Portwalk is a five acre mixed-use development located in downtown Portsmouth. The current program includes the Hilton Garden Inn, Marriott Residence Inn, Portsmouth Harbor Events and Conference Center, Residences at Portwalk and associated ground level retail. The final phase will add a proposed Hampton Inn & Suites, 113 apartment units, 260 parking spaces and 20,000 square feet of retail. Ground breaking is targeted for late 2012.

Portwalk, Portsmouth, NH
www.portwalknh.com

128,000 SF Class A Office Building.

1155 Elm Street, Manchester, NH

Cathartes bought this 70,000 SF building in 2000 for $6.6 million as part of a joint venture with AEW Partners IV, LP. Built in 1930, the six-story, brick and reinforced concrete building was originally used as a parking garage and was vacant at the time of purchase. Plans for the property included a complete redevelopment and leasing program. The building is located at 121 Portland Street in North Station district of Boston. As the Big Dig comes to completion and the subway infrastructure is renovated, this area of the city is expected to see a tremendous increase in value.

121 Portland Street, Boston, MA

225 Friend Street is an eight-floor, recently renovated office building located in the North Station area of Boston. The property consists of 59,353 SF of rentable space with a 15-car garage located in the basement. Public transportation, including the "T," bus service and commuter rail is within walking distance of the property. This building fit in nicely with our strategy of acquiring and stabilizing multi-tenant office properties in recovering sub-markets. At the time we sold the property we had brought it to 99% occupancy. The property was sold in December, 1998.

225 Friend Street, Boston MA

55 Thomson Place is a 77,736 SF building that for the past 30 years was home to the manufacturing and office functions of McCarthy Sole and Leather. Located in Boston's most dynamic growth area, the South Boston Seaport, it faces Stillings Street to the south, Pittsburgh Street to the north and Calvin Place to the west. The strategy behind the purchase of this property was to take an under-utilized building and redevelop it on a build-to-suit basis for a single tenant (Thomson Financial Services - TFS). It is a $12.5 million project, including $8.25 million in renovations, which include improvements made to both the building's infrastructure and the tenant space. Thomson Information Services (TIS), the Lessee, is one of the nearly forty subsidiaries of TFS, which is the leading provider of financial information search, analysis and software products to the investment and corporate world, employing over 4,500 people worldwide. We sold the property in September, 1998.

55 Thomson Place, South Boston, MA

85 Devonshire Street consists of three interconnected buildings. The property fronts on Devonshire, Water and Washington Streets. 85 Devonshire was constructed in 1908 and has historically housed financial institutions and related service professionals. At the time of the building's construction it was considered to be one of the finer examples of Beaux Arts style buildings in the Financial District. The property was renovated in 1988, including refurbishment of the lobby areas, elevators, heating system, common areas and many tenant spaces. When an independent broker brought 85 Devonshire to our attention, the property was 28% vacant, no capital improvements had been done on it since refurbishment in 1988, and no commissions were being paid to the leasing broker. The property was 90% leased by the time we closed on it in July 1996, one month after our due diligence period ended. By working closely with local government officials, we were able to reduce capital improvement costs and more quickly come into compliance with necessary codes. Retail establishments now take up the first and part of the second floor of 258-262 Washington, and small businesses fill up the remaining space. We sold the building in August, 1998.

85 Devonshire Street, Boston, MA

The American Twine Office Park is part of the award-winning East Cambridge Riverfront Plan, an area that serves the nation's leading software, biotechnology and management consulting firms. It was renovated by GID in 1984 at a cost of approximately $11 million. Two three-story atriums serve as primary entrances. Interior office space was renovated to recapture the original architecture featuring exposed brick walls, heavy wooden columns and beams throughout. Only minor tenant improvements were required for this building. We invested approximately $750,000 into upgrading the facade and the HVAC system. By putting our efforts into property management and intensifying tenant relations, we brought the occupancy rate to 90% within a year of acquiring the building.

American Twine Building, Cambridge, MA

The Historic Boott Mills, a 700,000 SF mill complex located in Lowell, Massachusetts, sits on 5.25 acres of land. It has 800 feet of frontage on the Merrimack River and 800 feet of frontage along the Eastern Canal. The property is well located in the northern suburbs, where absorption of office space is growing. Over $30 million in public monies have been spent on high-grade improvements to the surrounding buildings and landscape, and further plans for public development include a riverwalk/jogging path that originates at the property and a budget of $500,000 to pave and landscape the courtyards. We facilitated courtyard, parking and riverwalk improvements, organized the property's development schemes and worked effectively with the competing interests of the historic commission, city officials, lenders, investors and tenants to create a pre-packaged, turnkey development project. We sold the property in July, 1998.

Boott Mills, Lowell, MA

Burlington Business Center Two, 77 South Bedford Street in Burlington, Massachusetts, is the second of two office buildings developed by Cabot, Cabot & Forbes in the mid 1980s. The first, 67 South Bedford Street, was sold to Sumitomo in 1985 for $36.5 million ($208 PSF). Burlington Business Center Two is a 142,049 SF institutional quality building with a four-story atrium lobby and a first class restaurant. The building fronts on Route 128, a major New England thoroughfare, at the intersection of Routes 3 and 3A, and has excellent visibility from the highway. The office park, of which this building is a part, is considered one of the premier office parks in the Boston area. Acquired at what is generally accepted to be the low point in the real estate cycle, the building is currently worth in excess of $20 million. We sold our interest in the property in June, 1993.

Burlington Business Center, Burlington, MA

Cathartes acquired 30 Fox Run Road in Newington, NH, in December 2003. Faced with a historically under-managed property, we launched a significant capital improvements program and negotiated an agreement with the adjacent Fox Run Mall to increase visibility to the property. The property is in a superior location, directly adjacent to the Fox Run Mall and Wal-Mart and visible from the Spaulding Turnpike. Within six months of owning the building, we renewed 14,000 SF to Chuck E. Cheese (NYSE:CEC) for a ten-year term.

30 Fox Run Road, Newington, NH

The offices at Great Woods make up a corporate office park environment designed for convenience and efficiency. The property is comprised of two existing office buildings totaling 54,803 gross square feet and five excess land parcels. 800 South Main Street, built in 1985, is a four-story office building boasting first class tenant finishes including solid-core, full-height, red oak doors, polished chrome lever-style hardware, an outstanding window line, and parabolic lens light fixtures. The building was designed with the tenant in mind, offering common facilities along with an exercise room and locker rooms with shower facilities.

Greatwoods Office Park, Mansfield, MA

Midstate Office Park consists of four two-story brick office buildings, built between 1974 and 1984. The Park is strategically located at Exit 10 of the Massachusetts Turnpike, and affords unique access to the major intersections. Boston, Providence, Hartford and Springfield can all be reached within 45 minutes.

We worked with the leasing agent to increase occupancy and also made some cost-effective tenant improvements. We sold the property in February, 1999.

Midstate Office Park, Auburn, MA

Taunton Corporate Center (TCC) is located in the Myles Standish Industrial park. It has convenient access to employment centers and the interstate highway system via I-495. TCC is one of the few multi-tenanted buildings which primarily services large single-tenant owner occupants, and has attracted a tenant roster of national firms, including GTE, Pepsi-Cola Bottling, B.F. Goodrich, Midas, Ownes & Minor, Federal Express and the U.S. Post Office. TCC was 50% leased when we bought it. We leased the property and sold it in February, 1999.

The Taunton Corporate Center, Taunton, MA