Press Release
June 23, 2005
Additional Information:
Michael London
Office: (203) 261-1549
Cell: (203-556-5123)
NEW YORK, June 23, 2005 – T-Rex Capital, LLC announced today the sale of its office complex in Manassas, Virginia, to the federal government for $63 million.
The property includes a 335,662 square foot, mission-critical facility located within a 116 acre secured, corporate campus near Prince William County Innovation Park. It was developed in 1984 by IBM and subsequently transferred to Lockheed Martin with the sale of that division.
Thomas M. Mulroy, T-Rex Chief Executive Officer, “it is clear that the commercial real estate market in certain areas of the country has reached its near-term peak. When the federal government expressed interest in acquiring this property several weeks ago, we felt it was an appropriate time to sell.”
“We anticipate keeping revenue from this sale available so we can quickly respond to new opportunities that are likely to arise in the months ahead,” he added. “While we are more cautious in our approach because of the current trends in the marketplace, specialized opportunities will continue to present themselves and T-Rex will be ready to respond appropriately.”
“As the nation’s focus on homeland security remains vital, ‘mission critical’ facilities like this one in Manassas will continue to be in high demand for both government and corporate uses,” said Cliff Preminger, T-Rex President. “We remain interested in identifying new opportunities to provide these specialized services at other locations nationwide.”
T-Rex Capital, LLC and its affiliates have invested in nearly $1 billion in real estate investments nationwide and are 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.
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