Related Ross CEO and Miami Dolphins owner Stephen Ross added yet another headquarters to his growing collection within his West Palm Beach office buildings.

Courtesy of Collin Miller Photography

One Flagler at 180 Lakeview Ave.

Wells Fargo & Co. signed a 50K SF lease with Related Ross at the One Flagler office building in West Palm Beach to house a new headquarters for its wealth-management business, Wells Fargo Wealth & Investment Management, wealth chief Barry Sommers told Bloomberg.

“West Palm Beach’s strong business climate and expanding economic opportunities align well with our long‑term growth priorities—both in the region and across our organization,” a representative for Wells Fargo said in a statement shared with Bisnow. “Numerous members of WIM’s leader team will continue to be based in New York, St. Louis and Charlotte, North Carolina.”

About 100 employees will relocate to the new office, which opened its doors last year, by the end of 2026. This brings the office tower to 100% leased, a Related Ross representative confirmed to Bisnow.

The move, nearly two years in the making, is just the beginning of an expansion in the area. Sommers told Bloomberg the company plans to hire more employees, specifically looking to attract financial advisers, private bankers, and independent broker-dealers, and may rent additional space.

Wells Fargo is joining a list of tenants at One Flagler, including Vista Investments of Florida, GoldenTree Asset Management and Ocean Sound Partners. 

“Wells Fargo is making a bold move by bringing senior leadership and a major office of its wealth‑management business to One Flagler in West Palm Beach,” Related Ross Executive Vice President Jordan Rathlev said in a statement. “It’s a strong sign of long-term confidence in our city and in South Florida’s growth.”

The 25-story building has a 19K SF terrace and green space that overlooks Palm Beach Island, a Greek-style restaurant named Estiatorio Milos, retail space and offices, according to its website.

Related Cos. purchased the site in 2021 for $20M from the First Church of Christ Scientist, West Palm Beach, according to the Vizzda database, before Related Ross spun off into its own West Palm Beach-focused development company led by Ross in 2024. 

One Flagler was the first building to open under Related Ross.

Bisnow/Chloe Gallivan

The Related Ross showroom within the Shops at CityPlace in West Palm Beach illustrates the development plans for the city.

The company, which has 1M SF of office space under construction, spearheaded West Palm Beach’s development — especially after Ross pledged to spend $10B to turn the city into the “Wall Street of the South.”

But the company is looking to claim multiple titles for the region. Related Ross Vice President of Leasing Greg Kuhlman said at a Bisnow event in 2024 that the company was working to expand beyond financial service firms to technology companies and make West Palm the “next Silicon Valley.”

At another Bisnow event in December, Rathlev said the company’s next “big push” for West Palm Beach was in defense tech.

Other Related Ross developments have also attracted headquarters, like 10 and 15 CityPlace, which inked a deal with ServiceNow for 200K SF to host its regional headquarters in September.

Tech firm Visium also plans to open its headquarters at the 477 Rosemary boutique office building at Related’s CityPlace, The Real Deal reported.

A subsidiary of The Cheesecake Factory has been hit with a $2.7M lawsuit over the sudden closure of a large restaurant in the Brickworks redevelopment.

Culinary Dropout closed in the Brickworks development in West Midtown Atlanta in January, less than two years after it opened.

Asana Partners filed a lawsuit in Fulton County Superior Court on April 14 against an affiliate of Phoenix-based Fox Restaurant Concepts after it shuttered the Culinary Dropout eatery in January. The suit says Asana is owed millions in unpaid rent and build-out costs.

The lawsuit names CDO Holding Co. LLC, which is registered to Fox Restaurant Concepts, as a defendant, claiming it guaranteed the 11-year lease for nearly 12K SF at 1000 Marietta St. FRC founder Sam Fox signed the guarantee for the lease, which was filed as an exhibit in the lawsuit.

Culinary Dropout signed the lease in October 2021, opened in fall 2023 and closed Jan. 15, one of nearly a dozen restaurants to fold in West Midtown in recent months.

Asana, which is being represented by Arnall Golden Gregory attorneys Knox Withers and Kelsey O’Neill, claims FRC owes nearly $2.7M, including nearly $1.9M for unamortized tenant improvement allowances and $463K in leasing commissions. Culinary Dropout owes $50K a month for the lease, which will continue to accrue and includes escalation clauses, the lawsuit says.

