Related to control West Palm office market: Buys 2 more buildings, lures big mortgage company Alexandra Clough, Palm Beach Post
The Related Cos., led by billionaire Miami Dolphins owner Stephen Ross, is about to take control of the market for high-end commercial office space in West Palm Beach, giving the company the power to attract and ink leases with any office tenant seeking top space downtown.
Related is nearing completion on deals to acquire the Esperante Corporate Center, at 222 Lakeview Avenue, and CityPlace Tower, at 525 Okeechobee Boulevard, real estate sources said. Last month, a Related affiliate paid $282 million for the Phillips Point office complex at 777 S. Flagler Drive.
Ken Himmel, a top Related official, also is an owner, sources said.
Related Cos. has been a driving force in the development of West Palm Beach s downtown for more than 20 years.
The Phillips Point acquisition cements Ross control of the West Palm Beach office market at a time when financial services firms are eying space in Florida. Many firms are seeking to leave crowded urban cities due to the pandemic and high taxes in other states.
In an email, Himmel, chief executive of Related Urban, confirmed the purchase by a Related affiliate, but he was vague about the entity s owners.