Miami Beach-based Terranova Corp. advised BlackRock in its 2004acquisition of the property, and BlackRock retained Terranova tolease and manage the then-vacant property. The building quicklybecame headquarters for Labock Technologies under a lease agreementfor 127,000 sf, and another unidentified tenant occupied theremainder.

"Gaining just over a 51% increased in value in 21 months, plusenjoying cash flow while owning, made this a great investment,"says Trish Blasi, Terranova's president. It was an opportunisticbuy for BlackRock, she says, "and we executed our plan perfectly,adding value through leasing and then taking advantage of a red hotcapital market for an early and profitable exit."

Stephen Bittel, Terranova's chairman, brokered the sale toBecknell. The building was completed in December 1994, he tellsGlobeSt.com. The building is located on approximately 12 acres, andthe sale included four adjoining acres of developable land in the850-acre business park. He declined to disclose the rental rate forthe building.