Stephen Ross Refis New West Palm Office With $340M: Updated

Stephen Ross refinanced a new Downtown West Palm Beach office building with $340 million from BDT & MSD Partners, property records show. 

The loan covers One Flagler, the 25-story building at 180 Lakeview Avenue facing Flagler Drive and the Intracoastal Waterway. It replaces a $242.5 million construction loan that MSD Partners had provided in 2022, according to a representative for Ross.

His firm, Related Ross, completed the 270,000-square-foot tower designed by the late David Childs this year. Tenants include private equity firm GTCR and Diameter Capital Partners, as well as the high-end Greek restaurant Estiatorio Milos, which operates a 10,000-square-foot location on the ground floor. 

Ross launched One Flagler following the success of 360 Rosemary, another office building in West Palm Beach that Ross completed during the pandemic. It attracted high-profile firms such as Goldman Sachs, J.P. Morgan Chase, Point72 Asset Management and Elliott Management, as tenants. 

Ross has turned West Palm Beach into his pet project, with the goal of turning the city into the “Wall Street of the South.” The billionaire developer is doubling down on West Palm Beach offices, and the firm is in talks to secure about $700 million to build two office buildings in the City Place mixed-use complex. 

In June, Related Ross also secured a $600 million package to build a luxury 108-unit waterfront condo building designed by RAMSA. 

Correction: A previous version of this article stated that the construction loan was increased to $340 million. 

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