EX-99.1
3
a06-16346_1ex99d1.htm
EX-99
Exhibit 99.1
For Immediate Release
Behringer
Harvard Acquires First Property in Boston Area
DALLAS, July 18, 2006
- Behringer Harvard
announced today its entry into the Boston, Mass., market with its acquisition
of Ferncroft Corporate Center, an eight-story Class A office building located
about 18 miles north of downtown Boston and Logan International Airport. This
82 percent leased building represents the second purchase for Behringer Harvard
Opportunity REIT I, Inc. Anchor tenants include Verizon Information Services, a
subsidiary of Verizon Communications (NYSE:VZ), and the SAS Institute, a
privately held software company.
"Ferncroft Corporate Center presented us with an attractive opportunity
to enter a market that's recently shown improvement in both occupancy and
rental rates", said Robert M. Behringer, chairman and CEO of Behringer Harvard.
"We acquired this well-located asset at a significant discount to replacement
cost. We expect continued strength in the market to provide significant upside potential
as new leasing activity occurs at rising market rates".
Prominently situated on a 12.6-acre hilltop site overlooking the
interchange of Interstate 95 (Route 128) and Route 1, Ferncroft Corporate
Center provides 226,338 rentable square feet of space. An adjoining three-story
parking garage supplies a generous parking ratio of 4.5 spaces per 1,000 square
feet of office space. The site also provides easy access to shopping,
restaurants and the executive residential communities of the North Shore.
Originally constructed as a build-to-suit regional headquarters for
Verizon Information Services in 1990, the office space was renovated in 1999.
Amenities include a full-service café and state-of-the-art fitness center. The
property is adjacent to the Ferncroft Country Club, which features a 27-hole
championship golf course, and a full-service Sheraton Hotel with conference
facilities.
Known as the business hub of New England, Boston serves as headquarters
to 23
Fortune
500 companies. It's also home to
several of the country's top financial corporations and universities that rank
among the world's finest.
About Behringer Harvard
Behringer Harvard is an investment company that offers a diverse
selection of real estate funds reflecting core, value-added and opportunistic
investment strategies. Its publicly registered non-traded REITs and limited
partnerships provide strategic opportunities for sellers of
institutional-quality real estate as well as individual investors seeking to
diversify their portfolios. The company's finite-life programs, offered through
the independent broker dealer community, generally feature a total return focus
and the financial transparency of public securities. For more information, call
toll-free 866.655.3600 or visit behringerharvard.com.
-more-
This release contains
forward-looking statements relating to the business and financial outlook of
Behringer Harvard Opportunity REIT I, Inc., that are based on our current expectations,
estimates, forecasts and projections and are not guarantees of future
performance. Actual results may differ materially from those expressed in these
forward-looking statements, and you should not place undue reliance on any such
statements. A number of important factors could cause actual results to differ
materially from the forward-looking statements contained in this release. Such
factors include those described in the Risk Factors sections of the offering
documents for the offering of equity of Behringer Harvard Opportunity REIT I,
Inc. Forward-looking statements in this document speak only as of the date on
which such statements were made, and we undertake no obligation to update any
such statements that may become untrue because of subsequent events. We claim
the safe harbor protection for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995.
Contacts
Katie Myers
Jason
Mattox
Barbara
Marler
Richards/Gravelle
Executive
Vice President
Marketing
Communications Manager
katie_myers@richards.com
Behringer
Harvard
Behringer
Harvard
214.891.5842
jmattox@behringerharvard.com
bmarler@behringerharvard.com
866.655.3600
469.341.2312
#
# #

EX - 99 . 1 3 a06 - 16346 _ 1ex99d1 . htm EX - 99 Exhibit 99 . 1 For Immediate Release Behringer Harvard Acquires First Property in Boston Area DALLAS , July 18 , 2006 - Behringer Harvard announced today its entry into the Boston , Mass . , market with its acquisition of Ferncroft Corporate Center , an eight - story Class A office building located about 18 miles north of downtown Boston and Logan International Airport . This 82 percent leased building represents the second purchase for Behringer Harvard Opportunity REIT I , Inc . Anchor tenants include Verizon Information Services , a subsidiary of Verizon Communications ( NYSE : VZ ) , and the SAS Institute , a privately held software company . " Ferncroft Corporate Center presented us with an attractive opportunity to enter a market that ' s recently shown improvement in both occupancy and rental rates " , said Robert M . Behringer , chairman and CEO of Behringer Harvard . " We acquired this well - located asset at a significant discount to replacement cost . We expect continued strength in the market to provide significant upside potential as new leasing activity occurs at rising market rates " . Prominently situated on a 12.6 - acre hilltop site overlooking the interchange of Interstate 95 ( Route 128 ) and Route 1 , Ferncroft Corporate Center provides 226,338 rentable square feet of space . An adjoining three - story parking garage supplies a generous parking ratio of 4 . 5 spaces per 1,000 square feet of office space . The site also provides easy access to shopping , restaurants and the executive residential communities of the North Shore . Originally constructed as a build - to - suit regional headquarters for Verizon Information Services in 1990 , the office space was renovated in 1999 . Amenities include a full - service café and state - of - the - art fitness center . The property is adjacent to the Ferncroft Country Club , which features a 27 - hole championship golf course , and a full - service Sheraton Hotel with conference facilities . Known as the business hub of New England , Boston serves as headquarters to 23 Fortune 500 companies . It ' s also home to several of the country 's top financial corporations and universities that rank among the world 's finest . About Behringer Harvard Behringer Harvard is an investment company that offers a diverse selection of real estate funds reflecting core , value - added and opportunistic investment strategies . Its publicly registered non - traded REITs and limited partnerships provide strategic opportunities for sellers of institutional - quality real estate as well as individual investors seeking to diversify their portfolios . The company 's finite - life programs , offered through the independent broker dealer community , generally feature a total return focus and the financial transparency of public securities . For more information , call toll - free 866 . 655 . 3600 or visit behringerharvard.com . - more - This release contains forward - looking statements relating to the business and financial outlook of Behringer Harvard Opportunity REIT I , Inc . , that are based on our current expectations , estimates , forecasts and projections and are not guarantees of future performance . Actual results may differ materially from those expressed in these forward - looking statements , and you should not place undue reliance on any such statements . A number of important factors could cause actual results to differ materially from the forward - looking statements contained in this release . Such factors include those described in the Risk Factors sections of the offering documents for the offering of equity of Behringer Harvard Opportunity REIT I , Inc . Forward - looking statements in this document speak only as of the date on which such statements were made , and we undertake no obligation to update any such statements that may become untrue because of subsequent events . We claim the safe harbor protection for forward - looking statements contained in the Private Securities Litigation Reform Act of 1995 . Contacts Katie Myers Jason Mattox Barbara Marler Richards / Gravelle Executive Vice President Marketing Communications Manager katie_myers@richards.com Behringer Harvard Behringer Harvard 214 . 891 . 5842 jmattox@behringerharvard.com bmarler@behringerharvard.com 866 . 655 . 3600 469 . 341 . 2312 # # #