JP Morgan Chase Inks Office Deal in West Palm
By Julia Echikson May 17, 2024 5:52 pm
reprints
J.P. Morgan Chase is the latest financial player to plant a flag in West Palm Beach.
The banking giant signed a lease at Related Companies’ 360 Rosemary office building, the landlord announced. A representative for the New York-based developer and declined to provide the square footage of the lease, while a spokesperson for the bank confirmed the lease, but also declined to provide the square footage.
Completed in 2021, the 20-story 360 Rosemary marked the first Class A office building in the city since 2008. At the height of pandemic-fueled exodus out of New York, a slew of high-profile, new-to-market tenants, such as Goldman Sachs, Point72 Asset Management and Elliot Management, inked deals at the 305,838-square-foot building, which is now fully leased. Due to the demand, staffers at Related Companies converted the top floor of the parking garage into additional offices.
Related Companies, West Palm Beach’s largest office landlord, has continued the construction spree. In 2021, it started building the 25-story One Flagler, which is 75 percent leased, according to Related, thanks to five new tenants:
- Financial planner Bessemer Trust, which next year will relocate its office from Palm Beach island.
- New York-based asset management firm Baron Funds, which will establish its first South Florida office.
- Private equity investment firm Highpost Capital, which will move its headquarters from Esperanté Corporate Center, a nearby office building that’s also owned by Related.
- Paulson Capital, a firm founded by John Paulson, the hedge fund manager who predicted the 2008 financial crisis, and which will open its first southeast office.
- Lancer Capital, the investment vehicle of the Glazer family, which owns malls across the country as well as the NFL’s Tampa Bay Buccaneers and the Premier League’s Manchester United soccer teams.
Alongside private equity firm Siris Capital and high-end Greek restaurant Estiatorio Milos, First Republic Bank had been one of the first tenants to secure space at the 270,000-square-foot development, before the San Francisco-based bank collapsed last year and was taken over by J.P. Morgan.
Related, which is led by Miami Dolphins team owner Stephen Ross, has also secured new tenants for Esperanté Corporate Center and CityPlace Tower.
Hospital network Northwell Health signed a lease at Esperanté Corporate Center, bringing the 258,112-square-foot building to fully leased. In 2021, Related bought a 50 percent stake in the property for an undisclosed amount. At CityPlace Tower, which Related completed in 2008, venture capital firm Clear Sky will establish its headquarters.
Julia Echikson can be reached at jechikson@commercialobserver.com.
