Boca Raton Innovation Center Sold To Crocker Partners

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Staff report

The former home of IBM, now known as the Boca Raton Innovation Center, has a new owner.

The 1.8 million-square-foot campus which is located on 125 acres was acquired through a joint venture between Boca’s Crocker Partners and New York-based Rialto Capital and Siguler Guff.

While the purchase price was not disclosed, industry website Real Capital Analytics estimated the acquisition price to total $179.3 million.

With the purchase, Crocker Partners’ Boca Raton portfolio equals 2.9 million square feet, accounting for 25 percent of the city’s office inventory. Overall, the company owns more than 6.3 million square feet of Class A office space in the state.

“Boca Raton Innovation Campus is an important economic contributor to the City and a solid fit for our portfolio. As long-term owners, we intend to see that BRIC is well positioned to attract a new generation of companies,” said Crocker Partners Managing Partner Angelo Bianco.

The company plans to upgrade to existing buildings and campus amenities, he said.

The campus was developed in the 1960s as IBM’s North American Research and Development facility. Currently, it is 73 percent occupied with major tenants including Bluegreen Vacations Corporation, Johnson Controls Security Solutions f/k/a Tyco Integrated Security, TransUnion, MDVIP and Modernizing Medicine.

Bianco said BRIC is unique with its campus environment, iconic Marcel Breuer-designed Y-shaped buildings, prime location at the nexus of I-95 and Tri-Rail, and “mission critical” infrastructure. The buildings, constructed to withstand category 5 hurricanes, also have full standby generator back up.

With expansive column-free floorplates and 16-foot ceiling height, BRIC gives companies a workplace setting and strong value alternative to locating on multiple floors in a Class A high-rise, he said. BRIC amenities include a private shuttle to Tri-Rail, a dining marketplace, conference centers, accredited day care center, lawn, lake, walking trails, fitness center and nearby retail.

Crocker Partners introduced Boca Raton’s first Class A office tower and its first suburban mixed-use center in the mid-1980s, and developed Mizner Park, the catalyst for Boca Raton’s downtown revitalization. Crocker Partners’ current Boca Raton holdings include The Plaza, One Town Center and One Boca Place office towers and the mixed-use Boca Center.

New York-based Eastdil Secured represented the BRIC sellers San Francisco-based Farallon Capital Management and New York-based Next Tier HD, led by its Atlanta-based team of Mike McDonald, Kennedy Hicks and Joe Gibson.