Boston, MA, June 27, 2007

Intercontinental Real Estate Corporation Appoints Adam St. Jean to Accounts Receivable Supervisor

Intercontinental Real Estate Corporation (“Intercontinental”), a national real estate investment, development and management firm headquartered in Boston, MA, announced the appointment of Adam St. Jean to Accounts Receivable Supervisor.

Mr. St. Jean is responsible for all matters pertaining to Intercontinental’s Accounts Receivable Department.  In this role, he will maintain all leases, lease renewals, and security deposits.  Mr. St. Jean will process year end Common Area Maintenance (CAM) and operating reconciliations. In addition, he will record and post cash transactions and generate monthly billing and CAM charges for all tenants.

Prior to joining Intercontinental, Mr. St. Jean worked as an Accounting Coordinator at The Helm Management Company in La Mesa, California.  In this role, he coordinated all Accounts Receivable functions for 80 properties totaling 5,000 units and Accounts Payable functions for 26 properties.  Mr. St. Jean also worked as a Project Assistant for 10 properties, serving as the primary contact for the Board of Directors and homeowners.  He is a licensed real estate agent in the state of California.

Mr. St. Jean earned his B.A. from the University of Massachusetts – Amherst.

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, 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 $1.7 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects.