Billionaire Steve Ross’ real estate holdings in downtown West Palm Beach led South Florida’s office leasing market in 2025. His properties at 10 CityPlace and 15 CityPlace were involved in three of the ten largest office lease agreements across Miami-Dade, Broward, and Palm Beach counties this year.
Ross, who stepped back from New York-based Related Companies last year, has focused on developing his Related Ross firm in West Palm Beach. The company now manages about a dozen office buildings in the area, including existing, under-construction, and planned projects.
Despite a slowdown in new firms relocating to South Florida after the pandemic-era boom, Ross stood out as the only landlord to secure a major lease with a company new to the region. ServiceNow, a Fortune 500 technology firm specializing in cloud computing and automation solutions for businesses, pre-leased 211,900 square feet at the under-construction 10 CityPlace. Led by Bill McDermott and based in Santa Clara, California, ServiceNow will also establish an innovation hub at its new location to support tech startups.
The agreement includes commitments for roughly $17 million in grants: $13 million from the Florida Department of Economic Opportunity, $2 million from the state of Florida, and $2 million from the city. Some of these grants are contingent on ServiceNow creating 856 jobs within six years; if fewer than 400 employees are hired, some funds may be reclaimed.
Related Ross is currently building both the 23-story, 470,000-square-foot 10 CityPlace and the 26-story, 490,000-square-foot 15 CityPlace as part of the larger CityPlace mixed-use development. Construction is expected to finish by 2027 with ServiceNow’s opening planned for 2028.
Other notable leases this year included City National Bank of Florida consolidating its headquarters at Coral Gables’ 2701 South Le Jeune Road. Owned by Amancio Ortega’s Pontegadea investment firm since its completion in 2008, this building previously served as Bacardi USA’s headquarters. The move will bring together staff from multiple locations as part of plans to grow headcount by about twenty percent over eighteen months.
Cleveland Clinic also pre-leased space at one of Ross’ developments—129,700 square feet at 15 CityPlace—to expand healthcare services such as chemotherapy and outpatient surgery. The hospital system plans further expansion with a new inpatient facility whose location has not yet been disclosed.
In Boca Raton’s Innovation Campus (BRiC), Modernizing Medicine renewed its lease for nearly 128,000 square feet. BRiC is owned by CP Group and DRA Advisors; DRA acquired a stake for $320 million in 2021.
Miami law firm Stearns Weaver Miller renewed its lease for almost 97,000 square feet at Museum Tower on West Flagler Street. Owner Moishe Mana is redeveloping much of downtown Miami into mixed-use spaces targeting international tech companies and legal professionals.
ADP leased more than 78,000 square feet at Waterford Business District near Miami International Airport—a campus managed by Nuveen Real Estate and Pimco Prime Real Estate—and will relocate from its current Miami office.
Kanner & Pintaluga will move its headquarters within Boca Raton to occupy over 77,000 square feet at BH Group and Pebb Enterprises’ Eclipse project on North Military Trail. ODP Corporation sold this site but remains headquartered there after consolidating into over 214,000 square feet.
Amazon signed a lease for more than 75,000 square feet at Wynwood Plaza’s newly built office tower—the e-commerce giant’s first dedicated Miami-Dade County office after previously using co-working space elsewhere.
Nicklaus Children’s Hospital secured just over 62,000 square feet for corporate offices at Columbus Center in Coral Gables following Tourmaline Capital Partners’ purchase of the property out of foreclosure earlier this year.
Finally, Related Ross itself expanded within West Palm Beach by leasing an additional office space—53,400 square feet—at the under-construction 15 CityPlace building where it already maintains its main headquarters at nearby Rosemary Square.
According to TRD analysis based on data reported by TRD itself along with Colliers, Cushman & Wakefield and Commercial Observer through Q3 of this year: “Of this year’s ten biggest office leases in South Florida,” Related Ross was “the only landlord to sign a new-to-market firm: tech company ServiceNow took space at one of Ross’ office buildings.”
“ServiceNow’s office will include an innovation hub to nurture tech startups. The firm has commitments for about $17 million in grants including $13 million from Florida Department of Economic Opportunity; $2 million from the state; and $2 million from the city.”
Some grants “are contingent on creation of eight hundred fifty-six jobs in six years” with clauses allowing funds retrieval if hiring goals are not met.
Construction completion is expected in two years; ServiceNow aims to open its doors by early-2028.
Sources: TRD analysis (TRD), Colliers (Colliers), Cushman & Wakefield (Cushman & Wakefield), Commercial Observer (Commercial Observer).
