Tech company Iru has leased nearly 92,000 square feet of office space in Coconut Grove, Miami, according to an April 2 report. The new offices are located at two sites within the Mayfair in the Grove mixed-use complex: 78,000 square feet at 3390 Mary Street and almost 14,000 square feet at 2901 Florida Avenue.
This lease is among the largest for Miami’s office market so far this year. It reflects a trend of tech firms expanding their presence in South Florida after initially entering with smaller leases. Iru had previously opened its East Coast headquarters at The Plaza Coral Gables with a 30,000-square-foot lease about a year ago.
The Mayfair in the Grove complex recently secured $113.6 million in refinancing from Guggenheim Partners Investment Management. The property is owned by an entity associated with Whalou Properties and Timo Kipp.
Iru and Whalou Properties declined to comment on the recent deal.
Other notable deals highlighting activity in South Florida’s office market include Daymond John, host of “Shark Tank,” leasing about 3,000 square feet at The Rivani office building in South Beach. In February, AI software firm Palantir Technologies moved its headquarters from Denver to Aventura after CEO Alex Karp purchased a home in Miami Beach less than a year earlier.
Observers note that factors such as Florida’s lack of personal income tax and looser data-mining regulations compared to other states have attracted both executives and tech companies to the region.
