News

Boston, MA, February 7, 2008

Intercontinental Acquires Locke Drive Technology Park in Marlborough, 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 Locke Drive Technology Park in Marlborough, Massachusetts.  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.

Locke Drive Technology Park is a 295,700 square foot flex / office portfolio comprised of three stand alone assets.  Located directly off Interstate 495 and within four miles of the Massachusetts Turnpike, Locke Drive is ideally situated in the center of the region’s most traveled routes.  Locke Drive is a combination of well designed flex and office space that benefits from above average infrastructure.  The portfolio is currently 90 percent leased to mix of well established companies and high tech entrepreneurs.  The asset is situated on approximately 27 acres of land and offers 942 parking spaces.

Thomas Taranto, Director of Acquisitions, Asset and Portfolio Management at Intercontinental stated, “The I-495 West submarket has been experiencing strong activity and increasing growth over the last several years across several product types.  This asset offers superior infrastructure, a strong tenant roster, and convenience to the major highways.”

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 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects.