Stephen Ross’ Related Ross arm has scooped up a Coral Springs office building used by payment-services company Fiserv for about $37 million, and the tenant is not going anywhere. The two-story, tech-focused property at 3975 N.W. 120th Avenue traded hands in a sale-leaseback deal that keeps Fiserv in place. The move expands the developer’s suburban footprint in Broward County while it continues to chase bigger downtown projects in Palm Beach County.
According to the South Florida Business Journal, an entity tied to Ross closed on the building on Wednesday for approximately $37 million, with Fiserv immediately signing a lease to stay on site. The outlet also reported that the office sits near a mixed-use project linked to Related, a setup that suggests the company is pairing steady, cash-flowing real estate with higher-octane development bets in the area.
Craft lists a Fiserv office at the same Coral Springs address, confirming that the property is an active technology and payments hub rather than a speculative hold. In a standard sale-leaseback arrangement, the occupier continues business as usual while the property owner unlocks capital from the real estate.
Ross’ South Florida Play
Related Ross has been leaning hard into South Florida, buying hotels and financing new downtown office towers as it tries to land corporate tenants migrating to the region. CoStar reported last winter that the developer secured major construction financing and has been pushing large projects in West Palm Beach, a pattern that industry watchers say helps explain smaller suburban acquisitions like the Coral Springs building…