The new partner in the joint venture is DRA Advisors, a New York-based real estate investment company with $11.2 billion in assets under management. Though news reports said DRA had bought the 123-acre, 1.7 million-square-foot complex where IBM developed the personal computer, CP Group Managing Partner Angelo Bianco called the transaction a “recapitalization,” not a sale.
BOCA RATON, Fla. — IBM’s former home in Boca Raton could be in for a transformation. It's thanks to a new multi-million dollar investment. “$320 million, which is a massive, massive investment,” said Thomson. “I think a reflection of the fact that in Boca Raton, it's a great place to be, it’s an attractive place to be, and the DRA Advisors firm wanted to have a piece of the action.”
DRA Advisors would be joining as an investor and CP Group would remain as a manager and operator of the site. The $320 million agreement, finalized just few days ago, highlights how the Boca Raton Innovation Campus, where IBM developers long ago invented the personal computer, has stood out in value and for its redevelopment potential.