Cohen Brothers Lands Financing for $400M Florida Office Tower

Cohen Brothers Realty Corp. of Florida is moving forward with development of West Palm Point, a 23-story, Class AA+ office tower in downtown West Palm Beach, Fla., after securing construction financing for the $400 million project.

The financing package for the long-planned project at 801 S. Dixie Highway was arranged by Robert Horowitz of Cooper Horowitz on behalf of Cohen Brothers and Charles Cohen, president/CEO of Cohen Brothers Realty Corp. of Florida and the property owner. The package consists of a $350 million loan and a $35 million loan, according to reporting by The Real Deal. The lender and terms of the financing were not disclosed.

Construction has started at the 2.4-acre site, also known as 850 S. Quadrille Blvd. The 438,000-square-foot tower will occupy an entire city block. Delivery is slated for early 2029. The project was due to be completed in June 2027, but city officials recently agreed to push back the completion deadline.

However, the agreement calls for Cohen Brothers to pay more than $1 million a year in rent beginning Sept. 1, 2027, as well as approximately $5 million in property taxes per year starting Jan. 1, 2028, The Real Deal reported. Cohen Brothers initially proposed the project in 2020, when the developer leased the site from the West Palm Beach Community Redevelopment Agency.

What will West Palm Point offer?

In addition to office space, the tower will include ground-floor retail and a 30-foot-tall lobby. The project will have a 10-story standalone parking structure with approximately 1,200 parking spaces. Features include office ceiling heights of more than 10 feet and energy-efficient windows. The developer is targeting LEED Gold and Fitwel certification.

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Building highlights will include a one-acre private landscaped rooftop park with a putting green, dog park, café, performance space and water fixture designed by Fluidity. Other amenities will include a fitness center with locker rooms and showers, conference center and multiple dining options. Retail will wrap around the perimeter of the office tower and garage, with creative space on the second floor of the garage structure.

In July 2023, Cohen Brothers appointed CBRE as leasing agent for the development. Executive leasing agents are Executive Vice President John Criddle and Senior Vice President Joseph Freitas of CBRE, along with Marc Horowitz, senior vice president/national director of leasing at Cohen Brothers Realty Corp.

West Palm Point is designed by Pelli Clarke & Partners, with Nichols Architects serving as architect of record. Other design team members include EDSA as landscape architect, AREA Architects as interior architect, L’Observatoire International for lighting design, Pentagram for environmental graphics, Bliss & Nyitray as structural engineer, Langan as civil and geotechnical engineer and TLC Engineering Solutions as MEP engineer. Coastal Construction is overseeing construction.

West Palm Point is situated near the Palm Beach County Convention Center, the Kravis Center for the Performing Arts, the Hilton Hotel, CityPlace and the Brightline. It is also near Interstate 95, President Donald J. Trump International Airport and Palm Beach Island.

West Palm Beach building boom

Cohen Brothers isn’t the only developer bringing office projects to West Palm Beach. Related Ross, led by developer Stephen Ross, is a key player in the South Florida city’s office transformation in recent years. Related Ross currently owns or is developing more than 3 million square feet of office space in West Palm Beach, with plans for up to 8 million square feet.

Office holdings include CityPlace Tower, an 18-story, 297,652-square-foot asset; 360 Rosemary, a 20-story, 313,000-square-foot office building with tenants including JPMorgan Chase; and One Flagler, a newly built, 25-story, 273,000-square-foot tower where Wells Fargo’s wealth management headquarters has set up shop.