Steve Ross bought the One Clear Lake office tower for $55.4 million, expanding his empire in downtown West Palm Beach, where he is the dominant developer and investor.
Ross’s West Palm-based affiliate Ross bought the 18-story building at 250 South Australian Ave. from Chicago-based Bradford Allen Investment Advisors, according to records. The buyer secured a $40 million loan from City National Bank of Florida.
Completed in 1987 on a 2.9-acre lot, One Clear Lake spans 221,700 square feet and includes an attached four-story, 669-space garage, according to records. About 20 percent of the office space is available for lease, according to a Ross Related spokesperson.
Tenants include Northwestern Mutual, Ideal Nutrition, RM Anderson Company, South State Loan Office and Rubinstein Law.
The purchase includes at least Ross’ 11th office property in downtown West Palm, including purchased, developed, under construction and planned.
The tower is adjacent to the two-story, 70,100-square-foot WPTV studio and office building at 1100 Bunyan Boulevard, which it purchased from Ross in May for $40 million.
A Clear Lake and WPTV sites now belong to the respective Rosses on a combined 7.6 acres facing Clear Lake.
Any possible restoration will have to wait because EW Scripps Co., WPTV’s parent company, has relinquished its building for a period of at least two and a half years.
It’s the second time a Clearlake trade has taken place this year. In May, Bradford Allen bought it for $45 million, marking a nearly 26 percent discount from its sale price four years ago. The sellers–Rock Point and New England Development, both based in Boston, Miami-based Troya, and Palm Beach-based NDT Development––both paid $60.7 million for a Clear Lake in 2021.
Ross, 85, founded the New York-based companies 50 years ago. After leading the firm that helped shape New York’s skyline, he stepped back last year, spinning off its Southeast division and placing it under his newly established affiliate Ross. Related Ross focuses primarily on the city of West Palm and other areas of South Florida as well.
This year, Related Ross completed the 25-story One Flagler at the foot of the Royal Palm Bridge. It is also developing 10 townhouses and 15 downtown office towers at the site of AMC West Palm Beach 12 at 545 Hibiscus Street, and the shuttered Buri Italian Grill at 550 South Rosario Ave.
In addition to offices, Related Ross has also built apartments and is developing condos in the city’s West Palm. The firm’s portfolio includes the City Place mixed-use complex completed by Related Companies in 2000.
A major supporter of Palm Beach County, Ross has played a role in the county’s recovery. The billionaire has tapped his New York network to lease his West Palms offices with financial companies, matching years of county boosters’ efforts to turn the county into “Wall Street South.” More recently, he has talked about attracting tech firms to Palm Beach County in an effort to create a “Silicon Valley South.” He also supported Vanderbilt University’s plan to open a campus in West Palm.
Ross is the extraordinary chairman and largest single shareholder in the respective companies.
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Steve Ross trades New York state of mind for West Palm Beach
