Metropolitan Commercial Bank is expanding its South Florida footprint with a new West Palm Beach location planned for Related Ross’ One Flagler office tower.
The New York-based commercial bank already has a Miami presence, and the West Palm Beach office is expected to open in June 2026, according to company announcements. The move gives the bank a second South Florida location and places it in one of the region’s most closely watched office markets.
The expansion comes as West Palm Beach continues to attract financial services firms, private wealth operations and other business tenants seeking proximity to Palm Beach’s growing base of executives, investors and high-net-worth clients. One Flagler, a 270,000-square-foot Class A office tower completed by Related Ross, has become a key landing spot for that trend. Other tenants tied to the building include financial and investment firms, along with high-end restaurant space on the ground floor.
For Metropolitan Commercial Bank, the West Palm Beach opening appears to be part of a broader Florida strategy. The bank recently added Jessica Raffo as Vice President and Director of Association Banking for Florida, a role focused on expanding relationships and lending activity in the condominium and homeowner association sector. Raffo is expected to work with teams in Miami and West Palm Beach as the bank grows its platform statewide.
The timing is notable. South Florida’s banking and finance landscape has become increasingly competitive as firms follow capital, population growth and corporate relocations into the region. West Palm Beach, in particular, has gained momentum as an office market because it offers access to Palm Beach wealth while remaining part of a larger tri-county business corridor.
The new banking center also adds another name to the tenant roster at One Flagler, further validating Related Ross’ bet that downtown West Palm Beach can support top-tier office space. For local businesses, developers, associations and property managers, Metropolitan Commercial Bank’s arrival could mean more competition among lenders and more specialized banking options in the market.
In a region where capital relationships matter, the bank’s expansion signals that West Palm Beach is no longer just benefiting from spillover growth. It is becoming a banking and business destination in its own right.
00adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2026-04-27 11:15:022026-04-27 11:15:02Metropolitan Commercial Bank Adds West Palm Beach To Its South Florida Expansion
Concord Wilshire Capital announced the successful closing of its acquisition of a 43-acre development site located at the intersection of SR-7 and Southern Boulevard in Royal Palm Beach formerly known as Tuttle Royale.
With the acquisition now complete, Concord Wilshire is advancing plans for the transformation of the property into a premier, institutional-quality mixed-use destination that will serve as a central hub for residential living, retail activity, and community engagement in one of Palm Beach’s most dynamic growth corridors.
The master-planned development, will include:
an approximately 82,875-square-foot office building
401 multifamily residences
approximately 426,764 square feet of essential and service-oriented retail
a 125-key lifestyle hotel
an activated park plaza with public spaces, sculpture garden and experiential amenities
Designed with a strong emphasis on placemaking and long-term value creation, the development will feature a highly curated mix of uses, including an activated park plaza with amphitheater capabilities, a canal-front linear park and sculpture garden, a pedestrian-oriented retail promenade with immersive water features, and a rooftop amenity environment anchored by resort-style programming.
“This closing represents a defining milestone for Concord Wilshire and marks the transition of this project from vision to execution,” said Nate Sirang, President of Concord Wilshire.
“We are now fully engaged in delivering a thoughtfully designed, mixed-use community that will create a true sense of place, generate meaningful economic activity, and serve as a long-term asset for Royal Palm Beach and the broader region,” said Bromley Kelly, Managing Director of Construction of Concord Wilshire.
Site activation will be underway soon, with initial mobilization activities coming soon, following receipt of all required permits. These early-stage efforts reflect the company’s commitment to maintaining forward momentum and executing the development in a disciplined and timely manner.
As Concord Wilshire advances the next phase of development, the company is actively engaging with best-in-class multifamily developers, retail operators, and strategic partners to bring the full vision of the development to life.
“The scale, location, and design of this project present a unique opportunity for premier partners to participate in a landmark development within Palm Beach County,” added Kelly. “We look forward to aligning with groups that share our commitment to quality, execution, and long-term value creation.”
