Westwood Station Gains Major Approvals at Annual Town Meeting Voters Support Provisions for Premier Regional Project to Move Forward

WESTWOOD, MA (May 15, 2007) --- At the annual spring Town Meeting, residents and Town officials overwhelmingly supported provisions for the Westwood Station project currently being proposed by Boston-based developer Cabot, Cabot & Forbes (CC&F), New England Development and Commonfund Realty, Inc. Westwood voters approved nine important warrant articles pertaining to Westwood Station to help pave the way for the 4.5-million-square-foot mixed-use development, which will transform the University Avenue industrial park into a vibrant, pedestrian-friendly community with 1.35 million square feet of retail, 1.5 million square feet of office/R&D, 1000 residential units and two hotels-all located adjacent to the Route 128 Amtrak/MBTA Commuter Rail Station.

"Town Meeting's approval of these articles is a significant milestone for Westwood Station," said Jay Doherty, president of CC&F. "We look forward to continuing our work with residents and Town leaders to make this project a success."

Among the approved articles, the Town of Westwood authorized the relocation of existing roadways and infrastructure where Westwood Station is planned to establish new roadway layouts and infrastructure rights-a major step in the overall planning process for the project. Another key approval issued by Town Meeting is entertainment uses in the restaurant space. Voters enthusiastically supported the opportunity for Westwood Station restaurants to have entertainment within their facilities, such as a pianist or jazz band.

"We are pleased by the support the Town of Westwood has demonstrated in ensuring that Westwood Station will soon become a reality," said Stephen R. Karp, chairman of New England Development. "We have received significant commitments from national, high-end retailers and restaurants who are eager to be part of this exciting and vibrant project. We look forward to making Westwood Station a regional shopping destination and a project so powerful it will change the way people shop in Greater Boston."

The Town also unanimously authorized a Tax Increment Financing (TIF) agreement between the developers and the Town, which will assist the developers' efforts to build 100 percent of the infrastructure upfront. The Town also amended zoning bylaws to allow for a Westwood Station shuttle bus service, and authorized the Board of Selectmen to negotiate agreements on the project between the Town and the developer.

About Cabot, Cabot & Forbes
Cabot, Cabot & Forbes (CC&F) is one of Boston's oldest and most respected real estate development firms. Originally established in 1904 as a real estate management firm, CC&F has developed in excess of 60 million square feet of office, R&D and industrial space around the United States since 1960. This includes more than 20 million square feet of first-class office space in prime downtown locations and noted office, mixed-use projects and transit-oriented development throughout the United States.

About Commonfund Realty, Inc.
Commonfund Realty is the real estate arm of Commonfund, one of the nation's largest managers of college and university endowment funds. Founded in 1971, Commonfund is devoted to enhancing the financial resources of educational and other select non-profit institutions including endowments, foundations and healthcare organizations through superior fund management, investment advice, treasury operations and e-procurement services. Directly or through its subsidiaries, Commonfund manages approximately $36 billion for more than 1,600 educational institutions and foundations, representing the largest pool of educational endowment and operating funds in the world.

About New England Development
New England Development (NED) has partnered with CC&F on creating an innovative, open air retail center at Westwood Station. NED was founded in 1978 by Stephen Karp, who developed the Northeast's first enclosed mall in 1972. NED has developed more retail space than any other New England firm and has more than 20 million square feet of retail and commercial space to its credit. In the late 1990s, NED sold 14 of its mall properties to concentrate on the creation of the next wave of shopping center and mixed-use developments - remaining on the forefront of retail development. Today, NED's retail properties include, among others, CambridgeSide Galleria,in Cambridge, MA, Wisconsin Place, a 1.1 million-square-foot mixed-use development in Chevy Chase, MD, and Nashua Landing in Nashua, NH. In addition, the firm's diverse portfolio features first-class office space, premium residences, and upscale hotels