“Tenant breached the lease by ceasing its business operations in the premises and by failing to pay certain monetary charges when they became due that are tenant’s obligations under the lease,” the suit says. 

FRC hadn’t filed an answer to the lawsuit as of press time, nor did it or The Cheesecake Factory return messages seeking comment. Asana Managing Partner Terry Brown declined to comment.

In addition to Culinary Dropout, Ford Fry’s Superica, Postino WineCafe, West Egg Cafe, Humble Pie and Snooze A.M. Eatery have all called it quits since the start of 2024 in what has been one of the hottest foodie destinations in Metro Atlanta. 

Expensive parking, high rents and fewer-than-expected office workers have all contributed to the struggles for eateries in the area, Bisnow previously reported.

“Rents are too high, the population is too low, and parking is tough. I think a lot of landlords are signing leases for the sake of signing leases,” Peter Kruskamp, president of retail brokerage The Shumacher Group, previously told Bisnow.

Charlotte-based Asana, in a Jan. 13 letter sent from AGG to Culinary Dropout and filed with the suit, demanded that the restaurant operator send it recent financial statements. It was unclear if FRC complied.

FRC, which also owns restaurant chains Flower Child, Zinburger and The Arrogant Butcher, should be required to pay the difference in rents if Asana leases its space to a new tenant for less than what Culinary Dropout was paying, the suit says.

FRC continues to operate a Culinary Dropout in Dunwoody.

The Cheesecake Factory purchased FRC in 2019 for more than $350M. The chain acts as Cheesecake Factory’s “incubation engine, innovating new food, dining and hospitality experiences to create fresh, exciting concepts,” the company said on its website. In 2024, FRC reported full-year sales of $6.4M per location, or around $1,100 per SF.

Alta West Partners, Glendon Capital Management and an affiliate of A2 Capital Management, have closed on the $21.4-million purchase of 3401 Del Amo in Torrance, an 83,000-square-foot flex research and development asset in the South Bay submarket of Los Angeles County. Originally purpose-built for Kubota Tractor Corporation, the property has never been publicly marketed for lease. 

A Cushman & Wakefield broker team led by Brett Racanelli, Nathan Piehl and Jeff Morgan represented the buyer as well as the seller in the all-cash trade. Cushman & Wakefield was also retained by the new owner to handle leasing efforts for the property going forward.

“This property aligns with Alta West’s investment strategy, and we were pleased to have supported them throughout a very smooth closing process,” said Racanelli. “Torrance continues to attract innovative companies in technology, aerospace, and advanced manufacturing, making this a prime location for R&D and flex users.”

BRP Companies and The Prusik Group have updated their plans for the Mall West End property after it shuts down. With the mall set to officially close at the end of January, the development team has been working with legacy tenants to ensure that the uniqueness of the West End is preserved and upheld throughout the transformation.

During construction, several long-standing mall tenants will be relocated to a temporary on-site space at 850 Oak Street.

Once complete, One West End will feature 125,000 square feet of retail, including a grocery store, fitness center, diverse dining options, and local boutiques. The residential component will feature approximately 900 mixed-income residences, a mix of studio to three-bedroom units, with affordable units available to those earning between 50% and 80% of the area median income (AMI). Additionally, the development includes student housing, a planned 150-key hotel, and 12,000 square feet of medical office space.

Phase One of the redevelopment is expected to be completed in 2028.

West Harbor Capital, a real estate investment firm focused exclusively on infill industrial properties, acquired a 33,673-square-foot industrial building located at 2551 Santa Fe Ave. in Redondo Beach. West Harbor immediately launched a repositioning plan to enhance the vacant property’s functionality and image.

“This acquisition aligns with our strategy to expand our portfolio of high-quality infill logistics assets with significant long-term value potential,” said West Harbor managing partner and co-founder Eric Ruehle. “We are focused on growing our presence in Southern California, given the sound fundamentals and basis value available in the market today.”

Marketing efforts will be led by Kidder Mathews’ Andrew Dilfer, Luke Staubitz and Harvey Beason. Located west of Interstate 405 between Los Angeles International Airport and the ports of Los Angeles and Long Beach, the property features eight dock-high and one grade-level loading positions. Its location makes it suitable for a variety of tenants.

