Cohen Brothers Realty Corporation of Florida Closes Financing for $400 Million West Palm Point Office Tower
Charles S. Cohen, president and CEO of Cohen Brothers Realty Corporation of Florida, announced Oct. 29 that Cooper Horowitz has arranged full project financing for West Palm Point, a $400 million office tower planned for downtown West Palm Beach, Fla. The project is slated for delivery in the first quarter of 2029.
Cohen is the developer and owner of the tower, which will occupy an entire city block at 850 South Quadrille Boulevard in the heart of downtown.
Cooper Horowitz Arranges West Palm Point Construction Financing
Robert Horowitz of Cooper Horowitz arranged the financing on behalf of Cohen. "Cooper Horowitz is proud to have arranged financing for the West Palm Point development on behalf of Mr. Cohen," Horowitz said. "West Palm Point stood out to capital providers because of its irreplaceable location, best-in-class design, and Cohen Brothers' long history of delivering landmark projects. We were pleased to secure a financing solution that reflects the quality of this project which will be a new iconic addition to the city of West Palm Beach's skyline."
The announcement characterized the financing as full project financing for the $400 million development. Earlier reporting on the project cited a construction loan of roughly $300 million from Lendlease, and a separate business-journal report cited a $385 million construction loan.
Based on the announced $400 million project cost and the 438,000-square-foot tower area, the implied development cost is approximately $913 per square foot. That figure does not adjust for garage area, land value, financing costs or retail and amenity space.
West Palm Point Design, Amenities and Site
Designed by Pelli Clarke & Partners, with Nichols Architects serving as architect of record, West Palm Point is a 23-story, 438,000-square-foot Class AA+ office tower. The site covers approximately 2.4 acres and is also known locally as the "tent site." Other project descriptions have cited a 25-story tower of roughly 400,000 square feet, suggesting the design has evolved during planning.
The building will include:
- Ground-floor retail, with retail wrapping the entire perimeter of both the office tower and the garage
- A 30-foot-tall lobby
- Finished office ceiling heights of more than 10 feet, with energy-efficient windows
- A 10-story standalone parking structure with approximately 1,200 spaces
- A one-acre private landscaped rooftop park with a putting green, dog park, café, performance space and a water fixture designed by Fluidity
- A fitness center with locker rooms and showers, a conference center and multiple dining options
- Creative space on the second floor of the garage structure
The project is targeting LEED Gold and Fitwel certification.
The tower is near the Palm Beach County Convention Center, the Kravis Center for the Performing Arts, the Hilton Hotel, CityPlace and Brightline. Palm Beach Island, President Donald J. Trump International Airport and Interstate 95 are also nearby.
Leasing and Project Team
John K. Criddle and Joseph Freitas of CBRE are the executive leasing agents for West Palm Point, along with Marc Horowitz, senior vice president and national director of leasing at Cohen Brothers Realty Corporation. The tower is approximately 25% preleased.
The design and construction team also includes 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, TLC Engineering Solutions as MEP engineer, and Coastal Construction overseeing construction.
"West Palm Point offers a competitive alternative in the West Palm Beach office marketplace that continues to attract businesses from all over the country," Cohen said. "The project represents the culmination of over seven years of planning, contracting and creating the world-class office space that today's office tenants deserve, and, my forty years of experience in developing and operating office buildings has allowed me to anticipate and accommodate these requirements."
Timeline Extended Before Financing Close
The financing arrives after schedule delays on the project. Cohen leased the site from the city's Community Redevelopment Agency in 2020, and West Palm Beach later extended his completion deadline to Jan. 1, 2029. The first-quarter 2029 delivery target aligns with that revised timeline.
West Palm Beach Office Market Context
West Palm Point is being financed in a downtown office market with comparatively low vacancy. Institutional Property Advisors reported 10.6% central business district vacancy in West Palm Beach, the second-lowest rate among major U.S. downtowns, and said the market lacked available blocks larger than 50,000 square feet.
Other market data show a split between top-tier and broader office space:
- Direct office vacancy in West Palm Beach stood at 11.9%, with average Class A asking rent of $52.43 per square foot.
- Trophy-office availability was approximately 13.2%, or about 215,000 square feet, with trophy rents reaching as much as $140 per square foot, up 7% year over year.
- Broader office asking rents declined 5% year over year to $48.70 per square foot.
- Palm Beach County office vacancy was 15.4% in the first quarter of 2026, with approximately 1.5 million square feet under construction countywide.
- Central business district Class A asking rents were $118.75 per square foot, compared with $40.62 per square foot for suburban West Palm Beach Class A space.
West Palm Point is a speculative project, so it will need to lease a large block of space ahead of its scheduled delivery. It will compete with existing trophy assets and other downtown developments, including the CityPlace pipeline.
Sources
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