New Boston Fund Acquires Large Class-A Office Building

Valley Road example of value-add investment strategy in New Jersey


Wayne, NJ (11/15/06)? New Boston Fund, Inc., a Boston-based real estate investment, development and management firm, recently announced the purchase of Valley Road, a class "A" office building in Northern New Jersey. This acquisition is a joint venture project with Prism Capital Partners that continues New Boston Fund`s value-add investment strategy in the area. The sale was brokered by Cushman and Wakefield.

Valley Road is the only large, class "A" office space available in Wayne, NJ. Amenities include a full-service cafeteria with indoor and outdoor seating, a fitness center with locker rooms and 580 parking spaces. The 161,000 square foot property also includes a full-height glass and granite atrium lobby, a top-floor board room and a raised floor computer room.

"Valley Road is an excellent value-add opportunity to expand our portfolio in the Mid-Atlantic," says John Thompson, Vice President of Acquisitions for New Boston Fund`s Mid-Atlantic region. "We are excited to continue our relationship with Prism Capital Partners to acquire attractively priced office buildings throughout Northern New Jersey and provide the best possible returns to our investors."

This acquisition provides the opportunity for New Boston Fund to invest in an improving office market with moderate rent growth and stabilizing vacancy rates. The property is currently vacant and provides the rare opportunity for a single user to occupy a large block of high quality office space. Valley Road is located close to Franklin Lakes, a top executive housing market in New Jersey. It is 15 minutes away from Route 46 and Route 80.

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.