Boston, MA, July 18, 2006

Intercontinental Real Estate Corporation Announces the Acquisition of 10 Moulton Street in Cambridge, MA

Intercontinental Real Estate Corporation, a national real estate investment, development, and management firm headquartered in Boston, announced the acquisition of 10 Moulton Street in Cambridge, Massachusetts.  The acquisition was made on behalf of Intercontinental Real Estate Investment Fund III, LLC, extending the fund’s diversified portfolio to include a total of 32 assets.

10 Moulton Street is a Class B office building totaling 93,000 square feet.  Located in the Alewife area of Cambridge, the property is in close proximity to the MBTA, regional highways, Downtown Boston and Logan International Airport.  The property, situated on approximately 1.1 acres of land, features 85 parking spaces.  In March, 2004, Intercontinental Real Estate Investment Fund III, LLC acquired six buildings adjacent to 10 Moulton Street.  The properties are all 100% leased to BBN Technologies (BBNT).  Intercontinental now owns and manages BBNT’s entire Cambridge campus, totaling approximately 230,000 square feet.  Since its establishment in 1948, BBNT has been a global leader in technologies, providing expertise to both government and commercial customers.  “We are excited to expand our relationship with BBNT.  They are a high quality tenant with a long history and an outstanding reputation,” commented Thomas Taranto, Director of Asset 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 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.