BOCA RATON, Fla.--(BUSINESS WIRE)--CP Group, Florida’s largest office landlord and a prominent owner-operator of office properties throughout the Sunbelt, along with DRA Advisors, today announced it has executed nine new lease agreements totaling nearly 110,00 square feet at the Boca Raton Innovation Campus (BRiC) — its 1.7-million-square-foot office park in Boca Raton, Florida.
The executed deals include six new leases and three renewals, with two incoming tenants establishing new headquarters and four relocating and expanding their footprints from other office locations within South Florida.
- Coastal Waste & Recycling signed a lease for 31,530 square feet of space.
- Legacy Healing Center Margate, LLC, a health services provider, signed a lease for 23,630 square feet of office space for its corporate headquarters. Jacqueline Tavares of Newmark represented the tenant.
- US Claims, a litigation funding firm, relocated from Delray Beach and signed a lease for 13,519 square feet of office space. Candy Yeung of RE//Max Consultants Realty represented the tenant.
- Takahami Billing, LLC, a revenue cycle management company for healthcare providers, relocated from Fort Lauderdale and signed a lease for 10,058 square feet of office space. Jacqueline Tavares of Newmark represented the tenant.
- Lifelong Learning Administration Corporation, a national educational nonprofit organization, signed a lease for a 3,316-square-foot spec suite to serve as its first Florida location. Jason Smithson of NAI San Diego represented the tenant.
- Brandon Hall Group, LLC, a professional development firm, signed a lease for a 2,707-square-foot spec suite, moving from another office in Boca Raton. Joe Freitas of CBRE represented the tenant.
- Verizon, a multinational telecommunications conglomerate, renewed its lease for 12,965 square feet to maintain its local workforce at BRiC.
- ABC Preschool, an on-site daycare, renewed its lease for 9,965 square feet. Ryan Nunes and Ryan DePaul of Cushman & Wakefield represented the tenant.
- Twinlabs Consolidation, a supplement company, renewed its lease for 1,433 square feet of office space.
"Coastal Waste & Recycling is pleased to establish our new headquarters at BRiC. The campus offers a unique blend of modern amenities, flexibility, and accessibility that enhances the productivity and well-being of our team,” said a Coastal Waste & Recycling representative. “We look forward to a future of growth and success at BRiC.”
Jeff Kelly of CBRE represented CP Group in all nine transactions. The tenants are set to occupy their respective spaces by the end of this year.
These agreements follow a leasing update from earlier this year, during which four new tenants and two lease renewals were secured, including the leasing of BRiC’s phase 1 move-in-ready spec suites. Phase 2 spec suites are near completion, and all units are either leased or in negotiations. The BRiC construction team will soon begin a phase 3 spec suite build, with suites ranging from 2,000 to 3,500 square feet.
"BRiC continues to see strong leasing momentum, driven by the sustained demand for flexible, amenity-rich office space,” said Michael Perrette, General Manager of BRiC. “We remain dedicated to cultivating an environment that empowers tenant success by promoting connectivity and creativity."
CP Group is continuing its vast capital improvement program of the former IBM research and development facility, having completed several amenities over the last few years. Renovations have included an on-site wellness center run by Boca Raton Regional Hospital; the addition of two coffee shops and an autonomous grab-and-go store; a revitalized dining and banquet hall, flex indoor/outdoor event space available for rent; two fitness studios; on-site bike storage; and a parking garage with 1,100 spaces. BRiC was honored with the 2023 Structure Award for Best Reuse/Rehab Project by the South Florida Business Journal for these comprehensive upgrades.
Other amenities currently available to BRiC’s office tenants include a fitness center; onsite daycare; outdoor courtyards; running and biking trails; and art exhibitions as part of Art on BRiC Walls, which includes an NFT exhibit and “Rocket” — a 30-foot-tall mirrored stainless-steel outdoor sculpture by artist Hubert Phipps.
CP Group received approval from the City of Boca Raton last year to rezone BRiC to develop residential, retail, restaurants, a grocery store, an entertainment venue, a boutique hotel, and several parking garages. These rezoning permits allow BRiC to be open to the public seven days a week, and their new event and banquet hall is already slated to host large-scale meetings, galas, student testing, and even weddings and bar mitzvahs.
Designed by Brutalist architect Marcel Breuer, BRiC’s mid-century modern aesthetic and superior location between two I-95 exits — adjacent to a Tri-Rail station and proximity to two major airports — offer ideal conditions for the complex to transform into a ‘town center’ integrated into the social fabric of Boca Raton.
ABOUT BRiC
Boca Raton Innovation Campus (BRiC) is the largest single-facility office building in the state at 1.7 million square feet. Designed by Marcel Breuer, the campus was originally built in 1969 for IBM and is home to the invention of the first personal computer. The campus was acquired by CP Group in 2018 with the vision of building off BRiC's history and evolving the campus into a science and technology hub. An ideal landing spot for companies with large footprints, BRiC is currently home to 23 national tenants, including Kroger, Modernizing Medicine, Canon, and Bluegreen Vacations. To learn more about the campus, visit http://workatbric.com.
About CP Group
Active in the commercial real estate business for over 35 years, CP Group has established a reputation as a premier owner, operator, and developer of office and mixed-use projects throughout the Southeast and Southwest United States. Since 1986, CP Group has acquired and managed over 170 properties, totaling over 62 million square feet, valued at nearly $8 billion. The firm is currently among the 25 largest office landlords in the United States. Headquartered in Boca Raton, Florida, the firm has a corporate office in Atlanta and regional offices in Dallas, Jacksonville, Miami, and Washington, D.C. To learn more about the company, visit CPGcre.com.
About DRA Advisors
DRA Advisors LLC is a New York-based registered investment advisor with approximately 100 employees specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA was founded in 1986, the firm has opened additional offices in Miami and San Francisco while acquiring approximately $40 billion of real estate. The acquisitions include 94 million square feet of industrial, 65 million square feet of office, 87 million square feet of retail, and 85,600 multifamily units. As of December 31, 2023, DRA has $12.9 billion in gross assets under management. http://draadvisors.com
