Stephen Ross has expanded his footprint in downtown West Palm Beach with the $55.4 million purchase of the One Clearlake office tower. His firm, Related Ross, acquired the 18-story building at 250 South Australian Avenue from Bradford Allen Investment Advisors and financed the deal with a $40 million loan from City National Bank of Florida.

Built in 1987 on nearly 3 acres, One Clearlake totals roughly 221,700 square feet and includes a four-story parking garage with 669 spaces. About 20 percent of the office space is currently available for lease, according to the company. Current tenants range from financial and legal services firms to nutrition and loan offices.

This acquisition adds to Related Ross’ growing West Palm Beach portfolio, bringing the firm to at least 11 office assets downtown when accounting for existing, newly acquired, and planned projects. The building also sits next to the WPTV studio and office property on Banyan Boulevard—another nearby site the company purchased for $40 million earlier this year. Together, the two properties give Related Ross control of approximately 7.6 contiguous acres along Clear Lake.

While the combined sites present long-term redevelopment potential, any major changes will have to wait. WPTV’s parent company, The E.W. Scripps Company, has committed to remain in its building for at least another two and a half years.

One Clearlake has already changed hands twice in 2025. Bradford Allen bought it in May for $45 million—roughly 26 percent below its 2021 price, when a group of investors that included Rockpoint, New England Development, Tricera, and NDT Development paid $60.7 million for the property.

Source:  The Real Deal