Established in 1959 as "Cosmopolitan Construction" with a primary focus on contracting and engineering, Founder Petros A. Palandjian undertook private and public-bid construction projects that ranged from road construction, airports and hotels to churches, libraries, and elderly and college housing projects.
History
1959
Founded by Petros A. Palandjian
1963
Contracted to build the Gidley School in Dartmouth (MA), a Water Filtration Plant in Randolph (MA) and Housing for the Elderly in Saugus (MA)
1966
Contracted to build the Stratvern Court Apartments in Waltham (MA), St. Gregory's Language School Auditorium in Falmouth (MA), and Housing for Elderly in Fairhaven (MA)
1967
Contracted to build the Community Center in Somerville (MA), Fourth District Court House in Woburn (MA), Housing for the Elderly in Marlboro (MA) and Division of General Electric Building in Watertown (MA)
1968
Contracted to build for 3 Housing for Elderly Apartments in Canton (MA), Brockton (MA) and Billerica (MA)
1969
Developed 24 Highland Ave in Cambridge (MA) and contractor for Framingham State College Dormitory in Framingham (MA), St. Gregory's Armenian Church in Indian Orchard, (MA) and Trowbridge Street Apartments in Cambridge (MA)
Evolved from a construction company to a fully integrated real estate investment and development firm with the competitive advantage of experienced in-house construction capability. In this era, Intercontinental solidified its position as an established construction company, while embarking on an investment program that focused on complex development and value-add real estate transactions.
1970
Contracted to build the State Hospital Laundry Facility in Mattapan (MA), North Adams State College addition in North Adams (MA) and Housing for Elderly in Fitchburg (MA)
1971
Contracted to build the Salem State College Library Building in Salem (MA), and Housing for Elderly in Fall River (MA) and developer of a car wash in Watertown (MA)
1973
Developed 49 Marion Street; a 40 unit luxury high rise in Brookline (MA)
1974
Developed 80 Pleasant Street and 70 Center Street; two luxury high rises in Brookline (MA)
1975
Renovated 5 Royce Road apartments in Brighton (MA), and developed an office building in Brookline (MA)
During this time, the Company continued to build as a general contractor while expanding into development and construction management, property management, mortgage finance, brokerage, and real estate advisory services. Headquartered in Boston (MA), Intercontinental opened a satellite office in Philadelphia (PA) to keep up with portfolio growth. The Company undertook projects for its own portfolio and for third party investors and applied its value-add skills to a diverse range of property types: office, residential, hotel and resort, industrial, leisure/entertainment, retail and mixed-use properties.
1981
Developed 174 Unit Condominium complex in Stoneham (MA)
1982
Developed a 7 story office building in Cape Cod (MA)
1983
Developed 106 Condominium units in Watertown (MA)
1984
Developed 186 apartments units, parking garage and health club in Allston (MA), 53 condominium units in Medford (MA), 500,000 square feet of office space in Boston (MA) and 7 story office building in Boston (MA)
1985
Developed Coolidge Bank Building in Harvard Square (MA) and completed 3 historical rehab projects in Boston (MA) including Washington and Temple Street, 4 Liberty Square, and 114 State Street
On its decades long foundation of diversified real estate investment and advisory experience, Intercontinental evolved its core business from fully integrated services and investment partnerships to private equity real estate structured in fund-based investment management and advisory services. During this period, Intercontinental launched its first two private equity funds in 1996 ("IREIF I") and 1998 ("IREIF II"). Intercontinental registered with the SEC in 1999.
1996
Launched Intercontinental Real Estate Investment Fund I ("IREIF I") and acquired One Bulfinch Place in Boston (MA); home to the Suffolk County District Attorney's Office
1997
Acquired 100 Franklin Street (known as the Boston Safe & Trust Building) in Boston (MA)
1998
Launched Intercontinental Real Estate Investment Fund II ("IREIF II").
1999
Registered with the SEC
Intercontinental launched follow-on private equity structured funds in 2000 ("IREIF III") and 2002 ("IREIF IV"). In 2007, Intercontinental launched its 5th fund, structured as an open-ended multi-strat vehicle set up to invest nation-wide in all property types throughout the spectrum of Core, Core-Plus and Value-Add. Leveraging its decades long foundation of diversified investment and real estate services, Intercontinental began to serve on a select basis as a Qualified Plan Asset Manager ("QPAM") to meet the demand of institutional clients. To keep up with substantial client and portfolio growth, the Company opened offices in New York (NY), Atlanta (GA), Chicago (IL), Denver (CO) and Los Angeles (CA).
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2000
Launched Intercontinental Real Estate Investment Fund III ("IREIF III")
2002
Developed and opened Nine Zero, a boutique hotel in Boston (MA), and launched Intercontinental Real Estate Investment Fund IV ("IREIF IV")
2004
$1 Billion Assets Under Management
2006
Awarded NAIOP's Developer of the Year
2007
Intercontinental launched its 5th fund and opened satellite offices in Denver (CO) and Los Angeles (CA) and founded Intercontinental Charities
2008
$2 Billion Assets Under Management
Intercontinental surpasses $3BB assets under management. To meet client growth, the Company opened offices in Orlando (FL), Atlanta (GA) and Minneapolis (MN). Intercontinental launched its 6th fund, a value-add investment vehicle, focused on regional investments in construction and development projects in New Jersey and contiguous states. With a rich history dating back to its construction roots in 1959 and having developed and owned over $8 billion in real estate property, today Intercontinental's core business remains private equity real estate investment management.
2010
Opened New York (NY) satellite office
2011
Launched its 6th fund and developed and opened "800 Scudders Mill Road" in Plainsboro (NJ); home of the Novo Nordisk North American Headquarters
2013
Awarded Boston Business Journal’s Top Place To Work and Top Charitable Contributor
2014
Opened Minneapolis (MN) and Atlanta (GA) satellite offices
