Boston, MA, October 31, 2005

Intercontinental Real Estate Corporation Announces Toby Award for The Forum in West Palm Beach, Florida

Intercontinental Real Estate Corporation, a national real estate investment, development, and management firm headquartered in Boston, MA, today announced that The Forum in West Palm Beach has received The Office Building of the Year (TOBY) Award for 2005-2006 from the Building Owners and Managers Association (BOMA) of Florida in the “Renovated Building” category.  Receiving the local award qualifies The Forum for the regional competition. 


The TOBY Award is the most prestigious and comprehensive program of its kind in the commercial real estate industry. It was created in 1985 to salute quality in office buildings and award excellence in office building management. All facets of a building’s operations are thoroughly evaluated during the judging process.

“We are honored to receive the TOBY Award,” said Thomas Taranto, Intercontinental’s Director of Asset Management. “Receiving recognition from such a highly respected and well-established association demonstrates proficiency in both meeting and exceeding the elements of sound property management. Winning this award was a team effort that started with the vision of our partners, Bernard Werner and David Garfinkle and extends beyond our management team to include the efforts of our tenants, vendors, contractors as well as the focused and determined labors of our on-site Grubb & Ellis management team. It is a validation of our combined daily efforts and commitment to excellence in asset management.” 

The Forum earned the award in the Renovated Building category.  To be considered for the TOBY, a property must be at least fifteen years old and have maintained occupancy during the renovation process.  Renovation can include: rehabilitation, the restoration of a property to satisfactory condition without changing the plan, form, or style of a structure; modernization, taking measures to bring a property into conformity with changes in style; or remodeling, altering the form, plan, or style of a structure to correct functional or economic deficiencies.  In addition, five of the following work projects must have been completed: new roof, new boilers/HVAC system, cleaning building exterior, new street level façade, new electrical system, new sprinkler system, elevator system upgrades, new security system, renovations to main lobby or toilets to comply with codes. 

The Forum is a three building complex located on Palm Beach Lakes Boulevard at the intersection of I-95.  The property totals 279,306 square feet and includes a three level parking garage housing 1,103 spaces. 

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.