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.

 

Related Articles

arrow_forward_ios
Stephen Ross (Getty) with Esperanté Corporate Center at 222 Lakeview Avenue in West Palm Beach
Related Companies buys half ownership interest in West Palm office tower
Related Companies buys half ownership interest in West Palm office tower
Nicholas and Caroline Rafferty and 6709 South Flagler Drive, West Palm Beach (Getty/Patrick McMullan, Google Maps)
Financial adviser and interior designer buy waterfront West Palm Beach house for $7M
Financial adviser and interior designer buy waterfront West Palm Beach house for $7M
CityPlace Tower and Related Companies founder Stephen Ross (Related, Getty)
Related Companies buys West Palm Beach office tower for $175M
Related Companies buys West Palm Beach office tower for $175M
Joseph J. Plumeri and 1100 South Flagler Drive (Getty, The Bristol)
Former First Data honcho spends $17M for condo at The Bristol in West Palm
Former First Data honcho spends $17M for condo at The Bristol in West Palm
Raanan Katz of RK Centers and Best Buy at 1880 Palm Beach Lakes Boulevard in West Palm Beach (RK Centers and Orion Miami)
Raanan Katz’s RK Centers buys West Palm Best Buy for $12M
Raanan Katz’s RK Centers buys West Palm Best Buy for $12M
UOVO Founder Steven Guttman (UOVO)
UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
Domenic Gatto and Banyan Cay Resort and Club (Linkedin, iStock, Banyan Cay)
Developer of Banyan Cay Resort in West Palm faces charge tied to $65M healthcare fraud
Developer of Banyan Cay Resort in West Palm faces charge tied to $65M healthcare fraud
Renderings of Joseph’s Classic Market building, Workspaces at the Press and Shops at the Press. Tricera executives Scott Sherman (left) and Ben Mandell (Storyn, Tricera)
Tricera Capital scores $51M for Palm Beach Post office-retail redevelopment
Tricera Capital scores $51M for Palm Beach Post office-retail redevelopment
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...