Spaulding & Slye Colliers, New Boston Fund, and Johns Hopkins University Break Ground on 'Hybrid' Building in Montgomery County, MD

Business Wire, Nov 14, 2003

Business Editors/Real Estate Writers

ROCKVILLE, Md.--(BUSINESS WIRE)--Nov. 14, 2003

Higher Education, Business, Government Researchers to Co-Locate in building on Montgomery County Campus

Spaulding & Slye Colliers and New Boston Fund, in collaboration with Johns Hopkins University, have begun construction of a 'hybrid' building at The Johns Hopkins University's Montgomery County Campus in Rockville, Md.

The 115,000-square-foot facility, which is the third building of the campus, is a hybrid venture that will provide opportunities for collaboration among the university, federal research labs and the private sector. Approximately half of the L-shaped structure will be devoted to academic uses for Johns Hopkins, while the remaining space will be available for lease to scientific and technology-related companies that wish to partner or co-locate with the university. Several tenants have already expressed interest in locating at the property.

The new facility is scheduled to open in the fall of 2004, and kicks off the next phase of buildout for the campus. The groundbreaking for the project was attended by guests including Maryland Gov. Robert L. Ehrlich Jr., Johns Hopkins University President William R. Brody, and other distinguished representatives of government, Johns Hopkins University, Spaulding & Slye Colliers, and New Boston Fund.

The master plan for the campus includes expansion to seven buildings over the next 10 years, for a total of 700,000 square feet of academic and research space. Features of the new building include wet labs, computer labs, meeting spaces and an expanded 1,000-square-foot campus bookstore.

Spaulding & Slye Colliers, an integrated real estate services company, is the master developer for the Johns Hopkins University Montgomery County Campus, providing development, leasing, construction, structured finance, and property management.

New Boston Fund is providing equity financing for the project. "This project highlights our continued expansion into the Metropolitan Washington, D.C., market," said Jim Kelleher, senior vice president of acquisitions for New Boston Fund. "This is a very exciting project with great partners. It is a key component of Johns Hopkins' campus expansion, and it has tremendous benefits for the entire region."

About JHU-MCC

Established in 1988 in the heart of suburban Maryland's biotechnology and information technology corridor, Johns Hopkins University's Montgomery County Campus (JHU MCC) serves 5,000 full- and part-time students in more than 60 degree and certificate programs. For more information, please visit www.jhu.edu/washingtonarea/mcc/ .

About Spaulding & Slye Colliers

Spaulding & Slye Colliers is an integrated corporate, institutional and investor real estate services company delivering solutions worldwide from its offices in Washington, D.C., and Boston, Mass. Established in 1966, the firm's service groups are: leasing, investment sales, structured finance, construction, consulting, development services, retail services, and property and facility management. In addition, Spaulding & Slye Colliers is a corporate partner of Colliers International, with approximately 7,600 professionals in 238 offices worldwide. Spaulding & Slye Colliers has serviced several billion dollars in commercial real estate properties, and has assisted numerous local, national, and international companies with planning and implementing successful real estate strategies. The firm's website can be found at www.spauldingandslye.com.

About New Boston Fund

New Boston Fund, Inc. is a premier provider of real estate investment, development, and management services. Founded in 1993 by the Rappaport family of Boston, the firm has built a portfolio totaling more than 13 million square feet throughout the Eastern United States and valued in excess of $1.3 billion. Headquartered in Boston, New Boston Fund also operates regional offices in Metropolitan Washington, D.C., Hartford, Conn., and Indianapolis, Ind. New Boston Fund currently owns approximately 2 million square feet of space in the Northern Virginia and Maryland markets. The firm is actively searching for additional acquisition and development opportunities on behalf of its newest investment offering, New Boston Real Estate Investment Fund, LP VI. Fund VI is a $350 million investment fund targeting office, office/R&D, warehouse/distribution, residential, and retail assets in select markets including Boston and Washington, D.C. New Boston Fund is also currently developing over $150 million of properties in the Eastern United States. For more information go to www.newbostonfund.com.