New Boston Names James P. Kelleher Chief Investment Officer and Head of New England Acquisitions

Sourcing High Returns in Competitive Market Is Real Estate Executive`s Hallmark

Boston (1/25/2007) - New Boston Fund, Inc., a real estate investment, development and management firm, announces an appointment that will capitalize further on its unique ability to find the best opportunities for investors across market cycles. Longtime New Boston Fund Senior Executive James P. Kelleher will serve as the company`s Chief Investment Officer. He will also oversee acquisitions in the New England region. This is a promotion from his previous role as head of corporate acquisitions with a Mid-Atlantic focus.

"This role is an ideal one for Jim," said Jerry Rappaport, Jr. New Boston Fund`s President. "His extensive real estate experience and connections make him adept at identifying those deals most worth pursuing, and the strength of his networks gives him a unique ability to cultivate crucial relationships that deliver results for investors. His creativity has built a record of diverse investment strategies and investment platforms that yield exceptional returns."

New Boston Fund`s John Thompson, who has worked directly with Kelleher for the last several years, will assume responsibility of acquisitions in the Mid-Atlantic.

Kelleher has 22 years of experience real estate investment experience. Prior to joining New Boston in 1999, Kelleher was Vice President and Senior Asset Manager for Fleet Real Estate Capital, Inc. where he was responsible for portfolio analysis and acquisitions, asset management and dispositions from 1993 to 1999. His experience also includes acquisitions and development consulting for institutional investors as well as dispositions, asset management, property management, and development work for Recoll Management Corp., The Swyer Companies and Pannell Kerr Forster.

"The abundance of capital today has created a competitive environment," said Kelleher. "Finding the right investment opportunities requires skill in development, in leasing, in creating value in real estate the old fashioned way, which are strengths of New Boston. Having two different fund types - traditional value-add and the triple-bottom-line Urban Strategy America (USA) Fund - gives us the ability to be a more effective investor, enabling us to bring more creativity to the marketplace, with a broader range of opportunities to evaluate and tap into - both in acquisition and development."

Kelleher is a member of the National Association of Real Estate Investment Managers (NAREIM), Real Estate Finance Association (REFA) and the Urban Land Institute (ULI). He received his BS from Cornell University.

About New Boston Fund

New Boston Fund is a privately held real estate investment and development company led by seasoned real estate practitioners and known for its exceptional returns for investors. New Boston has developed or acquired commercial and residential properties with a cumulative market value of over $3.3 billion including 19 million square feet of commercial real estate and 5,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban strategy real estate funds. The New Boston Fund: People, Values, Returns.