Marathon Asset Management’s commercial real estate platform has originated a $120-million construction loan for 125 Perry St., a high-end residential development in Manhattan’s West Village. A Marathon’ team led by managing director Joseph Griffin, closely worked with sponsor Alf Naman Development and its preferred equity partner, Ascendant Capital Partners, to structure and originate the construction loan.

“We are proud to play a role in the revitalization of 125 Perry St. and will continue to provide lending solutions across asset classes and geographies through a combination of proprietary network relationships, deep property-level experience, and differentiated market intelligence,” said Griffin.

The development involves the adaptive reuse and conversion of a historic, four-story, 1930s vintage parking garage into a seven-unit ultra-luxury condominium. Contracts have already been signed for nearly 60% of the units. Completion of the project is expected for 2026.

Rendering courtesy of Sciame Construction.

West Shore, with the help of Newmark, refinanced nine Class A, Garden-style multifamily properties across the Sunbelt. Three properties were in South Carolina, two in Florida, and one each in Georgia, Tennessee, Kentucky and Texas. The portfolio includes 2,806 units and was arranged by Newmark’s Purvesh Gosalia on behalf of West Shore.

The financing will retire existing bridge debt and return capital to equity partners. Citigroup, utilizing a Single Asset, Single Borrower loan structure, was the lender.

West Shore owns and operates a portfolio of 15,200 units at 48 multifamily properties across seven states, with a total market value of more than $3.5 billion, which identifies contrarian markets and sub-markets. The group also says it identifies areas with a specific growing confluence of “Gen X” and “Millennials.”

Mesa West Capital has provided a joint venture of AEW Capital Management, Thrive Senior Living and Pike Construction with a $57-million loan to refinance Thrive at Montvale, a 203-unit senior housing community in Montvale, NJ. The five-year, floating-rate loan is secured by the 11.5-acre community built in 2022 by Atlanta-based Thrive and New Jersey-based Pike.  

“The senior living industry is at the beginning of a massive demand tailwind, driven in part by the aging population, which is expected to accelerate through the second half of this decade,” said Mesa West VP Brian Hahn, who led the origination team including managing director Matt Snyder and analyst Boyd Howard.  “In Bergen County, occupancy is trending above pre-pandemic levels and with no upcoming deliveries in the market, vacancy should continue to tighten.”

Located at 110 Summit Ave., the 214,000-square-foot Thrive at Montvale includes 88 independent living, 83 assisted living and 32 memory care units.

The City of Atlanta and a team of developers are ready to move forward with the redevelopment of Mall West End. The 12-acre site will be redeveloped into a mixed-use project led by BRP Companies and The Prusik Group. The acquisition is the first step in the $450 million redevelopment of the property into a mixed-income, mixed-use affordable housing development.

Funding includes a $5 million acquisition loan from Atlanta Urban Development, $5 million from Atlanta Beltline, Inc., and $19 million in acquisition financing provided by Merchants Capital.

Construction on the Mall West End redevelopment is expected to begin in 2025, with phase one completion slated for 2026.

The current plan includes:

125,000 square feet of retail, including a grocery store, fitness center, food & beverage, and local boutiques. 900 mixed-income rental units, with 70% workforce housing, 20% affordable at 50% AMI, and 10% at 80% AMI. A minimum of 10,000 square feet of affordable commercial space is allocated for qualified small, local businesses. Student-targeted housing. A planned 150-key hotel. A planned 12,000 square feet of medical office space.

Law firm Raymond James has completed the relocation of a majority of its Chicago-based associates to its new West Loop office.

The 58,196-square-foot lease spans nearly two floors at 120 South Riverside Plaza and accommodates financial advisors and associates. In August 2023, Ivanhoé Cambridge, alongside Hines, announced that Raymond James had signed the lease for the expansive space that combines multiple teams previously located at 550 W. Washington Blvd. and 222 S. Riverside Plaza.

“Chicago, with its rich historical legacy and strategic positioning, serves as a critical hub within the financial industry. With the opening of this multidisciplinary office, we wholeheartedly reaffirm our dedication to expanding our footprint in both Chicago and across the Midwest,” said Chris Fils, Chicagoland complex manager for Raymond James & Associates.

The recently renovated office includes a media room, a client conferencing center with white glove concierge service, and a dozen associate meeting spaces with video conferencing technology and state-of-the-art features.