Related Ross has secured a $772 million construction financing package for two new office towers at CityPlace in downtown West Palm Beach, marking both the largest financing transaction in the firm’s history and the largest construction loan ever recorded in Florida. The financing was led by Ares Real Estate funds, with Monarch Alternative Capital and HPS Investment Partners also participating. Eastdil Secured, LLC served as the exclusive financial advisor. Proceeds will fund development of 10 CityPlace and 15 CityPlace, two office towers planned at the center of the CityPlace district.
The financing follows the announcement that approximately 500,000 square feet of commercial office leases were signed in 2025 across the Related Ross Office Collection. The transaction supports the continued buildout of CityPlace as a mixed use district integrating office, retail, and public space within Downtown West Palm Beach.
“These two towers define the next chapter of CityPlace, expanding a vibrant, walkable mixed- use district that is shaping the future of downtown West Palm Beach,” said Jordan Rathlev, Executive Vice President, Related Ross.
“This record-setting financing underscores the conviction our partners, Ares, Monarch Alternative Capital, and HPS Investment Partners, have in the strength of 10 CityPlace and 15 CityPlace and in the city’s momentum as a leading business hub.”
“We are proud to build on our longstanding relationship with Related Ross and tap into the scale of Ares’ real estate lending platform to support West Palm Beach’s growing prominence as a premier office hub,” said David Proctor, Managing Director in Ares Real Estate.
“CityPlace is attracting robust investment from top-tier companies, and we are confident that 10 and 15 CityPlace are well positioned to capture this demand and advance Related Ross’s strong track record in the South Florida market.”
10 CityPlace is planned as a 470,000 square foot office tower with architecture and interiors designed by Kohn Pedersen Fox. The building is expected to be completed in 2027 and is positioned as a central office component within the CityPlace district. Plans include a second-level amenity floor with both indoor and outdoor spaces intended to support tenant collaboration and daily use. ServiceNow is listed as the anchor tenant and plans to establish a West Palm Beach innovation hub and AI Institute within the building. According to the announcement, the company’s presence is projected to generate an estimated $1.8 billion in economic impact and more than 850 jobs over five years.
15 CityPlace is planned as a 490,000 square foot, 25-story office tower designed by Arquitectonica, with interior design by Fogerty Finger. The building is also expected to be completed in 2027. Plans call for nearly 20,000 square feet of ground-floor retail and restaurant space, along with a rooftop amenity level. The top five floors will include private terraces and views toward the Intracoastal Waterway and Palm Beach Island.
Cleveland Clinic will anchor 15 CityPlace with an outpatient medical facility that will include chemotherapy, imaging, outpatient surgery, and concierge medicine services. The facility will be connected to Cleveland Clinic’s nearby 150-bed hospital campus. Related Ross will also expand its corporate headquarters within the tower. Additional tenants announced for 15 CityPlace include BDO, Shutts & Bowen, Inclenberg Investments, and a financial services firm.
Together, 10 CityPlace and 15 CityPlace will introduce nearly one million square feet of new office space to Downtown West Palm Beach. The development plans include landscaping, public spaces, and street-level uses intended to integrate the towers into the surrounding CityPlace neighborhood.
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