Wells Fargo is increasing its presence in West Palm Beach, Florida, with a major office lease for the bank's wealth and investment management division that aims to deepen relationships in what it calls a high-opportunity market.
Wells Fargo signed the 50,000-square-foot deal at One Flagler, a new office tower in downtown West Palm Beach, for its wealth management headquarters, Barry Sommers, senior vice president and the division’s CEO, told Bloomberg in an interview. About 100 employees, including senior executives, will relocate to the new West Palm Beach office by the end of the year, Bloomberg reported. Sommers relocated to Florida from New York, while Wells Fargo said other members of the division’s leadership remain in New York, St. Louis and in Charlotte, North Carolina.
Wells Fargo told CoStar News in a statement that the move is part of its strategic commitment to serving high- and ultra-high-net worth clients in the area.
West Palm Beach, one of the world’s fastest-growing wealth hubs, more than doubled its resident millionaire population over the past 10 years, according to a 2025 report by British investment consulting firm Henley & Partners. The number of millionaires in West Palm Beach grew 112% between 2014 and 2024, and the city is now home to 78 residents with assets of $100 million or more that can quickly be converted to cash, making it a fast-growing hot spot for these so-called centi-millionaires with strong wealth growth potential over the next decade, Henley & Partners said.
High-net-worth individuals from places such as New York and California flocked to West Palm Beach during the pandemic as a number of prosperous individuals and businesses established a presence in the region, driven by Florida's low taxes and economic growth, according to Henley & Partners. Downtown West Palm Beach has attracted prestigious financial institutions, including Morgan Stanley, Wells Fargo, Merrill Lynch, Goldman Sachs, Elliott Management and Point72 since 2022.
Wells Fargo will join other tenants at the One Flagler office building developed by Related Ross in West Palm Beach such as New York-based private equity group OceanSound Partners, GTCR and GoldenTree Asset Management. Wells Fargo and Related Ross did not respond to inquiries about the size and terms of the bank's lease at One Flagler.
One Flagler was the first tower developed under the Related Ross name. Led by billionaire developer and Miami Dolphins owner Stephen Ross, Related Ross was founded in 2024 as a spinoff of the southeastern division of New York-based Related Cos. with plans to focus on West Palm Beach.
“Wells Fargo is making a bold move by bringing senior leadership and a major office of its wealth‑management business to One Flagler in West Palm Beach,” said Jordan Rathlev, executive vice president at Related Ross, in an email to CoStar News. “It’s a strong sign of long-term confidence in our city and in South Florida’s growth."
Financial clout
Another tower in West Palm Beach developed by Ross, 360 Rosemary, has tenants with major financial clout, such as JPMorgan, BlackRock, Goldman Sachs and Elliot Management.
Wells Fargo has had a mix of office and retail locations in West Palm Beach as well as a longtime presence in downtown Miami. The concentration of financial firms that relocated or expanded to South Florida over the past few years has given the region the nickname "Wall Street South."
Over 140 companies have expanded or relocated to Palm Beach County during the past five years, according to the county’s Business Development Board, an economic development organization.
The 25-story One Flagler tower opened its doors last year at 180 Lakeview Ave. The roughly 270,000-square-foot tower comes with an on-site fitness center, a ground-floor Mediterranean restaurant, a 19,000-square-foot outdoor terrace on the eighth floor, conference facilities, bicycle storage, valet and concierge services.
Ross has pledged $10 billion to transform the city and surrounding county, and has been building a mix of new offices, condominiums and schools throughout the area whilst simultaneously recruiting companies to expand to downtown West Palm Beach.
In September, Related Ross announced that artificial intelligence and technology company ServiceNow would serve as the anchor tenant at 10 City Place, a new office being developed by Related Ross in West Palm Beach. The developer secured a $772 million construction loan for the office and its sister tower, 15 City Place, in December.