One Flagler, a new high-end office tower from Related Ross in downtown West Palm Beach, Florida, has officially opened, heralding the city’s transformation into what its billionaire developer, Stephen Ross, is calling one of the greatest places in the country.
The office building is the first project to open under the new Related Ross umbrella after the New York developer spun off the southeast division of Related Cos. to focus on South Florida, and specifically West Palm Beach, last year.
"We're really proud of this transformational project. I think it's really showing what the future of West Palm Beach and Palm Beach County" can be, Ross told CoStar News at One Flagler's grand opening ceremony this week after it initially received a temporary certificate of occupancy in November. "We're looking forward to doing many more things as this area develops" into one of the "greatest places in this country."
Sitting at 180 Lakeview Ave., One Flagler is a nearly 270,000-square-foot office tower that stands 25-stories tall. The building offers floorplates ranging from 9,000 square feet to 19,000 square feet. A 19,000-square-foot outdoor terrace is on the eighth floor overlooking the water. The project includes a new 1.25-acre park lined by palm trees and anchored by the works of sculptor Fred Eversley that connects to the intracoastal waterway across the street.
Additional amenities include a state-of-the-art fitness center, conference facilities, bicycle storage, valet, a ground-floor Greek restaurant called Estiatorio Milos and concierge services provided by the Related team.
The building has been well-received by tenants, said Jordan Rathlev, a senior vice president of development at Related Ross, in an interview with CoStar News. Leasing activity at One Flagler stands in stark contrast to the ongoing slowdown 70 miles south in Miami where Swire Properties recently canceled plans for a supertall office tower in a joint venture with Related Cos. after failing to secure the necessary pre-leases.
“Miami and West Palm Beach — very different markets. This city, this county has resonated in such a big way with people from not just the Northeast, but the Midwest and West Coast, that we continue to see great inbound inquiries," Rathlev said.
West Palm Beach is experiencing a flight to quality, Rathlev said. The developer opened another office building, 360 Rosemary, in West Palm Beach in 2021 that is leased to well-known financial tenants such as Goldman Sachs and Elliot Management.
“If you build quality products, you're going to get the best tenants in the nation," Rathlev said. "I think in the next couple of months, you're going to hear some pretty exciting stories of companies, particularly from the West Coast, looking" to set up headquarters in West Palm Beach, Rathlev said.
One Flagler will be 95% leased by the end of the month and fully leased by the end of the year, a spokesperson for Related Ross told CoStar News in an email. Tenants at One Flagler include a number of financial and professional services firms such as New York-based private equity group OceanSound Partners, GTCR and GoldenTree Asset Management.
The 84-year-old Ross is by no means done with his plans for the city. Site work is underway for two new lifestyle offices, 10 and 15 CityPlace, that will add nearly 1 million square feet of office space to Related's existing 1.6 million-square-foot West Palm Beach office portfolio.
And the company is building its first condominium project in West Palm Beach with South Flagler House, a tower designed by Robert A.M Stern Architects with prices as high as $73 million.
Ross told CoStar News "we’re doing a lot of development" in Palm Beach County.
Other cities in Palm Beach County include Wellington, Boca Raton, Jupiter and Palm Beach Gardens.