Boston, MA, August 11, 2005

The Boston Celtics Corporate Headquarters Move into 226 Causeway Street

Intercontinental Real Estate Corporation announced completion of the new Boston Celtics Corporate Headquarters Facility located at 226 Causeway Street in Boston. Intercontinental undertook the exceptional challenge of converting the building, formerly a six story brick and beam structure known as the Stop and Shop Bakery Building, into one of the city’s architectural icons in the dramatically reconfigured Bulfinch Triangle area of Boston. Today, it is a twelve story brick and glass curtain wall tower operating as mixed use facility with retail, office, and residential uses located adjacent to the Zakim Bridge.

The Boston Celtics have moved into the fourth floor of the building, occupying 23,000 square feet as part of a 10 year lease that will take them to 2015. Convenient for Celtics professionals and staff, the building is centrally located in close proximity to the Fleet Center, the North End neighborhood, the Financial District and Beacon Hill.

“We are honored to have the Celtics in our building and look forward to a long relationship with an outstanding group of professionals within the franchise,” said Peter Palandjian, CEO and Chairman of Intercontinental. “There is no better vote of confidence in our business than when you attract a tenant of the Celtics stature. The team has been a major part of Boston’s cultural fabric and one of the most successful teams in all of sports history,” said Palandjian.

“We are extremely pleased with our new offices at 226 Causeway Street,” Boston Celtics Managing Partner and Governor Wyc Grousbeck said. “This new office space reflects the proud tradition of the Celtics and of the city of Boston, while offering us a modern and high tech base of operations for our business operations staff. We would like to congratulate the Palandjian family, who has done a terrific job with the building. We have been longtime friends of theirs, and we are now happy to be their tenants as well. This is a proud day for the Celtics organization.”

Established over 40 years ago, Intercontinental Real Estate Corporation is an SEC registered investment advisor 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, hotels, recreational and residential projects. Presently, Intercontinental manages a portfolio in excess of $1 billion for its clients and is seeking to actively invest an additional $500 million into 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