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BOCA RATON, FL-Speaking on condition of anonymity, an area broker who specializes in investment assets confirms that New York-based Blackstone Group is acquiring T-Rex Corporate Center about 20 miles south of here on Yamato Road for approximately $200 million. The campus, once occupied by IBM and known as Blue Lakes Corporate Park, contains 1.8 million sf of office space. Among the tenants are Lydian Trust Co. and Everglades University.’s source says the current owner, New York-based T-Rex Capital, retained CB Richard Ellis to market the property. In response to a question about a pending sale, Christian Lee of the Miami office of CB Richard Ellis, says “no comment.” He confirms that CBRE handles rentals for the property, but declines to tell the average rate. John Ford, Blackstone’s VP of corporate communications, declined to comment.

According to public records, IBM sold the campus, which encompassed 532 acres, for $46 million in 1997. T-Rex Capital acquired it in 2000 for nearly $139 million, renamed it T-Rex Corporate Center and sold approximately 300 of the acres to the City of Boca Raton and various developers.

Both T-Rex and Blackstone are active in South Florida. T-Rex is currently developing a 170-unit condominium complex at 57th Street and N. Flagler Drive in West Palm Beach with units selling for up to $3 million. In December 2004, Blackstone Group paid approximately $1.3 billion for Boca Resorts from the Huizenga family.

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