Stephen Ross Buys Second Boca Raton Office Property for $64M

Stephen Ross’s office shopping spree continues in Boca Raton, Fla.

The billionaire’s firm, Related Ross, paid $64 million for North 40, a 380,823-square-foot office complex. The two-building property at 5201 Congress Avenue is adjacent West Yamato Road and west of Interstate 95, about a mile from a Tri-Rail station.

The office complex, which was built in 1984, is 74 percent occupied. The sellers, Mainstreet Capital Partners and Partners Group, renovated the 23-acre asset, adding a shared kitchen, a bar, conference rooms and a fitness center. 

It’s unclear when, or for how much, the joint venture acquired the property. JLL‘s Hermen Rodriguez, Matt McCormack and Ike Ojala represented the sellers in the recent transaction.

The purchase comes about two months after Related Ross paid an undisclosed amount to buy the 124-acre BRiC office campus, which is less than a mile from North 40.

“Together, these two properties create an opportunity to invest in a connected and thoughtfully planned destination in one of South Florida’s most strategic locations with direct access to I-95, the Tri-Rail, and Florida Atlantic University,” Jordan Bargas, executive vice president at Related Ross, said in a statement. 

The Marcel Breuer-designed property houses 1.7 million square feet of office space and is where IBM designed the first personal computer in the 1960s. The developer plans to add retail space and housing.

The acquisitions are part of Stephen Ross’s plan to turn Palm Beach County into a leading business hub. He started in West Palm Beach, where he has become the biggest owner of Class A office buildings. Two office developments are under construction after securing $772 million in financing. 

The billionaire has also donated millions for Vanderbilt University to open a $520 million campus and for private grade schools to expand to West Palm Beach. 

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