The redevelopment of the property is expected to serve as a significant economic catalyst, generating construction and permanent jobs, enhancing the local tax base, and supporting the continued evolution of Royal Palm Beach as a destination for both residents and businesses.
“This project reflects the strength of public-private collaboration and the City’s long-term vision for responsible growth,” said Jennifer Vail, Director of Engineering and Planning of Concord Wilshire. “We are proud to help bring forward a development that will elevate the character of the community while delivering lasting economic and social benefits.”
Concord Wilshire will announce additional details in the coming months, including the formal rebranding of the development and announcements of key residential and retail development partners.
00adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2026-04-21 14:07:252026-04-21 14:07:25Office Space Planned For Royal Palm Beach
Grover Corlew is looking to add more office and restaurant space to downtown Boca Raton through a redevelopment of Bank of America Plaza at 150 E. Palmetto Park Road.
Plans recently submitted to the city call for changes to the 1.65-acre property, which is currently improved with an eight-story, 115,553-square-foot office building dating to 1969. The proposal would remove a 21,414-square-foot portion of the structure along Mizner Boulevard and replace it with a new eight-story addition totaling 71,112 square feet.
The expansion would bring the property to 162,537 square feet. In addition to new office space, the project would introduce nearly 7,000 square feet of restaurant space at ground level, along with 1,680 square feet of covered outdoor dining and a rooftop amenity area. The plans also include a robotic underground parking system with 90 spaces.
Grover Corlew’s leadership framed the proposal as part of a broader push to strengthen Boca Raton’s downtown as a destination for both employers and workers. The concept emphasizes a more active street presence, with dining and retail intended to make the property function as more than a traditional office building.
The project is still early in the city review process. HdA Architects, based in Boca Raton, is designing the redevelopment, and attorney Ele Zachariades is representing the developer in the application.
The proposal comes as Boca Raton’s eastern office market continues to balance new development with available space. Colliers reported a first-quarter office vacancy rate of 12.8% in Boca Raton East, with Class A vacancy notably higher at 22%. Average asking rents for Class A offices were reported at $58.28 per square foot, while roughly 144,000 square feet of office product was under construction in the submarket, much of it tied to the Aletto project now rising downtown.
00adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2026-04-14 16:08:082026-04-14 16:08:08Boca’s Bank Of America Office Building Plans Expansion
Related Ross has expanded into Broward County with the acquisition of Fiserv’s Coral Springs office campus in a $36.5 million sale-leaseback deal.
An affiliate of Stephen M. Ross’ West Palm Beach-based firm purchased two office buildings totaling nearly 206,000 square feet, along with a 2.13-acre vacant parcel. The assets are located at 4000 Coral Ridge Drive, 3975 NW 120th Ave., and 11900 NW 41st St. Fiserv, through First Data Corp., sold the properties and then leased the office buildings back for 36 months.
The transaction also included $18.25 million in seller financing, underscoring the deal’s investment nature. The purchase gives Related Ross a foothold in a Broward submarket where it has had limited activity compared with its extensive presence in West Palm Beach.
The two office properties have long operating histories. The building at 3975 NW 120th Ave. was completed in 1999 and had not previously traded hands. The Coral Ridge Drive property dates to 1965, was expanded in 1990, and last sold in 1996 for $5.6 million.
Broward County posted the strongest growth in South Florida office investment in 2025, outpacing both Miami-Dade and Palm Beach on a year-over-year basis. Office sales volume in Broward jumped 93 percent to nearly $651.5 million, according to an analysis of CBRE data, helped in large part by Fort Lauderdale’s $221 million sale of Bank of America Plaza at Las Olas City Centre.
Miami-Dade still led the tri-county region in total office dollar volume, reaching about $1 billion for the year, but that figure was down almost 26 percent from 2024. One of the biggest drivers there was the $274.4 million all-cash purchase of Sabadell Financial Center in Brickell by the family office of Zara founder Amancio Ortega, a deal that lifted Miami’s fourth-quarter total to more than $653 million.
