Boston, MA, January 23, 2009

Intercontinental Acquires Independence Corporate Park in Greenville, SC

Intercontinental Real Estate Corporation (“Intercontinental”) a national real estate investment, development and management firm headquartered in Boston, MA, announced the acquisition of Independence Corporate Park, a seven-building office park located in Greenville, South Carolina.  The acquisition, made on behalf of Intercontinental’s U.S. Real Estate Investment Fund, LLC (“US REIF”), was led by Kevin Darling, Director, Acquisitions at Intercontinental. 

Independence Corporate Park is a Class A office complex totaling 300,000 square feet.  Situated on 34 acres, the park is ideally located at the intersection of I-85 and I-385 offering excellent visibility and rendering it one of the most accessible properties in the Greenville market.  The park is located less than ten miles from Downtown Greenville, Greenville-Spartanburg International Airport, and the upscale suburban communities of Mauldin and Simpsonville.  Independence Corporate Park features immaculate landscaping, a full service cafe with indoor and outdoor seating, basketball courts and a modern fitness center.  The property is currently 97% leased to a diverse mix of nationally recognized credit tenants including: General Electric, Greenville Hospital Systems, United Healthcare, Sealed Air and Duke Energy. 

Thomas Taranto, Director of Acquisitions, Asset and Portfolio Management at Intercontinental commented, “Greenville is a thriving and vibrant city that has experienced tremendous growth over the last 20 years.  Independence Corporate Park is prominently located and currently 97% leased to a variety of local, regional, and national tenants.”

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 $6 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 $2.4 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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