Crocker Partners and Rialto Capital Management just paid $179.3 million for the Boca Raton Innovation Campus, in the biggest office sale in the tri-county region since 2016.
The joint venture purchased IBM’s former sprawling tech office complex at 4800-5002 T-Rex Avenue from Farallon Capital Management and Next Tier HD, according to Real Capital Analytics.
Eastdil Secured brokered the deal.
The 1.68-million-square-foot office park sits on 123 acres in Boca Raton near I-95. It was developed in the late 1960s and early 1970s by IBM as its North American Research and Development facility. IBM closed it in 1996.
Boca Raton Innovation Campus is about 71 percent occupied to tenants that include Bluegreen Corp., Tyco Integrated Security, TransUnion, and Modernizing Medicine, according to RCA.
Portions of the office campus could be redeveloped. The Palm Beach Post reported last year that Farallon and Next Tier were working with the city of Boca Raton to rezone parts of the property to allow for 720 apartments, 20 townhomes, a 120-room hotel and 81,000 square feet of retail space. A number of office parks in South Florida are being redeveloped to include apartments, retail and hotels, like the Park at Broken Sound in Boca Raton.
The property last sold for $128.7 million in 2015, according to RCA.
Boca Raton-based Crocker Partners owns 24 properties with an estimate value of $2.1 billion. The majority of the investment firm’s portfolio is in Palm Beach and Miami-Dade counties. Rialto is owned by Lennar Corp.
The Boca Raton Innovation Campus deal is the first partnership for Crocker Partners and Rialto, according to RCA.
Related Companies has proposed a state-of-the-art Class A office building at the corner of Rosemary Avenue and Evernia Street in downtown West Palm Beach.
Created as an innovative and sustainably advanced corporate space, 360 Rosemary will complement CityPlace Office Tower, bookending the district with two distinct, premier office buildings and improving the region’s ability to attract new businesses and create jobs.
It will stand as the newest Class A office space constructed since the CityPlace Office Tower was built in 2008.
“The office building at 360 Rosemary is part of Related Companies’ vision for the future of the downtown district – to transform the area from an entertainment destination into a thoughtful urban district, where residents and visitors are completely integrated into the fabric of the city,” said Gopal Rajegowda, Senior VP, Related Companies. “The state-of-the art office building will allow the downtown area to continue to thrive, bring more businesses, jobs and full-time residents to the epicenter of downtown West Palm Beach.”
If approved, construction of 360 Rosemary would begin later this year. Its development will create more than 700 construction jobs, and, once complete, the building will employ at least 1,000 people.
Jon Blunk, President of Tower Commercial Real Estate, exclusive office leasing representative for 360 Rosemary, has worked with Related Companies on several successful projects – most notably – the lease out of City Place Office Tower.
“I’m thrilled to be working side-by-side with the Related Companies team again. West Palm Beach is primed for a new high-end office tower of this design and caliber,” said Blunk. “With its unmatched accessibility to the surrounding amenities and proximity to the Brightline Station, 360 Rosemary will be the location of choice for tenants in this market.”
Located just steps away from the new Brightline high-speed rail station, the 285,000 square foot LEED Silver-designed building will bring modern architecture and best-in-class office amenities to the West Palm Beach business community. With spaces designed to appeal to a variety of industries, including creative startups, technology firms and the financial service industry, 360 Rosemary will offer a technologically and stylistically forward-thinking approach to support companies operating in today’s modern business environment. Employees and visitors at 360 Rosemary will benefit from an on-site conference center facility, fitness center, 10-foot-plus ceilings on every floor, outdoor amenities, an industrial-style lobby and ample parking for cars and bikes.
Related Companies’ same expertise and knowledge that most recently leased more than eight million square feet of Class A commercial office space in Hudson Yards development – bringing more than a dozen of the world’s leading brands in fashion, beauty, technology, finance and law to Manhattan’s newest neighborhood – will be focused on bringing that same enhanced value to downtown West Palm Beach.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2018-04-08 22:42:332018-04-08 22:42:33New Building To Bring 300,000 SF Of Class A Office Space To Downtown West Palm Beach
This week, Blackhawk Properties & Investments, LLC began construction at 550 S. Andrews Ave. in downtown Fort Lauderdale.
