Citizens Private Bank Expands West Palm Beach Presence As Wealth Firms Continue To Target Downtown

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Citizens Private Bank is deepening its presence in Palm Beach County with a West Palm Beach office, adding another financial services name to a downtown market that has become increasingly attractive to private banking, wealth management and investment firms.

The bank’s West Palm Beach office is located at 190 Lakeview Ave., where Citizens says its local team provides private banking support, customized client service and access to relationship managers, private wealth managers and advisory professionals. The office operates Monday through Friday and is led locally by Regional Market Executive James B. Meany, with Augie Vulaj serving as private bank office manager.

Citizens Private Bank signed a 10-year lease for a 2,700-square-foot private banking office on the ground floor of the newly built office tower, plus 9,300 square feet of office space on the 12th floor. Move-in was earlier this month.

Cushman & Wakefield represented the bank, while Tower Commercial Real Estate represented the landlord.

The move follows Citizens Private Bank’s earlier Palm Beach expansion. In October 2025, Citizens announced the opening of its Palm Beach regional office at 400 Royal Palm Way, calling it part of a broader South Florida growth strategy driven by rising client demand. At the time, Citizens said it had added wealth teams in Palm Beach, Boca Raton and Naples over the prior year.

For West Palm Beach, the expansion is another signal that the city’s office market continues to benefit from the growth of South Florida’s financial sector. New and renovated Class A office space has helped attract firms seeking proximity to Palm Beach’s high-net-worth residents, corporate executives and family offices. One Flagler, one of the city’s most visible new office towers, has been positioned as part of the next wave of high-end downtown office development.

Citizens’ growth also reflects a broader shift in how financial institutions are serving clients in Palm Beach County. Rather than relying only on traditional branch networks, private banks are investing in relationship-driven offices designed around advisory services, wealth planning, lending, deposits and personalized client support.

Citizens Financial Group, based in Providence, Rhode Island, reported $222.7 billion in assets as of Sept. 30, 2025. The company offers retail, small business, commercial banking, lending, treasury management, wealth management, capital markets and related financial services.

For office brokers and landlords, Citizens’ expansion reinforces a key theme in the West Palm Beach market: financial services tenants continue to view the city as a strategic location for client-facing operations. As more wealth, banking and investment firms establish offices in the area, demand for well-located, high-quality office space is likely to remain closely tied to Palm Beach County’s growing role as a financial services hub.

Source:  SFBJ

Butters, PEBB Enterprises Acquire Boca Raton Office Buildings

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Butters Construction & Development, Inc. and PEBB Enterprises announced the successful acquisition of two office buildings located at 2000 Glades Road and 1951 Wyndham Way in Boca Raton for $26.15 million, equating to more than $438 per square foot.

The transaction marks the first partnership between the two firms.

The two multi-tenant office buildings total 59,667 square feet in one of Boca Raton’s busiest business corridors. The buildings are currently 75% occupied, presenting significant upside potential through a targeted capital improvement program and a focused, aggressive leasing strategy aimed at capturing mark-to-market opportunities.

Butters and PEBB plan to enhance the buildings through strategic upgrades and repositioning efforts designed to attract new tenants and elevate the overall tenant experience. The partnership will leverage both firms’ deep local expertise and operational capabilities to maximize the value of the asset.

Butters brings a longstanding track record to the partnership, having built more than 28 million square feet of commercial real estate valued at over $5 billion during its 36-year history. The company has developed a wide range of office, industrial and mixed-use projects throughout South Florida and beyond.

“Partnering with PEBB on this acquisition represents a natural alignment between two firms that share a long-term vision for Boca Raton,” said Malcolm Butters, President and Co-Founder of Butters Construction & Development, Inc. “This is a well-located asset with strong fundamentals and compelling upside. We see a clear opportunity to enhance the property and capture demand from tenants seeking high-quality office space in this market.”

PEBB is one of South Florida’s most active commercial real estate investment and development firms, with a long track record of acquiring, repositioning and developing assets throughout Boca Raton and the broader South Florida market. Over the past decade alone, PEBB has completed more than 5 million square feet of transactions representing more than $3 billion in value.

“This acquisition shows our continued conviction in Boca Raton as a premier office market,” said Ian Weiner, CEO of PEBB Enterprises. “With strong demographics, limited new supply and increased leasing activity, we believe this property is well-positioned for long-term growth. We are excited to partner with Butters on our first transaction together and unlock the full potential of this asset.”

 

“This is exactly the type of opportunity we are focused on – well-located assets where we can apply a disciplined capital program and leasing strategy to create value,” said Eric Hochman, Chief Investment Officer of PEBB Enterprises. “Boca Raton continues to show strong demand fundamentals, and we see a clear path to improving both tenancy and overall performance at the property.”

Abanca provided acquisition financing for the transaction, supporting the partnership’s business plan.

Douglas Mandel of Marcus & Millichap’s Institutional Property Advisors division, along with Zach Levine and Cody Hershey, brokered the sale on behalf of the seller, BOA 520 LLC. Christopher Staller of Nelson Mullins Riley & Scarborough LLP represented the buyers in the transaction.

Metropolitan Commercial Bank Adds West Palm Beach To Its South Florida Expansion

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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.

Office Space Planned For Royal Palm Beach

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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.

Stephen Ross’ Company Buys Broward Tech Office For $37M

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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.

 

Source: SFBJ

Fort Lauderdale Leads South Florida’s 2025 Office Investment Growth

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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.

 

Source: The Real Deal