Boston, MA, January 17, 2007

Intercontinental Real Estate Corporation Appoints Michael Mackie to Technology Officer

Intercontinental Real Estate Corporation (“Intercontinental”), a national real estate investment, development and management firm headquartered in Boston, MA, announced the appointment of Michael Mackie to Technology Officer.

Mr. Mackie is responsible for implementing, managing, and monitoring the Enterprise-wide Windows Infrastructure for Intercontinental.  In this role, he provides network security for local and wide-area networks, and assists the Chief Compliance Officer in maintaining and updating electronic records to meet all SEC requirements.  Mr. Mackie also works with all third party service providers to identify and implement methods of improving business performance through technology.

Prior to joining Intercontinental, Mr. Mackie worked as the Director of Technology at BarNet Consulting, a Boston-based company providing advanced technical support to over forty corporate customers throughout the region.  While at BarNet, he provided all of Intercontinental’s technology-related consulting services.  Previously, he worked at CVM Consulting where he worked in partnership with clients to overcome business challenges through the application of technology.

Mr. Mackie has completed over twenty-one years of service in both the U.S. Army and U.S. Army Reserve Command and has completed the U.S. Army Advanced Non-Commissioned Officers Course.  He is a Microsoft Certified System Engineer (MCSE) and earned his B.S. in Economics from University of New Hampshire.

“We are very excited that Mike is officially joining our team at Intercontinental.  His extensive industry knowledge and experience coupled with a strong familiarity with our systems makes him an invaluable asset to the company,” commented Paul J. Nasser, CFO and COO of 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 enhanced properties and value oriented development projects.