News

Boston, MA, August 14, 2005

Intercontinental Acquires a 6 Acre Parcel on D Street in Boston, MA

Intercontinental Real Estate Corporation, a national real estate investment, development and management firm headquartered in Boston, MA, announced the acquisition of 371 – 401 D Street in South Boston, MA. The purchase marks the third acquisition on behalf of Intercontinental Real Estate Investment Fund IV, LLC. Intercontinental closed on June 23, 2005.

371 – 401 D Street is an undeveloped parcel of land measuring approximately 6 acres, located in the emerging South Boston Waterfront District. The Property is situated directly across from the newly constructed Boston Convention and Exhibition Center. Over the last several years, city officials have made incredible strides towards transforming the area. Recent investment activity has further boosted expansion and made the district incredibly desirable for business and residential opportunities alike. The neighborhood is exceptionally located on Boston Harbor adjacent to the Financial District and within close proximity to Logan Airport.

“The recent developments in the South Boston Waterfront mark an exciting time and opportunity for the city of Boston. We look forward to making a positive contribution toward further shaping the district,” said Peter Palandjian, CEO and Chairman of Intercontinental.

Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed over $3 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects. Presently, Intercontinental manages a portfolio in excess of $1 billion for its clients and is actively seeking opportunities to invest in core enhanced properties and value oriented development projects.

Contact: Erin Brooks, Marketing Associate
Intercontinental Real Estate Corporation
Tel: 617-782-2600
Fax: 617-782-9442
Email: erinb@intercontinental.net