FOR IMMEDIATE RELEASE ⎯ June 24, 2005
CB Richard Ellis Handles +1.7 Million Square Foot Sale in Boca Raton, FL.
Boca Raton, FL – June 24, 2005- T-Rex Corporate Center, a 1,714,600 square foot office campus located at 4800-5002 T Rex Avenue in Boca Raton, FL has been sold to Blackstone for $193 million. This is the largest year-to-date transaction in Florida.
The advisors on the sale were Christian R. Lee, Senior Vice President, Jeffrey Kelly, Managing Director, of CB Richard Ellis, and Charles J. Foschini, Senior Director of L.J. Melody & Company. The brokerage team acted as exclusive advisors to the seller, Boca Technology Center, LLC.
“The South Florida office market remains exceptionally dynamic with strong investment sales and higher leasing revenues,” said Christian Lee, senior vice president of CB Richard Ellis. “Historically low interest rates continue to drive capital flows into South Florida commercial real estate and properties are trading hands at a strong pace. Leasing fundamentals have improved as job growth is causing companies to take on more space. Leasing markets continue to show a distinct upturn. Landlord concessions have tightened, although in most areas rents have yet to appreciate meaningfully. We will likely see rental growth in 2005, especially in submarkets where supply and demand are near equilibrium.”
“The platform, size and scope of CB Richard Ellis and its mortgage investment banking subsidiary, L.J. Melody allow us to provide greater resources to meet the needs of our clients,” stated Charles Foschini, senior director of L.J. Melody & Company. “Since the beginning of 2004, our team has completed over $1.5 billion in investment and sale financing. Having a market dominant position provides unrivaled market knowledge. Our access to data, knowledge South Florida real estate, capital markets preferences and financial structuring options, as well as our depth and breadth of transaction experience, put us in a unique position to provide thoughtful counsel.”
Built between 1969 and 1986, T-Rex Corporate Center is the largest and most significant corporate office campus in Florida, compromising over 1.7 million square feet of technologically advanced corporate office space situated on 123 acres of land. There are six (6) three-story office buildings (697,045-SF of NRA), and seven (7) single-story campus office buildings (1,017,555-SF of NRA). The campus is approximately 84% leased to 26 tenants.
CB Richard Ellis South Florida Office Investment Group is a dedicated group of six professionals, directed by Christian Lee and Charles Foschini, that is committed to providing capital markets solutions in the acquisition, disposition and financing of office properties. The group is widely recognized as the premier office investment services team in South Florida participating in excess of $4 billion in transactions.
About CB Richard Ellis
CB Richard Ellis (NYSE:CBG), a FORTUNE 1000 company headquartered in Los Angeles, is the world’s leading commercial real estate services firm (in terms of 2004 revenue). The company serves real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. Including partners and affiliates, the company has over 300 offices in more than 50 countries around the world.
Please visit our Web site at www.cbre.com.