Boston, MA, October 21, 2005

Intercontinental Announces the Acquisition of Class A Laboratory Space in Waltham, MA

Intercontinental Real Estate Corporation, a national real estate investment, development, and management firm headquartered in Boston, MA, announced the acquisition of a Class A laboratory and research facility located in Waltham, Massachusetts.  The purchase marks the 29th acquisition in a diversified property portfolio on behalf of Intercontinental Real Estate Investment Fund III, LLC.

830 Winter Street is a three-story, multi-tenant biotechnology building totaling approximately 180,000 square feet, with 505 parking spaces.  Previously owned by Praecis Pharmaceuticals, 830 Winter Street is considered to be one of Boston’s premier suburban laboratory buildings.  Built in 2000, the asset offers quality construction located on approximately 17 acres of land in close proximity to Route 128 and the Massachusetts Turnpike. 

“We are extremely pleased with the purchase of this facility,” said Peter Palandjian, CEO and Chairman of Intercontinental.  “Entering the Boston lab market has been a goal for quite some time and this was the perfect opportunity for Intercontinental to enter that market and expand our Fund III portfolio.”  

Concurrent with closing on the property, Praecis signed a lease for approximately 65,000 square feet of laboratory space within the facility.  Richards Barry Joyce & Partners, LLC has been awarded the leasing assignment for the balance of the property and Intercontinental Management Corporation will assume management responsibilities.

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 over $3 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 billion for its clients and is actively seeking opportunities to invest in core enhanced properties and value oriented development projects.