Upon completion in the spring of 2019, the property will consist of the 550 Building and SOLO Shoppes, a 95,532-square-foot, seven-story tower with six floors of office space and 7,500 square-feet of restaurant and patio space on the ground floor.
Featuring an attached parking garage with more than 600 spaces, the Class A building will be the first new office building in downtown Fort Lauderdale’s South of Las Olas (SOLO) District since 1989.
“The 550 Building will be a great addition to an area that is burgeoning with residential development and lacking in modern office, retail and restaurant space,” said Joseph Byrnes, a senior vice president with Berger Commercial Realty/CORFAC International, the exclusive leasing and property management firm for the 550 Building. “Several office tenants and restaurant operators have been monitoring the progress of the project and are actively speaking with us to advance their plans for occupancy.”
Formerly home to the Justice Building, the site was purchased by Blackhawk Properties for $3.6 million in 2013. In 2016, Blackhawk acquired the neighboring site, previously owned by former Fort Lauderdale Mayor Jim Naugle, to accommodate the parking garage and SOLO Shoppes. The lot is adjacent to the Broward County Judicial Complex at the northeast corner of Andrews Avenue and S.E. 6th Street, which boasts one of the highest pedestrian traffic counts in Broward County.
Developers of the 550 Building include Thomas McDonald, Kate Murphy of Collins Capital Partners and William Murphy of Douglas Management. The 550 Building is designed by the award-winning architectural firm of Falkanger, Snyder, Martineau and Yates (FSMY).
Along with Byrnes, Senior Vice President Steve Hyatt with Berger Commercial Realty is serving as the property’s exclusive leasing agent.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2018-03-26 02:02:052018-03-26 02:02:05Construction Begins On First New Office Building In Ft. Lauderdale’s SOLO District In Nearly 30 Years
Cushman & Wakefield has been named exclusive leasing advisor for Saber Centre I, a 101,347-square-foot office building located at 5901 Broken Sound Pkwy NW in Boca Raton, according to a release.
The Cushman & Wakefield office leasing team of John K. Criddle and Joseph J. Freitas has been hired by G&C Sabre Investors, LLC, an affiliate of Pompano Beach, FL-based real estate investment group Grover Corlew.
Criddle and Freitas were selected to reposition and rebrand the six-story Class A office building as the Grover Corlew team is months away from finishing a complete lobby, common area and elevator modernization.
“The high-floor penthouse vacancy at Saber Centre I offers over 17,500 square feet of sweeping golf course views making it one of the most unique corporate locations in Boca Raton,” said Freitas.
Office space at Saber Centre I is available from $18 to $22 NNN with a notable tenant roster that includes BSN, IBM, IWS, Ring Central and Education Dynamic.
“The Park at Broken Sound is one of the few active, mixed-use infill development sites in South Florida with more than 1,000 new multifamily units and 65,000-square-feet of new retail space,” said Criddle. “Given Saber Centre I’s wide range of availabilities, premium finishes and a tightening Palm Beach County Class A office market, we believe the building is uniquely positioned to capitalize upon the park’s revitalization and active Boca Raton marketplace.”
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2018-03-19 00:04:422018-03-19 00:04:42C&W Named Exclusive Leasing Advisor For Boca Office Building
During its Awards of Excellence banquet on March 15, NAIOP South Florida will pay tribute to commercial real estate giant Terry Stiles for his unparalleled contributions to South Florida’s business community.
Through more than four decades of leadership, Stiles led the transformation of downtown Fort Lauderdale and helped position Broward County as one of the most desirable locations for business, culture and living.
In recognition of Stiles’ pivotal work and a lifetime of achievements, the South Florida chapter of NAIOP, a Commercial Real Estate Development Organization, has donated to Nova Southeastern University’s campaign to create the Terry Stiles School of Real Estate Development, a master’s degree program at NSU’s H. Wayne Huizenga College of Business and Entrepreneurship.
Funds from this campaign also will allow worthy students to complete their studies by providing scholarships in Terry’s name.
