Intercontinental Real Estate Corp. confirms it has been in talks for weeks to buy the beleaguered Boston Globe and its prime property along the Southeast Expressway. The Boston-based company manages real estate and some $2.5 billion in investment funds, including union pensions. "Intercontinental is interested in any good investment that offers superior returns for our investors, as well as opportunities for job preservation and job growth for our union investors," says a company rep.

In the meantime, the newspaper's biggest union is calling for an equity stake in the paper. The Guild could make wage and benefit concessions in exchange for a piece of the Globe under new owners. Such an agreement was recently reached at the struggling Press Herald in Portland, Maine.

In a letter to Times Co. brass this week, union officials warn that any sale that would preserve the paper will require a new agreement with the Guild. Newspaper analysts say that given the ongoing labor dispute, a sale could be difficult.

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