Translation of original document executed in Russian. SUPPLEMENTARY AGREEMENT No. 1 to the land sublease Agreement dated April 18, 2000

Exhibit 10.16

Translation of original document executed in Russian.

SUPPLEMENTARY AGREEMENT No. 1

to the land sublease Agreement dated April 18, 2000

This Supplementary Agreement No. 1 to the Land Sublease Agreement dated as of April 18, 2000 (hereinafter “Sublease Agreement”), registered June 02, 2000 by Moscow Municipal Committee of Real Estate Dealerships Registration by number 77-01/00-07/2000-41955, is entered into on May 03, 2005 in Moscow between:

Open Joint-Stock Company “PIOGLOBAL Real Estate Investment Fund” (formerly known as PIOGLOBAL Investment Fund, PIONEER First Investment Fund, First Investment Voucher Fund), legal entity incorporated under the laws of Russian Federation, OSRN ###-###-####, having its legal address at: Russian Federation, 125445, Moscow, ul. Smolnaya, 24/D, represented by Closed Joint-Stock Company “PIOGLOBAL Asset Management”, its Management company, acting pursuant to the Federal Law “About Investment Funds” p. 3 art. 3 and Management Agreement No. B-322 dated as of July 24, 2002, duly represented by Management company General Director Andrei M. Uspensky, acting on the basis of Closed Joint-Stock Company “PIOGLOBAL Asset Management” Charter (hereinafter “Lessee”) and

PREA, L.L.C. (formerly known as Pioneer Real Estate Advisors, Inc.), legal entity incorporated under the laws of State of Delaware, USA, having its principle place of business at: One Faneuil Hall Marketplace, Boston, Massachusetts, 02109, U.S.A.), duly represented by James Sheppard, its Managing Director, acting on the power of attorney dated as of December 08, 2004 (hereinafter “Sublessee”)

Hereinafter jointly referred to as the “Parties”.

PREAMBLE

Herewith, the Parties agree to make following amendments and additions to the Sublease Agreement:

“6.2. Sublessee, at its own expense shall implement building, erection, exploitation, maintenance and capital repairs of projects necessary for operation of business center, including car parking, Sublessee shall also at its own expense conduct all Land plot maintenance including landscaping, cleaning the area, snow removal and environmental improvements. All together (“Improvements”)”

“6.7. On expiration of Sublease term determined by the present Sublease Agreement, Sublessee undertakes to return the Land plot to Lessee in the same condition as it was received from Lessee according to the present Agreement, other than changes from normal use and effected Improvements”.

“15.2. Parties have the following addresses:

15.2.1. Lessee:

To General Director

of OJSC “PIOGLOBAL”

Management Company

Russia, 103918, Moscow,

Gazetny pereylok, 5

Fax: + 7 495  ###-###-####

15.2.2. Sublessee:

To Managing Director

Commercial Tower Meridian

Ul. Smolnaya, 24/D

125445, Moscow, Russia

Fax: +7 495  ###-###-####

The Parties shall notify each other about all changes in their addresses and telephone numbers promptly.

Main Department

Of the Federal Registration Service, Moscow

Registration circuit #77/14

The state registration was made

July 27, 2005

Registration number 77-77-14/005/2005 989

The registering clerk: Bulavintsev

Exhibit 10.16  Supplemental Agreement No. 1 registered July 27, 2005

to Land Sublease Agreement dated as of April 18, 2000

by and between Open Joint-Stock Company

“PIOGLOBAL Investment Fund” and PREA, LLC

[HARBOR GLOBAL COMPANY LTD. LETTERHEAD]

The undersigned hereby certifies that the translation of Exhibit 10.16—Supplemental Agreement No. 1 registered July 27, 2005 to Land Sublease Agreement dated as of April 18, 2000 by and between Open Joint-Stock Company “PIOGLOBAL Investment Fund” and PREA, LLC to which this certification is attached is a fair and accurate translation of the original document executed in Russian.

Dated: February 22, 2006