Related Companies Buys West Palm Beach Office Tower for $175M
Stephen Ross’ company has been on a buying spree in West Palm Beach
By Julia Echikson May 24, 2021 5:58 pm
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Related Companies is expanding its West Palm Beach office empire.
The New York-based development firm, led by billionaire owner Stephen Ross, bought the office building CityPlace Tower for $175 million, public records show. The sale comes to $571 a square foot.
Back in 2014, an affiliate of the Connecticut-based insurance company W. R. Berkley Corporation purchased the 18-story building for $150 million.
Located at 525 Okeechobee Boulevard in the city’s downtown, CityPlace Tower sits along Rosemary Square, a Related-owned outdoor shopping center.
Other tenants include medical center Cleveland Clinic and law firm Shutts & Bowen LLP.
Related is fast becoming the market leader in top-of-the-line, Class A office buildings in West Palm Beach. In January, the company bought Phillips Point, a two-tower office complex for $282 million. It’s also developing One Flagler, a 25-story building, and 360 Rosemary, which will welcome financial giants Elliot Management and Point72 Asset Management as tenants.
West Palm Beach has lured Wall Street firms, thanks to its proximity to Palm Beach island, a popular holiday destination among America’s one percent, as well as Florida’s low taxes and year-round sunshine. In addition to Elliot and Point72, financial firm Millennium Management will open an office in West Palm Beach in 2022, and Goldman Sachs is said to be touring the market.
