Hudson Yards developer Related Cos expands its South Florida real estate portfolio by acquiring an office tower that rents outposts from Morgan Stanley and other financial firms

A Related subsidiary has agreed to pay $ 282 million to purchase the Phillips Point building in West Palm Beach from AEW Capital Management, according to the people familiar with the purchase who asked for it to be called because the matter is private

A representative from Related declined to comment. A representative from AEW did not respond to requests for comments

The Covid-19 pandemic has made companies think about new ways to provide office space for employees who have become accustomed to working remotely.The deal with Related is coming about, as Wall Street firms have long been around had settled in Manhattan looking to Florida to move some workers away from New York

Goldman Sachs Group IncThe company, which maintains a small office in Phillips Point, has weighed plans to create a hub in South Florida for its wealth management arm and electronic market maker Virtu Financial Inc prepares the move of around 30 employees from New York to Palm Beach Gardens

Related, known for developing massive mixed-use complexes including Manhattan’s Hudson Yards and Time Warner Center, has been active in West Palm Beach in recent years, building offices and apartments in a neighborhood called Rosemary Square, which is adjacent to one It is also building another office tower in One Flagler and owns the Hilton West Palm Beach

AEW previously acquired Phillips Point for $ 245 million in 2015, according to Real Capital Analytics Inc The company hired JLL to market the property in 2020, according to one of the respondents

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World news – FI – Related to the purchase of the Florida Tower, popular with finance companies

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