News

Boston, MA, November 4, 2008

Intercontinental Acquires Central Plaza in Cambridge, MA on behalf of U.S. Real Estate Investment Fund, LLC

Intercontinental Real Estate Corporation (“Intercontinental”) a national real estate investment, development and management firm headquartered in Boston, MA, announced the acquisition of Central Plaza in Cambridge, MA. The acquisition, made on behalf of Intercontinental’s U.S. Real Estate Investment Fund, LLC (“US REIF”), was led by Michael Keyes, Director, Acquisitions at Intercontinental.

Central Plaza is a 166,458 square foot office building located in Cambridge’s Central Square.  The building is situated directly above the Red Line subway station and in close proximity to the Massachusetts Turnpike and Route 2.  The acquisition includes a 15-story office tower, a separate 5-story building, and a 2-story annex that connects the two buildings.  With effectively three separate structures (tower, low-rise and annex) the asset is able to support a host of different users.  In addition, the acquisition includes two separate surface parking lots totaling 1.92 acres of land that supports 293 vehicles.  The property is currently 98.9% leased to a diverse tenant base including Cambridge Housing Authority, Harmonix, HFMH Architects, and Cytel Inc.  Intercontinental Management Corp., an affiliate of Intercontinental Real Estate Corporation, will manage the property.

“The acquisition of Central Plaza offers Intercontinental the opportunity to invest in a well positioned office building located in one of the region’s strongest office markets,” commented Thomas Taranto, Director of Acquisitions, Asset and Portfolio Management at 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, managed and owned over $4 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects.  Presently, Intercontinental owns and manages a portfolio in excess of $2.2 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects. Visit www.intercontinental.net for more information.