New Boston Fund Acquires Premier High-Tech Facility, Expands Development Efforts.

Business Editors & Real Estate Writers

BOSTON--(BUSINESS WIRE)--July 22, 2002

Real Estate Development and Investment Firm Purchases

RiverTech Park, Adding to Acquisition of Properties

Valued at More Than $200 Million During Past Year

New Boston

Fund, a premier Boston-based real estate development and investment firm, today announced that it has acquired RiverTech Park, a high-tech manufacturing facility in Billerica, Mass., the most recent in a series of purchases that signal continued growth for the 9-year-old company.

With the acquisition of RiverTech Park, New Boston Fund has now purchased approximately 1.5 million square feet of real estate, valued at more than $200 million, since the beginning of 2001. In addition, the company is developing more than 2 million square feet of office, retail, warehouse/distribution, and multi-family space.

New Boston Fund acquired the two-building, 285,000-square foot manufacturing facility for $23.3 million, or $82 per square foot. The facility, acquired last month from Nortel Networks, is located directly off of Route 3 and has easy access north to Interstate 495 and south to Route 128. Built in 2001, RiverTech Park features manufacturing and office space and is home to Mykrolis Corp., which currently occupies 175,000 square feet at the park. With this acquisition, New Boston Fund is among the first investors to capitalize on the availability of high quality excess corporate facilities on the market today.

"This represents some of the highest quality high-tech manufacturing space in the region," said Jim Kelleher, senior vice president and director of acquisitions for New Boston Fund. "In keeping with our investment strategy, our acquisition price was significantly below the building's replacement cost. With the signing of Mykrolis, the property provides day-one profitability with strong upside potential."

The RiverTech Park purchase comes on the heels of New Boston Fund's $30 million acquisition last December of 1951 Kidwell Drive, an eight-story, 173,000-square foot office building in Tysons Corner, Va., which is home to tenants including Unisys and SAIC. The Tysons Corner region is one of the most dynamic submarkets in northern Virginia, and is one of the leading business centers in the metropolitan Washington, D.C. area.

Additionally, New Boston Fund acquired Five Burlington Woods, a 103,000-square foot office building in Burlington, Mass., in the second half of 2001. The property is located within the Burlington Woods Office Park and is less than one mile from the Burlington Mall.

During the last two years, New Boston Fund has expanded its investment activity by pursuing the development of public/private partnerships in Boston's neighborhoods, office development in the Rosslyn/Ballston Corridor of Washington, D.C., the development of warehouse and distribution space in Southeastern Massachusetts, and condominium development on Cape Cod and in the Boston metro area.

"We have recognized that there is tremendous opportunity in the Northeast and particularly the greater D.C. area to expand our business reach," said Jerry Rappaport Jr., president of New Boston Fund. "Our acquisition of more than one million square feet of office space in Virginia in recent years speaks to our commitment to finding top-flight properties for our investors."

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 10 million square feet of commercial real estate, including more than 300 acres of developable land, worth in excess of $1.2 billion.