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Watermill Center 800 South Street Waltham, MA 02453

Acquired: 3/3/2000

Location
Watermill Center is centrally located in the city of Waltham, Massachusetts, approximately ten miles west of downtown Boston in the Route 128 Central submarket. Waltham sits at the heart of Boston`s technology corridor and is the region`s strongest suburban market.

Description
Constructed in 1984, Watermill Center is a premier six-story, 206,634 square foot, Class A office building. Situated in a beautifully landscaped environment, the property includes a full-service cafeteria and 683 parking spaces, 286 of which are located in an adjacent three-level parking deck.

Major Tenants
New York Life Insurance
New England Life Insurance
Global Companies LLC
Kahn, Litwin, Renza & Co. Ltd.
Steinway Music
EMJ Corporation
CBL & Associates, Inc.

Investment Rationale

• Below replacement cost pricing
• High quality, core asset in dynamic market
• Excellent returns to equity from operations alone
• Ability to re-lease over 1/3 of building within 18 months of purchase at significantly higher rental rates, offering tremendous near-term upside potential
• Superb location in suburban Boston`s premier office market

Fund Ownership
Fund V