News: Front Section
Posted: February 27, 2008
Intercontinental R. E. acquires Locke Dr. Technology Park
Intercontinental Real Estate Corp. has acquired Locke Dr. Technology Park. The acquisition, made on behalf of Intercontinental's U.S. Real Estate Investment Fund, LLC ("US REIF"), was led by Michael Keyes, director, acquisitions at Intercontinental.
Locke Dr. Technology Park is a 295,700 s/f flex/office portfolio comprised of three stand alone assets.
Located off I-495 and four miles off the Mass. Turnpike, Locke Dr. is a combination of flex and office space. The portfolio is 90% leased to companies and high tech entrepreneurs. It is on 27 acres and has 942 parking spaces.
Thomas Taranto, director of acquisitions, asset and portfolio management at Intercontinental said, "The I-495 West submarket has been experiencing strong activity and increasing growth over the last several years across several product types. This asset offers superior infrastructure, a strong tenant roster, and convenience to the major highways."
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