Billionaire developer Steve Ross has secured a $340 million refinancing for the One Flagler office tower, located at 180 Lakeview Avenue in downtown West Palm Beach. The loan was provided by BDT & MSD Partners and replaces a previous $242.5 million construction loan that MSD Partners issued in 2022, increasing the debt on the property by $97.5 million.
According to mortgage records, the new financing comes with a floating interest rate. One Flagler, designed by Skidmore, Owings & Merrill and completed this year, is a 25-story building overlooking Lake Worth Lagoon near the Royal Park Bridge. It marks the first project finished by Related Ross, Ross’ real estate firm formed last year.
When it opened in February, One Flagler was approximately 95 percent leased. Tenants include GoldenTree Asset Management, Ocean Sound Partners and Vista Investments of Florida. Estiatorio Milos, a Greek restaurant led by Costas Spiliadis, occupies about 10,000 square feet across the ground level and second floor.
BDT & MSD Partners itself was created in 2023 following a merger between merchant bank BDT & Company and MSD Partners.
Ross began investing heavily in downtown West Palm Beach five years ago. He shifted focus from New York-based Related Companies—which he founded over five decades ago—to start Related Ross in West Palm Beach last year. Although he remains nonexecutive chairman and largest shareholder of Related Companies, his new venture targets South Florida development with an emphasis on downtown West Palm.
Currently, Related Ross owns or is developing about eight office buildings in downtown West Palm Beach. The firm also recently completed the Laurel apartment tower with 322 units and is working on South Flagler House condominium—a two-tower project featuring 108 units—alongside other planned condo developments.
Ross has also supported several causes throughout South Florida and highlighted the importance of affordable housing in Palm Beach County.
Despite broader economic headwinds affecting migration of out-of-state businesses to South Florida, leasing activity at Ross’ office developments has remained strong—thanks largely to his connections with New York firms seeking space locally. Within real estate circles, One Flagler had earned the nickname “hedge fund tower” due to significant leasing activity from financial companies.
