Tag Archive for: dra advisors

Related Ross Eyes Boca Raton Innovation Campus As Next Palm Beach County Growth Play

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Related Ross is looking beyond West Palm Beach as it weighs a major move into Boca Raton.

The West Palm Beach-based development firm, led by billionaire Stephen M. Ross, is in active discussions to acquire Boca Raton Innovation Campus, commonly known as BRIC. The 123-acre office campus is located at 5000 T-Rex Avenue, though no purchase agreement has been finalized.

The potential deal would give Related Ross control of one of Palm Beach County’s largest office properties and a site already positioned for a broader mixed-use future. BRIC, once home to IBM operations and known as the birthplace of the personal computer, has long been one of Boca Raton’s most recognizable business campuses.

Jordan Bargas, executive vice president at Related Ross, confirmed the firm’s interest in the property, calling BRIC a significant asset with a strong history. He said the company sees an opportunity to create a mixed-use destination that supports innovation, employment and long-term economic growth in Boca Raton and Palm Beach County.

The interest follows several years of major investment by Related Ross in West Palm Beach, where the company has delivered new office towers, luxury residential projects and retail improvements at CityPlace. Ross has repeatedly identified Palm Beach County as one of the strongest growth opportunities in South Florida, and Boca Raton appears to be an increasingly important part of that strategy.

Related Ross previously pursued Boca Raton’s government center redevelopment, proposing a plan that included office space. Although another developer was selected and the broader proposal was later rejected by voters, the process underscored the firm’s interest in the city’s office market.

BRIC has also been gaining traction with tenants. D-Wave Quantum, a Palo Alto, California-based quantum computing company, announced in January that it would relocate its headquarters to the campus. All Star Healthcare Solutions followed in February, moving its headquarters from Deerfield Beach to BRIC.

The property is currently owned by CP Group, Rialto, DRA Advisors and Las Olas Capital Advisors. Since acquiring the campus, ownership has invested in upgrades intended to modernize the property and improve tenant appeal, including new amenity areas, a food market, conference facilities and a fitness center. Those improvements have helped raise occupancy and rental rates.

The city has already approved a broader redevelopment vision for BRIC. The plan would preserve most of the existing office space while adding new uses on the campus’ large parking areas. Proposed additions include 1,243 residential units, 125,000 square feet of retail, a 55,000-square-foot entertainment component, 85,000 square feet of medical office space and a 140-room hotel.

Terra, based in Miami, has been brought in as the residential development partner. The project has not yet broken ground, as final site plan approvals are still moving through the city process.

If Related Ross completes the acquisition, BRIC could become the firm’s most significant platform yet for expanding its Palm Beach County development strategy outside of downtown West Palm Beach.

 

Source:  SFBJ

266,000 SF In New Leases, Renewals Reported At Boca Raton Innovation Campus

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CP Group and DRA Advisors announced more than 266,000 square feet of leasing activity at the 1.7-million-square-foot Boca Raton Innovation Campus (BRiC).

The activity includes three new leases and two renewals from tenants spanning healthcare, tech, and education sectors.

New leases include:

  • Allstar Recruiting Locums LLC leased 42,697 square feet, doubling its space as it relocates from Deerfield Beach.
  • Cinch Home Services signed for 32,888 square feet.
  • EchoTwin AI leased 2,704 square feet for its first office, with the founder relocating from San Francisco.

Renewals include:

  • Modernizing Medicine renewed 127,821 square feet.
  • Everglades University renewed 52,582 square feet.
  • Newtek renewed 7,810 square feet.

Jeff Kelly of CBRE represented CP Group in all transactions.

CP Group is finalizing a $100 million renovation of the former IBM R&D campus, adding amenities such as a wellness center operated by Boca Raton Regional Hospital, dining options, event spaces, fitness studios, and a 1,100-space parking garage.

The firm is also expanding its flexible “worCPlaces” spec suite program. Two completed phases totaling 30,000 square feet are fully leased, and a third phase—including six suites and seven individual offices—is under construction for delivery in January 2026.

BRiC was rezoned in 2023 to allow future development of residential, retail, hospitality, and entertainment uses, opening the campus to the public year-round. The property also serves as a venue for corporate events, community gatherings, and private celebrations.

City Approves Huge Mixed-Use Project Surrounding Boca Raton Office Campus

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After receiving preliminary clearance from city authorities, a sizable mixed-use project may be built around the Boca Raton Innovation Campus.

Situated on 123 acres at 5000 T-Rex Ave, BRIC is the largest office campus owned by a single owner in South Florida, spanning 1.7 million square feet. Large parking lots at the facility, which is well-known for being the location where IBM engineers invented the personal computer, might be developed.

After more than five years of work by CP Group, which co-owns the site alongside Rialto, DRA Advisors, and Las Olas Capital Advisors, the City Council approved the new zoning for BRIC on October 11.

According to Angelo Bianco, managing partner of CG Group, the permission permits 1,243 residential units, 125,000 square feet of retail space, a 140-room hotel, a 55,000-square-foot entertainment arena with seating for 5,000 people, and 85,000 square feet of medical offices. A grocery shop spanning 40,000 square feet would be part of the retail area.

 

Source:  SFBJ

 

Butters Picks Up Boca Office Complex For $21 Million

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Butters just paid $21 million for a three-building office complex in Boca Raton, marking the real estate firm’s third acquisition in the Palm Beach County office market in the past year.

