Stephen Ross Pays $40M for Scripps’ TV Studio in West Palm Beach

Stephen Ross strikes again in West Palm Beach, Fla.

A joint venture involving Related Ross, Wexford Real Estate Investors and Key International paid $40 million for The E.W. Scripps Company’s TV studio in the city’s downtown.

The 4.7-acre property includes a two-story building that houses the WPTV news studio and office space, as well as a 170-space parking garage and 33 surface spaces at 1100 Banyan Boulevard. The site is adjacent to North Australian Avenue and Clear Lake, near the West Palm Beach Tri-Rail station. 

Scripps, which developed and sold the 70,131-square-foot property, will stay put as part of a lease-back agreement, which is scheduled to last at least two and a half years, according to JLL, which brokered the transaction.

“West Palm Beach has established itself as a center for entrepreneurship and innovative businesses,” Ross said in a statement. “As we continue to expand, we are focused on delivering projects that will further position West Palm Beach as a leading hub of commerce and ideas.”

A representative for Related Ross did not immediately respond to a request for comment about its plans for the property. 

Since launching Related Ross last year, the developer has zeroed in on West Palm Beach, in hopes of turning the city into a business hub. His 360 Rosemary office building, completed during the pandemic, has attracted finance giants such as Goldman Sachs and J.P. Morgan Chase.  

Another office building, the 21-story One Flagler, is nearing completion. Related Ross has broken ground on two more projects. A luxury condo development is, too, under construction. Ross has also successfully lobbied Vanderbilt University to open a campus, for which he has pitched in some of his own money, though construction has yet to start. 

In all, Related Ross’ plans in West Palm Beach include more than 6 million square feet of office space, 1.4 million square feet of condos, 700,000 square feet of retail space, and 870 hotel rooms.

But Related Ross is not the only major developer active in West Palm Beach. Next door to its new TV studio, at 150 Clearwater Drive, former Ross partner Jorge Pérez’s Related Group and BH Group have been planning a 1.2 million-square-foot development on land owned by Palm Beach County, though the project appears to have stalled. 

Last year, the developers sued the county over the sale price of the 6.6-acre parcel, The Real Deal reported. 

Julia Echikson can be reached at jechikson@commercialobserver.com.