Ross Reels In Wells Fargo as He Builds West Palm Into a Finance Hub

Wells Fargo is moving its wealth-management division from San Francisco to West Palm Beach, Fla., taking about 50,000 square feet at Stephen Ross’s One Flagler office building.

The move represents another major win for Ross, who’s been on a mission to position West Palm Beach as a nascent business hub and an alternative to cities like New York and San Francisco. Wells Fargo’s lease is also one of the biggest transactions from new-to-market tenants, who have typically opened satellite offices in West Palm Beach since the pandemic.  

About 100 people are expected to work out of the office before the end of the year.

“When you think about some of our largest competitors, I think it is unique that we moved our wealth business down here,” Barry Sommers, Wells Fargo’s CEO of wealth investment management, told Bloomberg, which first reported the lease. Wells Fargo and Ross’s firm Related Ross did not respond to requests for comment for this article.

Since launching Related Ross in 2024, Ross has doubled down on building out West Palm Beach to attract high-profile finance and tech companies. 

Related Ross completed the 25-story One Flagler last year, and BDT & MSD Partners provided a $340 million refinancing loan for the David Childs-designed building. San Francisco-based First Republic bank had pre-leased two floors before it failed in 2023. 

In December, Ross scored $772 million to build two office buildings in Downtown West Palm Beach. 360 Rosemary, an office building completed in 2021, has lured big finance names such as Goldman Sachs, Elliot Management, and J.P. Morgan Chase. 

To fill the space, the billionaire hired this week Duncan McCuaig as its executive vice president of office leasing. For nearly two decades, McCuaig had worked for Brookfield Properties in New York, securing major deals such as Morgan Stanley’s 1.3 million-square-foot lease at One New York Plaza.

McCuaig’s “strategic insight, industry relationships, and disciplined approach to leasing will be instrumental in attracting world-class companies and shaping office destinations in Palm Beach County that support how businesses operate today,” Jordan Rathlev, executive vice president at Related Ross, said in a statement. McCuaig will report to Rathlev. 

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