CP Group Sells Boca Raton Innovation Campus to Related Ross After Multi-Year Repositioning

CP Group and joint venture partner DRA Advisors have sold the Boca Raton Innovation Campus — known as BRiC — to Related Ross, capping a multi-year repositioning of the 1.7 million-square-foot former IBM headquarters at 5000 T-Rex Avenue in Boca Raton, Florida. Related Ross secured nearly $300 million in financing from Ares Real Estate to fund the acquisition.

A Campus Transformed: From Aging Corporate Park to Innovation Hub

CP Group acquired BRiC in 2018 when the 123-acre campus was approximately 60% occupied, with a tenant mix weighted toward call centers, data centers, and back-office users. Over the following years, the firm repositioned the property as a technology and innovation-focused campus, rebranding it and pursuing a leasing strategy oriented toward forward-thinking tenants in the tech and innovation sectors.

By the time of the 2026 sale, BRiC had reached roughly 90% occupancy — a significant improvement over the course of a volatile period for the broader office market. The campus is now regarded as one of Boca Raton's largest employment centers. The property's history runs deep: originally built to house more than 10,000 IBM employees between 1970 and 1995, the campus was designed by architect Marcel Breuer and is associated with Brutalist design.

Related Ross Acquires a Mixed-Use Entitlement Play

The buyer, Related Ross, is a Palm Beach County-focused firm founded by Stephen Ross in 2024. Beyond the existing office income, the campus carries entitlements that have drawn considerable attention from developers. City approvals are in place for more than 1,000 new residential units, along with shops, medical offices, and a hotel at the BRiC site. Local coverage has described the development potential as a "micro-city" concept, with additional construction envisioned on surface parking lots across the 124-acre site.

Those embedded entitlements represent a core element of the strategic rationale for Related Ross's acquisition, positioning the campus for a mixed-use transformation that extends well beyond its current office footprint.

Capital Stack and Transaction Background

Related Ross financed the purchase with nearly $300 million from Ares Real Estate. CP Group's basis in the asset evolved over its ownership period: the firm's 2018 acquisition was reported at $179 million, and a subsequent valuation step in 2021 placed the campus value at $320.2 million, reflecting the leasing progress and entitlement maturation achieved during that period.

The BRiC sale represents a disposition for the CP Group and DRA Advisors venture, and reflects the firm's value-add investment strategy applied to a large-scale suburban office asset in South Florida.

South Florida Office Market Context

The transaction comes against a backdrop of continued demand for well-located, amenity-rich office campuses in South Florida, where the region has attracted a wave of technology, financial, and professional services tenants in recent years. BRiC's location adjacent to the Tri-Rail station and just west of Interstate 95, between Yamato Road and Spanish River Boulevard, gives it strong regional connectivity — a factor that supported CP Group's leasing efforts and likely contributed to Related Ross's interest in the site's long-term mixed-use potential.

CP Group reflected on the repositioning effort following the sale. The firm's broader playbook at Florida office assets has included amenity enhancements, flexible workspace offerings, and branding initiatives designed to attract technology and innovation tenants — an approach that BRiC's occupancy trajectory appears to validate.

Sources

CP Group — After BRiC's Sale to Related Ross, Former Owner Reflects on Key Upgrades