Related nabs $140M loan for 360 Rosemary in West Palm

20-story tower will have 300K sf of office space

Miami /
Mar.March 02, 2020 05:00 PM
Related Companies Stephen Ross and 360 Rosemary (Credit: Elkus Manfredi Architects/ Related)

Related Companies Stephen Ross and 360 Rosemary (Credit: Elkus Manfredi Architects/ Related)

UPDATED, March 2, 8:27 p.m.: Related Companies scored a $140 million loan to finish building its 20-story office tower in West Palm Beach’s Rosemary Square.

Related Companies, led by Stephen Ross, closed on the loan from New York-based MSD Capital to build the 300,000-square-foot 360 Rosemary project in downtown West Palm Beach. The project, at 360 Rosemary Avenue, broke ground in May, and Related has already announced that some tenants have signed leases.

Comvest Partners, an investment firm with $3.2 billion of assets under management, signed the first lease for 26,000 square feet in June.

The Class-A office building is designed by Elkus Manfredi Architects and Leo A. Daly. It will offer loft-style office space with floor-to-ceiling windows and 10,000 square feet of outdoor amenity space, including two terraces. The project is projected to be completed in 2021.

The development is next to Virgin Trains USA, a high-speed rail station with stops in Miami, Fort Lauderdale and West Palm Beach, and planned stops in Orlando.

Related Companies officially changed the name of CityPlace to Rosemary Square in April. The mixed-use property is currently undergoing a $550 million redevelopment. Related Companies is planning to redesign the plaza, public spaces and green areas and add outdoor dining venues, new stores and interactive art.

 

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