- Bessemer Trust, a 117-year-old investment management firm with $200 billion in assets under supervision, which is slated to relocate from the office building it owns at 222 Royal Palm Way in Palm Beach by 2025.
- Baron Funds, a New York asset management firm with $43 billion in assets under management. One Flagler will be Baron's first South Florida office.
- Paulson Capital, a financial services holding company founded by billionaire hedge fund manager John Paulson, which will also open its first South Florida office in One Flagler.
- Lancer Capital LLC, the financial investment office for the Glazer family, owners of the Tampa Bay Buccaneers.
- Highpost Capital, a private equity investment firm headquartered in West Palm Beach, which will relocate from the Related Cos.' Esperanté Corporate Center.
- The Johnson Family Foundation LLC, a non-profit that will share space with for-profit company 108 Management Inc. and another non-profit, the Betty Wold Johnson Foundation.
Five financial firms with billions in assets were among the latest tenants who signed up for office space in a 25-story tower that's still under construction in downtown West Palm Beach.
One Flagler at 154 Lakeview Ave. is slated to be completed later this year, a spokeswoman for the project's developer, The Related Cos. said.
Although still under construction, 75% of One Flagler's 270,000 square feet of office space is pre-leased, the spokeswoman said. Previously announced tenants include Chicago private equity firm GTCR, which will occupy about 26,000 square feet of office, as well as Diameter Capital Partners, Siris Capital, and First Republic Bank. Greek restaurant Estiatorio Milos by Costas Spiliadis will occupy 10,000 square feet on the ground floor.
One Flagler's newly announced tenants include:
Jon Blunk, president and founder of TCRE, represented Related Cos. in the lease negotiations.
The Related Cos. declined to provide a breakdown of how much space each of these tenants secured. A spokeswoman stated that the tenants have started their buildouts of their respected offices, with most expected to move in by the third quarter of 2024.
In addition, the Related Cos. announced new tenants for its other downtown West Palm Beach buildings.
- JPMorgan Chase will take up space in The Related Cos.' 360 Rosemary, a Class A office building at 360 S. Rosemary Ave. finished in 2021 that is now 105% occupied. To accommodate demand the top floor of 360 Rosemary's parking garage is being converted into office.
- Northwell Health will open an office in the Esperanté Corporate Center at 222 Lakeview Ave.
- Clear Sky, a venture capital and equity fund manager, opened its headquarters in CityPlace Tower at 525 Okeechobee Blvd.
Located across the Intracoastal Waterway from the ultra-wealthy town of Palm Beach, the downtown West Palm Beach area has been steadily attracting financial services firms for nearly a decade. Sensing the demand for Class A office, The Related Cos., headed by billionaire Miami Dolphins owner Stephen Ross, acquired 710,000 square feet of office in the downtown area, built the 300,000-square-foot 360 Rosemary, and started construction on One Flagler.
As of the first quarter of 2024, the average listed rent for Class A office in West Palm Beach's Central Business District was $78.03, an increase of 4.4% year-over-year. In the rest of Palm Beach County, the average listed rental rate for Class A office was $48.40, a 2% year-over-year increase.