Tricera Capital, the Miami-based commercial real estate firm led by Ben Mandell, completed several leases totaling almost 40,000 square feet at downtown Sarasota’s Offices at Atria. Kimley-Horn, one of the nation’s premier planning and design consultants, accounts for ~30,000 square feet of the newly leased space at the 9-story, Class A building.
Heavy Business Automation is also set to occupy 8,000 square feet in the 1800 Second St. building. The leases were finalized shortly after Tricera finished a substantial capital improvements program on schedule and under budget.
Kimley-Horn is relocating from its current Sarasota location, as Offices at Atria provides the company with room to continue expanding in the coming years. Despite the complexities of the transaction, which included ~12,000 square feet of renewals and relocations, Tricera was able to quickly finalize the lease. That reflects the firm’s nimble, creative and efficient approach, enabling Tricera to execute transactions successfully and maximize investor returns.
“We are excited to welcome Kimley-Horn and Heavy Business Automation to Offices at Atria,” said Tricera Executive Vice President | Head of Office Leasing Dustin Ballard. “These leases demonstrate not only the commitment to office space from businesses of all sizes, but also our belief in the importance of creating high-quality office space as a way to attract and retain top talent. Kimley-Horn’s decision to relocate to Offices at Atria is perfectly aligned with our vision for the asset.”
Charles Daggett, Jeff Eisenhart and Michael Fisher of Savills represented Kimley-Horn in the Offices at Atria lease.
The two-tower Offices at Atria has 250,000 square feet and 500 covered parking spaces. Tricera rebranded the building as Offices at Atria following its January 2021 acquisition of the property, in a nod to its signature open-air atriums.
“Tricera has a brilliant vision for Offices at Atria and was eager to incorporate Kimley-Horn’s vision into its own,” said Kimley-Horn Senior Vice President and Principal Bryan Rapp. “The firm has been an excellent partner in bringing the vision and terms together in record time. We are excited to continue to grow in the Sarasota market and in this new space.”
Tricera’s $1.2 million capital improvements program included significant upgrades to the atrium areas, such as activating outdoor spaces with creative seating solutions, artificial turf meeting spaces, Wi-Fi, new landscaping and more. The firm modernized the lobbies, which had largely been unchanged since the building was originally developed in the 1980s, with new LED lighting, furniture and additional seating areas.
As part of the improvements, Tricera created spec suites that are ready for immediate occupancy. The firm is receiving major interest from coworking and executive suite operators, given the diverse tenant profile. It plans to add one such user to Offices at Atria to further enhance the buildings’ amenity offering.
Harry E. Robbins Assoc., Inc. is overseeing leasing at the building.
“The market is responding favorably to Tricera’s capital improvements and the flexibility of individual spaces at Offices at Atria,” said Kevin Robbins of Harry E. Robbins Assoc., Inc. “There is truly nothing like this building in the downtown Sarasota market. We are uniquely suited to cater to tenants of all sizes, giving smaller users an opportunity to grow over time.”
Tricera owns Offices at Atria in partnership with Alex Karakhanian’s LNDMRK Development and Dev and Nitin Motwani’s Merrimac Ventures.
Downtown Sarasota’s evolution has been fueled by substantial new development over the last decade, including a new project with more than 400 luxury apartment units and about 75,000 square feet of retail space, including a grocery store, food hall and additional restaurants and shops immediately to the west of Offices at Atria. An additional 300 units is in the planning stages within four blocks of the property.
For leasing inquiries, contact Kevin Robbins or Derek Robbins of Harry E. Robbins Assoc., Inc. at kevin@robbinscommercial.com, derek@robbinscommercial.com or (941) 924-8346 x 42.
About Tricera Capital: Miami-based Tricera Capital is a real estate investment firm focused on value-add, urban retail, office and mixed-use investments and developments throughout the United States. Since launching in 2017, Tricera has leveraged its institutional real estate experience, relationships and entrepreneurial spirit to create off-market opportunities and quickly amass a portfolio in select target markets. The team of seasoned real estate professionals with a deep track record of success in deal sourcing, leasing, acquisitions, syndication and overall execution. The talent and experience enables Tricera Capital to consistently perform and deliver superior returns to investors. For more information, visit www.triceracap.com.
