When we reported two years ago that once-sleepy Boca Raton was becoming a desirable South Florida office district, the message wasn’t lost on Related Ross chairman and CEO Stephen M. Ross.
His company this month swooped into the Boca market by purchasing the entire Boca Raton Innovation Campus (BRIC), a 124-acre, former IBM facility that adds 1.7 million square feet of offices to Ross’s Palm Beach County portfolio. The price wasn’t disclosed.
Two connected buildings that are over 90% leased form the heart of the campus. The most recent significant signing was for D-Wave Quantum, which relocated its headquarters from Palo Alto, Calif.
Ross told us, “Our expansion into Boca Raton is a strong growth opportunity for South Florida. It gives defense tech, technology and financial services companies an alternative to West Palm Beach when choosing where to grow in the region.”
Ross, who as former head of New York-based Related Companies was the prime mover behind Hudson Yards and Time Warner (now Deutsche Bank) Center, has invested over $10 billion in Palm Beach County since 1998 with the development of the City Place mixed-use complex.
His West Palm Beach portfolio includes more than 3.2 million square feet of existing or in-construction offices, five apartment buildings and tens of thousands of square feet of stores, wellness centers and restaurants.
Morgan Stanley Capital International (MSCI) signed a long-term lease for 7,500 square feet at Phillips Point in West Palm and Solomon Partners signed for 4,200 square feet there.
Ross’s commitment to the area includes a $100 million donation to bring Pine Crest School to West Palm Beach to increase educational opportunities in the area.