Florida Real Estate Journal
July 13, 2001
New York – T-Rex Capital announced that it has completed its separation from Terremark Worldwide Inc., and has launched a $250 million real estate fund and related investment management company. Thomas M. Mulroy, T-Rex chief executive officer, said his company is raising up to $250 million specifically to invest in private real estate mezzanine debt and equity transactions.
T-Rex Capital’s sister company, T-Rex Technology Centers, is also now independent of Terremark. T-Rex Technology Center has been involved with more that 6 msf of “carrier hotel space” nationwide, including a 1.8 msf facility in Boca Raton.
Carrier hotels provide space is a single location where telecommunications companies can install network equipment, facilitate network interconnections, and take advantage of lower cost back-up power, security and similar services. Major users of carrier hotels are Internet service providers, competitive local exchange companies, cable companies, e-commerce companies, and fiber-optic network providers.
“There is no question that, over time, there will be a strong demand for carrier hotel space,” Mulroy said. “However, we believe that over the next few months many of our competitors will have added pressure to dispose of properties at distressed prices. That provides significant investment opportunities in this industry for individuals with vision and patience.
T-Rex Capital and T-Rex Technology Centers are headquartered in New York, with offices in Washington, D.C., and Boca Raton.