Billionaire Steve Ross’ firm, Related Ross, led South Florida’s office leasing activity in 2025, with its properties in downtown West Palm Beach accounting for three of the ten largest office leases in the tri-county area.
Ross, who previously stepped back from New York-based Related Companies, has focused his efforts on developing and acquiring a significant portfolio in downtown West Palm Beach through Related Ross. The company controls about a dozen office buildings in the area, including those that are purchased, under construction, or planned.
Despite a slowdown in new out-of-state companies moving to South Florida after the pandemic-era surge, Ross managed to secure major leases with firms entering the market. Among this year’s top ten office leases regionally, Related Ross was the only landlord to sign a new-to-market tenant: ServiceNow, a Fortune 500 technology company based in Santa Clara, California.
“ServiceNow’s office will include an innovation hub to nurture tech startups. The firm has commitments for about $17 million in grants, including $13 million from Florida Department of Economic Opportunity, $2 million from the state and $2 million from the city,” according to information provided by ServiceNow. Some of these grants require ServiceNow to create 856 jobs over six years and contain provisions allowing funds to be reclaimed if at least 400 employees are not hired.
Related Ross is currently developing two major projects as part of CityPlace: the 23-story 10 CityPlace and the 26-story 15 CityPlace. Construction is expected to finish by 2027; ServiceNow plans to open its offices there in 2028.
Other notable deals this year included City National Bank of Florida consolidating its Miami-Dade operations into a new headquarters at Coral Gables’ 2701 South Le Jeune Road—a building owned by Amancio Ortega’s Pontegadea investment firm—and Cleveland Clinic pre-leasing space at one of Ross’ new developments for outpatient services. Modernizing Medicine renewed its lease at Boca Raton Innovation Campus; Stearns Weaver Miller renewed its lease at Museum Tower in downtown Miami; ADP signed for space at Waterford Business District near Miami International Airport; Kanner & Pintaluga leased headquarters space within Boca Raton; Amazon expanded into permanent offices at Wynwood Plaza; Nicklaus Children’s Hospital leased corporate offices in Coral Gables; and Related Ross itself is expanding within West Palm Beach.
These deals reflect ongoing demand for high-quality office space among financial services firms and health care providers—especially as local leaders continue efforts to brand Palm Beach County as “Wall Street South.”
Ross’ approach has helped insulate downtown West Palm Beach from broader regional slowdowns by leveraging relationships with firms outside Florida and quickly filling vacancies with financial sector tenants.
The information was compiled from TRD analysis of data reported by TRD, Colliers, Cushman & Wakefield and Commercial Observer as of Q3 2025.
