The team that negotiated the sale included Christian R. Lee, SVP in the Miami office, and Jeffrey Kelly, managing director of the Boca Raton office of CBRE; and Charles J. Foschini, senior director of the Miami office of LJ Melody & Co. Lee and Foschini direct CBRE's South Florida investment group. Lee says the T-Rex campus is approximately 84% leased to 26 tenants.
The center was originally designed by Bauhaus architect Marcel Breuer in 1969 as IBM's North American research center and completed between 1969 and 1986. IBM disposed of it for $46 million in 1997, according to published records, at a time when it encompassed 532 acres. T-Rex acquired it for $139 million in 2000 and subsequently sold more than 300 acres.
The remaining 123-acre campus contains six three-story buildings aggregating 697,045 sf and seven single-story structures aggregating more than one million sf. Lee says, "historically low interest rates continue to drive capital flows into South Florida . . . and properties are trading at a strong pace. Leasing markets continue to show a distinct upturn," he adds. According to CBRE first-quarter data the average rental rate for office space in Boca Raton is $16.71 triple-net.
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