Billionaire developer Steve Ross has secured a $340 million refinancing package for the One Flagler office tower in downtown West Palm Beach. The financing, provided by BDT & MSD Partners, replaces a previous $242.5 million construction loan from MSD Partners and increases the total debt on the property by $97.5 million.
The 25-story building at 180 Lakeview Avenue was completed this year and marks the first finished project by Related Ross, Ross’ new real estate firm established last year. The building was designed by Skidmore, Owings & Merrill and is located near the Royal Park Bridge with views of Lake Worth Lagoon.
One Flagler opened in February with about 95 percent of its 285,000 square feet leased to tenants such as GoldenTree Asset Management, Ocean Sound Partners, and Vista Investments of Florida. The ground floor and second level house Estiatorio Milos, a Greek restaurant led by Costas Spiliadis.
BDT & MSD Partners was formed in 2023 following the merger of merchant bank BDT & Company with MSD Partners.
Ross began focusing on downtown West Palm Beach five years ago after decades leading New York-based Related Companies. He now heads Related Ross out of West Palm Beach while remaining nonexecutive chairman and largest shareholder at Related Companies.
Related Ross currently has around eight office buildings in various stages—purchased, completed, under construction or planned—in downtown West Palm Beach. In addition to One Flagler, the firm recently completed the Laurel apartment tower with 322 units and is developing South Flagler House condominium towers totaling 108 units. Two more condo projects are also planned for the area.
Ross has been active in local philanthropy and has spoken publicly about the need for more affordable housing in Palm Beach County.
Despite a recent slowdown in companies relocating from out-of-state to South Florida, leasing activity at Ross’ properties remains strong due to his longstanding connections with New York firms. One Flagler earned a reputation as “hedge fund tower” among industry professionals because of significant leasing activity from financial firms.
