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