Palm Beach County also turned in a solid year, with office sales rising more than 51 percent to just under $536 million. Taken together, the numbers suggest that while Miami still commands the largest office trades in South Florida, investor momentum in 2025 spread more broadly across the region, with Broward standing out for the sharpest gain.
The broader backdrop remains mixed. Nationally, demand has been strongest for higher-quality office properties, while older buildings continue to face pressure from weaker fundamentals and conversion discussions. In South Florida, office investment peaked in 2021, but 2025’s results show that buyers are still active when well-located assets come to market.
Gatsby Florida has officially selected Hedrick Brothers Construction as the general contractor for The Modern at Palm Beach Gardens.
This milestone partnership sets the stage for a mid-year groundbreaking of the 220,000 square foot Class A Office located at 11200 RCA Center Drive in Palm Beach Gardens.
“The Modern is a sophisticated project that requires a partner with an impeccable track record,” said Babak “Bobby” Ebrahimzadeh, President and CEO of Gatsby Florida. “Hedrick Brothers represents the gold standard for construction in South Florida, and their involvement ensures this tower will be the premier workspace in the region.”
Strategically located in Palm Beach Gardens, the 8-story Class AA tower is designed to capitalize on the heavy influx of financial, legal, and Fortune 500 institutions migrating from high-tax environments. Active pre-leasing has officially begun, with the development team aggressively seeking high-profile Fortune 500 companies to join an elite roster of tenants. The project features 25,000-square-foot floorplates, a 10,000-square-foot fine-dining restaurant, and an exclusive tenant-only rooftop patio. To ensure a seamless “live, work, play” experience, the building will also house a state-of-the-art fitness center, conference/media center, a 6-level parking garage with ample EV charging, and full-building generator backup. There will also be 7,000 square feet of quick-serve restaurants and service users on street level of the garage.
“Projects like The Modern represent the kind of thoughtful development that continues to elevate Palm Beach County’s business community,” said Dale Hedrick, Founder and CEO of Hedrick Brothers Construction. “We value the trust Gatsby Florida has placed in our team and look forward to delivering a project that reflects both their vision and the standards our company is known for.”
The Modern joins Gatsby’s distinguished portfolio, which includes the 100% leased DiVosta Towers, currently home to financial giants like J.P. Morgan and Stifel. As the area sees massive residential growth with 1,000 new apartments opening nearby, The Modern stands poised to become the new epicenter of corporate excellence in South Florida.
00adminhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngadmin2026-03-22 09:39:592026-03-22 09:39:59Gatsby Florida Partners With Hedrick Brothers Construction For 220,000 SF Class A Office
Metropolitan Commercial Bank Adds West Palm Beach To Its South Florida Expansion
/in Done Deals, News/by adminMetropolitan Commercial Bank is expanding its South Florida footprint with a new West Palm Beach location planned for Related Ross’ One Flagler office tower.
The New York-based commercial bank already has a Miami presence, and the West Palm Beach office is expected to open in June 2026, according to company announcements. The move gives the bank a second South Florida location and places it in one of the region’s most closely watched office markets.
The expansion comes as West Palm Beach continues to attract financial services firms, private wealth operations and other business tenants seeking proximity to Palm Beach’s growing base of executives, investors and high-net-worth clients. One Flagler, a 270,000-square-foot Class A office tower completed by Related Ross, has become a key landing spot for that trend. Other tenants tied to the building include financial and investment firms, along with high-end restaurant space on the ground floor.
For Metropolitan Commercial Bank, the West Palm Beach opening appears to be part of a broader Florida strategy. The bank recently added Jessica Raffo as Vice President and Director of Association Banking for Florida, a role focused on expanding relationships and lending activity in the condominium and homeowner association sector. Raffo is expected to work with teams in Miami and West Palm Beach as the bank grows its platform statewide.
