Tom Brady Relocates Investment Firm To Wellness-Focused Miami Office
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 up to $120 per SF triple net. 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.
