Overview of Adviser Divco West Real Estate Services, LLC was founded by Stuart Shiff in 2006 and is a vertically integrated operating company, which, together with its affiliates, provides investment advisory, property management, construction management, development management and leasing services to its Clients (as defined herein). The Adviser has investment advisory offices in San Francisco, California, Los Angeles, California, Menlo Park, California, Cambridge, Massachusetts, Washington, D.C., Austin, Texas and New York, New York, and is comprised of a dedicated group of professionals with extensive experience in sourcing, structuring, acquiring, developing, redeveloping, managing, leasing and selling primarily commercial real estate and other real estate-related assets. The Adviser is principally owned indirectly by DivCore Capital, LLC. The Adviser is led and controlled solely by Stuart Shiff. The Adviser is an investment adviser registered with and regulated by the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Adviser provides investment advisory services to pooled private real estate investment vehicles and certain co-investment and parallel investment vehicles (each a “Fund” and collectively, the “Funds”). The Funds are typically structured as limited partnerships that are exempt from registration as investment companies under U.S. law by virtue of Section 3(c)(1), Section 3(c)(5) and/or Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “Investment Company Act”) and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). In addition to the Funds, the Adviser also provides investment advisory services to joint ventures, separately managed accounts and other institutional clients (“Managed Accounts,” and together with the Funds, the “Clients”), which are typically structured as limited liability companies. In certain cases, some of the investment vehicles used to facilitate Client investments may have corporate or other structures. The general partners, directors and/or managing members of the Clients (collectively, the “General Partners”) are affiliates of the Adviser. For purposes of this Brochure, the “Adviser” means Divco West Real Estate Services, LLC, a Delaware limited liability company, together (where the context permits) with its affiliated General Partners of the Clients and other affiliates that provide advisory services to and/or receive advisory fees from the Clients. Such affiliates may or may not be under common control with the Adviser, but possess a substantial identity of personnel and/or equity owners with the

Adviser. These affiliates may be formed for regulatory or other purposes in connection with the organization of the Clients, or may serve as General Partners of the Clients. Types of Advisory Services The Clients primarily hold real estate and real estate-related assets, including securities of operating companies that the Adviser determines at the time of the original investment are related to and/or have an application with respect to real estate or real estate-related assets. The Adviser provides its investment advice pursuant to, and subject to the strategies and restrictions (if any) set forth in the applicable Client’s offering memorandum, as supplemented from time to time, organizational documents and subscription agreements, as the case may be, advisory agreements with the applicable Client and/or any side letter agreements negotiated with investors in the applicable Client (collectively, a Client’s “Organizational Documents”). With respect to the Funds, the Adviser or its affiliate provides investment advice directly to the Funds under its management (subject to the direction and control of the General Partner), and not individually to the investors in each Fund. With respect to Managed Accounts, the Adviser provides investment advice to institutional clients through its Managed Accounts. The Adviser may add to, change or otherwise modify its investment strategies at any time in its sole discretion, provided, that any such modification or changes fall within the parameters of a Client’s Organizational Documents. The Adviser tailors the investment advisory services provided to each Client based on such Client’s investment objectives, as set out in such Client’s Organizational Documents. The terms of the Organizational Documents may differ from Client to Client and investors within such Clients may impose restrictions on certain types of investments by a Client for tax, regulatory, or other reasons. Specific details relating to the advisory and management services provided to the Clients, including details relating to fees, liquidity rights and risks, amongst others, are fully disclosed in each Client’s Organizational Documents. Current and prospective investors should refer to the applicable Organizational Documents for complete information on the investment objectives, investment restrictions and risks of a particular Client. The Adviser neither offers nor participates in any wrap fee programs. Assets Under Management As of December 31, 2023, the Adviser has regulatory assets under management of $15,328,320,000, of which $7,379,879,000 is managed on a discretionary basis and $7,948,441,000 is managed on a non-discretionary basis.