Boston, MA, August 28, 2007
Intercontinental Acquires Somerset Court in Waltham, Massachusetts 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 Somerset Court at 281 Winter Street in Waltham, MA. The acquisition, made on behalf of Intercontinental’s U.S. Real Estate Investment Fund, LLC (“US REIF”) was led by Michael Keyes, Director, Acquisitions at Intercontinental. Cushman & Wakefield's Capital Markets Group of Robert E. Griffin, Jr., Edward C. Maher, Jr., David J. Pergola, and Christopher T. Griffin exclusively represented the seller in the transaction.
Somerset Court is a Class A three-story office building totaling 67,743 square feet. The asset is a distinctive brick-clad building located 12 miles west of Boston in the heart of the region’s largest and most active suburban office submarket. Completed in 1985, the asset is situated in a wooded setting on 7.6 beautifully landscaped acres. At present, Somerset Court is 100% leased to 12 individual tenants representing a broad spectrum of industries, from health care and education, to IT staffing and construction consulting.
“Nowhere is the greater Boston office market resurgence more visible than in Waltham, where tightening market conditions should continue to drive rent levels higher,” said Edward C. Maher Jr., Executive Director of Cushman & Wakefield. “Somerset Court provides several of the key attributes required by today’s most demanding investors: premier location, marquee tenancy and upside through re-leasing. Not surprisingly, the property generated tremendous excitement.”
Somerset Court is located at the Winter Street interchange off of Route 128/I-95 -- commonly known as “America’s Technology Highway.” Bearing the address 281 Winter Street, the building is convenient to Route 2 to the North and the Massachusetts Turnpike (U.S. I-90) to the South, making the property easily accessible from all points of the compass.
“We have reached an important milestone for US REIF, exceeding $117 million totaling 866,300 square feet in assets under management for the fund. We are extremely pleased with this acquisition and the opportunity to invest in high-class office space with a strong tenant base, compelling demographics and an exceptional location,” commented Paul Nasser, CFO and COO of 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 manages a portfolio in excess of $1.8 billion for its clients.