Crocker, JV Partners Acquire 1.8 MSF Office Campus in Boca Raton for $179.3M

BOCA RATON, FLA. — Crocker Partners, in a joint venture with Rialto Capital and Siguler Guff, has acquired Boca Raton Innovation Campus (BRIC), a 1.8 million-square-foot office complex in Boca Raton. The 125-acre property — the former home of IBM — sold for $179.3 million, according to local media reports. Mike McDonald, Kennedy Hicks and Joe Gibson of Eastdil Secured arranged the transaction on behalf of the sellers, Farallon Capital Management and Next Tier HD. BRIC was originally developed in the 1960s as IBM’s North American Research & Development facility, and is credited as the birthplace of the personal computer. The campus was 73 percent leased at the time of sale to tenants such as Bluegreen Vacations Corp., Johnson Controls Security Solutions, TransUnion, MDVIP and Modernizing Medicine. BRIC’s amenities include a private shuttle to Tri-Rail, the city’s public transportation system, as well as a dining marketplace, conference centers, daycare center, walking trails and a fitness center. The acquisition brings Crocker Partners’ Boca Raton portfolio to 2.9 million square feet.