Billionaire Steve Ross has secured a $340 million refinancing package for the One Flagler office tower in downtown West Palm Beach. The 25-story building, located at 180 Lakeview Avenue, was completed earlier this year and is the first project finished by Related Ross, the real estate firm Ross established last year.
The new loan comes from BDT & MSD Partners and replaces a previous $242.5 million construction loan provided by MSD Partners in 2022. The refinancing increases the total debt on the property by $97.5 million and carries a floating interest rate, according to mortgage records.
Designed by Skidmore, Owings & Merrill, One Flagler offers 285,000 square feet of office space at the base of the Royal Park Bridge overlooking Lake Worth Lagoon. When it opened in February, about 95 percent of its space was leased to tenants such as GoldenTree Asset Management, Ocean Sound Partners, and Vista Investments of Florida. Estiatorio Milos, a Greek restaurant led by Costas Spiliadis, occupies approximately 10,000 square feet across two floors.
BDT & MSD Partners was created in 2023 through the merger of merchant bank BDT & Company with MSD Partners.
Ross began investing in downtown West Palm Beach five years ago with acquisitions and development of office towers before moving into residential projects. He stepped back from his role at New York-based Related Companies last year—where he remains nonexecutive chairman and largest shareholder—to focus on South Florida through Related Ross.
Currently, Related Ross holds about eight office buildings—spanning purchased properties as well as those completed or under development—in downtown West Palm Beach. The company also recently finished the Laurel apartment tower with 322 units and is working on South Flagler House condominiums with two towers totaling 108 units; two more condo projects are planned for the area.
Ross has supported various causes in South Florida and has highlighted affordable housing needs in Palm Beach County.
Despite a slowdown in new business arrivals from out-of-state firms to South Florida, leasing activity at Ross’ West Palm developments has remained strong due to his connections with New York businesses. Within real estate circles, One Flagler earned the nickname “hedge fund tower” because of significant leasing by financial firms.
