA Institute, the American Economic Association, ULI, and NCREIF.

Ryan holds a master's degree from Columbia University, where he studied International Finance and Economics, a bachelor's degree from Georgetown University, where he studied Finance, Japanese, and Economics, and is a CFA Charterholder

Ken McCarthy has been with Cushman & Wakefield since August 2006. As Principal Economist, he

works with the Chief Economist on C&W’s U.S. economic position and presents it to the public. As

the Applied Research Lead, Ken is responsible for preparing cutting edge research about the

outlook for commercial real estate in the Americas.

Before becoming Principal Economist with Cushman & Wakefield, Ken served as Chief Economist

of The Center for Innovative Entrepreneurship. Prior to this role he was the Chief Economist for

vFinance, Inc. where he oversaw all of the company’s economic analysis and research. He’s

headed the Economic Intelligence Company (EIC) that provided economic analysis and advice to

Fortune 500 firms and also served as Vice President of Rinfret Associates, Inc. for 14 years.

Professional Experience:

Before becoming a Principal Economist with Cushman & Wakefield, Ken served as Chief Economist

of The Center for Innovative Entrepreneurship. Prior to this role he was the Chief Economist for

vFinance, Inc. where he oversaw all of the company’s economic analysis and research. He’s

headed the Economic Intelligence Company (EIC) that provided economic analysis and advice to

Fortune 500 firms and also served as Vice President of Rinfret Associates, Inc. for 14 years.

Professional Recognition:

Ken’s market information and studies have been published in several business publications and

annual almanacs including: The New York Times, Crain’s New York, New York Real Estate Journal,

Real Estate New York and Real Estate Weekly.

Professional Affiliations

· Member of the Research Roundtable of the Steven L. Newman Real Estate Institute of Baruch

College.

· Member of the advisory panel of the New York City Office of Management and Budget.

Education:

· Master of Arts degree from Fordham University

· Bachelors of Arts degree in Economics from St. Anselm College in New Hampshire.

Dorian Lam is a VP with First Nationwide Title, a market leader in handling complex commercial real estate transactions nationally and worldwide. Mr. Lam focuses on nurturing relationships with developers, owners, operators, investors, lenders, attorneys and other real estate companies. Prior to joining First Nationwide Title he was a Senior Project and Operations Manager at a subsidiary of First American Title and prior to that a Management Consultant with PricewaterHouseCoopers. Mr. Lam graduated from the Stern School of Business at New York University with a Bachelor of Science in Information Systems and Management. He is a board member of the Asian Real Estate Association of America (AREAA) and the Mortgage Bankers Association of New York (MBAofNY). Mr. Lam is a recipient of the Outstanding Asian American in Business Award by the Asian American Business Development Center.

Michael Maturo is a founding Managing Partner and serves as President of RXR Realty LLC (“RXR”), a multi-billion dollar private real estate company which was formed subsequent to the sale of Reckson Associates Realty Corp (“Reckson”)(NYSE:RA) to SL Green, one of the largest public Real Estate management buyouts in REIT history. In this capacity, he develops, implements and oversees RXR’s corporate strategy and investment fund and asset management businesses as well as all capital markets activities. Mr. Maturo is a member of RXR’s Investment Committee and its Board of Directors. He is also a Principal and member of the Investment Committee of RXR Real Estate Opportunity Fund, LLC, RXR Real Estate Value Add Fund LLC and RXR Emerging Markets Fund LLC.

Prior to the Reckson/SL Green merger, Mr. Maturo served as President and a member of the Board of Directors at Reckson. Mr. Maturo was also Chairman of the Investment Committee and had oversight responsibility over the company’s allocation of capital. Mr. Maturo worked closely with the Company’s CEO in developing and implementing Reckson’s corporate and operating strategies. Mr. Maturo was at Reckson from 1995 until January 2007 and during his tenure completed over $20 billion in capital markets transactions.

In addition, Mr. Maturo serves on a number of outside Boards and Committees including Vice Chairman of the Board of Directors of the Long Island Association (LIA), as well as a Member of its Executive Committee and Chairman of its Economic Development Committee, Chairman of the Board of Directors of the Catholic Foundation of the Diocese of Rockville Centre, the Investment Committee of the Diocese of Rockville Centre Pension Plan and Member of the Real Estate Roundtable. Mr. Maturo was appointed by Governor Cuomo in December 2012 to the Board of Trustees of the Long Island Power Authority (LIPA) where he served as Chairman of the Personnel and Compensation Committee and member of the Finance and Audit Committee and the Operations Transition Committee. Mr. Maturo completed his tenure on the LIPA board in January 2014.

Mark Van Zandt is a Partner based in New York and is responsible for the Firm’s investment activities on the East Coast. Mark has been with GreenOak since its founding in 2010 and is involved in the sourcing, structuring and management of GreenOak investments on the East Coast.

Prior to GreenOak, Mark was a Vice President of Morgan Stanley Real Estate Investing and a member of the team responsible for new investments in the US on behalf of the Morgan Stanley Real Estate Funds and MSRE Special Situations Fund III. Prior to joining Morgan Stanley in 2004, Mark worked in the real estate group of LaSalle Bank, based in Chicago.

