August 16, 2022

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Home Finishes First

Similar Cos. entity obtaining Phillips Issue complex in West Palm Seaside

4 min read

The Phillips Issue office environment elaborate, a longtime trophy assets in West Palm Seashore, is under agreement to be bought to an affiliate of New York-centered Related Cos., in accordance to a top Linked official.

The Class A sophisticated at 777 S. Flagler Drive went up for sale past yr and will trade for $282 million, a supply near to the offer confirmed. Present-day owner AEW Cash Management acquired the property for $245 million in 2015.

Far more:West Palm delivers $1.8 million to lure ‘transformational’ corporation prospect downtown

The Linked affiliate purchasing Phillips Position is stated to be individually owned in large part by Stephen Ross, Related’s chairman, three actual estate sources advised The Palm Beach front Post. Ross also owns the Miami Dolphins.

Ken Himmel and Stephen Ross of Related Cos. join West Palm Beach Mayor Keith James and Related's Gopal Rajegowda at the Sept. 21 "topping off" ceremony for the 360 Rosemary office tower in West Palm Beach.

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Ken Himmel, a top Similar official, also is an operator, resources explained.

Associated Cos. has been a driving pressure in the progress of West Palm Beach’s downtown for much more than 20 several years.

The Phillips Level acquisition cements Ross’ regulate of the West Palm Seashore workplace market at a time when financial companies firms are eying place in Florida. Quite a few corporations are looking for to depart crowded city metropolitan areas thanks to the pandemic and substantial taxes in other states.

In an e-mail, Himmel, chief govt of Similar Urban, confirmed the obtain by a Related affiliate, but he was vague about the entity’s owners.

“Ross and I will be actively included and main on behalf of possession,” Himmel explained.

A view of the Phillips Point office complex and downtown West Palm Beach on Oct. 20.

Himmel included that the company’s area Similar workforce will be accountable for asset management and leasing.

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Ross owns a home on Palm Seaside. People near to him say he takes delight in how his Similar Cos. reshaped downtown West Palm Beach front, starting with progress of the combined-use dining, shopping and residential advanced CityPlace, now recognized as Rosemary Square. 

575 Rosemary, a luxury apartment complex being built in the former Macy's space at Rosemary Square, will start construction in March.

A resource stated that when Ross flies from Palm Seashore County to Miami-Dade County for a Dolphins recreation, he instructs his helicopter pilot to circle over the sophisticated.

In the latest decades, Similar has been eager to build office room in West Palm Beach front. The enterprise constructed and then offered CityPlace Tower, an 18-tale, 300,000-square-foot business office tower.

Currently, Similar is building 360 Rosemary, a 20-tale, 300,000-sq.-foot office environment tower next to Rosemary Square. 

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