Stephen Ross Lands $145M Refi for Older West Palm Office Building

A joint venture led by Stephen Ross’s Related Ross nabbed $145 million to refinance Esperanté Corporate Center, an older office building in Downtown West Palm Beach, Fla.

Hudson Bay Capital Management provided the financing for the 17-story building, which is co-owned by JZ Capital Partners and Greenmont Group. The 256,000-square-foot property,  which dates to 1989, is fully leased to tenants that include Bank of America, Balyasny Asset Management and Blue Sea Capital, according to the owners. 

Related Ross purchased a 50 percent stake in Esperanté Corporate Center in 2021, The Business Journals reported, and has since completed an $8 million renovation. Located at 222 Lakeview Avenue, the building sits adjacent to One Flagler and Phillips Point, both office buildings that Related Ross owns. 

Since launching Related Ross in 2023, Ross has been on a mission to turn West Palm Beach into a business hub. 

The office buildings he has already completed, 360 Rosemary and One Flagler, have lured high-profile tenants such as Goldman Sachs, J.P. Morgan Chase and Wells Fargo. In August,  BDT & MSD Partners refinanced the 25-story One Flagler building with $340 million.

The pipeline is still growing, too. Ross secured a $772 construction package in December for two office buildings within the CityPlace open-air, mixed-use development.

Related Ross is also developing condos that cater to the high-end clientele of finance executives and snowbirds. Just last week, the firm landed a $157 million loan to build a 28-story condo tower that will include 98 units. And a two-building condo complex remains under construction after securing a $600 million package last year. 

Related Ross is also buying out another condo building across the Intracoastal Waterway from President Donald Trump’s Mar-a-Lago estate, with plans to redevelop it into another luxury condo complex.

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