West Palm Beach real estate titan Stephen Ross bought the Boca Raton Innovation Campus on Sept. 10.
The record purchase of IBM's former Boca Raton campus,first reported by The Palm Beach Post in July, instantly gives Ross a major presence in this growing south county city
. The acquisition also marks the start of Ross' effort to return Boca Raton to a technology powerhouse, raising its profile the same way he led efforts to turn West Palm Beach into a growing financial center.The 124-acre, 1.7 million-square-foot campus is at 5000 T-Rex Ave., just west of Interstate 95 along Yamato Road. The campus, now known as BRiC, includes the 700,000-square-foot office building designed for IBM by Marcel Breuer and Thomas Gatje in the Brutalist style of architecture.
IBM developed the world's first personal computer in the facility, which remains the largest single-office complex in Florida.
"BRiC changed the course of technology, and it will play an important role in what comes next," said Ross, chairman and chief executive of Related Ross, the West Palm Beach-based real estate development firm.
Ross, a Palm Beach resident, owns the Miami Dolphins football team.
The company did not disclose the purchase price.
Another top Related Ross executive praised Boca Raton and its attractiveness to business.
"Boca Raton has many of the ingredients companies are looking for today, including access to talent, connectivity, a strong university, education ecosystem and a high quality of life," said Jordan Bargas, executive vice president at Related Ross. "We're excited to be in Boca."
Bargas also singled out BRiC's newest tenant, D-Wave Quantum, a quantum computing company, and nearby Florida Atlantic University, as pillars that will attract more tech-related companies to the city.
In conjunction with the BRiC transaction, Fiserv, a global financial technology company, is moving its offices to BRiC. The office will be moving to Boca Raton from Coral Springs office buildings, which recently were bought by a Related Ross affiliate. A Related Ross spokesperson declined to comment on the deal.
Related Ross' BRiC purchase is the start of the company's push into central Boca Raton, which the company plans to turn into an urban node in the midst of suburbia.
As part of that effort, Related Ross also is buying the North 40 office buildings at 5201 Congress Ave., across Yamato Road from BRiC, Related Ross officials confirmed on Sept. 10.
BRiC's seller is group of companies led by Boca Raton-based CP Partners. In 2018, CP Group and a partner bought BRiC for $179 million, then spent $100 million adding upgrades and new amenities. CP Group co-owned the property with Rialto, DRA Advisors and Las Olas Capital Advisors.
This group transformed the site from a low-profile back-office complex into a center for financial, technology and healthcare-related companies.
"This has been a rewarding experience for me, professionally," said Angelo Bianco, managing partner of CP Partners. "We took something left for dead and resurrected it."
What will Steve Ross do with the Boca Raton Innovation Campus?
With BRiC now under its control, Related Ross plans to preserve they iconic Breuer Y-shaped main complex, which is 700,000 square feet.
However, Related Ross is considering removing parts of a rectangular, 1 million-square foot building on the west side of the property. This building was used for manufacturing personal computers. A final decision hasn't yet been made on the site, real estate sources said.
Separately, Ross plans to build new developments on the property's large, tree-shrouded parking lots. These uses already are approved by the city of Boca Raton.
This new construction could consist of 1,243 residential units; 125,000 square feet of retail including a 40,000-square-foot grocery store; 85,000 square feet of medical offices; and a 55,000-square-foot entertainment venue with seating for 5,000 people. A 140-room hotel also could be built.
The new "micro-city" would be built in phases over the course of several years.
Bargas said Related Ross looks forward to building retail and restaurant amenities to further enhance the nearby offices.
Related Ross finally enters Boca Raton after failed 2025 attempt
The BRiC purchase marks the success of Related Ross' long-sought goal to enter the buzzy Boca Raton market by building next to public transportation.
The company's first attempt was not successful after Related Ross lost a 2025 bid to develop 30 acres of city-owned property, including Boca Raton's City Hall. The project would have been built along Second Avenue, where Brightline has a station.
But the winning bidder's plan died after city residents mounted a vocal campaign, and then a voter referendum, against redevelopment of the property.
The anti-growth sentiment made an impression on Related Ross, which pivoted to buying BRiC, an existing project next to public transportation. BRiC sits just west of the Boca Raton Tri-Rail station.
Financing for Related Ross' purchase of BRiC was arranged by Ares Real Estate funds, but details of the financing were not made public.
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: Steve Ross buys Boca Raton site, eyes big plans for multi-use location
