Press Release
Michael London
Office: (203) 261-1549
Cell: 203-556-5123
NEW YORK, December 3, 2003 – T-Rex Capital, the New York-based real estate investment company, today announced that seven companies have leased more than 300,000 square feet at its signature office complex in Boca Raton, Florida.
New tenants recently signing long term leases are:
- Capretto Place, a quality child care center opening this Spring, serving infants through preschool children; nearly 10,000 square feet;
- LifeWatch, a leading national cardiac monitoring company; approximately 5,500 square feet
- Tenet Healthcare Corp., the nation’s second largest hospital operator with 101 acute care hospitals in 16 states; 100,000 square feet
- Lydian Trust Co., federally chartered thrift, loan broker; more than 40,000 square feet
Existing tenants recently leasing additional space:
- Bluegreen Corp., a leading U.S. developer and marketer of drive-to timeshare resorts and planned residential and golf communities; nearly 86,000 square feet
- Everglades College, a college geared towards working students; 22,178 square feet
Furthermore, an existing tenant – American Media Inc., publisher of The Star and The National Inquirer – recently renewed a lease on nearly 53,000 square feet.
“This increased demand for space in the Corporate Center at Boca Raton is the clearest signal yet that both existing corporate tenants and companies looking for new or expanded space recognize our Boca Raton facility as the property of choice in this market. The level of property management and the standard of tenant service T-Rex provides at this facility are among the highest in the industry,” said Joan Stavola, Senior Vice President Property Management.
“While existing tenant expansions and renewals demonstrate tenant satisfaction, it is the new tenants that represent an expansion in the types of businesses attracted to our unique property, that reinforce our confidence in exposing this property to the marketplace as a whole,” she said. “With The T-Rex Corporate Center now 80 percent leased, we have turned our attention to negotiating with other potential tenants interested in the remaining space.”
Separately, the owners of T-Rex Corporate Center continued a process of selectively unlocking the inherent value of the original Property site, by selling over 72 acres of land to several regional enterprises for the development of a new commuter rail station, a retail center and offices planned for that part of the site. Since its acquisition in April, 2000, T-Rex has successfully redeployed 408 acres of previously vacant land in a series of separate transactions that add to the destination value of the local area – one of the most highly desirable locations in Southern Florida.
The T-Rex Corporate Center, located off Interstate 95 at Yamato Road, Boca Raton, Fla., is one of the most technologically advanced office parks in the nation with:
- Approximately 2 million square feet of office space.
- A triple-redundant air filtration system in most areas;
- A triple-redundant fiber optic “sonnet” ring and connections to two separate telecommunications network backbones;
- Two independent, automatically switched 138 kilowatt transmission lines; a 10 megawatt on-site generator and two 500 kilowatt back-up safety generators;
- Exterior walls built to withstand a Category 5 hurricane; and,
- Parking for more than 5,000 cars.
“We have entered a period in the real estate industry where there will be significant opportunities to those strategically positioned companies that possess both the financial resources needed for successful investment activity and an ability to rapidly set strategy for each opportunity and execute immediately,” said Thomas M. Mulroy, T-Rex Chief Executive Officer.
“As we rapidly approach full occupancy at the T-Rex Corporate Center in Florida, we will intensify our ongoing effort to identify new real estate investment possibilities in that market and nationwide,” Mulroy added.
“We pride ourselves on a unique ability to seek out and capitalize on poorly understood real estate opportunities the moment they arise,” Mulroy said. “Because of that insight and flexibility, we are able to consider projects that ordinarily would not fit the ‘product orientation’ that restrict so many other real estate investment companies.”
T-Rex Capital, LLC and its affiliates have completed commercial and residential investments in more than 7 million square feet nationwide with a combined value of $700 million. The company’s headquarters is at 747 Third Avenue, 24th Floor, New York, New York 10017, with regional offices in Washington, D.C. and Boca Raton, Florida.
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