A Butters affiliate, BREF 1900 LLC, bought the 120,000-square-foot office complex at 1900-2000 Northwest Corporate Boulevard, off Glades Road and I-95, the company said. The price equates to $175 per square foot.

Records show the seller is New York-based DRA Advisors, which had paid $19 million for the property in 2008.

CBRE brokered the deal.

“There was no asking price,” said Adam Vaisman, director of acquisitions for Coconut Creek-based Butter. “Bids came in and we ended up being selected.”

Vaisman said the three buildings are currently 78 percent occupied, with tenants including Garda World; Rogers & Cowan; Milber Makris, Plousadis & Seiden; Katz & Associates and Pinkerton. The buildings have covered parking.

He said Butters plans to invest $3 million in the complex, with a goal of bringing it up from Class C to Class B, and allowing the company to raise rents by a few dollars to the low $20s per square foot. Vaisman declined to provide the buildings’ exact current lease terms. Planned capital improvements include modernizing the exterior, entrance and corridors with new carpeting, tile, paint and fixtures, as well as enhancing the landscaping.

“In the Class A market, the asking rents are upper $20s, $30s net, and we feel there is a gap between that class’s rents and the Class B rents, and we can take advantage of that,” Vaisman said. “We can raise the rents by investing some money in the buildings.”

During the past 10 months, Butters also purchased 851 Broken Sound for $6.125 million in May and 3010 Military Trail for $4.6 million in October, bringing its total office acquisition in Boca Raton to 210,000 square feet and $31.7 million.

“We just like office product in this market,” he said. “No one is building it and you can buy it below replacement cost.”

Overall in Palm Beach County, demand for office space is high, according to an Avison Young report released early this year. New construction is expected in West Palm Beach this year, such as the Gardens Innovation Center, which incorporates green building features.

 

Source:  The Real Deal

AY’s Martin & Moore Awarded Pinnacle Corporate Park Leasing Assignment

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Avison Young has been awarded the exclusive leasing assignment for Pinnacle Corporate Park, a 260,000 square foot two-building office campus located at 500 and 550 West Cypress Creek Road in Fort Lauderdale.

Currently 84 percent occupied, the Park is one of the most highly sought after office locations in the Cypress Creek submarket, and brings Avison Young’s total square footage of Florida leasing assignments retained over the past 12 months to more than 425,000 square feet.

Principal Greg Martin and Senior Associate Peyton Moore with Avison Young’s Fort Lauderdale office will oversee the leasing activities for Pinnacle Corporate Park on behalf of the new ownership investment group led by Miami-based Banyan Street Capital and New York-based DRA Advisors.

The acquisition, which took place in November, is the second notable office building sale to close in the area recently, representing an uptick in investor activity within the steadily recovering Cypress Creek submarket.

“The exclusive leasing assignment of Pinnacle Corporate Park is a direct result of our effective approach to marketing the unique attributes of properties to retain and attract tenants,” said Martin. “Working with ownership, we plan to maintain the current success of the Park by identifying potential tenants positioned for the long-term.”

“With Broward County’s increase in employment, declining vacancy rates, and office building construction at a stand-still due to the lack of available land, the search for quality office space is prevalent among growing companies,” added Martin. “Pinnacle Corporate Park’s premier location and value in the market will allow us to secure gold-standard tenants within the buildings.”

 

 

Cypress Creek Business Park Trades For $38M

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The Pinnacle Corporate Park in Fort Lauderdale has changed hands for $38.1 million.

Milwaukee-based Northwestern Mutual Real Estate Investments sold the 500-550 Northwest 62nd Street business park last week for about $140 per square foot, according to Broward County records. The real estate arm of Northwestern Mutual Life Insurance originally developed the 270,000-square-foot complex 27 years ago. It paid $9.47 million for the 14.3-acre site in 1985.

A company managed by New York-based DRA Advisors is the buyer. The DRA-managed company obtained a $27 million loan from Wells Fargo Bank for the acquisition. DRA is a registered investment advisor that specializes in real estate investment and management services for institutional and private investors. The company has $11 billion in assets under management.

An active investor in South Florida real estate, DRA’s regional portfolio includes the Broward Financial Centre in Fort Lauderdale, the 1900-2000 Offices in Boca Raton and Plantation Marketplace in Plantation.

Pinnacle, located within Fort Lauderdale’s dense Cypress Creek office market, is DRA’s most significant South Florida acquisition in more than a year. In October 2012, the company paid $28.5 million for the Polo Club Shoppes in Boca Raton.

Cypress Creek has been a recent target for major office investors based outside of South Florida. In September, San Francisco-based Stockbridge Capital Group paid $33 million for Cypress Park West I and II at 6700 and 6750 North Andrews Avenue. Last Thursday, Stockbridge obtained a $25 million loan from JPMorgan Chase Bank for the acquisition of the two buildings totaling nearly 425,000 square feet.

The broader Cypress Creek office market faces occupancy challenges as 2013 winds down.

Cypress Creek vacancies totaled 25.5 percent at the end of the third quarter, according to Marcus & Millichap Real Estate Investment Services. Its vacancy rate is highest in Broward County by more than five percentage points. Nearly 200,000 square feet at the BankAtlantic Corporate Center was vacated during the first quarter of 2013 as part of BB&T’s acquisition of BankAtlantic.

 

Source:  The Real Deal