Boston, MA December 12, 2006

Intercontinental Real Estate Corporation Announces the Disposition of 226 Causeway Street

Intercontinental Real Estate Corporation, a national real estate investment, development, and management firm headquartered in Boston, Massachusetts announced the disposition of
the commercial unit of The Causeway Primary Condominium, “The Causeway” in Boston, MA on behalf of Intercontinental Real Estate Investment Fund II, LLC.  Peter Joseph and James McCaffrey of Trammell Crow Company brokered the deal.

Intercontinental Real Estate Investment Fund II, LLC acquired the property in June, 2000.  Immediately following the acquisition of the asset, Intercontinental undertook the challenge of converting the building from a six-story brick and beam structure formerly known as the Stop and Shop Bakery Building into one of the city’s architectural icons in the reconfigured Bulfinch Triangle area of Boston.  Today, The Causeway is a twelve story brick and glass curtain wall tower operating as a mixed use facility with retail, office, and residential uses located adjacent to the Zakim Bridge and T.D. Banknorth Boston Garden.  The property consists of 15,813 square feet of prime retail space on the first floor, 177,077 square feet of Class A office space on floors two through six, and luxury condominiums consisting of 108 units on floors seven through twelve.  The transaction represents the sale of the commercial unit which consists of the retail and office portion of the asset.  The Causeway boasts high-quality tenants including: The Boston Celtics; Grant Thornton LLP; The Commonwealth of Massachusetts, Land Court; and Oxfam America, Inc. 

“We were very pleased with the strong interest that market players exhibited for the building.  The Causeway offers high quality tenancy in a rapidly evolving location in the City of Boston,” commented Thomas Taranto, Director, Head of Asset and Portfolio 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 built, developed, managed and owned 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 $1.6 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects.