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CMK requires a lead tenant in order to commence consfruction of Phase I and <br />Phase II gi�en iha� specu[ative de�elopmer�t is neither feasible, financeabie or <br />ad��sable today. CMK has been acti�ely mark�ting the project through bro�cers <br />and direct communication wi�h prospective lead �enanfis. Due to adverse market <br />conditions and macro economic conditions, CMK has not yet been able to sign a <br />lead tenant. The pre�ailing economic climate has unfortur�ately caused <br />companies to retrench as opposed to pursue new construction options. Those <br />that are�g�owing and I�o;cing for space are generally ti�ying to reduce overh�ad <br />through space reducfions andlor lower rent in second generation 5pace. We feef <br />our best chance foday is a us�r wifh unique requirements �hat cannot be met with <br />an existing building, thus requiring ground up canstrucfian. We are currently <br />responding to such a user's Request Far Informatior� (RFI). Howe�er, we must <br />currently request an extension so that we can continue to pursue an anchor <br />tenant for Travers� Business Center. <br />