Tag Archive for: boca raton innovation campus

Related Ross Eyes Boca Raton Innovation Campus As Next Palm Beach County Growth Play

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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

266,000 SF In New Leases, Renewals Reported At Boca Raton Innovation Campus

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CP Group and DRA Advisors announced more than 266,000 square feet of leasing activity at the 1.7-million-square-foot Boca Raton Innovation Campus (BRiC).

The activity includes three new leases and two renewals from tenants spanning healthcare, tech, and education sectors.

New leases include:

  • Allstar Recruiting Locums LLC leased 42,697 square feet, doubling its space as it relocates from Deerfield Beach.
  • Cinch Home Services signed for 32,888 square feet.
  • EchoTwin AI leased 2,704 square feet for its first office, with the founder relocating from San Francisco.

Renewals include:

  • Modernizing Medicine renewed 127,821 square feet.
  • Everglades University renewed 52,582 square feet.
  • Newtek renewed 7,810 square feet.

Jeff Kelly of CBRE represented CP Group in all transactions.

CP Group is finalizing a $100 million renovation of the former IBM R&D campus, adding amenities such as a wellness center operated by Boca Raton Regional Hospital, dining options, event spaces, fitness studios, and a 1,100-space parking garage.

The firm is also expanding its flexible “worCPlaces” spec suite program. Two completed phases totaling 30,000 square feet are fully leased, and a third phase—including six suites and seven individual offices—is under construction for delivery in January 2026.

BRiC was rezoned in 2023 to allow future development of residential, retail, hospitality, and entertainment uses, opening the campus to the public year-round. The property also serves as a venue for corporate events, community gatherings, and private celebrations.

9 Companies Sign Leases At Boca Raton Innovation Campus

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Nine tenants have signed new leases at the Boca Raton Innovation Campus (BRIC), including two companies that plan to establish their headquarters within the 1.7 million-square-foot facility.

The total leased space amounts to approximately 110,000 square feet, as reported by CP Group, the managing landlord of the complex.

The largest lease, covering 31,350 square feet, was signed by Coastal Waste & Recycling, a Boca Raton-based company that provides sanitation services to several Florida municipalities, including Davie, North Miami Beach, Lantana, Pompano Beach, Cooper City, Coral Springs, and Oldsmar, as well as commercial dumpster services for businesses and multifamily residences.

Currently located at 2481 NW 2nd Ave., Coastal Waste & Recycling plans to move its headquarters to BRIC, according to CP Group. The company has not yet responded to requests for comment.

Another company relocating its headquarters to BRIC is Legacy Healing Center Margate LLC, which operates detox and rehabilitation centers for substance abuse in Fort Lauderdale, Margate, Cincinnati, Los Angeles, and Parsippany, New Jersey. Legacy Healing is expected to move in December, according to Jacqueline Tavares, president of Boca Raton-based Newmark Commercial Real Estate.

Other lease deals recently signed at the BRIC were:

  • US Claims, a litigation funding firm, secured 13,519 square feet of office prior to relocating from Delray Beach. Candy Yeung of RE//Max Consultants Realty represented US Claims.
  • Takahami Billing, a revenue cycle management company for healthcare companies, which will move out of an office in Fort Lauderdale and into 10,058 square feet of space in December, said Tavares of Newmark Commercial, who represented the tenant.
  • Lifelong Learning Administration Corporation, an educational nonprofit organization, took a 3,316-square-foot spec suite for its first Florida location. Jason Smithson of NAI San Diego, represented Lifelong.
  • Brandon Hall Group, LLC, a professional development firm, closed on a 2,707-square-foot site. Joe Freitas of CBRE represented Brandon Hall.
  • Verizon, which renewed its lease for 12,965 square feet of space.
  • ABC Preschool, an on-site daycare, renewed its lease for 9,965 square feet. Ryan Nunes and Ryan DePaul of Cushman & Wakefield represented ABC Preschool.
  • Twinlabs Consolidation, a supplement company, renewed its lease for 1,433 square feet of office space.

Jeff Kelly of CBRE represented CP Group in all nine transactions.

 

Source:  SFBJ

 

Boca Attracting Some Of The Highest Office Leasing Activity

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Boca Raton’s office leasing activity led the way in South Florida in 2022 and 2023, surpassing some more populous cities in the tricounty area, according to a recent analysis. It’s yet another indicator of the city’s growth — as well as the demand for office space across the region in a remote-working era.

Boca Raton’s total significant leasing activity last year was higher than any other city in Palm Beach County, according to recent data compiled by the city’s Office of Economic Development and originating from Colliers 2023 Quarterly Office Reports.

