Stephen Ross Buys Second Boca Raton Office Property for $64M
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in October 2026: $8.5B across 37 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Stephen Ross ’s office shopping spree continues in Boca Raton, Fla. The billionaire’s firm, Related Ross , paid $64 million for North 40 , a 380,823-square-foot office complex. The two-building property at 5201 Congre…
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