Boston, MA, September 15, 2008

Intercontinental Acquires Capitol Center in Columbia, SC 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 Capitol Center in Columbia, SC. The acquisition, made on behalf of Intercontinental’s U.S. Real Estate Investment Fund, LLC (“US REIF”), was led by Steve Centrella, Senior Director, Acquisitions at Intercontinental and marks the sixteenth acquisition of the fund.

Capitol Center is a 460,292 square foot Class A Office tower located in Columbia’s Central Business District. This Class A facility is the tallest building (25 stories) in South Carolina and arguably the most prominent building in Columbia, defining the city’s skyline. In addition, downtown Columbia is a vibrant commercial and residential city center with a wide variety of hotel, restaurant, and banking facilities. A city - owned and operated parking garage adjacent to the site provides up to 1,000 spaces to tenants of Capitol Center with additional street and garage parking also available in close proximity. 

Capitol Center is currently 98% occupied with approximately 60% of the building leased by law offices, government agencies, and related industries. Consequently, the property enjoys excellent tenant retention and longer lease terms. The building’s close proximity to the State Capitol in addition to its reputation in the marketplace draws public and private sector tenants alike. Additionally, the presence of the prestigious Capitol City Club serves as a testament to the stature of the building, as this club typically chooses the most prominent building in each of its markets to host its business, political, and social events.

Thomas Taranto, Director of Acquisitions, Asset and Portfolio Management at Intercontinental stated, “The acquisition of Capitol Center gives Intercontinental one of the most desirable office towers in South Carolina. The property offers a stable occupancy, ideal location and preeminent reputation in the marketplace. Capitol Center also is an exciting opportunity to bolster our presence in the Southeast. It will be a great addition to our US REIF portfolio.”

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.

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