FIFA OPENS NEW CORPORATE OFFICE IN CORAL GABLES

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The governing organization of international professional soccer has opened its first corporate office in the Western Hemisphere in Coral Gables.

As first reported by Bloomberg, Zurich-based Fédération Internationale de Football Association, or FIFA, opened the 15,000-square-foot office at 396 Alhambra Circle in Coral Gables. It’s in the same building where FIFA opened a temporary 60,000-square-foot office in anticipation of Miami co-hosting the FIFA World Cup 2026 next summer.

The permanent office houses FIFA’s legal and compliance division, which recently relocated from the organization’s main headquarters in Zurich.

The division’s relocation to Coral Gables is part of FIFA’s new philosophy to be truly global, FIFA President Gianni Infantino said

“To be global, one must be local, and in that respect FIFA needs to be present everywhere in the world, and by being here in Miami, this is another example of that,” Infantino stated. “FIFA is proud to be in Miami, and we expect that through the contribution of the legal and compliance team that we will make a positive impact for the development of football.”

The Coral Gables office is FIFA’s third corporate office, after Zurich and Paris. About 350 employees now work at the organization’s two Coral Gables offices. About 100 will remain in the permanent office after the 2026 World Cup event.

Andres Del Corral, Danet Linares, and Tere Blanca of Blanca Commercial Real Estate represented the building’s landlord, Agave Holdings, in the lease negotiations.

A subsidiary of Agave Holdings, 396 Alhambra LLC, paid $21.5 million for the office property in September 2005. The commercial complex consists of 273,000 square feet of office in two towers, about 30,000 square feet of ground-floor retail, and an 884-space parking garage, according to Loopnet.com, an office listing website.

The 396 Alhambra Circle complex is about a mile away from The Plaza Coral Gables, an Agave-owned mixed-use project with 465,000 square feet of office that includes tenants such as Apple, Bacardi USA, Bradesco Bank, and tech company ACI Worldwide.

South Florida’s office market prospered since the Covid-19 pandemic as both local and out-of-state businesses sought quality office space that would attract employees and clients.

FIFA World Cup 2026 is expected to bring more than 600,000 soccer fans to South Florida. Its economic impact in the Miami metro and each of the other 15 host areas in North America could range from $90 million to $480 million, a research study from Boston Consulting Group stated.

Miami-Dade County will contribute $35.5 million in public funding and services for the event, which includes seven matches at Hard Rock Stadium in Miami Gardens.

TOM BRADY TO MOVE FAMILY OFFICE TO BAY HARBOR’S ISLANDS

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Retired NFL superstar Tom Brady will open a family office in a new Class A building that is now being built in Bay Harbor Islands.

Tom Brady Enterprises Capital Management, also known as TEB Capital Management, closed on a lease for an 8,415-square-foot office in The Well Bay Harbor Islands, said Tere Blanca, CEO of Blanca Commercial Real Estate.

The office move, which was first reported by Bloomberg, will take place next year when the building is slated to be finished, said Blanca, who represented the developers in the lease negotiations.

“Obviously we are very excited that Tom Brady has chosen this location and has chosen to remain in Bay Harbor,” Blanca said. “This is going to bring a whole new level of utility and standards to the offices that exist in Bay Harbor, Indian Creek, and the surrounding area.”

Tom Brady Enterprises was represented by New York-based Current Real Estate Advisors co-founder Brandon Charnas and Kevin Gonzalez and Stephen Rutchik of Colliers. The brokers declined to comment on the specifics of the deal.

Designed by Arquitectonica, The Well Bay Harbor Islands at 1160 Kane Concourse consists of 54 condo units and about 96,000 square feet of office. Its developers are David Martin’s Terra Group, which paid $31.6 million for the development site, and New York-based wellness company The Well.

The project is near 1080-1090 Kane Concourse, a commercial building where Brady’s family office now operates, and Indian Creek, where Brady is building a mansion.

TOM BRADY FOLLOWS BIG BUSINESS TREND IN MIAMI

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Tom Brady relocated his business to the Greater Miami area – joining multiple companies that have followed the trend.

The NFL legendary quarterback’s company known as TEB Capital Management, which manages his brand deals and investing. The firm signed a lease to transfer its office headquarters to The Well Bay Harbor Islands at 1177 Kane Concourse. The new 8,415 square feet of office is about a mile away from Brady’s mansion in Indian Creek Village. The building, which will open in 2025, is 35 percent released. Blanca Commercial Real Estate brokered the deal.

Danet Linares and Nicole Kaiser, as well as Tere Blanca of the CRE firm, represented The Well and Terra Group (the landlord) in the negotiations.

The move by Brady’s enterprise follows other major businesses that have flocked to South Florida in recent years. This includes Citadel (from Chicago), and Goldman Sachs (New York).

