Terra Secures $183.75 Million Refinancing for THE WELL Offices in Bay Harbor Islands

Terra has refinanced The Offices at THE WELL Bay Harbor Islands with a $183.75 million loan from Monroe Capital’s Real Estate Platform. Announced October 14, the financing follows the completion of the 96,000-square-foot office building this summer.

The Class A office component is more than 90% leased, according to Terra. Its tenants include Man Capital LLP, Dwight Capital, TEB Capital Management, NewCo Capital Group and Legacy Wealth Advisors.

Walker & Dunlop Capital Markets Institutional Advisory represented Terra in the transaction. The team included Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Dustin Stolly, Sean Reimer and Jordan Casella. The announcement did not disclose the loan’s interest rate or maturity.

“Securing this refinancing following the building’s completion and strong leasing performance speaks to the strength of the project and the demand we’re seeing for a more wellness-focused workplace,” said David Martin, CEO of Terra.

The office building forms part of THE WELL Bay Harbor Islands, a mixed-use development that pairs workplaces with an eight-story residential component containing 65 homes. Terra describes it as the first project in the United States to combine THE WELL-branded offices and residences.

The workplace amenities include rooftop meeting and gathering areas, community gardens and an elevated courtyard for outdoor work and socializing. Office tenants are also offered preferred access to the development’s wellness services.

The Golden Good Market and THE WELL Club are planned for the ground floor, with both slated to open in 2027. Those openings remain forthcoming, separate from the office building’s completed construction and current leasing activity.

The financing adds to Terra’s activity in developments combining real estate and wellness programming. The company is also developing THE WELL Coconut Grove and has developed Mary Street, an office and retail property in Coconut Grove.

Image via Terra. Architectural rendering.

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Terra Breaks Ground on The Well Bay Harbor Islands

Miami-based real estate developer Terra, led by David Martin, and Internationally-acclaimed wellness brand, THE WELL, have broken ground on THE WELL Bay Harbor Islands located at 1100 Kane Concourse in Miami’s Bay Harbor Islands. The groundbreaking took place on October 9th with the residences already at 50% sold. THE WELL Bay Harbor Islands is an eight-story luxury residential building with 54 bespoke residences for sale, more than 22,000 square feet of amenities, including a state-of-the-art fitness and wellness center and a 4,000-square-foot signature food and beverage establishment. The project also includes a class A office building totalling 102,000 square feet across a lobby, four floors of offices, and the rooftop. THE WELL Bay Harbor Islands is the nation's first THE WELL-branded condo and office project and is designed to support the ultimate holistic, 360-degree wellness lifestyle. Douglas Elliman Development Marketing is exclusively handling the marketing and sales for the residences, with prices starting at $1.2 million.

The groundbreaking event took place on October 9, 2023 with guests such as CEO of Terra David Martin, Kane Sarhan Chief Creative Officer of THE WELL & officials from the city of Bay Harbor Islands including Vice Mayor, Joshua D. Fuller and council members Robert H. Yaffe, Isaac Salver, Stephanie Bruder and Molly Diallo. The groundbreaking of THE WELL Bay Harbor Islands signals a significant celebration for Terra and THE WELL in realizing their shared vision of integrating wellness into luxury living and an office environment, and their commitment to pioneering the very first urban wellness community of its kind. Construction is estimated for completion in Q2 of 2025.

Entirely outfitted by THE WELL with interiors by the award-winning Meyer Davis, and architecture by the Miami-based Arquitectonica, the human centric environment takes a holistic approach for uncomplicated wellness. With THE WELL signature approach to intuitive service and thoughtful details, owners and members will be immersed in a restorative environment that integrates into all aspects of everyday living.

“We’re thrilled to commence construction on THE WELL Bay Harbor Islands and deliver an exceptional landmark development for the Bay Harbor Islands community,” said David Martin, CEO of Terra. “THE WELL Bay Harbor Islands will meet growing demand for luxury living and boutique commercial space as more residents and companies gravitate to South Florida, while reviving Bay Harbor Islands’ popular Kane Concourse main thoroughfare. Terra has a long track-record of enhancing communities across South Florida, and we’re delighted to do the same for the village of Bay Harbor Islands.”

“With the attention to our health being greater than ever, we wanted to create a one-stop shop for wellness where people can fully immerse themselves in wellness,” says Rebecca Parekh, Co-Founder and CEO of THE WELL. “We’re excited to break ground at THE WELL Bay Harbor Islands and to create a project that encourages people to make wellness a part of their every day.”

