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New Boston Fund To Develop Rockville

CHANTILLY, VA-Now that New Boston Fund has delivered its Chantilly office asset it is looking at new opportunities in the area.

By Erika Morphy | Updated on October 17, 2006

CHANTILLY, VA-Boston-based New Boston Fund Inc. has delivered Parkstone Place, a four-story 76,400-sf class A office building located at 5155 Parkstone Dr. in the Westfields Corporate Center here. The office park was a joint venture project with local firm Realty Capital Partners, LLC–the first of many speculative development projects New Boston Fund is expecting to launch with the company, Patrick Connell, vice president of Asset Management for New Boston Fund’s Virginia office, tells GlobeSt.com.

The next project the duo will likely tackle is an office development on a plot of land in Rockville, MD controlled by both firms.”New Boston Fund is capable of developing two buildings on the 5.5 acre site, which is located at the intersection of Route 28 and Gude Drive in Rockville, MD.” This, and other projects, is part of the fund’s increased focus on the Mid-Atlantic region, Connell says. In an interview with GlobeSt.com earlier this summer, Connell said the firm plans on investing some $150 million for the reminder of the year in the region. The company is also redeploying its workforce to emphasize sales and development here; in January an acquisitions officer will move to Washington, DC from the Boston area. The company will also be adding a development officer to the Mid-Atlantic office.

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