Stephen Ross’ Related Fund Management Opens Office in Boca
By Julia Echikson February 6, 2023 5:08 pm
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Related Companies’ investment division Related Fund Management is opening its first office in the region.
The third-party investment manager affiliated with Stephen Ross’ Related has set up shop at CP Group’s Two Town Center office building in Boca Raton, Fla., leasing a 2,200-square-foot spec suite, the landlord announced. (Representatives for Related did not respond to requests for comment.)
Two Town Center — located at 5355 Town Center Road, just east of Simon Properties’ Town Center at Boca Raton indoor mall — spans 145,344 square feet across 11 stories. Related’s office is housed inside a turn-key, flexible workspace offering that CP has dubbed worCPlaces.
In recent months, the landlord has nabbed 17,786 square feet of spec suite leases among five tenants and is building out six more spec suites, which are expected to be completed by summer 2023.
The lease once again teams up CP Group, one of the largest office landlords in the Southeast, and Related. Last year, the two companies, as part of a joint venture, bought Las Olas Square, an office complex in Downtown Fort Lauderdale, for $144.5 million, and a few months later sold off a three-story building within the property for $45 million, according to The Real Deal.
In recent months, Related’s credit investment management arm has upped its deal-making in South Florida. It took a stake in Oak Row Equities’ new mixed-use project at 2600 Biscayne Boulevard in Miami’s Edgewater neighborhood and supplied a $100 million construction loan for a multifamily project in Miami Gardens.
After remaining mostly in West Palm Beach for about two decades, where it also has an office, Related Cos. is expanding its South Florida portfolio, such as the development of an 80-story office building in Brickell with Swire Properties. The move also follows Related Cos. founder Ross’ divestment from Jorge Perez’s Related Group, Miami’s largest condo developer.
Julia Echikson can be reached at jechikson@commercialobserver.com.
