Boca Raton Innovation Campus sells for $320M, marking record South Florida office deal
DRA Advisors buys partnership stake in office park
UPDATED, Dec. 13, 2:30 p.m.: The Boca Raton Innovation Campus sold for $320.2 million, marking South Florida’s biggest office deal of the year.
New York-based DRA Advisors bought the 1.7 million-square-foot office park at 5000 T-Rex Avenue, according to records. The buying entity also lists the address of the seller, Boca Raton-based CP Group, in state corporate records.
Essentially, CP Group and Rialto Capital Management remained property co-owners and DRA Advisors became a new partner, meaning another company no longer has a stake in the real estate.
CP Group said this month that it plans to add a multifamily project, hotel, medical offices, a grocery store and retail to the campus but keep the existing office park, according to media reports.
DRA Advisors, through an affiliate, took out a $289.3 million mortgage from Bank of America, records show.
The loan will finance campus renovations.
The campus spans 123 acres from West Yamato Road south to Northwest Spanish River Boulevard, and just west of I-95. Records show the campus includes a 13,964-square-foot utility building at 960 Northwest Spanish River Boulevard, adjacent utility buildings and the surrounding parking lots.
IBM originally developed the campus in the late 1960s as its North American Research and Development facility, according to the property’s website. The first personal computer was reportedly invented at the campus.
CP Group, formerly called Crocker Partners, bought the campus in 2018 in partnership with Rialto Capital Management for $179.3 million. The sprawling property was then renovated.
Colliers confirmed this is South Florida’s top office deal this year.
The second biggest office sale was Stephen Ross’ Related Companies’ $282 million purchase of the Phillips Point office towers in downtown West Palm Beach.
DRA Advisors, led by David Luski, was founded in 1988 and became privately owned in 1994, according to its website. DRA’s funds own 518 properties in 35 states, including 91 office properties spanning more than 18.1 million square feet.