Seven-time Super Bowl champion Tom Brady will move his family office’s HQ to Bay Harbor Islands.
TEB Capital Management signed an 8,400-square-foot lease at The Well, David Martin’s wellness-oriented office, retail and condo project under construction at 1177 Kane Concourse. It represents about a quarter of a floor at the project.
The deal isn’t the biggest, but it is indicative of a trend we’ve been seeing, especially in South Florida. Wealthy executives and ultra-high net worth individuals relocating to Florida are buying or building waterfront estates, and they want an office nearby. As one office broker tells me, the boss who’s paying the pricey office rent isn’t going to want to spend hours in traffic. (We agreed that neither do the employees.)
Brady’s building a two-story estate in the exclusive Indian Creek Village, a 10-minute drive from The Well, which is expected to be completed next year.
Colliers’ Kevin Gonzalez, who represented Brady’s company with his colleague Stephen Rutchik, and Brandon Charnas of Current Real Estate Advisors, said the lease highlights the shift to “hospitality-driven” office space. The Well will include health-focused offerings such as acupuncture and vitamin B12 drips.
Tere Blanca represented Martin’s Terra in the deal.
(One side note: Charnas is likely connected to Brady by way of Charnas’ friend, Brett Mufson of Fontainebleau Development. Brady’s pal and next-door neighbor on Indian Creek is Fontainebleau Development owner Jeffrey Soffer.)
Demand is still strong for boutique high-end office projects, though leasing activity has slowed. The Well is about 35 percent preleased. Terra plans another Well-branded development in Coconut Grove, a luxury enclave that’s also attracted its fair share of CEOs who have bought homes and set up office space, including Related Group’s Jorge Pérez.
In Bay Harbor Islands, Brady can take over the remaining space on the floor if he finds a partner, Gonzalez said. Brady’s business ventures include the sportswear company Brady Brands and the wellness-focused brand TB12.
What we’re thinking about: As of Aug. 17, buyer’s broker commissions will not be listed on the Multiple Listing Service. How is your brokerage preparing? Send me a note at kk@therealdeal.com.
CLOSING TIME
Residential: Vivian Dimond’s Bayshore Grove Capital acquired the oceanfront estate at 1460 South Ocean Boulevard in Manalapan that was once asking as much as $87.5 million. Edward London’s London Financial South Ocean LLC sold the 1.5-acre property for an undisclosed price.
Commercial: The Algers, a longtime farming family in Miami-Dade, sold nearly 800 acres outside the county’s Urban Development Boundary for $56 million. The 22 parcels span from north of the Homestead-Miami Speedway to just south of the Homestead Air Reserve Base to a hidden buyer using a Delaware entity.
NEW TO THE MARKET
A waterfront mansion on the Jupiter Inlet Colony in Palm Beach County hit the market for nearly $40 million. The 8,179-square-foot, two-story home at 103 Lighthouse Drive is listed with Vince Marotta and Tony Hernandez of Illustrated Properties. It includes five bedrooms and six and a half bathrooms. The 0.7-acre property has a beach, summer kitchen, pool, seawall, dock and boat lift. The home was completed in 2023.
A thing we’ve learned
Olympic bronze medalists Stephen Nedoroscik, a.k.a. Pommel Horse Guy, and Brody Malone spent nearly two years training for the Paris Olympics at a gym in Sarasota, according to the Tampa Bay Times. The gym where they’ve been training features a full recovery center with a sauna, infrared panels and an ice plunge.
Elsewhere in Florida
- Invest 97L, a tropical depression (as of Friday, when I wrote this), will likely bring heavy downpours this weekend and into early next week, according to South Florida meteorologist John Morales.
- An off-duty yacht captain told officers with the Florida Fish and Wildlife Conservation Commission that no other boats were involved when George Pino smashed his boat into a concrete marker in 2022, which neither the FWC nor Miami-Dade State Attorney’s Office followed up on, the Miami Herald reports. Pino, who heads Doral-based commercial real estate brokerage State Street Realty, was driving his boat when he crashed, killing a teenage girl on board and severely disabling another.
- Attorney Pedro Echarte secured a $7 million settlement for his client, the estate of the late Luis Calles Cruz, a tenant who was killed during an attempted armed robbery and carjacking in 2021 at an apartment complex in Naranja in south Miami-Dade. The estate sued over an alleged lack of adequate security, the Daily Business Review reports. The defendants are companies managed by developer Lewis Swezy.