Tech company Iru has leased almost 92,000 square feet of office space in Coconut Grove, making it one of the largest office leases in Miami so far this year, according to an April 2 report.
The lease highlights continued interest from technology firms and other new-to-market companies moving into South Florida. This trend began during the pandemic and appears to be gaining momentum as more firms expand their presence in the region.
Iru, which was previously known as Kandji, signed for about 78,000 square feet at 3390 Mary Street and nearly 14,000 square feet at 2901 Florida Avenue. Both addresses are part of Mayfair in the Grove, a mixed-use complex. The information was reported by Commercial Observer based on Savills’ first quarter report. About a year ago, Iru opened its East Coast headquarters with a lease for 30,000 square feet at The Plaza Coral Gables.
Mayfair in the Grove totals about 288,000 square feet and recently received $113.6 million in refinancing from Guggenheim Partners Investment Management. The property is owned by an entity linked to Whalou Properties and Timo Kipp of West Palm Beach. Both Iru and Whalou declined to comment on the recent lease.
Other notable deals include Daymond John from “Shark Tank” leasing approximately 3,000 square feet at The Rivani office building in South Beach. In February this year, 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 say that looser data-mining regulations compared with other states and Florida’s lack of personal income tax are attracting tech executives who are expected to open additional offices nearby.