The timing is notable. South Florida’s banking and finance landscape has become increasingly competitive as firms follow capital, population growth and corporate relocations into the region. West Palm Beach, in particular, has gained momentum as an office market because it offers access to Palm Beach wealth while remaining part of a larger tri-county business corridor.
The new banking center also adds another name to the tenant roster at One Flagler, further validating Related Ross’ bet that downtown West Palm Beach can support top-tier office space. For local businesses, developers, associations and property managers, Metropolitan Commercial Bank’s arrival could mean more competition among lenders and more specialized banking options in the market.
In a region where capital relationships matter, the bank’s expansion signals that West Palm Beach is no longer just benefiting from spillover growth. It is becoming a banking and business destination in its own right.
Office Space Planned For Royal Palm Beach
/in Done Deals, News/by adminConcord Wilshire Capital announced the successful closing of its acquisition of a 43-acre development site located at the intersection of SR-7 and Southern Boulevard in Royal Palm Beach formerly known as Tuttle Royale.
With the acquisition now complete, Concord Wilshire is advancing plans for the transformation of the property into a premier, institutional-quality mixed-use destination that will serve as a central hub for residential living, retail activity, and community engagement in one of Palm Beach’s most dynamic growth corridors.
The master-planned development, will include:
Designed with a strong emphasis on placemaking and long-term value creation, the development will feature a highly curated mix of uses, including an activated park plaza with amphitheater capabilities, a canal-front linear park and sculpture garden, a pedestrian-oriented retail promenade with immersive water features, and a rooftop amenity environment anchored by resort-style programming.
Site activation will be underway soon, with initial mobilization activities coming soon, following receipt of all required permits. These early-stage efforts reflect the company’s commitment to maintaining forward momentum and executing the development in a disciplined and timely manner.
As Concord Wilshire advances the next phase of development, the company is actively engaging with best-in-class multifamily developers, retail operators, and strategic partners to bring the full vision of the development to life.
The redevelopment of the property is expected to serve as a significant economic catalyst, generating construction and permanent jobs, enhancing the local tax base, and supporting the continued evolution of Royal Palm Beach as a destination for both residents and businesses.
Concord Wilshire will announce additional details in the coming months, including the formal rebranding of the development and announcements of key residential and retail development partners.
Boca’s Bank Of America Office Building Plans Expansion
/in News/by adminGrover Corlew is looking to add more office and restaurant space to downtown Boca Raton through a redevelopment of Bank of America Plaza at 150 E. Palmetto Park Road.
Plans recently submitted to the city call for changes to the 1.65-acre property, which is currently improved with an eight-story, 115,553-square-foot office building dating to 1969. The proposal would remove a 21,414-square-foot portion of the structure along Mizner Boulevard and replace it with a new eight-story addition totaling 71,112 square feet.
The expansion would bring the property to 162,537 square feet. In addition to new office space, the project would introduce nearly 7,000 square feet of restaurant space at ground level, along with 1,680 square feet of covered outdoor dining and a rooftop amenity area. The plans also include a robotic underground parking system with 90 spaces.
Grover Corlew’s leadership framed the proposal as part of a broader push to strengthen Boca Raton’s downtown as a destination for both employers and workers. The concept emphasizes a more active street presence, with dining and retail intended to make the property function as more than a traditional office building.
The project is still early in the city review process. HdA Architects, based in Boca Raton, is designing the redevelopment, and attorney Ele Zachariades is representing the developer in the application.
The proposal comes as Boca Raton’s eastern office market continues to balance new development with available space. Colliers reported a first-quarter office vacancy rate of 12.8% in Boca Raton East, with Class A vacancy notably higher at 22%. Average asking rents for Class A offices were reported at $58.28 per square foot, while roughly 144,000 square feet of office product was under construction in the submarket, much of it tied to the Aletto project now rising downtown.
