01/19/2007

Condyne and Dead River Company Acquire the GTECH Corporate Campus in West Greenwich, Rhode Island

Condyne, LLC, in a joint venture with Dead River Company, is pleased to announce the recent $43 million acquisition of the GTECH Corporate Campus in Technology Business Park, located in West Greenwich, Rhode Island. This first-class, high-tech campus is strategically located south of Providence, anchored by two high-profile companies: GTECH Corporation, a leading gaming technology and services company, and Amgen, Inc., a Fortune 500 biopharmaceutical company.

The campus currently consists of two existing office buildings. After substantial renovations, GTECH will occupy a total of 170,000 square feet of the campus, under a long-term lease for 110,000 square feet of office space, and 60,000 square feet of manufacturing space. The former GTECH world headquarters, a 93,000 square foot state-of-the-art office building, will be fully leased to Amgen. The campus also houses a 14,000 square foot daycare facility, which is currently operated by Bright Horizons Children’s Centers, Inc.

Additionally, the campus master plan contemplates an additional 362,000 square feet of office, retail, and hotel space to create a true corporate campus in the center of New England. Plans include the development of three additional office buildings to support growth demands, with a total build-out of 255,000 square feet; 17,000 square feet of retail, restaurant, and other service oriented businesses; and a 90,000 square foot, 160-room hotel. The retail and hotel space will be an asset to both the employees within the campus as well as the entire state of Rhode Island.

“This business park has tremendous potential and we look forward to turning it into a premiere executive-style campus. This acquisition diversifies our portfolio with a mix of qualified assets as well as upside future development in a growing market,” stated Jeff O’Neill, President of Condyne.

Pete Hayes, of Hayes and Sherry Real Estate Services, acted as a selling broker for GTECH and going forward, has been retained by Condyne and Dead River to market the property for future development.

“This is clearly the next major office development site along Route 95. With the two existing tenants, GTECH and Amgen, we feel this will be the premier office park in Rhode Island,” said Hayes.

Condyne is one of the leading commercial developers in New England. Condyne was recently named the fifth largest commercial developer in Massachusetts in Boston Business Journal’s 2006 Book of Lists. Condyne’s growth to the top of the industry has been highlighted by such projects as Revolutionary Way Commerce Center, a 140,000 square foot industrial warehouse and office building located in Taunton, MA; the redevelopment of 111,840 square feet of warehouse and office space at 160 Dascomb Road in Andover, MA; as well as the redevelopment of a 36,500 square foot warehouse/office building in Franklin, MA. At present, Condyne continues to be a market leader with 1.5 million square feet of development projects in the final stages of construction and development.

Dead River Company is one of the largest distributors of petroleum products to residential and commercial customers in northern New England. Offerings include a variety of petroleum products on both the wholesale and retail levels, including home heating oil, kerosene, diesel fuel, propane and gasoline. Dead River also owns and operates a number of convenience stores located throughout Maine and has developed and acquired many real estate assets throughout the eastern United States.