New Boston Fund Acquires Office Campus at TransDulles Centre

Plans underway for the development of four (4) additional buildings to accommodate growing demand in Loudon County


Sterling, VA (8/8/2007) - New Boston Fund, Inc., a real estate investment, development and management firm, recently announced the purchase of The Office Campus at TransDulles Centre, two Class A office buildings totaling 149,000 square feet, from Philadelphia-based BPG Properties Ltd.

The 26.50-acre purchase includes 17.7 acres of developable land that can accommodate approximately 220,000 square feet of office/flex or industrial development in multiple buildings.

"The acquisition of TransDulles Centre adds two quality Class A office buildings, plus developable land, to our Mid-Atlantic portfolio," said John Thompson, Vice President and Regional Director of Acquisitions for New Boston. "We seek value-add investment opportunities along with well located sites for ground-up development and this is the perfect fit for both of those requirements. We were able to acquire the existing buildings for well below replacement cost and the developable land at a significant discount to recent land sales in the market."

The two buildings on the property were built in 2000 and 2001 and include two-story atrium lobbies with marble, granite, and wood finishes. They are strategically located in the TransDulles Centre Business Park in Loudon County, between Route 28 and Route 7, and only five minutes north of Dulles Airport.

Building One is 95% leased. Building Two is 100% vacant in shell condition and New Boston will build out smaller, finished office suites to accommodate the needs of prospective tenants.

Plans for the new development are in response to continued strong business growth which has been fueled by local area demand drivers. Loudoun County continues to experience strong demand from smaller tenants whose businesses service the expanding regional economy.

"We will immediately adopt a strategy of constructing speculative built-out office suites in Building Two, to create `just-in-time` solutions for tenants seeking quality office space at an excellent value in the Route 28 Corridor," said Patrick Shooltz, Regional Director for New Boston. "We have already begun the planning and design of four buildings on the adjacent 17.7 acre development sites in order to meet the strong demand for quality, single-story space which has been the historic hallmark of the success of TransDulles Centre."

New Boston Fund also announces it has tapped Lincoln Property Company to provide leasing and marketing services for the existing office buildings.

TransDulles Centre was purchased by New Boston Fund VII.

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 $4.0 billion, including 20 million square feet of commercial real estate and 6,700 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 Lincoln Property Company

Lincoln Property Company was founded in 1965 as a developer and manager of high-quality residential communities. Over the next few years, we expanded our line of products and services to include commercial real estate. Our national reputation for successful management of our own properties quickly attracted a large client base of owners and investors who recognized the value that we could provide in development, property management and real estate consulting services.

Today, Lincoln Property Company is one of the most respected and diversified service firms in the United States, employing thousands of experienced, dedicated people who serve a growing client base that reaches coast-to-coast, as well as into Mexico and Europe.