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PARAMOUNT DEVELOPMENT ASSOCIATES ANNOUNCES LAND SALE IN MASSACHUSETTS.

FRAMINGHAM, Mass.--(BUSINESS WIRE)-- February 10, 1995--Perini Corporation (Amex: PCR) today announced that Paramount Development Associates, Inc., a subsidiary of Perini Land and Development Company, recently sold 53 acres of land in Berlin and Marlboro, Massachusetts, to Berlin Properties Limited Partnership (New England Development) for the construction of a new regional mall.

Paramount acquired the property during the 1980s while developing the Marlboro Business Center, a 125-acre office and R&D park. The property is located in the northeast quadrant of the intersection of Routes 495 and 290. The property is accessed directly from the Solomen Pond Road exit on Route 290.

The buyer, Berlin Properties Limited Partnership, has plans for the development of over 1,000,000 square feet of enclosed mall. They have announced that the four major anchors will be J.C. Penney, Jordan Marsh, Filene's and Sears, together with up to 100 additional stores. It is anticipated that work on the infrastructure will begin immediately.

CONTACT: Perini Corp.

Kathy Fyfe, 508/628-2402
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Publication:Business Wire
Date:Feb 10, 1995
Words:166
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