Billionaire Stephen Ross' Related Ross scored the largest construction loan ever recorded in Florida with a $772-million financing package to build two landmark office towers totaling nearly 1 million square feet in downtown West Palm Beach.
The financing is led by New York-based Ares Real Estate, a longtime backer of Ross' projects. New York-based Eastdil Secured is the financial advisor.
Ross expects to finish the two towers in 2027. AI company ServiceNow will be the anchor tenant of 470,000-sq.-ft. 10 CityPlace. Along with a regional headquarters there, ServiceNow plans an "AI Institute" in the building. The company has pledged to create more than 850 jobs over five years paying $170,000 on average.
"This record-setting financing underscores the conviction our partners, Ares, Monarch Alternative Capital and HPS Investment Partners, have in the strength of 10 CityPlace and 15 CityPlace and in the city's momentum as a leading business hub." — Jordan Rathlev, Executive Vice President, Related Ross
The anchor tenant of 490,000-sq.-ft. 15 CityPlace is Cleveland Clinic, which plans an outpatient facility with chemotherapy, imaging, surgery and concierge medicine linked to a 150-bed hospital it plans in West Palm Beach. Other tenants include Related Ross itself, BDO, law firm Shutts & Bowen and Inclenberg Investments. Related Ross, the downtown's dominant landlord and property owner, announced a half-million square feet of commercial leases in 2025 across its properties. Ross, all told, has $10 billion in investments planned in the county.
"This record-setting financing underscores the conviction our partners, Ares, Monarch Alternative Capital and HPS Investment Partners, have in the strength of 10 CityPlace and 15 CityPlace and in the city's momentum as a leading business hub," says Jordan Rathlev, executive vice president of Related Ross. — By Mike Vogel