Billionaire Steve Ross’ firm, Related Ross, led the South Florida office leasing market in 2025 with several major deals in downtown West Palm Beach. The company’s properties at 10 CityPlace and 15 CityPlace accounted for three of the top ten largest office leases across the tri-county region.
Ross, who previously stepped back from New York-based Related Companies, has focused on expanding his presence in West Palm Beach through Related Ross. The firm now owns or is developing about a dozen office buildings in the area. Despite a slowdown in new out-of-state tenants following the pandemic-era influx to South Florida, Ross was notable for attracting new firms such as tech company ServiceNow.
Of this year’s ten largest office leases, only Related Ross signed a deal with a new-to-market tenant. ServiceNow, a Fortune 500 technology firm led by Bill McDermott and based in Santa Clara, California, pre-leased 211,900 square feet at the under-construction 10 CityPlace building. “ServiceNow’s office will include an innovation hub to nurture tech startups,” according to information provided. The company secured approximately $17 million in grants from state and local sources to support its expansion into West Palm Beach. Some of these grants are contingent upon creating 856 jobs over six years; if fewer than 400 employees are hired, funds may be recouped.
Ross’ strategy has fostered a concentration of financial services and technology companies downtown, aligning with efforts to brand Palm Beach County as “Wall Street South.” The ecosystem created by Ross appears insulated from broader regional challenges facing commercial landlords.
Related Ross is developing both the 23-story, 470,000-square-foot 10 CityPlace and the adjacent 26-story, 490,000-square-foot 15 CityPlace on part of the CityPlace mixed-use complex. Construction is expected to finish by 2027; ServiceNow plans to open its office there in 2028.
Other major leases reported this year include:
– City National Bank of Florida will move its headquarters to Coral Gables after signing a lease for 145,000 square feet at a building owned by Amancio Ortega’s Pontegadea investment firm.
– Cleveland Clinic pre-leased nearly 130,000 square feet at Related Ross’ forthcoming 15 CityPlace property for outpatient medical services.
– Modernizing Medicine renewed its lease for over 127,000 square feet at Boca Raton Innovation Campus.
– Law firms Stearns Weaver Miller and Kanner & Pintaluga signed significant renewals or relocations within Miami-Dade and Boca Raton.
– Amazon expanded its presence with more than 75,000 square feet leased at Wynwood Plaza in Miami.
– ADP will relocate within Miami-Dade County after leasing over 78,000 square feet at Waterford Business District.
– Nicklaus Children’s Hospital leased space for new corporate offices in Coral Gables.
– ODP Corporation consolidated its headquarters space at The Eclipse campus following redevelopment efforts.
Related Ross itself is expanding locally with an additional lease of more than 53,000 square feet at the under-construction building at 15 CityPlace.
These transactions were compiled from reports by TRD and real estate firms Colliers and Cushman & Wakefield as well as Commercial Observer through Q3 of this year.
