Landau Secures $74M to Build Lux Boutique Office Near Bal Harbour Shops in Florida

After launching a condo development, Jonathan Landau is getting into the office business in Bay Harbor Islands, a wealthy South Florida town just west of Bal Harbour. 

Landau Properties scored a $74 million construction loan from 3650 Capital, formerly 3650 REIT, for a 126,000-square-foot, Class A office project at 9551 East Bay Harbor Drive, just across Indian Creek from uber-luxury Bal Harbour Shops and adjacent to Kane Concourse, Commercial Observer has learned. 

Called One Kane Concourse, the waterfront development will house a marina, two subterranean parking levels, about 75,000 square feet of office space, and 17,000 square feet of retail space. Landau said the retail space has already been leased to a high-end Japanese concept with locations nationwide, though he declined to name the tenant.  

Office leasing is just getting underway with Cushman & Wakefield’s Brian Gale, Andrew Trench, Ryan Holtzman and Edward Quinon leading the charge. 

The nine-story project, designed by Miami-based architect Luis Revuelta, will target boutique financial firms, such as hedge funds, and high-net-worth individuals, who live nearby. 

“All of the elements amounted to the perfect opportunity,” Landau said. “No. 1, you’ve got Indian Creek, you’ve got Surfside, you’ve got Sunny Isles — it’s centrally located. No. 2, there has been a huge amount of migration to the islands.”

While office buildings nationwide have taken a hit as employees continue to work from home, Miami’s market has remained resilient, with a $443 million sale of an office building in Brickell in October. High-end boutique office projects similar to One Kane Concourse have managed to secure marquee tenants. 

Last month, private equity giant Ares Management inked a 10,500-square-foot lease at the five-story Eighteen Sunset development in Miami Beach, which was backed by billionaire Marc Rowan and is nearing completion. Manhattan-based hedge fund J. Goldman & Company signed a similarly sized lease at The Fifth Miami Beach office development, which will house a San Ambroeus restaurant on the ground floor. 

In Bay Harbour Islands, Terra is building The Well mixed-use development, where Tom Brady’s family office has signed a 8,415-square-foot lease. 

One Kane Concourse is a partnership with married couple Irwin and Laura Tauber, who own the half-acre site. Construction is expected to be completed in 2026.

The office project will mark Landau’s second development in Bay Harbour Islands. Last year, his firm, which he launched after leaving Fortis Property Group, secured a $29 million construction loan for a boutique condo development, which is over 50 percent pre-sold, amounting to over $45 million in sales so far, according to Landau. 

Julia Echikson can be reached at jechikson@commercialobserver.com.