Needham, Massachusetts, July 20, 2005

NAIOP Selects Intercontinental Real Estate Corporation to Receive Distinguished Real Estate Award

The Massachusetts Chapter of the National Association of Industrial and Office Properties (NAIOP) is pleased to announce that Intercontinental Real Estate Corporation has been selected to receive NAIOP’s 2005 Distinguished Real Estate Award. The award will be presented at NAIOP’s Annual Awards Gala on Thursday, November 17 at the Westin Hotel at Copley Place in Boston.

NAIOP selected Intercontinental based on the company’s achievements in real estate, community betterment, and charitable activities. Established in 1959, Intercontinental is an SEC registered investment advisor and real estate operating company with expertise in real estate investment development, construction management, and asset management. Over the past 15 years, Intercontinental has evolved from one of the preeminent value-added real estate development and construction boutique firms in New England into a national, full service real estate investment management firm offering a broad range of private equity fund products to a diverse mix of clients from across the globe. The company has developed over US$ 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 US$ 1 billion for its clients and is seeking to actively invest an additional US$ 500 million into core enhanced properties and development opportunities that complement the organization’s core competencies and capitalize on opportunities in the region and key markets throughout the United States.

One of Intercontinental’s strongest attributes is its ability to invest in markets and to develop real estate while also respecting the needs of the local communities in which these assets are located. With a corporate culture that emphasizes a strong social conscience, Intercontinental has forged numerous public-private partnerships working with states, cities, and towns toward the betterment of local communities. One of New England’s largest investors of union backed construction and organized labor projects, Intercontinental is particularly proud that it has created hundreds of thousands of man hours of employment for citizens in the underlying communities over the years. In addition, these projects have led to affordable housing initiatives and contributions toward the maintenance of neighborhood parks and public areas in which they reside.

Intercontinental and its principals have a corporate culture that is committed to charitable giving and volunteer work. Among the many contributions and initiatives taken by the company, involvement in charities and foundations includes: the Cam Neely Foundation for Cancer Care, Azumah Student Assistance Program, Cradles to Crayons, Jewish National Fund, Juvenile Diabetes Research, Junior Achievement, Shelter Inc., Avon Walk for Cancer, and the George H. Laufenberg Scholarship Fund. The firm is an active member of the National Association of Real Estate Investment Managers (NAREIM), the Pension Real Estate Association (PREA), and the Greater Boston Real Estate Board (GBREB). Intercontinental’s outreach initiatives stem directly from its principles, who have active positions as board members and advisors to numerous foundations and educational institutions including the Denis Leary Firefighters Foundation, Dana Farber Cancer Research Institution, Institute for Contemporary Art - Boston, Fessenden School, Belmont Hill School, the Scholarship Research and Education Foundation of the Texas Association of Public Employee Retirement Systems, and the Massachusetts State College Building Authority.

“Intercontinental is widely recognized as a leader in the industry,” said Lisa Campoli, Executive Vice President, Meredith & Grew, and the 2005 Chair of the NAIOP Awards Committee. “Their innovation and vision in the successful development of diverse real estate types, their creative preservation and re-use of buildings that have been part of the fiber of New England for decades, their commitment to quality combined with their active involvement in the community as well as in NAIOP, all contributed to the decision to honor them with this year’s distinguished real estate award.”

In response to receiving the award, Peter Palandjian, CEO and Chairman of Intercontinental Real Estate Corporation said, “we are humbled and honored to have been selected as this year’s recipient. Real estate today, as much as it relies on the same principles and fundamentals of success as it always has, poses new challenges, complexities, and competitive obstacles. To be successful, a company has to be focused, yet flexible, and totally committed to teamwork. It is a validation of our efforts and a true pleasure to share this award with the fifty professionals and staff at Intercontinental who have dedicated themselves to hard work and achievement while maintaining a culture and sense of unity that is second to none.”

The Massachusetts Chapter of NAIOP has over 900 members and is the leading voice for commercial real estate in the state representing companies involved with the development, ownership and financing of commercial properties as well as those companies providing services to this industry. NAIOP is noted for its strong legislative affairs efforts, exceptional educational programs, and continued research into critical issues of business development.

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