Boston, MA, January 29, 2008

Intercontinental Acquires Northpoint Centre in Austin, Texas 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 Northpoint Centre in Austin, Texas.  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.  The purchase marks the twelfth acquisition on behalf of US REIF.

Northpoint Centre is comprised of two Class A office buildings totaling 151,000 square feet.  Considered one of the best performing office assets in the northwest submarket, the property is strategically located on Mopac Expressway (Loop 1), offering convenient access to and from all parts of Austin.  The asset is situated on approximately 9.5 acres and features 568 parking spaces, a classic granite and glass façade, and spacious lobbies with granite finishes.  The asset is further enhanced by its superior infill location in Austin’s most desirable area with the highest income and development restriction.  Northpoint Centre benefits from its close proximity to a wide variety of amenities including The Arboretum Shopping Center, and the new high-end Domain Lifestyle Center which includes over a million square feet of shopping, fine dining, upscale retail, financial services, first class hotels, and health clubs.  The property is currently 92% leased to a wide variety of well established tenants including financial, legal, service, and technology companies. 

“We are delighted with the acquisition of Northpoint Centre, one of the most desirable office assets in this submarket.  Austin has demonstrated increasing demand over the years and we have great near and long term confidence,” commented Thomas Taranto, Director of Acquisitions, Asset & Portfolio Management at Intercontinental. 

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 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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