Related Ross Buys Boca Raton Innovation Campus for $300M

Related Ross has expanded its footprint in Palm Beach County by acquiring the Boca Raton Innovation Campus, also known as BRiC. The campus is a 124-acre office park that once housed IBM operations and has since become a hub for tech and finance industries.

The real estate company paid nearly $300 million, secured through financing from Ares Real Estate, to purchase the property. This acquisition marks a significant step in Related Ross' expansion into additional parts of Palm Beach County, with the company's executive vice president stating that their 'sole effort and focus of a $10 billion-plus pipeline is here in Palm Beach County.'

Related Ross plans to continue operating BRiC as an office and technology campus while advancing its long-term vision for the property. The company has not revealed specific plans, but it may include offices, residences, or mixed-use developments.

BRiC already features a mix of art exhibits, coffee shops, sculptures, and community events, including the Boca Farmers Market every Sunday. Related Ross aims to build on this existing environment and create a destination that welcomes the community.