Billionaire Steve Ross has secured a $340 million refinancing for the One Flagler office tower in downtown West Palm Beach. The financing was provided by BDT & MSD Partners and covers the 25-story building at 180 Lakeview Avenue. This new loan replaces a $242.5 million construction loan from MSD Partners in 2022, increasing the debt by $97.5 million. The mortgage record shows that the refinancing carries a floating interest rate.
One Flagler, designed by Skidmore, Owings & Merrill, is the first completed project by Related Ross, the real estate firm Ross established last year after stepping back from New York-based Related Companies. The building opened earlier this year and is located near the Royal Park Bridge, overlooking Lake Worth Lagoon.
When it opened in February, One Flagler was about 95 percent leased. Tenants include GoldenTree Asset Management, Ocean Sound Partners, and Vista Investments of Florida. Estiatorio Milos, a Greek restaurant led by Costas Spiliadis, occupies approximately 10,000 square feet on the ground and second floors.
BDT & MSD Partners was formed in 2023 through a merger between merchant bank BDT & Company and MSD Partners.
Ross began investing in downtown West Palm Beach five years ago with office towers and has since expanded into residential projects. He remains nonexecutive chairman and largest shareholder of Related Companies but now focuses on South Florida through Related Ross.
Related Ross currently holds about eight office buildings—some purchased, some completed or under construction, and others planned—in downtown West Palm Beach. The firm has also completed the Laurel apartment tower with 322 units and is developing South Flagler House condominium with two towers and 108 units; two more condo projects are planned.
Ross has supported various causes in South Florida and has highlighted the need for more affordable housing in Palm Beach County.
Despite a slowdown in out-of-state business relocations to South Florida, leasing at Ross’s office developments remains strong due to his network of New York contacts. One Flagler has been referred to as the “hedge fund tower” within real estate circles because of its significant leasing activity from financial firms.
