Stephen Ross continues his acquisitions in South Florida's office property sector. The billionaire's investment firm, Related Ross, has acquired the North 40 office complex in Boca Raton for 64 million dollars. The property at 5201 Congress Avenue comprises two buildings totalling 380,823 square feet of office space on a 23-acre site.
Built in 1984, the complex is located on West Yamato Road west of Interstate 95, around one mile from a Tri-Rail station. The occupancy rate is currently 74 per cent. The sellers, a joint venture between Mainstreet Capital Partners and Partners Group, had modernised the property, adding amenities such as conference rooms, a fitness centre, a communal kitchen and a bar. Brokerage firm JLL, with advisors Hermen Rodriguez, Matt McCormack and Ike Ojala, represented the vendor side in the transaction.
Strategic portfolio addition in Boca Raton
The acquisition follows around two months after Related Ross purchased the 124-acre BRiC (Boca Raton Innovation Campus) site for an undisclosed sum. This site is situated less than a mile from North 40.
Jordan Bargas, Executive Vice President at Related Ross, highlighted in a statement that the two properties together offered the opportunity to invest in an interconnected destination at a strategically important South Florida junction. The location benefits from direct access to I-95, Tri-Rail and Florida Atlantic University.
Expansion of Palm Beach County into an economic hub
The neighbouring BRiC campus, designed by Marcel Breuer, comprises 1.7 million square feet of office space. It was at this location that IBM developed the first personal computer in the 1960s. Related Ross plans to expand the campus grounds to include retail space and residential buildings.
The acquisitions fit into Stephen Ross's overarching strategy of establishing Palm Beach County as a leading business location. In West Palm Beach, the investor is already the largest owner of Class A office properties. Two office developments there are currently under construction after securing 772 million dollars in financing. In addition, Ross has supported educational projects in the region with multi-million-dollar donations, including a 520-million-dollar branch of Vanderbilt University as well as the expansion of private schools.
