Thursday, February 05, 2009
New Boston Fund Sells Portfolio of Four Assets in East Hartford

New Boston Fund Sells Portfolio of Four Assets in East Hartford
Cushman & Wakefield Handles Transaction

BOSTON (July 8, 2008) - New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today the recent sale of four prominent office buildings in East Hartford and Glastonbury, Connecticut to NPV/Direct Invest, LLC. The assets total 298,782 sf.

The portfolio includes Riverbend Executive Park, which consists of 55 and 77 Hartland Street, two, four-story Class A office buildings totaling 154,629 sf in East Hartford; 655 Winding Brook Drive, a five-story, 98,821 sf office building located within the Salmon Brook Corporate Park in Glastonbury; and 60 Hartland Street, a 40,812 sf, four-story office building located in the Founders Plaza area of East Hartford and within a half mile from downtown Hartford.

The sale of The East Portfolio aligned with our disposition strategy to sell off assets from our previous funds as profitable opportunities arise, said Jon Gillman, Senior Vice President, Asset Management at New Boston. Having successfully created value for our investors by leasing up and stabilizing the assets, we felt that it was an appropriate time to sell at an attractive cap rate in a softening sale market.

The portfolio is 98% leased to a diverse roster of tenants that include Computer Sciences Corporation, IKON Office Solutions, Wells Fargo Financial, Affiliated Computer Services, and Mutual of Omaha Insurance Company.
The sale of The East Portfolio is complete and we are especially happy for our client, New Boston Fund, during this challenging period of time in the capital markets, said David Pergola, Senior Director at Cushman & Wakefield. The transaction experience of both New Boston Fund and the buyer, NPV/Direct Invest, was critical to the success of this sale. My hat goes off to both of them for their ability to execute right now.

All four of the properties are centrally located within their respective submarkets with almost immediate access to a major state highway. All of the Hartland Street properties, which New Boston Fund purchased in 1998 and 2000, are less than three minutes from both I-91 and I-84. Purchased in 1999, 655 Winding Brook Drive provides close access to I-91, I-84, and Route 2. The portfolio is also conveniently located nearby numerous amenities including restaurants, retail facilities, and hotels.

The assets were purchased by New Boston Fund with funds from New Boston Funds IV and V, which focus on capital preservation and value enhancement with extensive diversification across strategy, geography, and property type. New Boston Fund continues to focus its investment efforts on Connecticut, recently acquiring the BKM portfolio in East Hartford, believing the Hartford area is a strong investment market- one in which they expect to be a significant participant for many years to come.

The price of the deal is undisclosed. Cushman & Wakefield`s Capital Markets Group of Robert E. Griffin, Jr., Marci Griffith Loeber, David J. Pergola, Brian R. Doherty and Robert E. Kelly exclusively represented the seller and procured the buyer, NPV/Direct Invest, LLC, in the transaction.

About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.4 billion including 22 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban real estate investment funds with a focus on diversification and capital preservation. New Boston Fund: People, Values, Returns.

About C&W
Cushman & Wakefield is the world`s largest privately held real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. For the New England area, Cushman & Wakefield maintains offices in Boston, Massachusetts; Hartford, New Haven and Stamford, Connecticut; Manchester, New Hampshire and Portland, Maine. To find out more about Cushman & Wakefield, please call 617.330.6966, or visit the firm`s Web site at


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