“We have led the county in 2022 and 2023 for significant leasing activity,” said Jessica Del Vecchio, Boca Raton’s economic development manager. “What that means is we’ve leased more square footage from the commercial office side of the business than any other city in Palm Beach County.”

Del Vecchio believes the surge of leasing activity began as the world began to emerge out of COVID-19 constraints. The pandemic triggered heightened interest in South Florida in general, she said, which has especially flourished in Boca Raton.

Boca Raton has a “built-in workforce,” Del Vecchio said, a product of the universities dotting the area, namely Florida Atlantic University, Lynn University and Palm Beach State College.

“We have a lot of smart, well-educated, talented people here, and I think that’s what the draw is that sets us a part in South Florida as a whole,” she said. “It’s so important to be by where the workforce is when you’re bringing a company into an area.”

The COVID-19 pandemic also proved the feasibility and success of a hybrid working model, making opportunities like physically working in Florida for a New York-based company possible.

“We don’t have to work on Wall Street,” she said. “We can keep a presence on Wall Street, but we can relocate to an area that we want to be in, that’s low taxes.”

The leasing activity momentum continues into 2024 with the announcement of six lease agreements at the Boca Raton Innovation Campus, or BRiC.

On Jan. 18, the CP Group, the developers behind the revitalization efforts to BRiC, announced in a statement four new tenants and two lease renewals with one expansion.

Those six tenants are: Engineering Express, a structural engineering firm; Hollywood.com, an entertainment company; LandAirSea (LAS), a GPS tracking system manufacturer; MODE Architects, a full-service architecture and design firm; EdgeMed, a revenue cycle management platform for medical organizations, and Orchid Bay Financial Holdings, an investment firm, which is also renewing its lease.

This is one part of a $100 million project to transform the former IBM facility into an illustrious campus full of contemporary amenities along with residential units, a hotel, restaurants, retail and more.

“We are continuing to see an influx of cutting-edge companies flocking to South Florida in search of flexible, yet turnkey, workspaces to meet the needs of their employees,” said Michael Perrette, general manager for BRiC, in the statement.

BRiC is yet another component of Boca Raton’s growth, which is only projected to progress as other projects such as the Center for Arts and Innovation continue to advance, and people keep taking advantage of recent additions to the city, such as the Brightline service.

“We are poised on making ourselves attractive to new investment and we engage our community stakeholders in conversations,” Mayor Singer said. “I think employers want to see a city like ours poised on what’s ahead for the next century.”

 

 

Source:  SunSentinel

City Approves Huge Mixed-Use Project Surrounding Boca Raton Office Campus

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After receiving preliminary clearance from city authorities, a sizable mixed-use project may be built around the Boca Raton Innovation Campus.

Situated on 123 acres at 5000 T-Rex Ave, BRIC is the largest office campus owned by a single owner in South Florida, spanning 1.7 million square feet. Large parking lots at the facility, which is well-known for being the location where IBM engineers invented the personal computer, might be developed.

After more than five years of work by CP Group, which co-owns the site alongside Rialto, DRA Advisors, and Las Olas Capital Advisors, the City Council approved the new zoning for BRIC on October 11.

According to Angelo Bianco, managing partner of CG Group, the permission permits 1,243 residential units, 125,000 square feet of retail space, a 140-room hotel, a 55,000-square-foot entertainment arena with seating for 5,000 people, and 85,000 square feet of medical offices. A grocery shop spanning 40,000 square feet would be part of the retail area.

 

Source:  SFBJ

 

Kroger Relocates, Inks Whopping 43,000 SF Office Lease

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The Kroger Co., the largest grocer by revenue in the U.S., has leased 43,000 square feet of office space at the Boca Raton Innovation Campus at 4800-5002 T-Rex Avenue in Boca Raton.

The company will move its office from 5400 Broken Sound Blvd. Northwest into BRIC’s 4700 building. The new office is about the same size, but it will have a more efficient layout with a large contiguous space, landlord Crocker Partners said.

Crocker Partners and Rialto Capital Management paid $179.3 million for the sprawling tech office complex, marking the biggest office sale in the tri-county region at that time since 2016. The 1.68-million-square-foot office park sits on 123 acres in Boca Raton near I-95. It was developed in the late 1960s and early 1970s by IBM as its North American Research and Development facility. IBM closed it in 1996.

The main function of the office is digital operations.

Mitchell Millowitz of Newmark Knight Frank (NKF) represented Kroger in the lease. Crocker was represented by VP Danielle Vennett and CBRE’s Jeff Kelly.

 

Source:  SFBJ