Related Ross Buys Former IBM Campus in Boca Raton

Billionaire developer Steve Ross' firm, Related Ross, has acquired the Boca Raton Innovation Campus (BRiC) from CP Group for an undisclosed amount. The campus, a former IBM headquarters, spans 124 acres and includes entitlements for a 'micro-city' with up to 1,243 residential units, a hotel, retail space, medical offices, and an entertainment venue.

The purchase marks Related Ross' entry into Boca Raton, where it plans to maintain the existing office and tech building while adding amenities. Computing company D-Wave Quantum is set to move its headquarters from Palo Alto to the campus by year's end.

Ross envisions South Florida as a tech and financial hub, with BRiC playing a key role in this vision. The 1.7 million-square-foot building was constructed in 1969 as an IBM research space and boasts a brutalist design by Hungarian architect Marcel Breuer.