“Look anywhere in Fort Lauderdale and you’ll see the legacy that Terry left behind,” said NAIOP South Florida Executive Director Jules Morgan. “He shaped the very foundation of South Florida as it stands today through iconic developments in all areas of the region. Terry was and continues to be an inspiration to all those who knew him. He was dedicated to not only creating a thriving region of economic prosperity, but also to supporting industry professionals and organizations such as NAIOP. While we have been fortunate enough to recognize Terry in the past for his momentous accomplishments and transformational endeavors, today marks our most important recognition of all – a celebration of the life and legacy of a man who believed anything was possible.”
Stiles was a member of NAIOP South Florida for more than 35 years and served as the chapter’s president from 1982 to 1984 and as national chairman in 1998, leading the executive committee and spearheading development initiatives that benefitted chapters across the country. For his efforts, he was awarded the illustrious NAIOP Lifetime Achievement Award in 2000.
The 2018 Awards of Excellence ceremony and dinner will take place on Thursday, March 15 from 5:30 to 9 p.m. at The Ritz Carlton, located at 1 N. Fort Lauderdale Beach Blvd. in Fort Lauderdale. The Awards of Excellence recognize the individuals and organizations whose achievements have contributed to the local commercial real estate industry, benefitted the regional business environment and facilitated economic growth in South Florida.
Tickets are $195 for NAIOP members and $245 for non-members. Sponsorship opportunities are also available. To register to attend, visit www.naiopsfl.org/events.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2018-03-04 18:38:392018-03-04 18:38:39Terry Stiles To Be Honored At NAIOP’s Awards Of Excellence
Avison Young completed a new 11,730-square-foot lease with global law firm Duane Morris LLP at 1875 N.W. Corporate Boulevard, a 61,905-square-foot class A office building within Lynn Financial Center in Boca Raton.
On behalf of the landlord, Avison Young Principals Greg Martin and Keith O’Donnell facilitated the transaction.
Duane Morris, a law firm with more than 800 attorneys in offices across the United States and internationally, will accompany an impressive tenant list that includes Frank, Weinberg & Black P.L.; Ackerman LLP; Janney Montgomery Scott LLC; Ameriprise Financial; Brown Parker & DeMarinis Advertising; Polen Capital Management, LLC; and Broad & Cassell LLP which recently signed a lease for 16,000 square feet at 1905 N.W. Corporate Boulevard.
“Boca Raton is an important office and part of our presence in South Florida,” said Harvey W. Gurland, Duane Morris Office Managing Partner for Boca Raton and Miami. “We look forward to transitioning to our new home.”
According to Avison Young’s fourth-quarter 2017 Palm Beach County office market report, most of the county’s leasing activity occurred in Boca Raton which led the market in terms of total lease deals. The area’s central location offers a geographic advantage to companies that source employees from northern areas of Broward County and central areas of Palm Beach County.
“Boca Raton’s growing population, attractive amenity base, and ease of access within South Florida’s tri-county area continues to attract and retain top professional firms to the area which boasts a decreasing 10.67 percent class A office vacancy rate,” added O’Donnell.
Lynn Financial Center totals 209,911 square feet of class A office space in three innovative office buildings. The property is positioned in the heart of Boca Raton just minutes from Boca Raton’s Executive Airport and provides easy access to Interstate 95 and Florida’s Turnpike.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2018-02-25 22:40:522018-02-25 22:40:52Global Law Firm Inks Deal for 12,000 SF In Boca Raton
Crocker Partners, Rialto Pay $179M For Boca Raton Innovation Campus
/in News/by SFOBA STAFFCrocker Partners and Rialto Capital Management just paid $179.3 million for the Boca Raton Innovation Campus, in the biggest office sale in the tri-county region since 2016.
The joint venture purchased IBM’s former sprawling tech office complex at 4800-5002 T-Rex Avenue from Farallon Capital Management and Next Tier HD, according to Real Capital Analytics.
Eastdil Secured brokered the deal.
The 1.68-million-square-foot office park sits on 123 acres in Boca Raton near I-95. It was developed in the late 1960s and early 1970s by IBM as its North American Research and Development facility. IBM closed it in 1996.
Boca Raton Innovation Campus is about 71 percent occupied to tenants that include Bluegreen Corp., Tyco Integrated Security, TransUnion, and Modernizing Medicine, according to RCA.