THE WELL Bay Harbor Islands will feature contemporary waterfront condominiums ranging from 924 to 3,291 square feet with thoughtful touchpoints and luxurious amenities that utilize the latest technology to activate all senses. Marrying THE WELL brand’s western and eastern philosophies, the eight-story building is tucked along the canals of Bay Harbor Islands with panoramic views. With interiors envisioned by the acclaimed design firm Meyer Davis, THE WELL Bay Harbor Islands pulls inspiration from the natural wonders of Miami – water, sand and sun – captured through ancient materiality, space and light. The expansive living room will feature an open, light-filled layout, neutral engineered wood floors, lighting dimmers, and power for shades.

The spacious bedroom will have aromatherapy diffusers with calming scents, vetted by expert practitioners from THE WELL. The restorative sanctuary continues in the primary bathroom, featuring a therapeutic soaking tub with wildcrafted herbal venik bouquets to promote deep relaxation and soothe tired muscles, and a recessed dual pressure rain shower. Buyers have the option to add an affusion spa shower to help stimulate the lymphatic system, reducing water retention and increasing energy. A red light therapy panel will be built into the primary closet to offer wrinkle reducing and pain healing therapy at the flip of a switch. The master bathroom will also have a skincare fridge for optimal storage of cosmetics, creams and beauty solutions.

To encourage healthy, at-home cooking, the highly-functional kitchen will be equipped with a Kore™ Workstation Kitchen Sink, known for its seamless design, function and balanced workspace with integrated accessories, and a Grohe blue faucet to offer filtered, chilled and carbonated water options. A self-care space will be integrated into the units through mindful meditation nooks with yoga mats for the optimal at-home wellness experience.

THE WELL Bay Harbor Islands’ state-of-the-art wellness and fitness center will invite residents, members and office tenants to rewind, reset and recharge. Guests of THE WELL are taken on a journey through thermal experiences for the ultimate cleansing and renewal of the mind and body. Featuring Miami’s first caldarium, The Bath will be dedicated to purification using THE WELL body serum activated by water, heat and steam.

Guests will be able to enjoy The Saunarium, delivering an ancient therapy with multi-tiered seating infused with radiating heat and low level humidity to dry the body. The warmest room at THE WELL Bay Harbor Islands, The Halotherapy Steam Room, will similarly support the lymphatic organs and help facilitate advanced detox by emitting soothing aromas of citrus. For guests looking for low but deeply penetrating heat, The Infrared and Sound Dome will combine the healing benefits of infrared heat with therapeutic sound therapy to treat the body at a cellular level — a unique experience designed by THE WELL practitioner team. Guests can additionally enjoy the Energizing Cold Dip experience that widens the arteries, stimulates blood flow, accelerates recovery and boosts the metabolic system.

Treatments in the serene treatment rooms will draw from Eastern healing traditions and cutting-edge science, ranging from Lymph Drainage Massage to Integration Massage to Hyper-Customized Facial. The Fitness Movement Space and Mindful Movement Studio will also offer a robust calendar of both intensive and meditative sessions such as pilates, meditation and yoga to encourage daily movement to support physical and mental wellness.

Additional amenities include two rooftop decks featuring a rejuvenating pool and hot tub that promote holistic health along with a lounge space with private cabanas, chaises and a summer kitchen; a private boardroom to support work-life balance; and a quiet reading room and tea lounge for gathering and reflecting.

In addition to the residential component, The Offices at THE WELL Bay Harbor Islands features class A office space totaling 102,000 square feet across a lobby, four floors of offices, and the rooftop. Tenants will be able to individually design their spaces to fit their needs and help prioritize employees’ physical and mental health with ease. It will reimagine the traditional office lobby into a programmed social space featuring food and beverage service, unique gathering areas, and the ability to book micro treatments by THE WELL.

For an outdoor work experience, tenants will have access to carefully curated community gardens and a rooftop with outdoor meeting areas. The rooftop space will also feature outdoor fitness classes and programming and bathrooms for use after workout sessions in addition to featuring THE WELL Locker, equipped with the latest wellness technology and gadgets, including complimentary Theraguns, red light facial masks and more.

Office users will further benefit from additional outdoor experiences at an elevated landscaped plaza, a controlled access parking garage, office valet, and state-of-the-art security. They will also receive a discounted membership to the state-of-the-art fitness and wellness center, as well as full-service concierge services from THE WELL Team, dedicated private outdoor and indoor classes, access to annual health coaching sessions to guide tenants in creating individualized wellness plans, preferred pricing on treatments and services, and exclusive benefits across THE WELL locations globally.

Blanca Commercial Real Estate is spearheading the office leasing efforts for the project.

Located just west of the world-class shopping mecca Bal Harbour Shops, Bay Harbor Islands is one of the most coveted residential neighborhoods in Miami. The exclusive two-island waterfront enclave is situated roughly two miles north of Miami Beach and neighbors Indian Creek Island, a private island famously known as “Billionaire Bunker” for its roster of celebrity residents. Bay Harbor Islands is renowned for its charming small-town community vibe, proximity to Miami’s poshest retailers and restaurants, and stunning waterfront views. The walkable family-oriented village further offers an abundance of parks and green space, along with access to one of the best public schools in Miami-Dade County.

