California to Florida: Quantum Computing Company Moves HQ to Boca in 25K-SF Lease

D-Wave Quantum signed a 25,000-square-foot lease to move its headquarters from Silicon Valley to Boca Raton, Fla., where IBM developed the first personal computer decades ago.

The quantum computing company will move from Palo Alto, Calif., into the Boca Raton Innovation Campus (BRiC) by the end of the year. The new office owned by landlords CP Group and DRA Advisors will include a research and development facility. 

“Florida represents one of the fastest-growing technology ecosystems in the United States, and as such it was the ideal choice for our new corporate headquarters and U.S. R&D facility,” Alan Baratz, CEO of D-Wave, said in a statement. “The state offers a rich scientific and educational environment, and a growing pool of highly skilled tech talent.”

D-Wave Quantum got a few sweeteners to make the cross-country move, according to documents filed with the City of Boca Raton.

The State of Florida is expected to provide $5 million in incentives, $300,000 in grants, and a $1.35 million yearly tax credit for the next two decades. The City of Boca Raton will grant up to $500,000 in incentives if the company’s move creates 100 new jobs that pay at least $125,000 annually over the coming five years. 

Separately, Florida Atlantic University will pay $20 million to buy and install D-Wave Quantum’s annealing quantum computer on its campus, the university’s president, Adam Hasner, announced. 

CP Group and DRA Advisors purchased the 1.7-million-square-foot BRiC complex for $320 million in 2021 and have spent another $100 million renovating the asset, which was built in 1969. Designed by Marcel Breuer, the 123-acre campus first served as the headquarters for IBM’s General Systems Division. IBM sold the campus in 1996.

Julia Echikson can be reached at jechikson@commercialobserver.com.