Financial Firm To Move Headquarters To Bay Harbor Islands Development

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A financial firm will relocate its headquarters to a mixed-use project in Bay Harbor Islands that is still under construction.

Dwight Capital, a commercial real estate financial firm with a loan portfolio of $12 billion, secured 23,429 square feet of office space at The Well Bay Harbor Islands, a spokeswoman for Blanca Commercial Real Estate stated. The Miami-based commercial brokerage, headed by Tere Blanca, handles commercial leasing for the six-story mixed use project that's being built at 1177 Kane Concourse.

Founded in New York by Adam and Josh Sasouness in 2014, Dwight Capital and affiliated Dwight Mortgage Trust opened an approximately 4,000-square-foot office in Sunny Isles Beach last year, which subsequently became its headquarters.

Dwight Capital will move out of Milton Tower as soon as The Well Bay Harbor Islands is complete, a Blanca CRE spokeswoman stated. The penthouse office will house Dwight's executive team as well as its portfolio managers, marketing staff, loan originators, and asset managers.

Tere Blanca, Danet Linares, and Nicole Kaiser of Blanca CRE represented the project's developer, Miami-based Terra Group, in the lease negotiations. Dwight Capital's broker was not disclosed.

The Well Bay Harbor Islands, designed by Arquitectonica, is a collaboration between David Martin's Terra and The Well, a New York-based wellness company that offers wellness services and classes. The development, slated to be finished in 2025, includes 54 condo units and 95,819 square feet of office space, as well as retail and amenity space.

Dwight Capital will fill 25% of the project's office component, Blanca CRE stated.

The Well already operates in New York, Connecticut, Costa Rica, and Cabo San Lucas, Mexico. Bay Harbor will serve as The Well's first location in South Florida. The Well will run the building's social lobby with a coffee shop, juice bar, and ground-floor restaurants. It will also operate the Well Club, a wellness and fitness center.

The project is being built on nearly acres of land that Terra acquired for $31.5 million in June 2021. Back in October, The price for a residence in The Well Bay Harbor Islands ranged between $1.2 and $5 million.

Clearer zoning regulations and a demand for luxury condos in South Florida has helped fuel Bay Harbor Islands building boom.

The influx of high-income households toward South Florida has also helped spur demand for new Class A office space. That's particularly true in the Greater Miami Beach submarket, which includes Bay Harbor Islands, where wealthy executives prefer offices in close proximity to their residences.