Related Ross announced several new office leases for its West Palm Beach buildings, including three for its newest property, the 25-story One Flagler office tower facing the Intracoastal Waterway.
The leases, spanning the finance, technology and professional service fields, reflect the “strong demand” for new, highly-amenitized office space, according to Jordan Rathlev, senior vice president of Related Ross, based in West Palm Beach.
The transactions also further reinforce the county’s transformation into “Wall Street South,” a hub of financial and corporate offices that began forming 15 years ago but that has grown dramatically during and after the COVID pandemic.
Related Ross is led by Stephen Ross, owner of the NFL’s Miami Dolphins and a resident of Palm Beach.
Previously, Ross led New York-based Related Cos., which built CityPlace, the 360 Rosemary and the CityPlace Tower office buildings, and several residences, including a newly opened luxury apartment complex, The Laurel.
This year, Ross peeled off Related Co.’s Southeast properties into the new Related Ross company.
One Flagler: A West Palm Beach office building with the perks of a hotel
Related Ross announced companies that will lease from its One Flagler tower, a 270,000-square-foot luxury office building nearing final construction at 180 Lakeview Ave. The 25-story office complex is at the corner of Lakeview Avenue and Flagler Drive, just behind the First Church of Christ, Scientist.
Related Ross did not disclose the size of the new or renewed office leases, which total 100,000 square feet.
One of the entities coming to the One Flagler building is OceanSound Partners of New York, an established firm that is new to the market. The private equity firm invests in technology and tech-enabled service companies. The West Palm Beach office is the company’s first expansion outside New York.
Another new lease is with Vipertec, a new company. Vipertec is part of Vista Investments, owed by Tom Tisbo, executive chairman of Suncast Corp., a maker of outdoor storage and entertainment items. Vipertec helps develop ideas into products, according to its website.
A third lease at One Flagler is with GoldenTree Asset Management, a New York-based global asset management with offices in several U.S. cities.
The company, led by billionaire hedge fund manager Steven Tananbaum, appears to be making a move from another office complex in West Palm Beach. According to the company’s website, GoldenTree’s current downtown office is at the Phillips Point office complex, which also is owned by Related Ross.
In a statement, Tananbaum said the move to the prominent One Flagler is an important step as the firm nears its 25th anniversary.
“The significant growth of the financial industry in West Palm Beach has allowed it to reach critical mass and One Flagler will support and facilitate additional growth,” Tananbaum said.
OceanSound Managing Partner Joe Benavies said in a statement that the company’s expansion to West Palm Beach “is a natural evolution of our business” to establish a presence in the area.
“We believe this expansion will augment and diversify our access to talent and investment opportunities, and we look forward to helping drive economic development and innovation in the region and the West Palm Beach community,” Benavies said.
Other previously announced tenants at One Flagler include the Paulson Capital investment management services firm and Bessemer Trust, which is moving to the new office tower from Palm Beach.
The tiered tower’s grand opening is expected within weeks. Rents in the upscale building are $100 to $140 per square foot, not including taxes, insurance and maintenance.
For that money, tenants will enjoy the perks of an upscale hotel. Amenities include a fitness center, shared and private landscaped terraces, happy hours and executive boardrooms. The building also will offer concierge services that will help tenants with any number of tasks.
New, existing tenants sign on to other downtown West Palm Beach properties
In addition to the One Flagler leases, Related Ross also announced that several of its other properties also signed or re-signed leases.
The statewide law firm of Holland & Knight just inked a new lease at the Phillips Point complex. Across the street, an unspecified private equity firm just renewed its lease at the Esperante Corporate Center.
At CityPlace, the CityPlace Tower office building has a new financial tenant: Amerant Bank, a subsidiary of Amerant Bancorp of Coral Gables. This location is the bank’s first Palm Beach County office. It is expected to open in early 2025.
In addition, Cordis US Corp., a provider of cardiovascular technologies, is expanding to Palm Beach County and will open its office in the fall in the CityPlace Tower.
Beyond growing its existing roster of office buildings, Related Ross also plans to break ground this fall on two more office buildings: 10 and 15 CityPlace.
These towers will deliver nearly 1 million square feet of new office space to Related Ross’ existing office portfolio of 1.6 million square feet.
Source: ‘Wall Street South’ grows: Related Ross announces new tenants to West Palm office towers
