Tech Firm Takes 92K Square Feet In Coconut Grove In One Of Year’s Top Office Leases

A tech firm has secured one of the largest office leases in Miami so far this year, taking nearly 92,000 square feet in Coconut Grove.

The company, Iru—an IT security and management platform formerly known as Kandji—leased approximately 78,000 square feet at 3390 Mary Street and an additional 14,000 square feet at 2901 Florida Avenue. Both properties are part of the Mayfair in the Grove mixed-use complex, according to a first-quarter report from Savills cited by Commercial Observer.

The expansion comes about a year after Iru established its East Coast headquarters at Agave Holdings’ The Plaza Coral Gables, where it initially leased 30,000 square feet.

South Florida’s office market continues to gain momentum as new companies enter the region, signaling a second wave of growth following the pandemic-era migration boom. Iru’s move reflects a broader trend in which firms begin with smaller leases before upgrading to significantly larger office spaces.

The 288,000-square-foot Mayfair in the Grove recently secured a $113.6 million refinancing from Guggenheim Partners Investment Management. The property is owned by an entity linked to Whalou Properties and Timo Kipp, both based in West Palm Beach. Neither Iru nor Whalou commented on the lease.

Other recent deals contributing to renewed interest in South Florida’s office sector include “Shark Tank” investor Daymond John leasing roughly 3,000 square feet at The Rivani office building in South Beach.

Much of the current momentum is being driven by an influx of tech firms, attracted in part by Florida’s more flexible data regulations and lack of a state income tax. These advantages have also drawn high-level executives relocating to the region, often purchasing homes and establishing nearby company offices.

In February, AI software company Palantir Technologies relocated its headquarters from Denver to a co-working space in Aventura. The move followed CEO Alex Karp’s purchase of a home in Miami Beach less than a year earlier.

Source: The Real Deal