Steve Ross has expanded his presence in downtown West Palm Beach with the purchase of the One Clearlake office tower for $55.4 million. The acquisition was made through Related Ross, Ross’ West Palm-based firm, from Chicago’s Bradford Allen Investment Advisors. The deal included a $40 million loan from City National Bank of Florida.
The 18-story building at 250 South Australian Avenue was completed in 1987 and covers about 221,700 square feet on a 2.9-acre lot. It features an attached four-story garage with 669 spaces. According to a spokesperson for Related Ross, around 20 percent of the office space is currently available for lease.
Current tenants at One Clearlake include Northwestern Mutual, Ideal Nutrition, RM Anderson Co., SouthState Loan Office, and Rubenstein Law.
This purchase marks at least the eleventh office property that Related Ross owns or is developing in downtown West Palm Beach. The tower sits next to the WPTV studio and office building at 1100 Banyan Boulevard, which Related Ross acquired for $40 million earlier this year. Together, these sites give Related Ross control over approximately 7.6 contiguous acres facing Clear Lake.
Any redevelopment plans will be delayed because The E.W. Scripps Company has leased back its WPTV building for at least two and a half years.
One Clearlake changed hands twice this year; Bradford Allen bought it in May for $45 million after it had previously sold for $60.7 million in 2021—a significant decrease from its prior value.
Ross founded New York-based Related Companies more than five decades ago and led major developments before stepping back last year to establish Related Ross as a separate Southeast division focused on downtown West Palm Beach and other parts of South Florida.
Recently completed projects by Related Ross include the One Flagler tower near Royal Palm Bridge. The company is also working on new developments such as the 10 CityPlace and 15 CityPlace towers at Hibiscus Street and South Rosemary Avenue locations formerly occupied by AMC West Palm Beach 12 theater and Brio Italian Grille restaurant.
In addition to offices, Related Ross has developed apartments and is working on condominium projects in downtown West Palm Beach. Its holdings also include CityPlace, a mixed-use complex finished by Related Companies in 2000.
Ross has played an important role in transforming Palm Beach County’s business landscape by attracting financial firms—supporting efforts to brand the area as “Wall Street South”—and more recently seeking to draw technology companies with hopes of creating “Silicon Valley South.” He also backed Vanderbilt University’s proposal to open a campus in West Palm Beach.
Ross remains nonexecutive chairman and largest shareholder of Related Companies.
