Related Ross paid $64 million for North 40, two office buildings at Congress Avenue and Yamato Road, weeks after buying the BRiC campus next door.

Related Ross has bought North 40, a pair of office buildings at Congress Avenue and Yamato Road, for $64 million. It is the company’s second big office purchase in the Park at Broken Sound in about six weeks.

JLL Capital Markets, which sold the property for the owners, announced the sale Tuesday in a news release. The sellers were Mainstreet Capital Partners and Partners Group, a global private markets firm. Related Ross was the buyer, JLL said.

What was sold

According to JLL’s release, North 40:

  • is two office buildings with 354,376 square feet of space
  • sits on 23.1 acres at the intersection of Congress Avenue and Yamato Road
  • was built between 1983 and 1985
  • was partly renovated between 2014 and 2018, with more work in 2024 and 2025, including a tenant amenity center with a shared kitchen, bar, conference rooms and fitness center
  • is 74% occupied
  • is less than half a mile from Interstate 95 and the Tri-Rail station

At $64 million, the price works out to about $181 a square foot, by our calculation from JLL’s figures. JLL did not say what Related Ross plans for the buildings.

Next door to BRiC

North 40 sits beside the Boca Raton Innovation Campus, known as BRiC, which Related Ross bought in September. That campus at 5000 T-Rex Ave. covers 124 acres and more than 1.7 million square feet, according to a September release from Holland & Knight, the law firm that advised Related Ross on the deal. It was built for IBM as a research campus and is where IBM created its first personal computer, the firm said. Related Ross financed that purchase with Ares Real Estate funds and has not disclosed the price.

JLL’s Matt McCormack, one of the brokers on the North 40 sale, tied the two deals together.

“By bringing this property back under shared ownership with BRiC, this milestone transaction further provides the opportunity to help shape what will be one of the most dynamic and transformative chapters in Boca Raton and Palm Beach County history,” he said.

Hermen Rodriguez, who led the JLL team, said the price “reflected both the quality of the assets and the development optionality the site provides.”

Henrik Orrbeck, global co-head of real estate at Partners Group, said the firm improved the amenities and modernized space during its ownership. He said the sale comes as Partners Group shifts its direct investing toward industrial and residential property.

What it means for you

  • For tenants, nothing announced yet. JLL’s release does not mention any change for the businesses that lease space in North 40.
  • Any new building needs city approval. JLL’s mention of “development optionality” is a broker’s description, not a plan. Rezoning or new construction on the site would go through the city’s planning process, with public hearings. Our building permits and zoning guide explains how to follow an application.
  • Property taxes. The Palm Beach County Property Appraiser values commercial property each year, and the city’s tax rate is applied to that value. Our property taxes page explains how the bill is worked out.
  • One owner now controls a large block of north Boca’s office land. Together, BRiC and North 40 make up more than 147 acres off Yamato Road near I-95 and the Tri-Rail station.

We will report any site plan or rezoning application Related Ross files with the city. For other recent sales, see our real estate transfers page.