Related Companies reports steady office market growth in West Palm Beach with 20 deals in 12 months totaling nearly 200,000 square feet

On the heels of unveiling two new landmark office buildings, East and West Towers, Related Southeast reports confidence in the West Palm market with 20 deals signed over the past 12 months resulting in nearly 200,000 square feet across the portfolio with an averaging nearly 10,000 square feet per deal. The largest landowner of commercial real estate property in downtown West Palm Beach, Related’s signature amenity-driven design, hospitality services, outdoor workplaces and commitment to sustainability have drawn an influx of tenants and continue attracting the city’s growing roster of leading companies.

“Related is committed to the delivering dynamic Class-AA work environments that create the ultimate employee experience in a downtown destination that is built to be enjoyed,” said Jordan Rathlev, senior vice president of Related Southeast. “The quality of design, amenities and connectivity to a community is providing tenants and employees a flexible and collaborative work environment that elevates engagement, which has been proven in the response we’ve seen from renewed and expanded leases.” Recent leases across Related’s office buildings in downtown West Palm Beach include:

• Esperanté Corporate Center: As one of Related Companies' premier commercial properties having recently undergone an $8 million renovation, the building boasts 17 floors and 256,000 square feet. Most recently, Cole Scott Kissanne, Florida’s largest law firm with offices located throughout the state, renewed its lease and added an additional 13,000 square feet of expansion space, becoming the largest tenant in Downtown West Palm. The brokers for the deal were Shay Pope, Mike Phipps and Will Portfolio of CBRE. Esperanté Corporate Center is located at 222 Lakeview Avenue.
• One Flagler: Currently 75 percent leased, the landmark building designed by David Childs’ firm Skidmore, Owings & Merrill is set to open in 2024. Most recently GTCR, a Chicago-based private equity firm, expanded its lease by an additional 16,695 square feet. Situated at the gateway of Palm Beach Island, the 25-story office building will be a new landmark for West Palm Beach redefining the workplace through its innovative and holistic design, state-of-the-art infrastructure and thoughtfully curated amenities from a premier fitness experience, concierge service, expansive terraces and world-class ground floor restaurant, Milos. One Flagler is located at 154 Lakeview Ave.
• Phillips Point: New-to-market company Clear Street, who created a scalable prime brokerage platform, leased space in order to establish West Palm as its global headquarters. With 270-degree panoramic views of the Atlantic Ocean, the Intracoastal Waterway and the Island of Palm Beach, Phillips Point encompasses two towers spanning 19 floors and 495,000 square feet. Phillips Point is located at 777 South Flagler Drive.
• CityPlace Tower: Wells Fargo is relocating to the Class-A office building in Downtown West Palm Beach. With 300,000 rentable square feet and LEED Silver certification, advanced technology, executive parking, valet service, full-service concierge, it’s located adjacent to The Square, Related’s premier mixed-use lifestyle destination, at 525 Okeechobee Boulevard.

“Wells Fargo has had a presence in West Palm for many years. With the downtown area's growth, it was vital to our company culture and clients to relocate and contribute to the vibrant and bustling atmosphere of The Square,” said Erick Strati, South Florida Commercial Banking Market Executive of Wells Fargo.

“West Palm Beach is one of the fastest growing metropolises in Florida. Our recent lease renewal and expansion at Esperante allows our office and physical presence to grow in this emerging area, and our well-established team of attorneys to deliver exceptional legal counsel to our expanding base of clients,” said Barry Postman, partner of Cole, Scott and Kissane. “We look forward to the continued evolution of West Palm Beach and Related’s investment in the community.”

In addition, Related’s 360 Rosemary, which opened in 2021, is 100 percent leased. Additional Related lifestyle office buildings include an exclusive tenant opportunity at 575 Rosemary expected to open in April 2024, and East and West Towers expected to begin construction in 2024 with an anticipated opening in 2026. The two new landmark buildings will feature almost 1 million square feet inclusive of more than 60,000 square feet of ground-level retail and restaurant space and 40,000 square feet of programmable outdoor space. Both buildings have been designed to create a more sustainable and well-connected neighborhood that looks beyond the buildings and considers the entire community.

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About Related Southeast: 
Headquartered in Downtown West Palm, Related Southeast is Related Companies’ locally-based, global real estate and lifestyle company that has redeveloped Downtown West Palm into one of the nation’s fastest growing cities and an exceptional place to live, work and visit. Related Southeast leads the market in Class A office with 1.3M square feet of existing commercial holdings, 275,000 square feet under construction at 1 Flagler and an additional 1.3M office space in the pipeline; is under construction with mixed-use luxury apartment building 575 Rosemary, and developed and owns the celebrated destinations of The Square shops and restaurants, Hilton West Palm Beach, RH West Palm and the historic Harriet Himmel Theater. The dynamic neighborhood of The Square is the City’s most visited destination, fostering culture and enriching the community with lush green spaces; a diverse mix of experiential retail and culinary offerings; the largest concentration of public art installed by a private company in Palm Beach County, rich cultural and educational programming and modern residences. For more information about Related Southeast, please visit www.relatedsoutheast.com. For more information about Related Lifestyle Office, please visit www.lifestyleoffice.com.