By Mark Dovich – Reporter, South Florida Business Journal
May 5, 2026
Story Highlights
- Coral Gables Trust Co. relocated its West Palm Beach office to Palm Beach on May 1.
- The firm manages $3.5 billion in assets across 44 South Florida employees.
- Palm Beach County is home to 68 billionaires and 71,000 millionaires.
A South Florida trust and wealth management firm has relocated its West Palm Beach office to Palm Beach amid continued company growth.
Coral Gables-based Coral Gables Trust Co. signed a long-term lease for 1,684 square feet at 350 Royal Palm Way, part of the “Bankers Row” financial district. Move-in was May 1.
Will Morrison of CBRE represented the tenant in the lease negotiations. Connie Thomas and David Thomas of TCRE represented the landlord, a joint venture of Charles Rosenberg and Spencer Schlager, both of New York.
Financial details weren’t disclosed.
The new office replaces Coral Gables Trust Co.’s former, 1,633-square-foot West Palm Beach location, at 525 Okeechobee Blvd.
CEO and President Richard DeNapoli told the Business Journal the shift is meant to position the firm closer to its clients.
“Palm Beach is one of the most important wealth centers in the country, and being here allows us to operate exactly where our clients and relationships are most concentrated,” he said. “This move … aligns who we are today with where we’re going.”
Coral Gables Trust Co. has 44 employees across South Florida, including at headquarters in Coral Gables and additional offices in Fort Lauderdale and Boca Raton, according to company figures.
Coral Gables Trust Co. describes itself as South Florida’s largest independent and privately held trust company. Assets under management top $3.5 billion, the company says.
There’s been an influx of billionaires, executives and high-net-worth residents to South Florida since the Covid-19 pandemic, which has boosted demand for service providers such as law firms, accountants and trust companies. That’s led to an uptick in new office openings and expansions, including in exclusive areas such as Palm Beach.
For instance, a New York law firm tapped Palm Beach for its first South Florida office in March, citing the wealth migration. A month before that, a London-based luxury yacht brokerage – another industry that caters to wealthy clients – also expanded to Palm Beach.
Overall, Palm Beach County is now home to 68 billionaires and 71,000 millionaires, according to the Business Development Board of Palm Beach County, a public-private economic development organization
