Stephen Ross’s Related Ross Buys Boca Raton Office Complex for $64M

Related Ross, the firm led by billionaire Stephen Ross, paid $64 million for North 40, a 380,823-square-foot office complex in Boca Raton, Florida. The two-building property at 5201 Congress Avenue sits near West Yamato Road and west of Interstate 95, roughly a mile from a Tri-Rail station.

The complex was built in 1984 and is currently 74 percent occupied. Sellers Mainstreet Capital Partners and Partners Group renovated the 23-acre site, adding a shared kitchen, bar, conference rooms and a fitness center. The price the joint venture originally paid for the property was not disclosed. JLL represented the sellers.

The deal follows a purchase of the 124-acre BRiC office campus, which lies less than a mile away and was bought about two months earlier for an undisclosed sum. Related Ross says the pair of properties creates a connected destination with access to I-95, Tri-Rail and Florida Atlantic University. The developer plans to add retail and housing.

The acquisitions are part of Ross's effort to make Palm Beach County a major business hub, where he already owns the most Class A office buildings in West Palm Beach. Two office projects there are under construction after securing $772 million in financing.

For developers and lenders, the deal signals continued institutional appetite for well-located, underused suburban office assets that could be repositioned into mixed-use campuses.