News

Boston, MA, December 8, 2005

Intercontinental Real Estate Corporation and Golub & Company Joint Venture Acquires Riverview Office Tower in Minnesota

A joint venture of Boston-based Intercontinental Real Estate Corporation and Chicago-based Golub & Company has acquired Riverview Office Tower located in Bloomington, Minnesota.  For Intercontinental, the acquisition was made on behalf of Intercontinental Real Estate Investment Fund III, extending the fund’s diversified portfolio to 30 properties.  Golub & Company will manage the property.
            Riverview Office Tower is a 15-story, multi-tenant office building totaling 227,129 square feet.  Built in 1973 on approximately 3.5 acres of land and extensively renovated in 1997, the property is currently 81% percent leased.  Available spaces range from 1,000 to 14,000 square feet.
            Tom Holtz and Steve Buss of the Bloomington, MN office of CB Richard Ellis were the brokers representing the sellers in the transaction.  Golub & Company’s Andrew Cathlina, vice president of acquisitions and finance, and Intercontinental’s Greg Shay, Chief Investment Officer, and Thomas Taranto, Director of Asset Management, led the acquisition process for their respective companies.
            Riverview Office Tower offers spectacular views of the Minnesota River Valley and an excellent location in Bloomington, at the center of the thriving southwest suburban submarket of Minneapolis. 
            “Riverview Office Tower is a high quality property that offers an exceptional location and complete amenity package.  This acquisition represents Intercontinental’s continued geographic expansion and we are very excited to join the Bloomington real estate market,” said Peter Palandjian, Chairman and CEO of Intercontinental. 
            Riverview Office Tower is five minutes south of the Minneapolis / St. Paul International Airport, twenty minutes from downtown Minneapolis, and five minutes from France Avenue and Interstate 494 Interchange. Visible from I-494, the property is also in close proximity to the Mall of America, and benefits from Light Rail Transit service one block away.  A wide array of hotels and restaurants surround the property.  Directly across the street is McGough’s master-planned mixed use development, a 45-acre site to be built out over the next 10 years with condominiums, hotels, retail and office space.
            “This acquisition is consistent with our strategy to acquire high-quality assets in Class A locations,” noted Michael Newman, Golub & Company’s President and Chief Executive Officer. “The solid track record and similar investment goals we share with Intercontinental put our team in an excellent position to identify and close on a timely basis on a range of large-scale real estate purchases.”
            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.
            Chicago-based Golub & Company and its affiliates are active internationally in real estate development, acquisitions, asset and property management, leasing, and corporate real estate services. Overall, since its founding more than 45 years ago, the company has owned, leased and managed more than 30 million square feet of commercial and multifamily real estate properties.
For leasing information, contact John Ferguson of Golub & Company at 312-440-8753.