‘”Each submarket serves a distinct set of employers. Some choose to be in the CBD (central business district) and others in niche markets like Bay Harbor Islands,” Blanca, founder and CEO of her namesake CRE firm said.

Why are more businesses finding Miami in particular attractive? Blanca attributes it to the population growth thanks to the unique lifestyle features in the area and simple navigation.

“Generally speaking, transit mobility is important whether it is an executive or a stay-at-home, parent who needs to do errands, pick up kids in school, or go shopping for groceries,” she said.

“Traveling from one neighborhood to another is challenging with traffic gridlock. Without effective mass transit solutions, as Miami continues to grow with more vehicles out on the streets, I expect niche neighborhoods like Bay Harbor Islands will continue to attract business owners and executives who prefer short commute times. Bay Harbor Islands and other niche markets like Coconut Grove, Aventura, and Miami Beach are attractive communities that offer public and private schools shopping, dining, and various residential housing options.”

Meanwhile, a recent trend that Blanca has been seeing in Miami is the recognition by some business executives “of the obsolescence” in some existing properties.

They “need to be either positioned for alternative office uses or schools and excess land that is going to be repurposed for the kinds of village settings and communities that people are seeking both for their offices and living,” Blanca said.

She listed Assurant as an example, which has been trying to sell its campus in Miami Dade. It originally had a $160 million deal with the county but it fell apart. However, Assurant wound up investing in 78,000 square feet of office space in the Waterford Business District of Miami.

But the one segment that has caused some unease in CRE is the office sector, with the work-from-home trend getting exacerbated by the pandemic. However, Blanca isn’t concerned. Hybrid work provides flexibility that allows workers to come into the office some days and work from home on others.

“I think hybrid work provides the opportunity to empower your team to be extremely productive and happy at the workplace, which I think in turn can increase productivity,” she noted.

“Even pre-COVID, no office building or office was 100% full all the time. People come and go, they travel, and take vacations. In this region, we have seen occupancy levels rise and the contraction that has transpired by existing businesses are contractions that would have happened, regardless of COVID.”

Plus, the demand in Miami has been encouraging in the office space. While vacancies inched up to five percent from three percent in the second quarter, positive absorption in the market reached 531,000 square feet and over a million for the entire first half of 2024, according to a CBRE report.

TOM BRADY FAMILY’S OFFICE SIGNS LEASE AT BOUTIQUE MIAMI BUILDING WHERE WELLNESS IS KEY

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Tom Brady, former NFL star and seven-time Super Bowl champion, is moving one of his businesses to a Miami office building where holistic wellness is key.

Tom Brady Enterprises, the football star’s family office, signed a lease for 8,415 square feet of office space at The Well Bay Harbor Islands, a mixed-use project under development about a mile away from Brady’s mansion in Indian Creek Village, a 300-acre island known as Billionaire Bunker.

The office’s location at 1177 Kane Concourse near Brady’s residence in Indian Creek Village “played a pivotal role in its selection as the new headquarters for Tom Brady Enterprises,” said Terra Group, the locally based developer of The Well Bay Harbor Islands, in a statement.

The 113,000-square-foot building is expected to be completed next year and includes four floors of offices, retail space and a rooftop with outdoor meeting areas and fitness classes with views of Biscayne Bay. The project also includes an eight-story luxury condominium building with 66 units, more than 22,000 square feet of amenities, including a state-of-the-art fitness and wellness center, and a restaurant serving sustainable, organic and clean-eating options.

The project is the first branded office and condos from The Well, a health and wellness brand. The project initially had planned to develop 54 condo units but that number has increased because of buyer demand. Units start at $1.2 million.

Terms of Tom Brady Enterprises’ lease were not disclosed but Bloomberg reported the company is paying $125 per square foot, almost double the average for top-tier office space in the Miami area.

Brady’s Move

The move is the latest from Brady since retiring in 2022, who has spent the subsequent years building out his new mansion on Billionaire Bunker where his neighbors include Jeff Bezos, Jared and Ivanka Trump, Carl Icahn and around 80 or so other well-to-do residents. Tom Brady Enterprises manages all assets of Brady’s businesses, including a number of different sports and wellness-related brands, as well as a production company.

The deal reinforces the recent surge in demand for top-tier office space in South Florida as the region continues to be a sought-after hub for businesses, according to the statement. Now individuals like Brady are gravitating toward office locations near their upscale residences, mirroring the latest trends in business migration to the area, Terra Group said in the statement.

“South Florida has consistently surpassed the national average in office space demand. This trend is further fueled by the influx of high-net-worth individuals relocating to the region for work,” said Tere Blanca, CEO of Blanca Commercial Real Estate who represented Terra Group in the lease, in the statement.

Tom Brady Enterprises’ lease is the latest example as leaders look for both convenience and “holistic wellness solutions within their work environment,” she added.

