Stephen Ross, the West Palm Beach real estate titan, is expanding his real estate empire into Boca Raton.
Ross is close to inking a deal to buy the Boca Raton Innovation Campus, the former IBM complex known as BRiC, for an undisclosed price, a Ross official confirmed.
The campus includes the 1.7 million-square-foot office building designed for IBM by the brutalist architect, Marcel Breuer. The property is the largest single-office facility in Florida.
Now BRiC is poised to become more than just an office complex. It could become a new “micro-city,” filled with more than 1,000 new residences, plus shops, medical offices and even a hotel.
The additions would be built on the parking lots surrounding the former IBM building.
BRiC is at 5000 T-Rex Ave., on the south side of Yamato Road just west of Interstate 95.
In a June 12 statement, Related Ross confirmed the company’s intent to buy BRiC. Related Ross also confirmed its interest in expanding south to Boca Raton.
“Related Ross is excited about the opportunity to expand into Boca Raton at BRiC, an incredible asset with a rich history,” said Jordan Bargas, Related Ross executive vice president. Bargas said the company looks forward to contributing to the county’s success “through a mixed-use destination designed for Boca Raton.”
Angelo Bianco of CP Group, the managing partner of the BRiC’s ownership group, declined to comment on June 15.
In conjunction with the transaction, Related Ross also is working to bring Fiserv offices to the BRiC, according to real estate sources. Fiserv, a global financial technology company, has operations in Coral Springs office buildings recently bought by a Related Ross affiliate. A Related Ross spokeswoman declined comment.
Related Ross’ second try at expanding to Boca Raton
The purchase marks the latest effort by Ross to enter the buzzy Boca Raton market.
Like the rest of Palm Beach County, Boca Raton has grown with new companies and new residents during and after the 2020 COVID-19 pandemic. Ross, who built office towers, apartments, condos and CityPlace in West Palm Beach, is eager to grab a piece of this lucrative pie as well.
But the company’s first attempt was not successful.
In 2025, Related Ross lost a bid to develop 30 acres of city-owned property, including City Hall. The project would have been built along Second Avenue, just north of Palmetto Park Road where the Brightline commuter railroad also has a station.
During a 2025 presentation to city officials, Ross praised the city and its future possibilities for companies and residents.
“We are strictly focusing all of our attention in Palm Beach County,” Ross told city leaders. “I’ve seen the growth of Boca, and I see the foundations of what is here, and this is the kind of community that certain companies are looking for.”
Ross envisioned three office buildings totaling nearly 1 million square feet, 650 residences, shops and restaurants, a 400-room Hilton hotel and a new city hall.
Touting his “bold vision” for Boca Raton, Ross emphasized that “the world is changing and we believe Boca can be the center of that change.”
Ross’ proposal was four times as much office space as the pitch from a joint venture between Miami-based Terra Group and the Frisbie Group of Palm Beach, which won the city council’s vote. But the project died after city residents mounted a vocal campaign, and then a voter referendum, against redevelopment of the city-owned property.
Real estate sources say the anti-growth sentiment made an impression on Related Ross, which instead pivoted to buying a project already approved for additional development.
Like the city hall project, BRiC also has a transportation feature. It is next to the Tri-Rail station and just east of I-95.
All about the Boca Raton Innovation Campus
BRiC counts numerous corporate, technology and even educational tenants. They include quantum computing firm D-Wave, which by year end will move its headquarters to Boca Raton from Palo Alto, California; medical software firm ModMen; and Everglades University.
CP Group and a partner bought the property for $179 million in 2018, then spent $100 million during the past eight years adding upgrades and new amenities.
BRiC also features a walking art exhibit, a fitness center, a daycare and rentable ballroom space. In addition, BRiC has an onsite wellness center operated by Boca Raton Regional Hospital.
In addition to the existing properties, BRiC paved the way for new development at the site. In 2023, BRiC won approval from the city of Boca Raton for construction of new buildings around the former IBM building.
The new approvals allow for 1,243 residential units; 125,000 square feet of retail including a 40,000-square-foot grocery store; 85,000 square feet of medical offices; and a 55,000-square-foot entertainment venue with seating for 5,000 people. A 140-room hotel also could be built.
The project would be built in phases over the course of several years.
CP Partner’s next move in Boca Raton: Mizner Park
Even as CP Partners nears a deal to sell BRiC, the company is looking to get back to its roots on another major Boca Raton development.
In an April 14 interview, Bianco confirmed CP Group hopes to complete a purchase of Mizner Park, the landmark dining, office and residential center built by CP Group founder Tom Crocker in 1991. Mizner Park is at 327 Plaza Real, along South Federal Highway just north of Palmetto Park Road, in the heart of downtown.
Bianco said CP Group would embark on a multi-million dollar refresh of the property. This includes a renovation of the common areas, which Bianco said are worn and dated.
Alexandra Clough is a business writer at The Palm Beach Post. You can reach her at aclough@pbpost.com. X: @acloughpbp. Help support our journalism. Subscribe today.
This article originally appeared on Palm Beach Post: Exclusive: Ross wants ex-IBM site in Boca to make it a ‘micro city’
Reporting by Alexandra Clough, Palm Beach Post / Palm Beach Post
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By Alexandra Clough, Palm Beach Post | USA TODAY Network
