Blackstone Acquires T-Rex Corporate Center

New York, June 30, 2005: The Blackstone Group today announced the acquisition of T-Rex Corporate Center, a 1.7 million square foot office campus located on 123 acres in Boca Raton, Florida, from T-Rex Capital, LLC, for $193 million. Thomas M. Mulroy, T-Rex CEO, and Clifford J. Preminger, T-Rex President, will retain a 10% interest in the property.

The Property is situated in a highly visible location at the intersection of I-95 and Yamato Road, in the City of Boca Raton, FL. It is located within minutes of Florida Atlantic University, the Boca Raton executive airport, downtown Boca Raton, and is adjacent to the 850-acre Arvida Park of Commerce.

T-Rex Corporate Center is currently 85% leased to a number of major corporations including Applied Card Systems, Morgan Stanley, Tenet Healthcare, Lydian Trust, Everglades College, American Media and Bluegreen Corp. The property has parking for over 5,000 cars.

About T-Rex Capital

T-Rex Capital LLC and its affiliates, based in New York and with offices in Washington DC and Boca Raton, hold nearly $1 billion in real estate investments nationwide.

About Blackstone

The Blackstone Group, a global investment and advisory firm with offices in New York, Atlanta, Boston, Los Angeles, London, Hamburg, Mumbai, and Paris, was founded in 1985. Blackstone’s Real Estate Group has raised five funds representing approximately $6 billion in total equity. The group has completed over 130 separate investments, representing more than 1,400 individual assets, in hotels, offices and other commercial properties with a total transaction value of approximately $22 billion. In addition to real estate, The Blackstone Group’s core businesses include Private Equity Investing, Corporate Debt Investing, Marketable Alternative Asset Management, Corporate Advisory, and Restructuring and Reorganization Advisory.