Florida Mortgage Facility Sold

The Blackstone Group here has purchased the T-Rex 1.7-million-square-foot office park in Boca Raton, Fla., where Morgan Stanley's mortgage fulfillment center is based. The purchase price was $193 million.

T-Rex Capital LLC chief executive officer Thomas M. Mulroy and president Clifford J. Preminger retained a 10% 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 85% leased to companies that include Morgan Stanley, Lydian Trust Co., Applied Card Systems, Tenet Healthcare Corp., Everglades College, American Media Inc. and Bluegreen Corp.

"This was a privately negotiated transaction - the property was not formally listed on the market," Mr. 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."

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