Stephen Ross Hires Brookfield Exec To Lead West Palm Beach Office Leasing
As Related Ross ramps up its office activity in West Palm Beach, the company is bringing a former Brookfield Properties executive from New York to fill its new buildings.
Related Ross, led by billionaire and Miami Dolphins owner Stephen Ross, hired Duncan McCuaig as executive vice president of office leasing, according to a release. He will report to Executive Vice President Jordan Rathlev.
McCuaig served as Brookfield Properties' executive vice president and director of leasing for the U.S. office division. He spent nearly two decades working for the asset management giant out of its New York City office, according to his LinkedIn profile.
His team was responsible for more than 30M SF of office space with an aggregate value in excess $25B, according to a release.
“Related Ross has a clear vision for the future of office and city-building in South Florida, one that is rooted in long-term investment, thoughtful design, and real community impact,” McCuaig said in a statement. “It’s an exciting time to join the organization, and I look forward to partnering with the team to advance a leasing strategy that strengthens West Palm Beach and Palm Beach County’s position as a leading business destination.”
His new role will consist of leading office leasing strategy across the Related Ross commercial portfolio, which includes more than $1B of office buildings under construction in downtown West Palm.
A lot of his work took place in New York City — most recently, he oversaw leasing at Brookfield Place, executing more than 1M SF of new leases and renewals, including a novel deal in which investment firm Jane Street expanded its office in the Lower Manhattan complex into space that was occupied by its landlord.
McCuaig’s jump to Related Ross comes amid big losses in Brookfield’s office portfolio.
An October Bisnow analysis found that Brookfield sold assets at a discount or handed control over to lenders of assets that were once valued at more than $3B. It also plans to dispose of roughly $10B worth of office assets over the next five years, Bisnow first reported.
That is the opposite trajectory for Related Ross, which is embarking on an ambitious expansion of the company’s office portfolio in West Palm Beach.
On Tuesday, the company lured the headquarters of Wells Fargo Wealth & Investment Management from New York to 50K SF in the One Flagler office building, bringing it to 100% leased just a year after it opened.
Last year, Related Ross scored a Florida-record $772M construction loan to finance the construction of the 10 and 15 CityPlace office towers. 10 CityPlace is set to house the 200K SF regional headquarters of ServiceNow, and 15 CityPlace inked a deal with the Cleveland Clinic for a 120K SF outpatient location.
Related has 1M SF of office space under construction, part of Ross' promise to spend $10B to turn the city into “Wall Street of the South.”
“Duncan is joining Related Ross at a pivotal moment for our office platform and for West Palm Beach,” Rathlev said.
