Newmark Arranges Nearly $300 Million in Financing for Related Ross Acquisition of 1.7 MSF Boca Raton Innovation Campus
Newmark has arranged nearly $300 million in acquisition financing from Ares Real Estate funds on behalf of Related Ross for the purchase of the Boca Raton Innovation Campus (BRiC), a 1.7-million-square-foot office and technology campus situated on approximately 124 acres at 5000 T-Rex Avenue in Boca Raton, Florida, the firms announced Sept. 18.
The transaction marks Related Ross's entry into Boca Raton and expands the company's presence across Palm Beach County. The campus, widely described as the largest single-office facility in Florida, spans two main office buildings and carries a legacy as the former North American research and development headquarters of IBM — the site where the company's first personal computer was developed.
Newmark Team and Ares Provide Capital
Jordan Roeschlaub, Co-President of Global Debt & Structured Finance at Newmark, Vice Chairman Nick Scribani, and Managing Director John Caraviello arranged the financing in collaboration with Executive Vice Chairman Josh King. Ares Real Estate funds provided the debt.
"Related Ross has long been a tastemaker in the office sector, creating destinations that redefine how companies and communities experience the workplace," Scribani said. "BRiC represents a generationally significant development opportunity, combining an extraordinary legacy, substantial scale and a strategic South Florida location."
Holland & Knight represented Related Ross on the acquisition and financing.
A Historic Campus With Strong Occupancy
Originally designed by architect Marcel Breuer and dedicated around 1970, BRiC was built by IBM as its North American R&D campus and remains one of Boca Raton's largest employment centers. The property is approximately 90% occupied and counts advanced technology tenants among its roster, including D-Wave Quantum, which is taking 25,000 square feet at the campus for its headquarters.
The campus offers an extensive amenity program, including two cafés, an 800-seat presentation hall, multiple event spaces, and direct shuttle service to the Boca Raton Tri-Rail station. Its location places it near Florida Atlantic University, Boca Raton Airport, and two Interstate 95 interchanges.
The previous ownership group, linked to CP Group along with partners DRA Advisors and Las Olas Capital, acquired BRiC in 2018. Property records show the campus changed hands at $320.2 million in 2021.
Related Ross's Mixed-Use Vision for BRiC
Related Ross plans to continue operating BRiC as an office and technology campus in the near term while advancing a longer-term vision that introduces a curated mix of amenities, retail, and restaurants to the property. The strategy aligns with broader national trends in campus repositioning, where large-format office assets are being reimagined as mixed-use destinations to attract and retain tenants.
The acquisition expands Related Ross's Palm Beach County portfolio and represents its first foothold in Boca Raton specifically. The campus's IBM heritage, proximity to a major research university, and existing technology tenant base underpin the company's thesis for long-term value creation at the site.
South Florida Office Market Context
The deal comes as the Palm Beach County office market has tightened, with well-leased, large-format campuses drawing institutional capital. BRiC's approximately 90% occupancy rate and its positioning as a technology and innovation hub have made it an attractive target for value-add investors with a mixed-use redevelopment thesis. Newmark reported revenues of more than $3.6 billion for the twelve months ended June 30, 2026, and operates from over 195 offices with more than 10,000 professionals across four continents.
The financing from Ares Real Estate funds reflects continued institutional appetite for well-located, high-occupancy office assets in South Florida, particularly those with repositioning potential and strong underlying real estate fundamentals.
Sources
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