Portions of the office campus could be redeveloped. The Palm Beach Post reported last year that Farallon and Next Tier were working with the city of Boca Raton to rezone parts of the property to allow for 720 apartments, 20 townhomes, a 120-room hotel and 81,000 square feet of retail space. A number of office parks in South Florida are being redeveloped to include apartments, retail and hotels, like the Park at Broken Sound in Boca Raton.
The property last sold for $128.7 million in 2015, according to RCA.
In 2017, the largest office sale was Rockpoint Group’s $155 million purchase of 1221 Brickell in Miami.
Boca Raton-based Crocker Partners owns 24 properties with an estimate value of $2.1 billion. The majority of the investment firm’s portfolio is in Palm Beach and Miami-Dade counties. Rialto is owned by Lennar Corp.
The Boca Raton Innovation Campus deal is the first partnership for Crocker Partners and Rialto, according to RCA.
New Building To Bring 300,000 SF Of Class A Office Space To Downtown West Palm Beach
/in News/by SFOBA STAFFRelated Companies has proposed a state-of-the-art Class A office building at the corner of Rosemary Avenue and Evernia Street in downtown West Palm Beach.
Created as an innovative and sustainably advanced corporate space, 360 Rosemary will complement CityPlace Office Tower, bookending the district with two distinct, premier office buildings and improving the region’s ability to attract new businesses and create jobs.
It will stand as the newest Class A office space constructed since the CityPlace Office Tower was built in 2008.
If approved, construction of 360 Rosemary would begin later this year. Its development will create more than 700 construction jobs, and, once complete, the building will employ at least 1,000 people.
Jon Blunk, President of Tower Commercial Real Estate, exclusive office leasing representative for 360 Rosemary, has worked with Related Companies on several successful projects – most notably – the lease out of City Place Office Tower.
Located just steps away from the new Brightline high-speed rail station, the 285,000 square foot LEED Silver-designed building will bring modern architecture and best-in-class office amenities to the West Palm Beach business community. With spaces designed to appeal to a variety of industries, including creative startups, technology firms and the financial service industry, 360 Rosemary will offer a technologically and stylistically forward-thinking approach to support companies operating in today’s modern business environment. Employees and visitors at 360 Rosemary will benefit from an on-site conference center facility, fitness center, 10-foot-plus ceilings on every floor, outdoor amenities, an industrial-style lobby and ample parking for cars and bikes.
Related Companies’ same expertise and knowledge that most recently leased more than eight million square feet of Class A commercial office space in Hudson Yards development – bringing more than a dozen of the world’s leading brands in fashion, beauty, technology, finance and law to Manhattan’s newest neighborhood – will be focused on bringing that same enhanced value to downtown West Palm Beach.
Construction Begins On First New Office Building In Ft. Lauderdale’s SOLO District In Nearly 30 Years
/in News/by SFOBA STAFFThis week, Blackhawk Properties & Investments, LLC began construction at 550 S. Andrews Ave. in downtown Fort Lauderdale.
Upon completion in the spring of 2019, the property will consist of the 550 Building and SOLO Shoppes, a 95,532-square-foot, seven-story tower with six floors of office space and 7,500 square-feet of restaurant and patio space on the ground floor.
Featuring an attached parking garage with more than 600 spaces, the Class A building will be the first new office building in downtown Fort Lauderdale’s South of Las Olas (SOLO) District since 1989.
Formerly home to the Justice Building, the site was purchased by Blackhawk Properties for $3.6 million in 2013. In 2016, Blackhawk acquired the neighboring site, previously owned by former Fort Lauderdale Mayor Jim Naugle, to accommodate the parking garage and SOLO Shoppes. The lot is adjacent to the Broward County Judicial Complex at the northeast corner of Andrews Avenue and S.E. 6th Street, which boasts one of the highest pedestrian traffic counts in Broward County.
Developers of the 550 Building include Thomas McDonald, Kate Murphy of Collins Capital Partners and William Murphy of Douglas Management. The 550 Building is designed by the award-winning architectural firm of Falkanger, Snyder, Martineau and Yates (FSMY).
