Tech company Iru is opening a nearly 92,000-square-foot office in Coconut Grove, marking one of the top office leases in Miami so far this year.
Iru, an IT security and management platform previously called Kandji, leased 78,000 square feet at 3390 Mary Street and nearly 14,000 square feet at 2901 Florida Avenue, both sites within the Mayfair in the Grove mixed-use complex in Miami, Commercial Observer reported, citing Savills’ first quarter report.
The lease comes about a year after Iru first opened its East Coast headquarters at Agave Holdings’ The Plaza Coral Gables, where it leased 30,000 square feet.
South Florida is experiencing renewed excitement over an influx of new-to-market companies, marking the second inning for the market after a pandemic-era in-migration. Iru’s recent large lease aligns with the trend of newcomers first taking out small or mid-sized leases in South Florida and then moving to bigger offices.
The 288,000-square-foot Mayfair in the Grove is fresh off scoring a $113.6 million refinancing from Guggenheim Partners Investment Management last month. The property is owned by an entity tied to West Palm Beach-based Whalou Properties and Timo Kipp.
Iru and Whalou declined to comment to the publication about the recent lease.
Other recent deals fueling the hype over South Florida’s office market include Daymond John, a “Shark Tank” host and investor, taking about 3,000 square feet at Robert Rivani’s The Rivani office building in South Beach.
Much of the hype now is over another influx of tech firms, this time partly fueled by Florida’s looser data-mining regulations compared with blue states. The Sunshine State’s lack of personal income tax also has turned it into a magnet for high-level executives who are buying mansions here and are expected to open company offices nearby.
In February, AI software firm Palantir Technologies moved its headquarters from Denver to a co-working space in Aventura. Less than a year earlier, Palantir CEO Alex Karp had bought a Miami Beach home. ––– Lidia Dinkova
