Boston, MA, August 29, 2005

Intercontinental Real Estate Corporation Appoints Joseph A. Sweeney to Asset Manager and Judy Chien to Senior General Ledger Accountant

Intercontinental Real Estate Corporation, a private equity real estate investment and management firm headquartered in Boston, MA announced that Joseph A. Sweeney has joined Intercontinental as an Asset Manager and Judy Chien has joined as a Senior General Ledger Accountant.

Joseph Sweeney is responsible for the asset management for several of Intercontinental’s real estate holdings outside of Massachusetts. In addition, he is an active participant with the acquisitions group in the underwriting process for new and out of state investments.

Previously, Mr. Sweeney worked at Copley Real Estate Advisors and AEW Capital Management, L.P. where he was an asset manager responsible for a $184 million portfolio of office, industrial, and R&D properties totaling 2.4 million square feet. He was responsible for increasing equity valuations and maximizing shareholder values through the development and implementation of appropriate asset strategies including optimum debt forms, lease terms, and capital investments. Mr. Sweeney holds a BA in Economics from Harvard University and an MBA from the F.W. Olin School of Management at Babson College.

Judy Chien is responsible for producing financial statements for fund reporting, preparing year-end work papers for third-party audits and tax returns, conducting special projects, and maintaining and reconciling general ledgers.

Prior to joining Intercontinental, Ms. Chien was Vice President for VEF Advisors, LLC in Atlanta, Georgia, where she provided a broad array of services including oversight for accounting functions, annual audit and tax coordination and financial reporting services for several closed-end opportunistic real estate funds. Ms. Chien is a Certified Public Accountant and graduated from University of Georgia where she received a BBA in Accounting.

Intercontinental Real Estate Corporation is an SEC registered investment advisor 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, hotels, 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.

Contact: Erin Brooks, Marketing Associate
Intercontinental Real Estate Corporation
Tel: 617-782-2600
Fax: 617-782-9442

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