TOM BRADY FOLLOWS BIG BUSINESS TREND IN MIAMI
MEDIA CONTACT:
Daniella Aragon-Andre
Levy Public Relations
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.