Helen Hwang is Senior Executive Managing Director at Meridian Investment Sales, LLC and is head of the Institutional Investment Sales Group. Ms. Hwang has executed over 85 institutional sales and recapitalization transactions exceeding $26 billion in value. Prior to joining Meridian, Ms. Hwang spent 16 years at Cushman & Wakefield as an Executive Vice President, as the head of NYC Investment Sales.

Ms. Hwang has worked on numerous prestigious sales assignments throughout her career, including 1865 Broadway, 220 East 72nd Street, 22 River Terrace, 101 Murray Street, 400 Madison Avenue, One Court Square, 60 East 12th Street, 510 Madison Avenue, 511 Fifth Avenue, Glenn Gardens, the MetLife Building at 200 Park Avenue, 666 Fifth Avenue, the portfolio sale of Park Avenue and 850 Third Avenue, and the ground leases under 625 Madison Avenue, 2 Herald Square and 75 Rockefeller Center. For the sale of 88 Leonard Street, Ms. Hwang was honored with the Real Estate Board of New York’s highest achievement, the 2012 Most Ingenious Sales Deal of the Year (Robert T. Lawrence Memorial Award).

Ms. Hwang has marketed significant New York assets for clients such as Africa Israel Investments, Ashkenazy Acquisitions, Capmark Financial, Daishin Securities, Dermot Company, Epic UK, Five Mile Capital, Istithmar, J.E. Robert Companies, Paramount Group, Park Tower Group, Rockrose Development Corp, SL Green, Spitzer Enterprises, Vornado Realty Trust, and Macklowe Properties. She has been a trusted strategic advisor to numerous domestic and international family offices, institutions and not-for-profits, including American Bible Society, Archdiocese of New York, Children’s Aid Society, MTA, New York University, St. John’s University, and Watchtower Bible and Tract Society of New York, and Fortune 50 Corporations such as Bank of America and Verizon.

Ms. Hwang has been presented with numerous awards over her career for both her professional achievements and charitable contributions, including the Top Broker of the Year by Real Estate Forum Magazine, a leading trade publication, CoStar’s prestigious Power Broker of the Year award, Bisnow’s New York Power Women award, Rebuilding Together NYC ‘s Patty Johnson Outstanding Leadership Award, and Friendship Circle’s Humanitarian Award. She was also named one of the 50 Outstanding Asian Americans in Business by the Asian American Business Development Center. Ms. Hwang serves as Chair of the Membership Committee and member of the Executive and Advisory Committees for the Urban Land Institute’s New York City Chapter and as an industry expert guest speaker for numerous conferences and some of the top REIT equity research teams in the nation, including Bank of America Merrill Lynch, ISI Group, FBR Capital Markets & Co, JMP Securities, and UBS.

Ms. Hwang received her Bachelor of Science degree from the Cornell University School of Hotel Administration (Real Estate Finance), where she graduated “With Distinction.” She also holds a Master’s degree in Real Estate Investment and Development from New York University. Ms. Hwang is a New York State Certified Real Estate Appraiser and is a New York and New Jersey Licensed Salesperson.

Gary Bechtel leads the investment management leadership teams with direct oversight of all portfolios. Gary Bechtel served as President of Money360 and was responsible for developing and executing Money360’s expansion strategy. Gary also served on Money360’s Credit Committee and Board of Directors. Prior to joining the Company, he was Chief Lending/Originations Officer of CU Business Partners, LLC, the nation’s largest credit union service organization (CUSO). Previously, Gary held management or production positions with Grubb & Ellis Company, Meridian Capital, Johnson Capital, FINOVA Realty Capital, Pacific Southwest Realty Services and Hometown Commercial Capital. Gary began his career with the Alison Company and over the past thirty-four years has been involved in all aspects of the commercial real estate finance industry, as a lender and as an intermediary, including the origination, underwriting, structuring, placement and closing of over $10B in commercial debt transactions, utilizing various debt structures which have included permanent, bridge, equity, mezzanine and construction on transactions of $1M to $250M. These transactions were placed with a variety of capital sources that included life companies, commercial banks, credit unions and equity and mezzanine funds, on property types that included office, retail, industrial, multifamily, hospitality, self-storage and manufactured housing. He is or has been a member of the Mortgage Bankers Association of America, California Mortgage Bankers Association, National Association of Industrial and Office Properties, and International Council of Shopping Centers. Gary has spoken at numerous industry events and written articles and has been regularly quoted in a number of regional and national publications.

Seth D. Molod, is Executive Vice President and Chief Financial Officer of Lightstone, where he is responsible for overseeing and managing all corporate finance operations. Prior to joining Lightstone he served as Chair, Real Estate Services; and Executive Committee member at Berdon LLP. Mr. Molod brings over 25 years of extensive experience advising some of the nation’s most prominent real estate owners, developers, managers, and investors in both commercial and residential projects. He has advised privately held real estate companies as well as institutional investors, REITs, and other public companies. Mr. Molod received a Bachelor of Business Administration degree in accounting from Muhlenberg College. He is licensed as a certified public accountant in New Jersey and in New York.