Billionaire Steve Ross has secured a $340 million refinancing package for the One Flagler office tower in downtown West Palm Beach. The loan was provided by BDT & MSD Partners, according to public records. This new financing replaces a $242.5 million construction loan from MSD Partners in 2022 and increases the total debt by $97.5 million.
The 25-story tower, located at 180 Lakeview Avenue, was completed earlier this year and marks the first project finished by Related Ross, the real estate firm Ross formed last year. The building was designed by Skidmore, Owings & Merrill and is positioned near the Royal Park Bridge overlooking Lake Worth Lagoon.
According to mortgage records, the refinancing comes with a floating interest rate.
When One Flagler opened in February, it was approximately 95 percent leased. Tenants include GoldenTree Asset Management, Ocean Sound Partners, and Vista Investments of Florida. The ground level and second floor feature a Greek restaurant, Estiatorio Milos, operated by Costas Spiliadis.
BDT & MSD Partners came into existence in 2023 after merchant bank BDT & Company merged with MSD Partners.
Ross began investing in downtown West Palm Beach five years ago by acquiring and developing office properties before moving into residential projects. Last year he left his operational role at New York-based Related Companies—where he remains nonexecutive chairman and single largest shareholder—to establish Related Ross in West Palm Beach with a focus on South Florida development.
Related Ross now holds about eight office buildings at various stages—purchased, completed, under construction or planned—in downtown West Palm Beach. The company also completed the Laurel apartment tower with 322 units nearby and is working on South Flagler House condominium project featuring two towers and 108 units; two more condo projects are planned.
Ross has also contributed to several causes in South Florida and has highlighted the need for increased affordable housing options in Palm Beach County.
Despite a slowdown in new business arrivals from out of state, leasing activity at Ross’s West Palm office developments has stayed strong due to his network of New York connections.
One Flagler earned the nickname “hedge fund tower” among real estate professionals because of its significant number of leases signed by financial firms.
