Urban Strategy Fund : A new Boston Real Estate Fund

New Boston Fund Leases 777 Brook Street
Former manufacturing building will be new Connecticut Lottery Corporation headquarters

Rocky Hill, CT

June 15, 2007

 

New Boston Fund, Inc., a real estate investment, development and management firm, recently announced the lease of 777 Brook Street to the Connecticut Lottery Corporation.  New Boston Fund plans to spend $4 million in renovations on the facility, which will become the lottery’s new headquarters.  Approximately 135 people will be employed at the new location.

New Boston Fund acquired 777 Brook Street, the former Wiremold building, in December 2005 and it is the first Connecticut property purchased by New Boston’s Urban Strategy America (USA) Fund. The USA Fund is dedicated to bringing returns to investors while striving to make a significant and positive economic, social and environmental impact on the areas where it is invested.

“The leasing of 777 Brook Street will bring jobs and tax-base growth to the town of Rocky Hill,” says Kirk Sykes, President of New Boston’s USA Fund. “This project is consistent with our strategy to enhance the quality of life for residents and businesses within the communities in which we invest and to create value through the redevelopment of our properties.”

The renovations to the single-story building will include the conversion of 45,000 square feet of the manufacturing facility into office space, an expansion to the current parking lot, new exterior windows, and reconfiguration of the warehouse space.  The 92,500-square-foot building was built in 1969 and is located within one mile of the I-91 interchange at exit 23 and Route 9.

“We are pleased to have secured a ten-year lease agreement with the Connecticut Lottery Corporation,” says Bill Fenn, Vice President of Asset Management for New Boston Fund’s Hartford, Connecticut office. “Having a long-term tenant of this caliber, combined with the extensive building renovations we have planned will significantly increase the value of the property and will deliver a healthy return to our investors.”

Since acquiring its first property in the market in 1996, New Boston Fund has experienced great success in the region and currently owns 23 properties totaling 2.5 million-square-feet in Connecticut. High occupancy levels, successful execution of value-add strategies and positive rent growth have all led to superior asset performance.


About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of more than $4 billion including 19 million square feet of commercial real estate and 6,700 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation.  New Boston Fund: People, Values, Returns.

Formed in 2004, the USA Fund is a private real estate investment vehicle that is focused on generating solid returns for investors by investing equity in America’s urban communities. The USA Fund seeks to foster economic development and improve the quality of life in urban communities through job creation and affordable housing opportunities.

 
 

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