Related Ross Buys Boca Raton's North 40 Office Park for $64M

Related Ross paid $64 million for North 40, a two-building office campus in Boca Raton, buying the 354,376-square-foot property from Mainstreet Capital Partners and Partners Group, REBusiness Online reported. JLL brokered the sale on behalf of the sellers.

Why it matters

North 40 sits on 23.1 acres near Interstate 95 and a Tri-Rail commuter station, the kind of transit-adjacent office product that keeps trading even as much of the broader office sector struggles to find buyers. The campus was 74 percent leased at closing, and its 2025 renovation gave it a refreshed profile that evidently mattered to Related Ross’s underwriting. A JLL team led by Hermen Rodriguez, Matt McCormack, Ike Ojala, Patrick Salata, Blake Koletic and Hunter Smith ran the sale process for the sellers.

The deal is a vote of confidence in South Florida’s suburban office stock at a moment when institutional sellers like Partners Group have been working to exit legacy office positions nationally. Mainstreet Capital Partners had brought in CBRE as leasing agent for the property in 2024, part of an effort to stabilize occupancy ahead of a sale. That it sold at 74 percent leased, rather than fully stabilized, suggests buyers are still willing to underwrite lease-up risk for well-located Boca assets. For South Florida, where office fundamentals vary sharply by submarket, a transit-adjacent, renovated asset like this one remains an exception rather than the rule.

The numbers

The property originally delivered in the mid-1980s and underwent a renovation completed in 2025, the kind of capital investment that typically precedes a sale rather than follows one. At $64 million for 354,376 square feet, the deal pencils to roughly $181 per square foot, a level that reflects both the asset’s age and its partial lease-up. Neither REBusiness nor the brokerage disclosed a cap rate or the building’s largest tenants.

What’s next

Related Ross now controls a two-building campus with room to push occupancy beyond 74 percent, and its next moves on leasing will signal how it plans to compete for tenants along the Congress Avenue office corridor. Watch Palm Beach County property records for the recorded deed and any financing tied to the acquisition, which would confirm the deal’s structure and Related Ross’s basis in the asset.