New Boston Fund Acquires Two Boston-area Buildings

Boston real estate firm recently purchases assets in Burlington and Westwood, providing strong cash flow and stability


BOSTON, Sept., 2003 - New Boston Fund, a Boston-based real estate investment, development and management firm, today announced that it has acquired two Boston-area buildings in separate transactions totaling more than 200,000 square feet and that offer immediate, strong cash flow to the firm`s investors.

Most recently, New Boston Fund purchased a 116,000-square foot single-story flex building located at 80 Wilson Way in Westwood, Mass. for $10.1 million. The building is fully leased for fifteen years.

ADE Corp., the building`s tenant, is a leading supplier of metrology and inspection systems for the semiconductor wafer, semiconductor device, magnetic data storage and optics manufacturing industries. The building consists of approximately 30 percent office space, 50 percent assembly space and 20 percent clean room and manufacturing space.

In a separate transaction, New Boston Fund also recently purchased the 100,000-square-foot telecommunications facility at 51 South Bedford St. in Burlington, Mass., for $6 million. The building is fully leased to Verizon, and is located in the heart of Burlington`s commercial real estate market.

"These two assets provide us with strong current cash flow from in-place, stable leases," said New Boston Fund President Jerry Rappaport, Jr. "We are continuing to pursue investment opportunities ranging from stable, core assets and value added opportunities to selective development and deeply discounted acquisitions. This approach not only diversifies our portfolio but also allows us to source the best opportunities in our target markets."

New Boston Fund is actively acquiring and developing a diverse mix of assets on behalf of New Boston Real Estate Investment Fund, LP VI . Fund VI, which currently has received nearly $150 million of equity commitments, is expected to close with $350 million of total equity commitments in mid-2004.

Earlier this year, New Boston Fund acquired 116 Huntington Ave., a 14-story office building in Boston`s Back Bay, for $68 million, from American Tower Corp. The acquisition marked the first purchase of Fund VI.

About New Boston Fund
Based in Boston, New Boston Fund is one of the fastest growing private real estate investment, development and management firms in New England. Founded in 1993 by the Rappaport family of Boston, New Boston Fund owns and manages more than 13 million square feet of commercial real estate worth more than $1.3 billion.