New Boston Fund Buys Westborough, MA property for $15.2 Million

Boston real estate firm acquires 102,000-square-foot building from RREEF Funds LLC
BOSTON, March 17, 2005 - New Boston Fund, a Boston-based real estate investment, development and management firm, today announced it has purchased a fully leased, 102,000-square-foot office/R&D building at 2 Technology Drive in Westborough from RREEF Funds LLC of San Francisco for $15.2 million.

The building, located in the Westborough Technology Park, serves as the corporate headquarters of American Superconductor Corp. The company holds a long-term triple-net lease through May 2009.

Trammell Crow served as the broker on the deal, representing RREEF Funds.

New Boston Fund acquired the building for $149 per square foot at a 13 percent cap rate.

"The acquisition provides us with a high-quality well-located asset and with very strong cash-on-cash rates of return via contractual rent," said Robert Kirschner, vice president of acquisitions for New Boston Fund. "The overall market is showing signs of improvement, and we feel this asset puts us in a strong position to generate value for our investors."

The two-story building at 2 Technology Drive, built in 1984, is located in a premier office park near the interchange of Interstate 495 and Route 9. The 75-acre Westborough Technology Park includes five office/R&D buildings, Courtyard by Marriott and Wyndham hotels, and a 14-acre developable land site.

The building features a brick fa?ade and punched and ribbon windows throughout. The floor plan is V-shaped with a two-story atrium in the main entrance in the center of the building.

New Boston Fund currently owns more than 3 million square feet of space in Massachusetts, including the Franklin Commerce Center, a 233,000-square-foot warehouse/distribution center along I-495 in Franklin, and One Brigham Circle, a 190,000-square-foot mixed-use office and retail center in Boston`s Mission Hill neighborhood. In December One Brigham Circle was named Boston`s Building of the Year by the city`s chapter of the Building Owners and Managers Association.

The company bought the building through New Boston Real Estate Investment Fund VI. The $420 million in capital New Boston Fund raised through Fund VI is about one-third invested, with the bulk of the projects targeted for New England, the Mid-Atlantic region and Florida.

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.