Related Ross Buys 124-Acre Former IBM Campus in Boca Raton

Stephen Ross’s Related Ross has acquired the Boca Raton Innovation Campus, the 124-acre former IBM research and office complex at 5000 T-Rex Avenue, with acquisition financing from Ares. It is Related Ross’s first asset in Boca Raton, and its third distinct site in South Florida this year after land deals in Wellington and West Palm Beach’s K-Park.

Why it matters

The campus, known as BRiC, comes with existing development entitlements, and Related has signaled a long-term mixed-use vision for the site alongside continuing to run it as office and technology space. That combination, a working income property with room to redevelop, is what is drawing Ross’s company to large, entitled Palm Beach County parcels three times in one year. Each new site tightens competition and pricing for the remaining large parcels in the county, particularly ones already zoned or entitled for scale. Boca Raton’s campus also arrives with a name tenant already committed: computing firm D-Wave Quantum has said it plans to relocate its headquarters from Palo Alto to BRiC by the end of the year, giving Related an anchor as it studies the property’s next phase.

The numbers

BRiC spans 124 acres and roughly 1.7 million square feet of office space, built in 1968 as an IBM facility where the company developed its first personal computer. The seller was an entity tied to Boca Raton-based CP Group, which paid $320.2 million for the campus in 2021. Neither the purchase price nor the size of the Ares loan backing this deal has been disclosed.

What’s next

Related Ross has said it will keep operating BRiC as an office and technology campus in the near term while it works out plans for retail and other amenities on the property. D-Wave Quantum’s headquarters move is expected to close out the year. No rezoning application or site plan for a broader mixed-use buildout has been filed with the city of Boca Raton.