Related Ross has closed on the North 40 office portfolio in Boca Raton for $64 million, picking up a two-building campus that sits at the intersection of Congress Avenue and Yamato Road in the Park at Broken Sound. The purchase lands as South Florida's office market keeps outperforming much of the country, giving the buyer a 354,376-square-foot property that was roughly three-quarters leased at the time of the sale.
JLL Capital Markets announced Tuesday that it had completed the sale on behalf of sellers Mainstreet Capital Partners and Partners Group, according to JLL. The portfolio spans 23.1 acres and was 74% occupied when the deal closed, per the same JLL announcement. JLL's investment sales and advisory team on the deal was led by Hermen Rodriguez, Matt McCormack and Ike Ojala, with Patrick Salata, Blake Koletic and Hunter Smith also supporting the transaction, as reported by CommercialSearch.
Mainstreet Capital Partners and Partners Group had purchased North 40 in 2014 for $35 million, according to Yardi Matrix data cited by CommercialSearch — meaning the property's value nearly doubled over roughly a decade of ownership. Portions of the campus underwent comprehensive renovations between 2014 and 2018, and additional capital improvements were completed in 2024 and 2025, per the JLL announcement.
Two Buildings Built for Corporate Headquarters
North 40 was originally delivered between 1983 and 1985, the JLL release notes, and now consists of a 205,000-square-foot building at 5201 Congress Ave. and a 150,000-square-foot building at 901 Yamato Road. CBRE, which has been named the exclusive leasing agent for the property, describes floor plates ranging from 75,000 to 100,000 square feet designed to accommodate larger corporate headquarters users, according to a CBRE press release.
The campus also includes a tenant amenity center with a shared kitchen, bar, seating areas, conference rooms and a fitness center, per CommercialSearch. Its location is less than half a mile from Interstate 95 and the Tri-Rail commuter train station, which connects Miami, Fort Lauderdale and West Palm Beach — a transit link that places North 40 within the 700-acre Park at Broken Sound mixed-use development, CommercialSearch reports.
Miami-Area Office Fundamentals Still Outpacing the Nation
The North 40 trade lands in a Miami office market that has kept posting numbers well ahead of national averages. Miami's office investment volume reached $1.1 billion year-to-date through August, ranking 11th nationally, according to Yardi Matrix data referenced by CommercialSearch's Miami market update. The region's office vacancy rate fell to 11.6% at the end of August, down 170 basis points year over year and 6.2 percentage points below the 17.8% national average tracked in the same period.
Miami also had 2.9 million square feet of office space under construction across 15 projects as of August, ranking fourth nationally, the market update notes. Average listing rates in Miami reached $59.73 per square foot, compared with a $33.30 national average, and properties sold for $406 per square foot on average — more than double the $205 national figure. Nationally, the U.S. office vacancy rate stood at 19.4% at the end of July 2025, according to a separate Yardi Matrix outlook, with U.S. office transactions totaling nearly $27 billion year-to-date and the national under-construction pipeline comprising 40.2 million square feet, or 0.6% of existing stock.
Other Recent South Florida Office Trades
North 40 isn't the only notable office deal to close in the region recently. Goldman Properties and Ken Griffin's partnership paid $180 million for the 324,935-square-foot 545 Wyn creative office asset in January, per the commercialsearch.com report, making it a considerably larger transaction than the Boca Raton sale. 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, CommercialSearch also reported.
