Related Ross Buys South Florida Office Portfolio for $64M

Related Ross has acquired North 40, a two-building office portfolio in Boca Raton, Fla., for $64 million. The sellers were Mainstreet Capital Partners and Partners Group, who bought the portfolio in 2014 for $35 million, according to Yardi Matrix data.

North 40 spans 354,376 square feet on 23.1 acres. The assets were originally developed between 1983 and 1985, and the portfolio is currently 74 percent occupied.

Portions of the properties underwent renovations between 2014 and 2018, with additional capital improvements completed in 2024 and 2025. The portfolio’s new tenant amenity center features a shared kitchen, bar, seating areas, conference rooms and fitness center.

North 40 is less than half a mile from I-95 and the Tri-Rail commuter train station, which connects to Miami, Fort Lauderdale and West Palm Beach. The properties are at the intersection of Congress Avenue and Yamato Road in the Park at Broken Sound, a 700-acre mixed-use development.

JLL’s Capital Markets Investment Sales and Advisory team representing the sellers was led by Hermen Rodriguez, Matt McCormack and Ike Ojala. Patrick Salata, Blake Koletic and Hunter Smith supported the transaction.

South Florida office shows strength

Greater Miami’s office market is among the nation’s strongest, despite the broader sector slowdown, recording one of the lowest vacancy rates in the country, according to Yardi Matrix data. The rate came in at 11.6 percent at the end of August, well below the 17.8 percent national average and down 170 basis points year-over-year.

Office visits spiked in June in greater Miami, where visits now exceed the pace of 2019, according to Placer.ai data. The area is thus far the only market of the 10 major U.S. office markets to do so, though New York is nearly there.

Investors are still interested, with Miami’s office investment volume reaching $1.1 billion year-to-date through August, ranking 11th nationally. In August, El-Ad National Properties paid $62.3 million for The Grove at 3250 Mary, a boutique office building in Miami’s Coconut Grove neighborhood.