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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY ARRANGES $142 MILLION SALE OF BLUE LAKE OFFICE COMPLEX, BOCA RATON, FL |
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Tuesday, April 18, 2000
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New York, NY
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Sonnenblick-Goldman Company, acting as the exclusive advisor to Blue Lake Ltd., arranged the sale of Blue Lake - the largest and most technologically advanced business park Florida. The property was acquired by Boca Technology Center LLC, a telecom real estate investment group, for $142 million. Located in Boca Raton, Florida, Blue Lake Corporate Center is comprised of 1.77 million square feet of office space, 254 developable acres and over 1.5 miles of direct frontage on Interstate 95. Blue Lake once served as IBM's most important computer research and development facility before it was purchased from IBM by Blue Lake Ltd. in 1997 at a price of $46.1 million. "The dramatic increase in the value of the property resulted from converting a single tenant, 'IBM' facility into a multi-tenant corporate campus that provides unparalleled telecommunications and power infrastructure, as well as securing development rights for the undeveloped land" added Manuel de Zarraga, Managing Director in Sonnenblick-Goldman's Miami office. Blue Lake's enviable tenant roster includes Siemens Corporation, Database Technologies, Applied Card Systems, Cultural Access Worldwide, Bluegreen, Verio and Cybear. "The exceptional vision of the Blue Lake Ltd. partners has made Blue Lake the destination of choice for global technology and telecommunications-dependent companies," said Ken Ziebelman, Managing Director of Sonnenblick-Goldman's New York office. Sonnenblick-Goldman's Miami office is located at One Biscayne Tower, Two Biscayne Boulevard, Suite 1800, Miami, FL 33131. Tel: (305) 358-5522; Fax: (305) 358-5529. |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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