A small island town north of Miami Beach has become one of South Florida's clearest tests of boutique office demand: Terra has refinanced its newly completed office building at THE WELL Bay Harbor Islands with a $183.75 million loan after leasing more than 90% of it, and Taubco and Landau Properties have topped off One Kane, a 126,000-square-foot waterfront office building nearby.
A small island town north of Miami Beach has become one of South Florida’s clearest tests of boutique office demand: Terra has refinanced its newly completed office building at THE WELL Bay Harbor Islands with a $183.75 million loan after leasing more than 90% of it, and Taubco and Landau Properties have topped off One Kane, a 126,000-square-foot waterfront office building nearby. Both projects are aimed at the same tenant: financial firms whose principals live close by and want an alternative to Brickell and downtown Miami.
The Offices at THE WELL, a 96,000-square-foot Class A building at 1177 Kane Concourse, delivered this summer. Its tenants include Man Capital, Dwight Capital, TEB Capital Management, NewCo Capital Group, Legacy Wealth Advisors and Tom Brady Enterprises, according to Traded. Monroe Capital provided the refinancing, arranged by Walker & Dunlop. The building pairs offices with wellness amenities, including rooftop gathering space, gardens, fitness programming and an outdoor courtyard for working, and sits beside an eight-story building with 65 residences. A wellness club and a food market are planned for the ground floor in 2027.
One Kane, at 9551 East Bay Harbor Drive on the Indian Creek waterway, has reached full height and is targeting delivery in late first quarter or early second quarter 2027. The seven-story building offers floor plates of about 12,600 to more than 18,300 square feet, ceilings above 11 feet, private terraces, backup power and impact-resistant glass. Its signature feature is eight private yacht slips with a dockmaster, so tenants can commute by water. A BONDST restaurant is planned for the ground floor, with a rooftop bar above. The project was financed in 2024 with a $74 million construction loan from 3650 Capital.
Miami-Dade’s office market as a whole still carries meaningful vacancy, about 14.6% in Cushman & Wakefield’s second-quarter count. The demand that does exist is concentrating in small, new, highly amenitized buildings close to where decision-makers live. Lenders are following the leasing: a newly delivered building that is more than 90% committed can be refinanced on strong terms, while older buildings without that story face a harder conversation.
If you are a financial or professional services firm, boutique buildings like these lease early, so start well ahead of your move date and expect premium rents for premium space. If you own an older office building, the lesson is not to copy a yacht dock, but to give tenants a reason to come in: better common areas, outdoor space, food and parking. If you are investing, leasing momentum is what unlocks financing for new office product today.
AXCESS Commercial represents office tenants and owners across Miami-Dade, with leasing, listing buildings for sale and property management for owners repositioning their space.
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