ServiceNow Leases 200K SF At Related Ross’ 10 CityPlace In West Palm Beach
550 South Rosemary Avenue
Building Size
200,000 SF
Asset Type
Office
Closing
Sep 16, 2025
About this deal
AI
The property asset involved in this transaction is a 200,000 square foot office space located at 550 South Rosemary Avenue in the West Palm Beach market. This office space is part of the 10 CityPlace project, which is currently under construction and forms a significant portion of the $1.8 billion development effort in the area.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Square Footage: 200,000 SF
- Address: 550 South Rosemary Avenue
- Market: West Palm Beach
- Landlord: Stephen Ross - Related Ross
- Tenant: Bill McDermott - ServiceNow
- Project Completion Date: 2027
- Expected Job Creation: 850+ by 2030
Stephen Ross, representing Related Ross, is the landlord, while Bill McDermott represents ServiceNow as the tenant. ServiceNow has signed a lease to use this location for its regional headquarters and AI institute, marking a significant commitment to the West Palm Beach area.
Players
West Palm Beach Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93