Steve Ross has acquired the One Clearlake office tower in downtown West Palm Beach for $55.4 million, according to property records. The purchase was made through his West Palm-based firm, Related Ross, which bought the 18-story building at 250 South Australian Avenue from Bradford Allen Investment Advisors of Chicago. To finance the deal, Related Ross secured a $40 million loan from City National Bank of Florida.
The One Clearlake building, completed in 1987 on a 2.9-acre lot, covers approximately 221,700 square feet and includes an attached four-story parking garage with 669 spaces. A spokesperson for Related Ross stated that about 20 percent of the office space is currently available for lease. Current tenants include Northwestern Mutual, Ideal Nutrition, RM Anderson Co., SouthState Loan Office, and Rubenstein Law.
This acquisition marks at least the eleventh office property that Related Ross has either purchased or developed in downtown West Palm Beach. The company’s portfolio now includes sites under construction and planned projects as well.
One Clearlake is located next to the WPTV studio and office building at 1100 Banyan Boulevard, which Related Ross acquired for $40 million earlier this year. Together, these properties give Related Ross control over a combined 7.6 contiguous acres facing Clear Lake. However, any redevelopment plans will be delayed since The E.W. Scripps Company has leased back its WPTV building for at least two and a half years.
The One Clearlake tower changed hands twice this year; Bradford Allen had purchased it in May for $45 million—a nearly 26 percent discount compared to its sale price four years ago when Rockpoint, New England Development, Tricera, and NDT Development paid $60.7 million in 2021.
Ross founded New York-based Related Companies more than five decades ago and stepped back from day-to-day operations last year after helping shape New York’s skyline. He then established Related Ross as a separate Southeast division focusing on downtown West Palm Beach and other areas in South Florida.
In addition to offices like One Flagler—completed this year—Related Ross is developing new towers at CityPlace sites on Hibiscus Street and Rosemary Avenue. The company’s holdings also include apartments and ongoing condo developments in downtown West Palm Beach.
Ross has been influential in efforts to attract financial firms to the area as part of an initiative known as “Wall Street South.” He has recently expressed interest in bringing technology companies to create what he calls “Silicon Valley South” in Palm Beach County and supported Vanderbilt University’s plan for a campus in West Palm Beach.
He remains nonexecutive chairman and largest shareholder of Related Companies.