Along with Byrnes, Senior Vice President Steve Hyatt with Berger Commercial Realty is serving as the property’s exclusive leasing agent.
C&W Named Exclusive Leasing Advisor For Boca Office Building
/in News/by SFOBA STAFFCushman & Wakefield has been named exclusive leasing advisor for Saber Centre I, a 101,347-square-foot office building located at 5901 Broken Sound Pkwy NW in Boca Raton, according to a release.
The Cushman & Wakefield office leasing team of John K. Criddle and Joseph J. Freitas has been hired by G&C Sabre Investors, LLC, an affiliate of Pompano Beach, FL-based real estate investment group Grover Corlew.
Criddle and Freitas were selected to reposition and rebrand the six-story Class A office building as the Grover Corlew team is months away from finishing a complete lobby, common area and elevator modernization.
Office space at Saber Centre I is available from $18 to $22 NNN with a notable tenant roster that includes BSN, IBM, IWS, Ring Central and Education Dynamic.
Terry Stiles To Be Honored At NAIOP’s Awards Of Excellence
/in News/by SFOBA STAFFDuring its Awards of Excellence banquet on March 15, NAIOP South Florida will pay tribute to commercial real estate giant Terry Stiles for his unparalleled contributions to South Florida’s business community.
Through more than four decades of leadership, Stiles led the transformation of downtown Fort Lauderdale and helped position Broward County as one of the most desirable locations for business, culture and living.
In recognition of Stiles’ pivotal work and a lifetime of achievements, the South Florida chapter of NAIOP, a Commercial Real Estate Development Organization, has donated to Nova Southeastern University’s campaign to create the Terry Stiles School of Real Estate Development, a master’s degree program at NSU’s H. Wayne Huizenga College of Business and Entrepreneurship.
Funds from this campaign also will allow worthy students to complete their studies by providing scholarships in Terry’s name.
Stiles was a member of NAIOP South Florida for more than 35 years and served as the chapter’s president from 1982 to 1984 and as national chairman in 1998, leading the executive committee and spearheading development initiatives that benefitted chapters across the country. For his efforts, he was awarded the illustrious NAIOP Lifetime Achievement Award in 2000.
The 2018 Awards of Excellence ceremony and dinner will take place on Thursday, March 15 from 5:30 to 9 p.m. at The Ritz Carlton, located at 1 N. Fort Lauderdale Beach Blvd. in Fort Lauderdale. The Awards of Excellence recognize the individuals and organizations whose achievements have contributed to the local commercial real estate industry, benefitted the regional business environment and facilitated economic growth in South Florida.
Tickets are $195 for NAIOP members and $245 for non-members. Sponsorship opportunities are also available. To register to attend, visit www.naiopsfl.org/events.
Global Law Firm Inks Deal for 12,000 SF In Boca Raton
/in Done Deals, News/by SFOBA STAFFAvison Young completed a new 11,730-square-foot lease with global law firm Duane Morris LLP at 1875 N.W. Corporate Boulevard, a 61,905-square-foot class A office building within Lynn Financial Center in Boca Raton.
On behalf of the landlord, Avison Young Principals Greg Martin and Keith O’Donnell facilitated the transaction.
Duane Morris, a law firm with more than 800 attorneys in offices across the United States and internationally, will accompany an impressive tenant list that includes Frank, Weinberg & Black P.L.; Ackerman LLP; Janney Montgomery Scott LLC; Ameriprise Financial; Brown Parker & DeMarinis Advertising; Polen Capital Management, LLC; and Broad & Cassell LLP which recently signed a lease for 16,000 square feet at 1905 N.W. Corporate Boulevard.
According to Avison Young’s fourth-quarter 2017 Palm Beach County office market report, most of the county’s leasing activity occurred in Boca Raton which led the market in terms of total lease deals. The area’s central location offers a geographic advantage to companies that source employees from northern areas of Broward County and central areas of Palm Beach County.
Lynn Financial Center totals 209,911 square feet of class A office space in three innovative office buildings. The property is positioned in the heart of Boca Raton just minutes from Boca Raton’s Executive Airport and provides easy access to Interstate 95 and Florida’s Turnpike.