Boston, MA, July 25, 2006

Intercontinental Real Estate Corporation Acquires Vanguard Centre in Charlotte, NC

Intercontinental Real Estate Corporation (“Intercontinental”), a national real estate investment, development, and management firm headquartered in Boston, Massachusetts, announced the acquisition of Vanguard Centre in Charlotte, North Carolina.  The acquisition was made on behalf of Intercontinental Real Estate Investment Fund III, LLC.  The seller was CRT Vanguard Partners L.P..

Vanguard Center consists of thirteen office buildings totaling 528,540 rentable square feet.  Located in one of Charlotte’s most dynamic submarkets, the park features a mix of single and multi-story Class A-, B and C+ buildings developed between 1975 and 1997.  Vanguard Centre is well positioned along Interstate 77 allowing for excellent visibility from the interstate and convenient access to and from all areas in the region.  The location is just a few miles from the Charlotte-Douglas International Airport, Downtown Charlotte, numerous high-end neighborhoods and the Southpark Mall, the largest regional mall between Washington D.C. and Atlanta.  Built on 56.6 acres of land, the asset features 2,036 parking spaces and 17 acres of undeveloped land that can accommodate two additional buildings totaling 150,000 square feet. 

Peter Palandjian, Chairman and CEO of Intercontinental commented, “The acquisition of Vanguard Centre offers Intercontinental the opportunity to join a rapidly growing market in a preeminent location.  The property has experienced strong leasing momentum over the past twelve months and offers a diverse rent roll with consistent lease expirations.”  The acquisition of the office park expands the Fund’s diversified portfolio to include a total of forty four assets.  The acquisition process was led by Kevin Darling, Director, Acquisitions for Intercontinental and brokered by Ryan Clutter, First Vice President, of CB Richard Ellis in Charlotte.

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 $1.3 billion for its clients and is actively seeking opportunities to invest in core enhanced properties and value oriented development projects.

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