BOCA RATON, FL – April 10, 2018- Crocker Partners today announced acquisition of the 1.8 million-square-foot Boca Raton Innovation Campus (BRIC), a 125-acre office campus once home to IBM, and birthplace of the personal computer.

Acquired in a joint venture with New York-based Rialto Capital and Siguler Guff for an undisclosed purchase price, BRIC brings Crocker Partners’ Boca Raton portfolio to 2.9 million square feet, accounting for 25 percent of the City’s office inventory. Overall, the company is the state’s largest Class A office landlord, with more than 6.3 million square feet.

“Boca Raton Innovation Campus is a solid fit for our portfolio and an important economic contributor to the City. 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, noting that Boca Raton is a world-renowned city with a dynamic business community. The company plans meaningful upgrades to the existing buildings and campus amenities, he added.

BRIC, originally developed in the 1960s as IBM’s North American Research and Development facility, is today one of the most technologically advanced office parks in the country. It is currently 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 noted that 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 added. 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.

The acquisition puts BRIC in the hands of a Boca Raton-headquartered company that has played a central role in shaping the City’s economic vitality and for three decades.  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, comprised of two office buildings, a retail center and hotel.

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.