BOSTON, MA -- (April 11, 2002) -- New Boston Fund, Inc., a Boston-based real estate investment, development and management firm today announced that construction is underway on a mixed-use 176,000 square-foot building at One Brigham Circle on Huntington Avenue in Boston.

One Brigham Circle will comprise 115,000 square feet of pre-leased office space and approximately 61,000 square feet of retail space. Additionally, the project will include two large public spaces: The Village Square, a pedestrian plaza facing Brigham Circle; and The Upper Ledge Park, 5.5 acres of public open space. New Boston Fund's development subsidiary, NDC Partners, is developing the building in a joint venture with Mission Hill Neighborhood Housing Services, Inc.

"This development is adjacent to the Longwood Medical area, home of many of the nation's top hospitals, as well as Harvard Medical School. This enhances the site's attractiveness to potential tenants," said Joseph S. Harris, Senior Vice President and Chief Financial Officer at New Boston Fund. "Partners HealthCare Systems, Inc., a group of teaching hospitals affiliated with Harvard Medical School, has already agreed to lease the entire office space at One Brigham Circle. That lease is for 15 years and ensures us day one profitability and long-term stability." When completed, the development will serve the needs of both the Longwood Medical Area and the adjacent residential community.

One Brigham Circle is part of New Boston Investment Fund V, New Boston Fund's most recent commercial real estate investment fund. Established in 1999, Fund V has grown to exceed $500 million in total real estate investment assets, with over $260 million in real equity.

Total development cost for One Brigham Circle will be approximately $48.5 million. The rental rate for the building is tied to treasury rates, which provides New Boston Fund with insurance against rising interest rates. Completion of the project is scheduled for Spring 2003.

Based in Boston, Mass., New Boston Fund is a private real estate investment, development and management firm. Founded in 1993 by the Rappaport family of Boston, New Boston Fund owns and manages more than 10 million square feet of commercial real estate, including more than 300 acres of developable land, worth in excess of $1.2 billion.