Ram Purchases Large Industrial Property in Marlborough, Massachusetts for Redevelopment

Acquisition part of Ram Management Company's continued expansion into southern New England

PORTLAND, Maine (November 3, 2003) - Real estate developer Howard A. Goldenfarb, president of Portland, Maine-based Ram Management Company, announced today the purchase of 120 Bartlett Street in Marlborough, Massachusetts.

Ram will make extensive upgrades to the 77,157-square-foot industrial property, the former East Coast manufacturing facility and headquarters of the Butchers Wax Company.

The multimillion dollar purchase, which includes land to add up to 40,000-square-feet of additional industrial space to the property, is a joint venture with Sea Star Seafood Corporation, an international seafood distributor. Sea Star will eventually occupy 39,815 square feet of the property.

Microbac, one of the worldÕs leading independent testing laboratories, also will occupy 9,608 square feet.

Brian A. Gagne, vice president of development at Ram, said the project is part of RamÕs continued effort to find properties to improve and redevelop throughout southern New England.

ÒWe see Massachusetts as a logical place to continue our expansion into southern New England,Ó Gagne said. ÒWith our success in converting the former Borden Chemical Company facility in North Andover, Mass., (now the North Andover Commerce Center) we want to continue to look for properties to upgrade that add value to our portfolio and to the communities we work in.Ó

Ram, well known throughout Maine, New England and Europe for much-acclaimed retail, residential, industrial, and office developments, also is currently in the pre-construction stages of a $20 million industrial development in Miami. Ram, too, just completed the development of RiverPlace, a $17 million luxury rental apartment complex in South Portland, Maine on Portland Harbor, and was the original developer of the factory outlets in Kittery, Maine. RamÕs other work includes the redevelopment of 21 buildings in PortlandÕs Old Port area.

ÒWith a very strong equity base and reputation, Ram is positioned to continue to effectively purchase properties like 120 Bartlett Street, and others throughout New England,Ó said Goldenfarb, who has been involved in managing and developing real estate for more than 28 years.

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