Bradford Allen Sells West Palm’s One Clearlake to Steve Ross

Steve Ross bought the One Clearlake office tower for $55.4 million, expanding his empire in downtown West Palm Beach, where he is the dominant developer and investor.  

Ross’ West Palm-based Related Ross bought the 18-story building at 250 South Australian Avenue from Chicago-based Bradford Allen Investment Advisors, according to records. The buyer secured a $40 million loan from City National Bank of Florida. 

Completed in 1987 on a 2.9-acre lot, One Clearlake spans about 221,700 square feet and  includes an attached four-story, 669-space garage, according to records. Roughly 20 percent of the office space is available for lease, according to a Related Ross spokesperson. 

Tenants include Northwestern Mutual, Ideal Nutrition, RM Anderson Co., SouthState Loan Office and Rubenstein Law. 

The purchase marks at least Related Ross’ 11th office property in downtown West Palm, including those purchased, developed, under construction and planned. 

The tower is adjacent to the two-story, 70,100-square-foot WPTV studio and office building at 1100 Banyan Boulevard, which Related Ross bought for $40 million in May. 

The One Clearlake and WPTV sites now give Related Ross a combined 7.6 contiguous acres facing Clear Lake. 

Any potential redevelopment would have to wait because The E.W. Scripps Company, WPTV’s parent company, leased back its building for a term of at least two and a half years. 

This is the second time One Clearlake traded this year. In May, Bradford Allen bought it for $45 million, marking a nearly 26 percent discount from its sale price four years ago. The sellers – Rockpoint and New England Development, both based in Boston, Miami-based Tricera, and Palm Beach-based NDT Development –– had paid $60.7 million for One Clearlake in 2021. 

Ross, 85, founded New York-based Related Companies over 50 years ago. After leading the firm that helped shape New York’s skyline, he stepped back last year, carved out Related’s Southeast division and put it under his newly founded Related Ross. Related Ross primarily focuses on downtown West Palm and also on other South Florida areas. 

This year, Related Ross completed the 25-story One Flagler at the foot of the Royal Palm Bridge. It’s also developing the 10 CityPlace and 15 CityPlace office towers on the site of AMC West Palm Beach 12 at 545 Hibiscus Street, and at the closed Brio Italian Grille at 550 South Rosemary Avenue. 

Aside from offices, Related Ross also has built apartments and is developing condos in downtown West Palm. The firm’s portfolio includes the CityPlace mixed-use complex that Related Companies completed in 2000. 

Ross, a major benefactor in Palm Beach County, has played a role in the county’s reinvention. The billionaire has tapped his New York network to lease up his West Palm offices with financial firms, aligning with county boosters’ yearslong push to turn the county into “Wall Street South.” More recently, he has talked about attracting tech firms, in a bid to create “Silicon Valley South” in Palm Beach County. He also supported Vanderbilt University’s plan to open a campus in West Palm. 

Ross remains nonexecutive chairman and the biggest single shareholder at Related Companies.