Source: SFBJ
Stephen Ross’ Company Buys Broward Tech Office For $37M
/in Done Deals, News/by adminRelated Ross has expanded into Broward County with the acquisition of Fiserv’s Coral Springs office campus in a $36.5 million sale-leaseback deal.
An affiliate of Stephen M. Ross’ West Palm Beach-based firm purchased two office buildings totaling nearly 206,000 square feet, along with a 2.13-acre vacant parcel. The assets are located at 4000 Coral Ridge Drive, 3975 NW 120th Ave., and 11900 NW 41st St. Fiserv, through First Data Corp., sold the properties and then leased the office buildings back for 36 months.
The transaction also included $18.25 million in seller financing, underscoring the deal’s investment nature. The purchase gives Related Ross a foothold in a Broward submarket where it has had limited activity compared with its extensive presence in West Palm Beach.
The two office properties have long operating histories. The building at 3975 NW 120th Ave. was completed in 1999 and had not previously traded hands. The Coral Ridge Drive property dates to 1965, was expanded in 1990, and last sold in 1996 for $5.6 million.
Source: SFBJ
Fort Lauderdale Leads South Florida’s 2025 Office Investment Growth
/in Done Deals, News, Trends/by adminBroward County posted the strongest growth in South Florida office investment in 2025, outpacing both Miami-Dade and Palm Beach on a year-over-year basis. Office sales volume in Broward jumped 93 percent to nearly $651.5 million, according to an analysis of CBRE data, helped in large part by Fort Lauderdale’s $221 million sale of Bank of America Plaza at Las Olas City Centre.
Miami-Dade still led the tri-county region in total office dollar volume, reaching about $1 billion for the year, but that figure was down almost 26 percent from 2024. One of the biggest drivers there was the $274.4 million all-cash purchase of Sabadell Financial Center in Brickell by the family office of Zara founder Amancio Ortega, a deal that lifted Miami’s fourth-quarter total to more than $653 million.
Palm Beach County also turned in a solid year, with office sales rising more than 51 percent to just under $536 million. Taken together, the numbers suggest that while Miami still commands the largest office trades in South Florida, investor momentum in 2025 spread more broadly across the region, with Broward standing out for the sharpest gain.
The broader backdrop remains mixed. Nationally, demand has been strongest for higher-quality office properties, while older buildings continue to face pressure from weaker fundamentals and conversion discussions. In South Florida, office investment peaked in 2021, but 2025’s results show that buyers are still active when well-located assets come to market.
Source: The Real Deal
Gatsby Florida Partners With Hedrick Brothers Construction For 220,000 SF Class A Office
/in Done Deals, News/by adminGatsby Florida has officially selected Hedrick Brothers Construction as the general contractor for The Modern at Palm Beach Gardens.
This milestone partnership sets the stage for a mid-year groundbreaking of the 220,000 square foot Class A Office located at 11200 RCA Center Drive in Palm Beach Gardens.
Strategically located in Palm Beach Gardens, the 8-story Class AA tower is designed to capitalize on the heavy influx of financial, legal, and Fortune 500 institutions migrating from high-tax environments. Active pre-leasing has officially begun, with the development team aggressively seeking high-profile Fortune 500 companies to join an elite roster of tenants. The project features 25,000-square-foot floorplates, a 10,000-square-foot fine-dining restaurant, and an exclusive tenant-only rooftop patio. To ensure a seamless “live, work, play” experience, the building will also house a state-of-the-art fitness center, conference/media center, a 6-level parking garage with ample EV charging, and full-building generator backup. There will also be 7,000 square feet of quick-serve restaurants and service users on street level of the garage.
The Modern joins Gatsby’s distinguished portfolio, which includes the 100% leased DiVosta Towers, currently home to financial giants like J.P. Morgan and Stifel. As the area sees massive residential growth with 1,000 new apartments opening nearby, The Modern stands poised to become the new epicenter of corporate excellence in South Florida.