The Boca Raton Innovation Campus in Boca Raton was built in 1970 for IBM, which created the personal computer there. Now, 56 years after the complex first opened, the site's history continues to reverberate.
The facility is filling with the next generation of technology, including life sciences and quantum computing.
This new profile attracted Palm Beach County's biggest real estate developer, Stephen Ross of Related Rossin West Palm Beach. On Sept. 10, a Related Ross affiliate the 124-acre campus bought the campus.
Related Ross' decision to buy the complex reflects a years-long effort by the site's prior ownership group to raise the center's profile afterIBM closed the site in 1986.
In a recent interview, the prior owner's managing partner reflected
on the steps taken to make BRiC shine, not only for businesses but also for the community.
What was once an off-putting, low-tech complex featuring call centers now is a place for "corporate America," said Angelo Bianco, managing partner of CP Group of Boca Raton.
CP Group built Mizner Park, the mixed-use center in downtown Boca Raton. CP Group now is in contract to buy Mizner Park backfrom its latest owner.
BRiC's history as birthplace of IBM personal computer
Part of BRiC's appeal is its architecture, which feature a unique Y-shaped design, considered an engineering marvel for its day. Although BRiC has historic value, it does not have a historic designation from either the city of Boca Raton or the National Register of Historic Places.
The building is important for more than its aesthetic. Architects designed the structure to withstand a Category 5 hurricane, a visionary advancement considering the region's subsequent history with storms.
Protecting theIBM workspace from the elements was critical. This property, known as IBM's North American Research and Development facility, was built for administration and product testing, development labs, manufacturing and distribution.
The building opened in March 1970. By the mid-1980s, IBMemployed nearly 10,000 people at this site and in office buildings clustered in the area. But by the end of that decade, IBM had stopped manufacturing at the site, moving this function to North Carolina. Then the software development team moved to Texas.
With employment dwindling, IBM sold the property for $46 million in 1996. Thus began a series of owners.
A series of owners, then a new focus for the property
At first, the property was known as the Blue Lake Corporate Center, then theT-Rex Corporate Center, when an ownership group bought it from the Blue Lake group for $138.65 million in 2000. Private equity fund Blackstone Group bought the site for $192.7 million in 2005, then sold it for an undisclosed amount to another ownership group in 2015.
These owners all struggled to fill the sprawling campus, which has 1.7 million square feet. At times, call centers and backroom operations mostly occupied the space.
Then in 2018, CP Partners and another company bought the site for $179 million. In 2021, some partners in the group were bought out by New York-based DRA Advisors, which paid $320 million for the stake.
CP Group managed the property for the group. But when CP Group first became involved, some Boca Raton residents barely knew the complex existed, Bianco said, "even thought it had been in town for 50 years. They never knew about it when IBM ran it. We had to reverse that."
BRiC becomes part of city community
During the past eight years, CP Group hosted more than 600 events with universities, business and nonprofits. BRiC's interior corridors were turned into art galleries featuring exhibits and partnerships with Lynn University and the Boca Raton Museum of Art.
CP Group also added holiday tree lighting events, youth orchestra performances and even a weekend farmer's market. The company created indoor and outdoor event venues and provided event space at no charge to local nonprofits.
Meanwhile, to preserve the site's history, CP Group created a History of Tech Museum around the campus.
"We turned this around because my team would go into the community," Bianco said.
Related Ross officials say they plan to continue the community events at BRiC, and add even more.
CP Group also spent more than $100 million to make improvements to the office complex to attract new tenants. This includes two coffee shops, a renovated fitness center and conference center and a new courtyard.
New tenants began taking space. They include ModMen, Baptist Health South Florida and Guidant.
Most recently, BRiC leased space to D-Wave Quantum Inc., which Biano called "the most illustrative of our transformation."
In January, the Palo Alto-based quantum computing company announced BRiC as its new corporate headquarters. Florida Atlantic University has signed a $20 million contract to bring a quantum computer at its Boca Raton campus, becoming the first Florida university to host a quantum computer on site.
Alexandra Clough is a business writer at The Palm Beach Post. You can reach her at aclough@pbpost.com. X: @acloughpbp. Help support our journalism. Subscribe today.
This article originally appeared on Palm Beach Post: How Boca Raton's ex-IBM site grew into top office center | Exclusive
