Press Release
June 30, 2005
Additional Information:
Michael London
Office: (203) 261-1549
Cell: (203-556-5123)
NEW YORK, June 30, 2005 – T-Rex Capital, LLC, today announced that a unit of The Blackstone Group, New York City, has purchased the T-Rex 1.7 million square foot office park in Boca Raton, Florida. The purchase price was $193 million.
Thomas M. Mulroy, T-Rex Chief Executive Officer, and T-Rex President, Clifford J. Preminger retained a 10 percent interest in the property.
T-Rex acquired the 533-acre property in April 2000 and subsequently sold approximately 400 acres of vacant land around the former IBM building to the city of Boca Raton and three private developers.
The building currently is approximately 85 percent leased to companies that include Applied Card Systems, Morgan Stanley, Tenet Healthcare Corp., Lydian Trust Co., Everglades College, American Media Inc., and Bluegreen Corp. The property includes parking for more than 5,000 cars and is located off Interstate 95 at Yamato Road.
“This was a privately negotiated transaction – the property was not formally listed on the market,” Mulroy said. “We began serious discussions with Blackstone only about two months ago.”
“T-Rex will continue its long term strategy of opportunistic investing although we are taking a somewhat more cautious approach because of the changing real estate market in the near term,” he said. “We are always on the lookout for selected opportunities in real estate markets.”
Earlier this month, T-Rex Capital, LLC announced acquisition of approximately six acres of land on the Intercoastal Waterway in West Palm Beach, Florida, for a $180 million luxury condominium and marina complex.
T-Rex Capital, LLC and its affiliates have invested in nearly $1 billion in real estate nationwide. The company is based at 747 Third Avenue, 24th Floor, New York, New York 10017, with regional offices in Washington, D.C. and Boca Raton, Florida.
www.trexcapital.com.
The Blackstone Group, a global investment and advisory firm with offices in New York, Atlanta, Boston, Los Angeles, London, Hamburg, Mumbai, and Paris, was founded in 1985. Blackstone’s Real Estate Group has raised five funds representing approximately $6 billion in total equity. The group has completed over 130 separate investments, representing more than 1,400 individual assets, in hotels, offices and other commercial properties with a total transaction value of approximately $22 billion. In addition to real estate, The Blackstone Group’s core businesses include Private Equity Investing, Corporate Debt Investing, Marketable Alternative Asset Management, Corporate Advisory, and Restructuring and Reorganization Advisory. www.blackstone.com
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