Related Ross has acquired the 124-acre Boca Raton Innovation Campus, expanding its presence across Palm Beach County with a major technology and office property. The company secured financing from Ares Real Estate and plans to continue operating the former IBM site while developing a long-term vision for its future.
Key takeaways
- Related Ross now owns the 1.7-million-square-foot Boca Raton Innovation Campus, known as BRiC.
- The property’s financing came from Ares Real Estate funds; reports put the financing at nearly $300 million, while the company did not disclose exact terms.
- BRiC will remain an office and technology campus as Related Ross evaluates additional amenities and potential mixed-use elements.
- The acquisition extends Related Ross’ growing investment strategy across Palm Beach County.
The transaction gives Related Ross a substantial foothold in Boca Raton and adds one of the city’s largest employment centers to its portfolio. The campus is located at 5000 T-Rex Avenue, between Yamato Road and Spanish River Boulevard, with access to Interstate 95 and the Boca Raton Tri-Rail station.
A technology legacy enters a new phase
BRiC was originally developed for IBM as a research and development campus and is associated with the company’s early personal-computer work. Its technology identity continues today: D-Wave Quantum recently chose the property for its corporate headquarters after relocating from Palo Alto, California.
D-Wave is also working with Florida Atlantic University, which plans to install a D-Wave Advantage2 quantum computer and collaborate on research and workforce training. Related Ross said the connection among BRiC, FAU and regional transportation infrastructure could help attract companies and develop local talent.
Plans emphasize continuity before redevelopment
Related Ross said it will continue operating BRiC as an office and technology campus while studying longer-term improvements. Potential additions could include curated retail, restaurants, residences and other mixed-use features, although no specific development plan has been announced.
Company executives said they intend to consult with Boca Raton officials, existing tenants, neighbors and other community stakeholders before determining how the property should evolve. The campus already hosts businesses in technology, healthcare, finance and media, along with art exhibitions, coffee shops, community events and the weekly Boca Farmers Market.
A broader Palm Beach County strategy
The acquisition is part of Related Ross’ wider expansion beyond West Palm Beach, where the company began investing nearly three decades ago with the development of CityPlace. The firm says it has more than $10 billion in planned Palm Beach County investment.
In addition to BRiC, Related Ross recently announced Village Landing, a 71-acre mixed-use project in Wellington featuring restaurants, shops, a hotel and a private school. The company has emphasized that future projects will be shaped by the character and needs of each community.
Community investment included
Related Ross said its foundation will expand its Build Together initiative into Boca Raton. The program is expected to work with local organizations on education, economic opportunity, wellness and cultural initiatives, extending the company’s community-investment efforts beyond the campus itself.
- Related Ross buys Boca Innovation Campus to expand footprint, Sun Sentinel.
- Related Ross Acquires Historic Boca Raton Innovation Campus, Securing Financing from Ares, The Boca Raton Tribune.