Terra Signs Two New Deals in Office Project Near Miami
New tenants join Tom Brady’s company at a mixed-use project in Bay Harbor Islands
By Jeff Ostrowski July 11, 2025 12:29 pm
reprints
The enclave of Bay Harbor Islands, Fla., is landing new office tenants.
Development firm Terra secured office leases with Legacy Wealth Advisors and NewCo Capital Group, Commercial Observer has learned.
Both firms are relocating their headquarters to The Well Bay Harbor Islands, a new wellness-driven mixed-use project in Bay Harbor Islands, a town of about 6,000 people between North Miami and Bal Harbour.
Legacy Wealth Advisors will take 5,007 square feet, while NewCo Capital Group committed to 8,745 square feet. Terra didn’t disclose the length of the leases.
When the deals were first being negotiated, asking rents for space at The Well ranged from $120 to $130 per square foot, but asking rents have escalated to $150 per foot.
Terra expects the tenants to take their spaces next year.
The Well Bay Harbor Islands also counts former NFL quarterback Tom Brady among its tenants. Last year, Tom Brady Enterprises leased 8,145 square feet at the building, which is near his mansion in Indian Creek Village.
The Well is marketing not just office space but such features as rooftop gardens, wellness concierge services and access to on-site health coaches.
Office rents in Miami-Dade County continued their long climb in the second quarter, reaching an average of $62.61 per square foot, according to a report by Savills.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
