Tech company Iru has leased nearly 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 move highlights a trend of technology firms expanding their presence in South Florida. Industry observers say that companies often start with smaller offices and later upgrade to larger spaces as they establish themselves in the region.
Iru, which was previously known as Kandji, signed leases for 78,000 square feet at 3390 Mary Street and nearly 14,000 square feet at 2901 Florida Avenue. Both locations are part of the Mayfair in the Grove mixed-use complex. The information was reported by Commercial Observer based on Savills’ first quarter data. About a year ago, Iru opened its East Coast headquarters at The Plaza Coral Gables with a lease for 30,000 square feet.
The Mayfair in the Grove property recently secured $113.6 million in refinancing from Guggenheim Partners Investment Management last month. The property is owned by an entity linked to Whalou Properties and Timo Kipp. Both Iru and Whalou declined to comment on the new lease agreement.
Other recent activity includes Daymond John—host of “Shark Tank”—leasing about 3,000 square feet at Robert Rivani’s The Rivani office building in South Beach. In February, artificial intelligence 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 attribute much of this growth to Florida’s more flexible data-mining regulations compared with other states and its lack of personal income tax. These factors have made it attractive for high-level executives who are relocating and opening new company offices nearby.
