Tech Firm To Take 200K SF At Stephen Ross' Next West Palm Beach Tower
Related Ross signed its first tenant for the under-construction 10 CityPlace office tower in West Palm Beach.
ServiceNow, an enterprise software company, inked a nearly 200K SF lease to house its regional headquarters and an artificial intelligence institute at the building. The company plans to open its facility to support startup technology companies by 2028, according to a release.
“The AI innovation economy has a new epicenter in the Gold Coast of West Palm Beach, Florida,” ServiceNow Chairman and CEO Bill McDermott said in a statement. “This will be a compelling magnet for talent, a strong engine for growth and a dynamic hub for America’s AI leadership.”
Related Ross broke ground on the 25-story, 480K SF office tower at 550 S. Rosemary Ave. in March and expects to complete it by 2027.
West Palm Beach approved a $2M grant last week to help the company establish its regional headquarters, before the identity of the company was revealed Tuesday.
“ServiceNow’s decision to invest in West Palm Beach is a major milestone for our city,” West Palm Beach Mayor Keith James said in a statement. “This is about more than just office space. It’s about creating high-quality jobs, equipping our residents with the skills to succeed and positioning our city at the forefront of the AI economy.”
California-based ServiceNow builds cloud-based and AI technology for information technology service and operations management, customer service and human resources management, security operations, and risk and compliance for businesses.
In addition to using the facility to support early-stage technology companies through mentorship and pilot opportunities, the site will also feature the company’s learning platform for AI, skilling and certification programs under ServiceNow University.
The tech company, which plans to start research partnerships, pilot programming and the hiring process in the coming months, expects to make a $1.8B economic impact and create more than 850 jobs by 2030.
Related Ross CEO Stephen Ross, who founded development giant Related Cos. before spinning off the West Palm Beach holdings into his own domain, plans to spend $10B turning the city into the “Wall Street of the South.” But it's not just the capital of finance he is taking on.
Related Ross Vice President of Leasing Greg Kuhlman said at a Bisnow event in December that the firm wanted to expand its reach from the financial services firms it has successfully courted to technology companies, hoping to make West Palm the “next Silicon Valley.”
To that end, Ross launched a program with eMerge Americas and the Florida Council of 100 for fintech and dual-use and defense tech startups, according to a release.
He also committed $50M to Vanderbilt University’s upcoming West Palm Beach campus, which is expected to offer graduate-level programs in AI, data science and computer science, as well as executive master's of business administration and finance degrees.
“As a leader in enterprise AI, ServiceNow will catalyze innovation and economic opportunity in West Palm Beach, positioning the city as a premier destination for forward‑thinking technology companies,” Ross said in a statement.
