Tag Archive for: related ross

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

/in , /by

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

Esperanté Corporate Center Lands $145M Refinance As Related Ross Doubles Down On West Palm

/in /by

Related Ross and its investment partners have secured a $145 million refinancing for Esperanté Corporate Center, a downtown West Palm Beach office property.

The borrowing group—led by Steve Ross’ West Palm-based Related Ross and joined by JZ Capital Partners and Greenmont Group—obtained the new loan from Hudson Bay Capital Management, according to a company announcement. Eastdil Secured arranged the financing.

The 17-story Esperanté building, located at 222 Lakeview Avenue, totals 256,000 square feet and dates to 1989. The refinancing equates to roughly $566 per square foot.

The ownership team recently completed an $8 million upgrade to the property. The tower is fully leased, with a roster that includes Bank of America, Balyasny Asset Management, and Blue Sea Capital.

Ross first acquired an interest in Esperanté in 2021, early in his broader expansion strategy in downtown West Palm. The property sits next to One Flagler, Related Ross’s newly delivered office tower, and is also close to Phillips Point, the office complex Ross acquired in 2021 for $282 million.

Palm Beach County Suburban Office Market Heats-Up

/in , /by

Downtown West Palm Beach’s office market is thriving—but rising rents are making it harder for some longtime tenants to keep a foothold in the city core.

The surge is largely fueled by billionaire developer Stephen Ross, whose aggressive investment and development strategy has helped transform downtown West Palm into one of South Florida’s most competitive office markets. His projects have drawn a steady stream of high-profile tenants and helped accelerate the city and county’s long-term growth vision.

That momentum, however, has driven rents sharply higher across downtown, including in buildings Ross does not own. As a result, some established tenants are being priced out and are relocating to suburban areas of Palm Beach County, where new office development is beginning to follow demand.

One notable example is law firm Lytal, Reiter, Smith, Ivey & Fronrath, which last year moved most of its operations from the Northbridge Centre in downtown West Palm—where it had leased space for roughly 40 years—to Palm Beach Gardens. The firm cited renewal proposals that were several times higher than its previous rent, reflecting what some tenants describe as unsustainable downtown pricing.

According to local brokers, asking rents in excess of $100 per square foot are prompting more companies to explore suburban alternatives. That shift is helping spark new office construction outside the urban core.

In Palm Beach Gardens, Gatsby Florida—an affiliate of Gatsby Enterprises—is planning The Modern, an eight-story, 220,000-square-foot office building with a six-story parking garage at 11200 RCA Center Drive. The project, expected to deliver in 2027, is being positioned in part to attract out-of-state firms and executives relocating to South Florida. Gatsby acquired the site for $17.5 million in 2022.

Meanwhile, in Boca Raton, construction is underway on The Aletto, a two-building office campus totaling 140,000 square feet that is already approximately 60 percent pre-leased.

Developers and brokers say these projects reflect growing demand for high-quality suburban office space that offers modern amenities without downtown pricing.

Ross, who launched Related Ross after stepping back from New York-based Related Companies in 2024, has made downtown West Palm the centerpiece of his development focus. His portfolio includes roughly a dozen office buildings in various stages, along with residential, hotel, and mixed-use projects.

By leveraging longstanding relationships—particularly within the financial services sector—Ross quickly filled many of his office properties with out-of-state tenants. More recently, his firm has also pushed to position Palm Beach County as an emerging technology hub.

While downtown West Palm continues to gain national attention, the ripple effects of its success are reshaping the broader county office market—creating new opportunities, but also new challenges, for tenants navigating the region’s rapid growth.

West Palm Office Tower Trades For $55 Million

/in , /by

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