Images via The WELL Bay Harbor Islands, Terra Group, Michal Bobrowski and Luxhunters Productions

Terra Launches Leasing For The Arquitectonica-Designed 'The Offices At THE WELL' in Miami's Bay Harbor Islands

One of Miami’s most in-demand neighborhoods is getting a welcomed dose of modern office space. The Offices at THE WELL is part of a new mixed-use development set to rise in Miami’s exclusive Bay Harbor Islands neighborhood, becoming the first high-end office building to launch in the community in decades. Developed by Miami-based Terra, THE WELL Bay Harbor Islands development will include 98,420 square feet of class AA office space, 54 luxury residences, 11,000 square feet dedicated to an integrated wellness experience operated by New York-based wellness company, THE WELL, and a 6,500 square foot signature food and beverage outlet, complete with an expansive rooftop with amenities, garage parking and an elevated plaza. Construction is scheduled to begin in Q1 2023, with completion anticipated in late 2024.

Located at 1177 Kane Concourse, The Offices at THE WELL Bay Harbor Islands will meet growing demand for high-end boutique office space as residents and companies continue to gravitate to South Florida, while reinvigorating Bay Harbor’s iconic Kane Concourse main thoroughfare.

THE WELL New York opened in 2019 as a luxury health and wellness destination that offers clients a range of holistic healthcare services – from Eastern healing practices and Western medicine – including fitness classes, yoga and meditation, acupuncture, sound therapy, spa treatments, and access to the top practitioners in functional medicine and beyond. Since its New York City launch, the brand has expanded with additional locations in Connecticut with THE WELL at Mayflower Inn, and Costa Rica with THE WELL at Hacienda AltaGracia. THE WELL Bay Harbor Islands will become the company’s first Florida location.

“THE WELL Bay Harbor Islands will be a premier address for working, living and wellness just as Miami enjoys a surge of new residents and businesses,” said David Martin, CEO of Terra. “The Offices at THE WELL will be an ideal option for companies looking to incorporate wellness into the workplace, with tenants being able to access all of the exclusive benefits of THE WELL’s curated programming and wellness center.”

Designed by Arquitectonica, with interiors by Meyer Davis, the Offices at THE WELL will reimagine the traditional office lobby into a programmed social space for tenants featuring food and beverage service, unique gathering spaces, and the ability to book THE WELL micro treatments. The development will include four floors of office space complemented by a grand lobby and a rooftop amenity deck, with on-site amenities such as a social lobby and café with comfortable lounge areas, where coffees, juices, and culinary treats can be enjoyed and ordered via text for quick, convenient service. For an outdoor work experience, tenants will have access to greenhouse-style work pods as well as a rooftop level with outdoor meeting areas and community gardens. Office users will also benefit from additional outdoor experiences at an elevated landscaped Plaza, a controlled access parking garage, office valet, and state-of-the-art security.

Office tenants will receive a discounted membership to The Club at THE WELL Bay Harbor Islands, which will include a state-of-the-art fitness and wellness center, as well as full-service concierge services from THE WELL Team, dedicated private outdoor and indoor classes, access to annual health coaching sessions to guide tenants in creating individualized wellness plans, preferred pricing on treatments and services, and exclusive benefits across THE WELL locations globally.

Terra has enlisted a best-in-class team to represent The Offices at THE WELL Bay Harbor Islands, with the Blanca Commercial Real Estate team of Tere Blanca, Danet Linares, Christina Jolley, and Nicole Kaiser leasing the building’s office space.

“Today’s office users are placing emphasis on planning and building custom-designed space in areas that are walkable, accessible to shopping and housing, and which offer on-site outdoor recreation. The Offices at THE WELL Bay Harbor Islands checks all of these boxes – and more,” explains Tere Blanca, CEO of Blanca Commercial Real Estate. “The Offices at THE WELL’s superior technology systems, sustainability initiatives, private rooftop space, and exclusive on-site access to THE WELL and its network of health and wellness destinations globally are appealing to firms looking to establish their presence in one of Miami’s most sought-after neighborhoods.”

Bay Harbor Islands is an exclusive community made up of two islands connected by the Kane Concourse/Broad Causeway bridge, which also leads to Bal Harbour, Surfside and Miami. Other nearby neighborhoods of interest include Indian Creek and Sunny Isles on the Atlantic side, and Sans Souci and Miami Shores to the west. Bay Harbor Islands has its own elementary school, the Ruth K. Broad Bay Harbor K-8 Center, which is consistently rated among the top public schools in the county, along with three neighborhood parks, a tot-lot playground, outdoor fitness space, public tennis courts, a community center, and an assortment of independent shops, galleries, bistros, and professional offices.