For Immediate Release
December 11, 2006

Contact:
Brian Gagne, Ram Management
(207) 885-4200
Howard Goldenfarb
(207) 885-4200

Scarborough-based Ram Management Company has announced the purchase of a 155,000-square-foot office and R&D property in Wakefield, Massachusetts as part of the company’s continued growth in New England, said Brian A. Gagne, Ram’s executive vice president of Acquisitions & Development.

Located on approximately 19 acres at 107 Audubon Road in Wakefield, the property contains two one-story office /R&D buildings and one three-story office building.

Ram plans to make extensive upgrades to the property, including redesigned landscaping, exterior signage and lighting as well as interior common area improvements. The company has retained Cushman & Wakefield to complete the lease up of the property.

Gagne said the acquisition is part of Ram’s continued effort to acquire properties to improve and develop throughout New England and South Florida.

“Massachusetts continues to be a logical place for our expansion,” Gagne said. “Our recent acquisition’s in Massachusetts, coupled with our existing portfolio in the Northeast region, puts us in a strong position to continue to gain market share. Our goal is to acquire properties to reposition that add value to our portfolio and the communities we invest in.”

Ram is in negotiations for several other properties for acquisition, including two in Miami, Gagne added.

Jim Thomson of Cushman & Wakefield represented the new building owner, Audubon Commerce Center, LLC, a Ram affiliate entity. The seller was also represented by Cushman & Wakefield.

Well known throughout Maine, New Hampshire and Massachusetts, as well as Europe, for its much-acclaimed retail, residential, industrial, and office developments, Ram also is in the design and approval stage for a $55 million industrial development in Miami. The firm was the original developer of factory outlets in Kittery and Freeport, Maine as well as in England, Belgium, and Israel. Ram’s past work also includes the redevelopment of numerous buildings in Portland’s Old Port area.

“With a very strong equity base and reputation, Ram is positioned to continue to purchase properties like 107 Audubon Road and others throughout New England,” Gagne said.

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