New York-based financial firms MSCI and Solomon Partners have signed leases at Phillips Point in downtown West Palm Beach, adding two prominent corporate names to the growing roster of companies establishing South Florida offices.
MSCI leased approximately 7,500 square feet at the waterfront office complex, while investment bank Solomon Partners signed for approximately 4,200 square feet. The agreements were secured by Related Ross, the South Florida real estate company led by developer Stephen M. Ross.
The leases were reported in early August by Bloomberg, The Real Deal and other commercial real estate outlets.
Together, the two deals account for about 11,700 square feet of office space and represent another step in West Palm Beach’s evolution as a destination for financial services, investment firms and technology companies.
MSCI Establishes Its First South Florida Office
MSCI, a global provider of investment decision-support tools, indexes and analytics, is opening its first South Florida office at Phillips Point, according to published reports.
The company is headquartered in New York and serves institutional investors, asset managers, banks and other financial institutions around the world. Its new West Palm Beach location gives MSCI a local presence in one of the nation’s fastest-growing financial centers while maintaining a connection to its New York base.
The lease also reflects a broader shift in how financial companies are structuring their operations. Rather than moving every function out of New York, many firms are establishing regional offices in South Florida to support business development, recruiting and client relationships.
For West Palm Beach, attracting a company such as MSCI adds depth to the market beyond traditional wealth management and private investment offices. Indexing, data and analytics firms support the broader financial ecosystem, supplying information and services used by investment professionals across asset classes.
MSCI’s arrival follows a series of announcements involving New York-based companies and other national firms opening or expanding in Palm Beach County.
Solomon Partners Adds a South Florida Outpost
Solomon Partners has leased approximately 4,200 square feet at Phillips Point for its South Florida operations.
The investment bank’s new space will support business development, client engagement and entertainment, including networking opportunities with companies and executives in the region. Solomon Partners maintains offices in New York, Chicago, Miami and Tampa, according to its official contact page.
The firm’s Miami office is located in Coconut Grove. Its new presence in West Palm Beach gives the company an additional base in Palm Beach County, where the population of financial executives, entrepreneurs and corporate decision-makers has expanded significantly in recent years.
The addition is also notable because investment banking firms often follow the concentration of clients and capital. As more companies, private equity firms, family offices and financial executives establish operations in Palm Beach County, demand has increased for offices that can serve those relationships locally.
Solomon Partners’ lease is therefore part of a wider business trend rather than an isolated real estate transaction.
Phillips Point Remains a Key West Palm Beach Office Address
Phillips Point is located at 777 South Flagler Drive along the West Palm Beach waterfront. The Class A complex consists of two office towers and offers approximately 448,000 to 449,000 square feet of space.
The property has long been considered one of the city’s premier office addresses. Its location places tenants near downtown restaurants, hotels, residential buildings and the waterfront, while providing access to the business district and regional transportation connections.
Commercial real estate firm Cushman & Wakefield describes the West Tower as a Class A office property totaling 226,711 square feet. Its current property listing identifies the building as having been constructed in 1988 and highlights its position as one of the most recognized office buildings in West Palm Beach.
Phillips Point also includes retail and dining amenities, including Morton’s The Steakhouse. Those features have helped the complex compete for companies seeking more than a conventional office tower.
For financial firms recruiting employees from New York and other major metropolitan areas, the quality and location of the workplace can be an important factor. Waterfront offices, upgraded common areas and proximity to restaurants and housing have become central selling points in the competition for tenants.
Related Ross’ Investment in the Property
An affiliate connected to Related Companies acquired Phillips Point for approximately $282 million in 2021. Since then, Related Ross has pursued a major renovation and repositioning program across its West Palm Beach office portfolio.
The broader investment has been described as totaling approximately $120 million and includes improvements to building façades, lobbies, landscaping, retail offerings and other shared areas. The objective is to strengthen Phillips Point’s position in the region’s high-end office market and attract national tenants.
Stephen Ross is chairman and chief executive of Related Ross, which was formed to focus on development and investment in South Florida. On his company biography, Related Ross describes itself as the largest commercial property owner in downtown West Palm Beach.
The company’s portfolio in the area includes office, residential, hotel and mixed-use projects. Its stated plans call for more than $10 billion in investment across West Palm Beach and Palm Beach County, with millions of square feet of planned office development.
The MSCI and Solomon Partners agreements give the renovation program two additional high-profile tenants at a time when landlords in many U.S. markets continue to compete for office users.
Another Technology Lease at Phillips Point
The leasing activity also includes a separate agreement with Integrity Pro Consulting, an information technology firm that signed for approximately 1,300 square feet at the complex.
While smaller than the MSCI and Solomon Partners transactions, the deal adds to the diversification of Phillips Point’s tenant base. Financial services and technology companies increasingly operate alongside law firms, health care organizations and other professional services businesses in West Palm Beach’s central business district.
The combined activity suggests that demand remains strongest for well-located, high-quality buildings capable of accommodating smaller regional offices as well as larger corporate users.
South Florida’s Corporate Migration Continues
The leases arrive amid a sustained migration of companies, executives and investment capital from the Northeast and other high-cost markets to South Florida.
Miami has received much of the national attention, but West Palm Beach has developed its own identity within the region’s business landscape. The city has attracted financial firms, private equity companies, hedge funds, technology businesses and law firms while adding new residential and hospitality projects around its downtown core.
The shift has been driven by several factors, including Florida’s tax environment, population growth, access to air travel and the concentration of wealthy residents and businesses in Palm Beach County. The region’s lifestyle appeal remains part of the equation, but the latest office deals show that companies are also responding to the market’s growing commercial infrastructure.
For West Palm Beach, the arrival of MSCI and Solomon Partners reinforces the city’s position as more than a satellite market. Their leases bring established New York financial institutions into a district that is being reshaped by new investment, upgraded office space and a growing base of corporate tenants.
The next test will be whether those offices lead to additional hiring, expanded operations and further commitments from firms seeking a foothold in South Florida. For now, the agreements at Phillips Point provide another clear measure of the region’s continuing corporate migration.
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