West Palm Beach, Fla. — December 17, 2025 — Today, Related Ross announced it has secured a $772 million financing package led by Ares Real Estate funds (“Ares”), with Eastdil Secured, LLC serving as the exclusive financial advisor. This milestone transaction marks both the largest financing in Related Ross’s history to date and the largest construction loan ever recorded in Florida, with proceeds funding development of Related Ross’ two new landmark office towers, 10 and 15 CityPlace, at the center of CityPlace in downtown West Palm Beach.
On the heels of announcing half a million square feet of commercial leases signed in 2025 across the Related Ross Office Collection, this significant investment reflects a continued strong institutional confidence in the company’s strategy and long-term vision for West Palm Beach as an ecosystem for business and lifestyle.
“These two towers define the next chapter of CityPlace, expanding a vibrant, walkable mixed-use district that is shaping the future of downtown West Palm Beach,” said Jordan Rathlev, Executive Vice President, Related Ross. “This record-setting financing underscores the conviction our partners, Ares, Monarch Alternative Capital, and HPS Investment Partners, have in the strength of 10 CityPlace and 15 CityPlace and in the city’s momentum as a leading business hub.”
“We are proud to build on our longstanding relationship with Related Ross and tap into the scale of Ares’ real estate lending platform to support West Palm Beach’s growing prominence as a premier office hub,” said David Proctor, Managing Director in Ares Real Estate. “CityPlace is attracting robust investment from top-tier companies, and we are confident that 10 and 15 CityPlace are well positioned to capture this demand and advance Related Ross’s strong track record in the South Florida market.”
10 CityPlaceExpected to be completed in 2027, 10 CityPlace is a 470,000-square-foot tower with interiors and exteriors designed by Kohn Pederson Fox. It serves as a central landmark within the district, offering an ultra-premium, hospitality-driven office environment. Its standout feature is a second-level amenity floor including indoor and outdoor spaces, crafted to enhance tenant engagement and collaboration. ServiceNow will serve as the anchor tenant and establish a West Palm Beach innovation hub and AI Institute. The company’s long-term commitment is expected to generate an estimated $1.8 billion in economic impact and create more than 850 jobs over the next five years.
15 CityPlace
Also expected to be completed in 2027, 15 CityPlace is a 490,000-square-foot, 25-story tower designed by Miami-based Arquitectonica, a leader in bold modernism and innovative design, with interiors by Fogerty Finger. The top five floors of the tower feature private terraces and expansive views of the Intracoastal Waterway and Palm Beach Island. The tower will include nearly 20,000 square feet of ground-floor retail and restaurant space, and a rooftop amenity level reflecting Related Ross’s commitment to enhancing community connections and the daily lifestyle of its tenants through exceptional design. 15 CityPlace has attracted a strong roster of tenants, including Cleveland Clinic, which will anchor the building with a state-of-the-art outpatient facility offering chemotherapy, imaging, outpatient surgery, and a concierge medicine program, all connected to its new 150-bed hospital campus nearby. Related Ross will also expand its headquarters within 15 CityPlace to support its growing team and regional development activity. Additional tenants include BDO, Shutts & Bowen, Inclenberg Investments, and a financial services firm.
Both towers together will introduce nearly one million square feet of premier office space to the heart of Downtown West Palm Beach, featuring extensive landscaping, public spaces, and street-level activation to further integrate into the surrounding neighborhood of CityPlace.
###
ABOUT RELATED ROSS
Led by visionary developer Stephen Ross, Related Ross is a fully integrated real estate company shaping South Florida’s next generation of growth. With more than $10B planned in investment across Palm Beach County, the firm is a market leader in attracting global companies and talent to South Florida.
As a catalyst for regional growth, Related Ross is advancing developments through public-private partnerships that strengthen business ecosystems, expand attainable housing offerings, support world-class healthcare, enhance higher education and K-12 opportunities, and cultivate innovation hubs to accelerate South Florida’s dynamic business and cultural growth. The firm also curates entertainment programming and thought-leadership initiatives that position the region as a national center for ideas and experiences. Its portfolio spans mixed-use, Class AA+ lifestyle office, luxury residential, affordable housing, city centers, hotels and hospitality, and public realm, designed to anchor long-term economic vitality in the communities they build.
Through the Related Ross Foundation, the company ensures equitable growth that expands access to education, employment, and opportunity across the region.
For more information, visit www.relatedross.com.
ABOUT CITYPLACECityPlace is downtown West Palm Beach’s dynamic cultural epicenter where commerce, fashion, dining, art and wellness intersect. It is the city’s most visited neighborhood, enriching the community with lush green spaces, a diverse mix of experiential retail and culinary offerings, the largest concentration of public art installed by a private company in Palm Beach County, educational programming, and modern residences. Developed and owned by Related Ross, CityPlace continues to evolve as a well-connected neighborhood and a premier destination to live, work, and visit in South Florida. For more information, please visit www.cityplace.com.
ABOUT ARES MANAGEMENT CORPORATION
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2025, Ares Management Corporation's global platform had over $595 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
ABOUT EASTDIL SECURED
As the most relevant and trusted advisor in the commercial real estate capital markets, Eastdil Secured creates value for clients through creative, actionable ideas and flawless execution. With an unrivaled combination of capital markets expertise and in-depth understanding of real estate fundamentals, Eastdil Secured delivers best-in-class advice on mergers and acquisitions, sales, joint ventures, debt placement, structured credit and loan sales to investors around the world. Headquartered in New York, Eastdil Secured has a broad global footprint to support clients with offices across the United States in Atlanta, Boston, Charlotte, Chicago, Dallas, Los Angeles, Miami, Orange County, San Francisco, Seattle, Silicon Valley and Washington, D.C., and internationally in Dubai, Dublin, Frankfurt, London, Milan, Paris, Hong Kong and Tokyo. For more information on Eastdil Secured, the global real estate investment bank, please visit https://www.eastdilsecured.com
