News

Boston, MA, October 17, 2006

Intercontinental Announces Lease Extension for 735,000 Square Foot Class A Industrial Facility in Devens, Massachusetts

Intercontinental Real Estate Corporation, a national real estate investment, development and management firm headquartered in Boston, MA, announced Gillette’s lease extension for approximately 735,000 square feet at its industrial facility located in Devens, Massachusetts.  Situated on approximately 65.5 acres of land, the asset is comprised of two buildings: 66 Saratoga Boulevard and 18 Independence Drive. 

“We are pleased to announce that Gillette has extended their lease at Devens Industrial Center for an additional seven years.  The facility has proven to be a great match for Gillette’s physical and geographical needs.  Gillette has been an excellent tenant and we are happy to continue our relationship with such a well respected company,” commented Thomas Taranto, Director, Head of Asset and Portfolio Management at Intercontinental.  Hank Amabile, Senior Vice President, Jack Kerrigan, Executive Vice President and Steve Cook, Vice President from Grubb & Ellis Company represented Gillette in the negotiation.

Constructed in 1997 and later expanded in 2000, the property features 30’ clear heights, 66 loading docks, and 442 parking spaces.  A 3,400 square foot passageway connects the two buildings, facilitating transport of goods between the two areas.  The property is optimal for warehouse and/or distribution use and is currently the only site allowing such use in Devens.   

Jack Kerrigan of Grubb & Ellis indicated, “It’s hard to believe that 10 years have elapsed since our team represented Gillette as the lead tenant in the redevelopment of the former Fort Devens Army Base.  The fact that Gillette has renewed both leases coupled with the recent announcement of Bristol Myers’ plans to construct a large manufacturing facility also located in Devens, bodes well for the Massachusetts economy.”

Devens Industrial Center is situated conveniently on Route 2, less than five miles west of Interstate 495, providing excellent access to the regional highway system including I-90 and I-95.  The town of Devens offers tenants an array of first-class amenities including rail access, hotel accommodations and an 18-hole championship golf course.

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 $1.4 billion for its clients and is actively seeking opportunities to invest in core enhanced properties and value oriented development projects.