Related Ross, the development firm led by billionaire Stephen Ross, officially closed on the purchase of the 124-acre Boca Raton Innovation Campus (BRiC) — the historic former IBM headquarters where the first personal computer was developed — on September 10, 2026, with financing provided by Ares Real Estate funds.

What did Related Ross actually buy?

Related Ross acquired BRiC, a 1.7-million-square-foot office and technology campus in Boca Raton, Palm Beach County, that already holds approved zoning entitlements for significant mixed-use redevelopment. The property carries entitlements for up to 1,243 residential units, a 140-room hotel, 125,000 square feet of retail space, and a dedicated entertainment venue.

  • Campus spans 124 acres and 1.7 million square feet of existing built space.
  • Entitlements already approved: up to 1,243 residential units.
  • Additional approvals include a 140-room hotel and 125,000 square feet of retail.
  • Ares Real Estate funds provided the financing for the acquisition.

What makes this site historically significant?

The Boca Raton Innovation Campus is the former IBM headquarters where engineers developed the first IBM personal computer in the early 1980s, making the site one of the most consequential technology locations in American history. That legacy now sits at the center of a planned transformation into a dense, walkable mixed-use district that Related Ross is describing as a 'micro-city' for Palm Beach County.

How does this property connect to South Florida transit?

BRiC sits directly adjacent to a Tri-Rail commuter rail station, positioning the future mixed-use development within the Tri-Rail network that links Palm Beach, Broward, and Miami-Dade counties. Transit proximity is increasingly central to large-scale South Florida redevelopments, as developers seek to attract residents and office tenants who prioritize alternatives to car travel.

  • Tri-Rail is operated by the South Florida Regional Transportation Authority (SFRTA).
  • Station adjacency supports the campus's walkability and density goals.
  • Existing office and tech tenants will continue operating during the redevelopment planning phase.

What are Related Ross's next steps for BRiC?

Related Ross has confirmed it will continue operating BRiC as a functioning office and technology campus in the near term while advancing the longer-range mixed-use vision. The firm has not announced a construction timeline, but the existing zoning entitlements mean Related Ross can move toward development without needing to restart the land-use approval process from scratch — a significant advantage in a competitive South Florida market.

Original reporting by The Real Deal Miami.