Related Files permit for a 1M SF Office Development in West Palm Beach

FAA Approves Related Companies' New Office Towers in West Palm Beach

Related Companies, the renowned developer behind Hudson Yards, is making waves in the real estate industry with its latest venture in West Palm Beach, Florida. The company has recently filed for building permits for two new office towers, aptly named the East and West Towers, at 550 South Rosemary Avenue. This move signifies a significant stride towards the development of a 1-million-square-foot complex and continues Related's expansion of its office portfolio in the evolving intracoastal city.

Impressive Heights and Sustainable Design

The East and West Towers are set to be among the tallest buildings in West Palm Beach. The East Tower is projected to reach 345 feet above ground, while the West Tower is planned to rise 335 feet. Both towers are part of Related’s redevelopment within the mixed-use project The Square, formerly known as Rosemary Square. The developer has emphasized that both towers will be designed with a focus on maximizing energy and water efficiency, aiming for reductions of 15% and 20%, respectively.

Features and Amenities

The East Tower, a 24-story building, will offer 485,000 square feet of office space and 20,000 square feet for retail and restaurants. A notable feature of this tower will be its rooftop amenity deck, complete with a sky garden. The West Tower, a 22-story structure, will provide 480,000 square feet of office space and additional ground-level retail space. It will also include a rooftop amenity deck. Both towers will feature 60,000 square feet of ground-level retail and restaurant space, and an additional 40,000 square feet dedicated to outdoor activity areas.

Related Companies' Growing Presence in West Palm Beach

Related Companies currently owns the majority of the Class A office space in downtown West Palm Beach, a market where office rents have reached unprecedented levels. The company completed and fully leased their 360 Rosemary office building in 2021, has proposed a 25-story, 386-foot-tall office building at 515 Fern, and is expected to complete the 25-story, 365-foot-tall One Flagler office tower in 2024. They plan to commence construction on the East and West office towers in 2024, with a projected completion date in 2026.

Conclusion

The East and West Towers project is a testament to the growing real estate market in West Palm Beach. With its focus on sustainability and impressive amenities, the project is set to redefine the city's skyline and offer exciting opportunities for businesses and investors alike.