Congress Group Ventures and Lend Lease Real Estate Investments Announce Office Development At 33 Arch Street; Site Acquired for 31-Story Office Tower.

Business/Real Estate Editors

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jan. 23, 2001

Congress Group Ventures today announced that it has acquired the downtown site known as 33 Arch Street and the former Woolworth Garage for the development of a new Class A office project.

The development is a joint investment of Congress Group Ventures, National Electrical Benefit Fund (NEBF) and Value Enhancement Fund IV. NEBF and Value Enhancement Fund IV are both advised by Lend Lease Real Estate Investments, Inc.

The 31-story, 600,000 square foot office tower will provide panoramic views of the Charles River and Boston Common and will greatly enhance the Downtown Crossing area of the city.

"The 33 Arch Street office tower is an important component in the revitalization of this area of the city," said Dean F. Stratouly, President of Congress Group Ventures. "We worked cooperatively with the City, neighborhood groups, and the labor community to develop a project that will make Downtown Crossing an even better place to work and visit."

Construction of the office tower is expected to begin early in the second quarter of 2001 with anticipated occupancy in the third quarter of 2003.

Charles Burd, Principal and Head of Lend Lease's Boston office said, "Boston's strong market fundamentals coupled with the project's excellent location and a proven development partner make this a desirable investment for our clients. As the last approved site in downtown for a major office tower we expect to capture tremendous leasing momentum and meet the space needs of the market."

Designed by Elkus/Manfredi Architects Ltd., 33 Arch Street has modern elegance while preserving the historic character of the neighborhood. 33 Arch Street will offer excellent vehicular access, parking and proximity to all mass transportation lines as well as Boston hotels, restaurants and shopping.

The office tower will include features to accommodate an array of tenant needs. The building's floor plans have the flexibility to allow multiple tenant layout configurations. In addition, the adjacent parking structure will be integrated with the new 31-story office tower to provide tenants with direct access to over 800 parking spaces. Building amenities will also include an attractive lobby, 24-hour security, and state-of-the-art voice and data networks.

Congress Group Ventures is a full service real estate firm headquartered in Cambridge, Massachusetts. Founded in 1980, the company's success is based on carefully designed and developed projects, the use of the best engineering and design firms and full cooperation with the neighborhood and community from the beginning of the development process to the end of construction.

NEBF, a $9.5 billion pension fund providing retirement benefits to electrical construction workers throughout the United States, is an active investor in union-built real estate development projects across America. The NEBF is jointly sponsored by the International Brotherhood of Electrical Workers (IBEW) and the National Electrical Contractors Association (NECA).

Lend Lease Real Estate Investments is one of the largest real estate investment managers in the world and a leading U.S. real estate advisor to pension funds. The company has $41 billion in real estate and commercial mortgages under management for institutional and private clients in the U.S. The company is a subsidiary of Lend Lease Corporation (ASX:LLC), which is a global, integrated real estate management and services business comprising funds management, project management and construction, and property development.