Boston, MA, December 20, 2006

Intercontinental Real Estate Corporation Announces the Acquisition of The Forum in San Antonio, TX

Intercontinental Real Estate Corporation, a national real estate investment, development, and management firm headquartered in Boston, Massachusetts announced the acquisition of the Forum in San Antonio, Texas. The acquisition was made on behalf of Intercontinental Real Estate Investment Fund III, LLC.  The seller was Nationwide Life Insurance Company.

The Forum, a landmark property in San Antonio, Texas, consists of three Class A office buildings totaling 381,345 square feet.  The asset is situated on approximately 16 acres of land along Interstate Highway 10-West in San Antonio’s most desirable northwest office submarket.  The Forum is considered one of the top suburban properties in San Antonio due to its premier location, tenant quality and retention, and asset quality.  Located only ten minutes from the San Antonio International Airport, the Forum is in close proximity to exclusive shopping, dining, and residential areas.  The property features a four-level parking garage that provides 979 spaces and additional surface parking with an additional 459 spaces.  Included in the acquisition is a 4.8 acre land parcel with future development possibilities.  The Forum boasts Class A construction and quality finishes including granite, polished metals, and glass bays.  The floor plate efficiency is conducive to companies of varying sizes and needs. 

 “This transaction represents a tremendous opportunity for Intercontinental to invest in a high quality asset in a vibrant and growing economy.  The Forum offers a stable occupancy, ideal location and preeminent reputation in the marketplace,” commented Steven Centrella, Director, Head of Transactions 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 built, 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 $1.6 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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