New Boston Fund Buys a Pair of Boxborough, MA Buildings for $19.7 million

BOSTON, May 24, 2005 - New Boston Fund, a Boston-based real estate investment, development and management firm, today announced it has purchased two fully leased research and development buildings totaling 203,619 square feet at 155 and 159 Swanson Road in Boxborough for $19.7 million. New Boston Fund acquired the assets from 155 Swanson LLC and 159 Swanson LLC, a joint venture between National Development and Fidelity.

The buildings, constructed in 1984 and 1985, are located near the Cisco Systems campus, just off Route 495 in Boxborough. The building at 159 Swanson Road is fully occupied by Setra Systems, a leading designer and manufacturer of weight, pressure, and acceleration sensing devices. Its lease runs through January 2008. The other building at 155 Swanson is fully occupied by SynQor, a technology leader in high efficiency dc/dc converters for distributed power architectures. That tenant`s lease runs through 2013.

Trammell Crow`s Peter Joseph and Chris Phaneuf served as the brokers on the deal. New Boston Fund acquired the building for $97 per square foot. New Boston Fund believes the overall commercial real estate market in Massachusetts is showing signs of improvement and this purchase was particularly attractive because there are a limited number of choices for research and development facilities of this nature.

"We bought these assets due to the quality and the stability of the properties, which have no leasing exposure for the next three years," said Robert Kirschner, vice president of acquisitions for New Boston Fund. "The properties offer in-place income and strong cash on cash returns to our investors."

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 Route 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.

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.