Billionaire developer Steve Ross has secured a $340 million refinancing package for the One Flagler office tower in downtown West Palm Beach. The financing was provided by BDT & MSD Partners, according to public records.
The new loan refinances a previous $242.5 million construction loan from MSD Partners issued in 2022, and increases the debt on the property by nearly $98 million. The mortgage carries a floating interest rate.
Ross’ firm, Related Ross, completed the 25-story, 285,000-square-foot tower this year at 180 Lakeview Avenue. This marks the first project finished by Related Ross since its formation last year. The building was designed by Skidmore, Owings & Merrill and is located at the base of the Royal Park Bridge with views over Lake Worth Lagoon.
When One Flagler opened in February, it was about 95 percent leased. Tenants include GoldenTree Asset Management, Ocean Sound Partners and Vista Investments of Florida. The Greek restaurant Estiatorio Milos, led by Costas Spiliadis, occupies about 10,000 square feet across two floors.
BDT & MSD Partners formed in 2023 through a merger between BDT & Company and MSD Partners.
Ross began investing heavily in downtown West Palm Beach five years ago after decades leading New York-based Related Companies. Last year he shifted his focus to South Florida by launching Related Ross while remaining nonexecutive chairman and largest shareholder of Related Companies.
Related Ross now controls or is developing about eight office buildings in downtown West Palm Beach. Other local projects include the recently completed Laurel apartment tower with 322 units and South Flagler House condominium development with two towers and 108 units; additional condo projects are also planned.
Ross has become known as a supporter of various causes in South Florida and has spoken about the need for more affordable housing in Palm Beach County.
Despite a broader slowdown in out-of-state business relocations to South Florida, leasing at Ross’ office developments has remained strong—helped by his network of New York contacts. One Flagler earned the nickname “hedge fund tower” among real estate professionals due to significant leasing activity from financial firms.
