In one of the largest investment sales to occur on 41st Street in Miami Beach, Terranova Corporation is leaving its headquarters of practically twenty years. Since 2002 the commercial real estate company has made its home at 801 Arthur Godfrey Road, located on the main Mid-Beach thoroughfare that connects Miami Beach to the mainland via the Julia Tuttle Causeway. Originally purchased by Terranova for $4.3 million, the property on which the nearly 52,000-square-foot building sits was sold to Miami-based Fifteen Group for $22 million, who plan to renovate the building and lease it to family offices, wealth management and financial firms.
Founded by Stephen Bittel in 1980, Terranova has spent nearly half of its lifetime in the building on 41st Street. As chairman of the company, Bittel has garnered over four decades worth of experience within the commercial real estate sector, seeing his company through the highs and lows of the economy by enacting due diligence and keeping his finger on the pulse of trends within commercial real estate and its relevant markets. As one of the top firms in South Florida, Terranova has served as the exclusive agent for more than $5 billion worth of commercial projects and represented notable clients such as Morgan Stanley, Bank of America, and New York Life. With the sale of its current headquarters marking the beginning of a new era for Terranova, below we take a look back at its history, as well as the history of its founder and chairman.