Boutique offices in Miami-area submarkets like Bay Harbor Islands, an island community about 8 miles north of downtown Miami, alongside Aventura and Wynwood have become a landing pad for a variety of new-to-market tenants who are looking for top-tier space, according to Blanca Commercial Real Estate. Those submarkets have provided a “relief valve” even as availability for trophy assets in the city’s core office markets — Brickell, Coconut Grove and Miami Beach — remain exceedingly tight.

With the lease from Tom Brady Enterprises, The Well Bay Harbor Islands is 35% preleased, according to the statement. Dwight Capital, a commercial real estate financial firm with a $12 billion portfolio, signed a 23,429-square-foot lease earlier this year for its headquarters at the office building.

For the Record

The lease was arranged by Blanca Commercial Real Estate’s Tere Blanca, Danet Linares and Nicole Kaiser on behalf of Terra Group. Tom Brady Enterprises was represented by Colliers’ Stephen Rutchick and Kevin Gonzalez, alongside Current Real Estate Advisors’ Brandon Charnas.

TOM BRADY RELOCATES INVESMENT FIRM TO WELLNESS-FOCUSED MIAMI OFFICE

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When the greatest quarterback of all time looks for office space, amenities matter.

Tom Brady’s investment firm, TEB Capital Management, has signed an 8,415 SF lease at The Well Bay Harbor Islands, a mixed-use property with a wellness focus that is slated to deliver next year.

It’s perhaps the ideal office for Brady, the seven-time Super Bowl champion, who lives in nearby Indian Creek and is known for his strict diet and fitness regimen.

Terra Group, the project’s Coconut Grove-based developer, has partnered with health brand The Well to position the project on the cutting edge of healthfulness. Its 22K SF amenities package includes The Well spa, where a $5K annual membership grants access to The Bath, billed as Miami’s first Roman hot bath, The Saunarium sauna and TheHalotherapy Steam Room.

There’s also The Infrared and Sound Dome, which Terra and The Well have described as combining “the healing benefits of infrared heat with therapeutic sound therapy to treat the body at a cellular level,” along with a restaurant “that will offer sustainable, organic and clean eating options.”

“The mandate that we got was to find them some great office space,” said Colliers broker Kevin Gonzalez, who provided local guidance to TEB on the deal along with Steven Rutchik. “The incredible part is that we found one that aligns exactly with what Tom Brady is about.”

Brandon Charnas, the New York-based co-founder of Current Real Estate Advisors, also represented TEB Capital in the deal.

The new office is around twice the size of TEB Capital’s current space at 1080-1090 Kane Concourse, a comparative relic of an office building built in 1977.

TEB manages Brady’s investing and brand deals, along with his TB12 supplements brand and men’s clothing line. Brady also has several sports investments, including a stake in the Las Vegas Raiders, a Major League Pickleball team and the British football club Birmingham City.

Office space at The Well is among the most expensive in the city, with asking rates at $120 per SF. A source familiar with the deal declined to say what TEB Capital leased its space for, but said Brady had received “the GOAT discount,” using the acronym for greatest of all time.

The lease includes an option to expand across a full floor at the property. Brady is exploring a co-tenanting deal with a neighbor on nearby Indian Creek, the exclusive enclave known as Billionaire Bunker where Brady is building a mansion, the source said.

Amazon founder Jeff Bezos recently purchased multiple properties on Indian Creek, and the e-commerce giant is reportedly searching for up to 50K SF of office space in Miami.

The Well Bay Harbor Islands spans 113K SF across its retail, its rooftop and four floors of office, along with 66 luxury condos. TEB Capital is the second tenant to sign on at the property, following a 23K SF lease that real estate lender Dwight Capital signed for its headquarters last month. The office space is now 35% leased, according to a release.

Terra paid $32M for The Well’s site at 1177 Kane Concourse in June 2021 and broke ground on the project in October after having pre-sold more than half of the available condos.

Blanca Commercial Real Estate represented Terra in the lease. Tere Blanca, the firm’s founder and CEO, said several other companies are in negotiations to sign deals at the property ahead of its delivery.

She said her firm has been vetting potential tenants to create a sophisticated tenant mix, and she expects the addition of TEB Capital to help round out the roster.

“It’s a testament to the quality of the asset and the experience, and I think it will be very attractive from another party’s perspective to know that he’s there,” Blanca said.

While asking rates at the property are staying around $120 per SF for now, Blanca didn’t rule out the possibility that Brady’s commitment could boost rates at the boutique office building.

“I’m sure that our client would be delighted to achieve not only the rents that we’re at but also higher rents if possible,” she said. “We feel that we are priced in a very fair way.”

CORRECTION, JULY 31, 9:45 P.M. ET: A previous version of this story incorrectly named Tom Brady’s investment firm. It’s TEB Capital Management.