Related Ross Acquires North 40 Office Portfolio in Boca Raton for $64M

Related Ross has acquired North 40, a 354,376-square-foot office portfolio in Boca Raton, Florida, for $64 million, JLL Capital Markets announced Oct. 20. The sellers were Mainstreet Capital Partners and Partners Group, which acted on behalf of its clients.

The sale follows Related Ross' September acquisition of the adjacent Boca Raton Innovation Campus, known as BRiC. The $64 million price works out to approximately $180.60 per square foot.

North 40 Office Portfolio: Deal Details

North 40 comprises two office buildings totaling 354,376 square feet on 23.1 acres. The buildings were originally delivered between 1983 and 1985. Part of the properties underwent comprehensive renovations between 2014 and 2018, and additional capital improvements were completed in 2024 and 2025. Those improvements included a new tenant amenity center with a shared kitchen, bar, seating areas, conference rooms and a fitness center.

The portfolio is currently 74% occupied. By area, that implies roughly 262,000 occupied square feet and about 92,000 vacant square feet.

The properties sit at the intersection of Congress Avenue and Yamato Road in the Park at Broken Sound, which JLL described as Boca Raton's premier "live-work-play" address. North 40 is less than half a mile from Interstate 95 and the Tri-Rail commuter train station.

JLL Capital Markets Team Represents Sellers

JLL Capital Markets represented Mainstreet Capital Partners and Partners Group. The firm's Investment Sales and Advisory team was led by Hermen Rodriguez, Matt McCormack and Ike Ojala. Patrick Salata, Blake Koletic and Hunter Smith supported the transaction.

"This transaction demonstrates the continued appetite from institutional investors for well-located office assets in South Florida's highest-quality submarkets," Rodriguez said. "The offer reflected both the quality of the assets and the development optionality the site provides."

McCormack said the sale brings the property back under shared ownership with BRiC. "By bringing this property back under shared ownership with BRiC, this milestone transaction further provides the opportunity to help shape what will be one of the most dynamic and transformative chapters in Boca Raton and Palm Beach County history," he said.

Henrik Orrbeck, Global Co-Head of Real Estate at Partners Group, said the firm recognized the site's strategic potential and added value during its hold by improving amenities and modernizing spaces. "This successful sale comes as we continue to refocus our direct investing activities on sectors such as industrials and residential, where we see attractive opportunities in the current market," Orrbeck said.

Related Ross Builds Boca Raton Office Presence

The North 40 purchase gives Related Ross a second major office holding near Boca Raton's Tri-Rail station. BRiC, acquired in September, is a 124-acre office and technology campus at 5000 T-Rex Avenue. It spans more than 1.7 million square feet across two office buildings and is the former IBM campus. Newmark arranged financing for the BRiC purchase, reportedly from Ares-related real estate funds.

Related Ross has said it plans to retain BRiC as an office and technology campus while pursuing a longer-term mix of amenities, retail and restaurants. Together, North 40 and BRiC represent more than 2.05 million square feet of office space, though the two properties were acquired in separate transactions.

Market Context for Boca Raton and South Florida Office

North 40's 74% occupancy leaves room for lease-up, and the value-add investment strategy associated with the deal reflects that. The 23.1-acre land area is also significant relative to the existing building area, and JLL cited the site's development optionality as a factor in the offer.

Market data points to differing conditions between South Florida and the broader U.S. Miami office vacancy was 12.5% in the first quarter of 2026, down from 15.7% a year earlier, while national office vacancy remained 17.8% through the first half of 2026.

Mainstreet Capital Partners, based in Fort Lauderdale, focuses on acquiring, developing and repositioning office, industrial and multifamily properties. Partners Group manages more than $186 billion in assets globally across private equity, private credit, infrastructure, real estate, royalties and special opportunities.

Sources

• JLL Newsroom: North 40 office portfolio in Boca Raton trades for $64M