Lender Dwight Capital Inks 23K-SF for New HQ in Bay Harbor Islands
By Julia Echikson May 29, 2024 6:16 pm
reprints
Commercial real estate lender Dwight Capital signed a 23,000-square-foot lease to move its headquarters to The Well, Terra’s mixed-use development in Bay Harbor Islands, Fla., Commercial Observer can first report.
The 11-year lease in Bay Harbor Islands brings The Well’s office component, which spans about 95,000 square feet, to 25 percent pre-leased, according to Blanca Commercial Real Estate, whose Tere Blanca, Danet Linares and Nicole Kaiser represented the landlord.
The deal will mark Dwight Capital’s second move within South Florida. This year, it established its headquarters in Sunny Isles Beach, where it leases 4,000 square feet at The Milton Tower. The firm was previously based in Manhattan. Its loan services portfolio exceeds $12 billion.
“With its unique location, beautiful design, luxurious amenities and unwavering commitment to sustainability, The Well embodies the ideal setting for our team’s success in the heart of South Florida,” Adam Sasouness, a co-founder of Dwight Capital, said in a statement. Daniel Posy of JLL as well as Adam J. Weiss and Sebastian Bohorquez of law firm Solomon, Cooperman, Recondo & Weiss represented the tenant.
Now under construction, The Well is scheduled to open next year. The development — a partnership with The Well, a wellness-focused membership club — will also house 66 condo units.
Bay Harbor Islands are two islands in the north end of Biscayne Bay just west of Bal Harbour. In 2021, Terra purchased the 1.82-acre development site at 1177 Kane Concourse for $31.5 million. A year later, the Miami-based developer secured a $141 million construction loan from Mack Real Estate Credit Strategies.
Update: The story was amended to include details about Dwight Capital’s current office, and update the square footage and length of the new lease, as well as the tenant’s representation.
Julia Echikson can be reached at jechikson@commercialobserver.com.
