Stephen Ross Expands Real Estate Holdings in Boca Raton

Related Ross, led by chairman and CEO Stephen M. Ross, has expanded its presence in Boca Raton with the acquisition of the Boca Raton Innovation Campus (BRIC). The 124-acre property, formerly an IBM facility, adds 1.7 million square feet of office space to Ross's real estate holdings in Palm Beach County. The sale price was not disclosed.

The acquisition comes two years after reports highlighted Boca Raton's growing appeal as a South Florida office market. The BRIC campus includes two interconnected buildings that are currently over 90% leased. D-Wave Quantum recently relocated its headquarters to the campus from Palo Alto, California.

Ross stated that the expansion into Boca Raton represents a significant growth opportunity for South Florida, offering defense tech, technology, and financial services companies an alternative to West Palm Beach for expansion within the region.

Ross, who was instrumental in the development of New York's Hudson Yards and the Time Warner Center, has invested over $10 billion in Palm Beach County since 1998. His previous developments in the area include the City Place mixed-use complex, as well as over 3.2 million square feet of existing or under-construction offices, apartment buildings, retail spaces, wellness centers, and restaurants in West Palm Beach.

Companies such as Morgan Stanley Capital International and Solomon Partners have recently signed leases at Ross's Phillips Point property in West Palm Beach.

Beyond his real estate investments, Ross has also committed to enhancing educational opportunities in the area through a $100 million donation to establish a Pine Crest School campus in West Palm Beach.