The buildings are 100% leased on a long-term basis to LexisNexisand Cross Country Health Care. Granite Meridian is an institutionalinvestment fund managed by New York City-based BlackRock, Inc.

West Palm Beach-based RJS Realty Group president Bob Sullivanand managing director Steve Miskew represented Meridian in thetransaction and were the sole brokers involved in the deal. "Thiswas an exceptional opportunity to acquire two quality officebuildings leased on a long-term basis to two excellent tenants andsituated in an acclaimed corporate park," Sullivan says, in aprepared statement.

According to a CB Richard Ellis Q3 office market report for PalmBeach County, the vacancy rate in Boca Raton is 11.6% with 187,335sf of negative absorption year-to-date and 420,000 sf of spaceunder construction. Average asking rental rates are $19.38 persf.