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Tricera Capital Begins Extensive Renovation of Downtown Sarasota Office Building
Miami firm rebrands Class A property as Offices at Atria, embarks on phased improvement plan
MIAMI and SARASOTA, FL – May 24, 2021 – Tricera Capital, the Miami-based real estate investment firm, started work on an ambitious phased renovation plan for its downtown Sarasota office building. The firm is also rebranding the 9-story, Class A building as Offices at Atria.
Tricera, which acquired Offices at Atria on Jan. 28, expects to complete all three phases of the renovations by the end of 2021. The rebranding is a nod to the 1800 Second St. building’s signature open-air atriums, a key differentiator for the property in the market and a focal point of the planned improvements. The two-tower Offices at Atria has 250,000 square feet and 500 covered parking spaces.
With individual spaces ranging from 1,000 to 20,000 square feet, Offices at Atria has size flexibility to attract and cater to tenants of all sizes and allow smaller users to establish a presence at the building and grow over time. Another unique aspect of the building is its ground-floor office space, which has ample covered parking, visibility on Osprey Avenue, Links Avenue and Second Street and direct storefront entrances – making it ideal for a medical tenant, retail use or creative office users.
As part of the improvements, Tricera is creating spec suites that will be ready for immediate occupancy. It is also launching an executive suite product to allow individual professionals to rent one or more offices to use as an incubator until they are ready to expand into a private office. Tenants can also utilize this space for conferences or temporary offices while their permanent offices are built out.
“We purchased Offices at Atria with a strategic plan to take an already iconic and recognizable building to another level through these upgrades,” said Tricera Co-Founder and Managing Principal Scott Sherman. “It is exciting to begin executing this plan and significantly enhance the office suites, atriums, common areas and much more.”
Key elements of the renovation plan include:
• Modernizing 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
• Making numerous upgrades to the atrium areas to create a warm and inviting atmosphere for tenants and their clients. Specific improvements include repainting the entire atriums and adding new landscaping, string outdoor lighting, furniture, air-conditioned lounge areas and putting green
• Redesigning several individual office spaces to make them more conducive to the needs of today’s office users, with an emphasis on open layouts. Each office suite already has separate HVAC systems and private bathrooms
• Adding a state-of-the-art fitness center for tenants on the building’s sixth floor
“Between the existing elements and our upcoming renovations, Offices at Atria truly will have no counterpart in the Sarasota market,” said Tricera Co-Founder and Managing Principal Ben Mandell. “Our 1,000-to-20,000-square-foot spaces accommodate exactly what the businesses relocating to the area are seeking.”
Tricera partnered with Alex Karakhanian and Merrimac Ventures on the Offices at Atria acquisition. Harry E. Robbins Assoc., Inc. is overseeing leasing at the building. Prominent signage opportunities are available as part of the lease offering.
In early May, Tricera and Robbins hosted a special event at Offices at Atria with Sarasota City Commissioner Erik Arroyo, commercial real estate brokers, bankers, financial planners and other professionals in attendance to celebrate the start of renovations and tour the building.
“There is tremendous interest in the available offices from technology, financial and professional services firms,” said Kevin Robbins of Harry E. Robbins Assoc., Inc.. “Many prospective tenants are businesses moving here from the Northeast, Midwest, California and Texas. That underscores the overall interest in Sarasota across all commercial real estate sectors.”
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.
