Iru Expands Office Space With 92,000 SF Lease At Mayfair In Coconut Grove
3390 Mary Street & 2901 Florida Avenue
Building Size
184,000 SF
Asset Type
Office
Closing
Apr 1, 2026
AI
The transaction involves an office asset located at 3390 Mary Street and 2901 Florida Avenue in the Miami market. The total square footage for the lease is 92,000 square feet, with the specific breakdown being 78,000 square feet at 3390 Mary St. and 14,000 square feet at 2901 Florida Ave.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 3390 Mary Street & 2901 Florida Avenue
- Market: Miami
- Landlord: Timo Kipp - Whalou Properties
- Tenant: Adam Pettit - Iru
- Landlord's Representative: Chris Dekker - Mayfair Real Estate Advisors
- Tenant's Representatives: Carlyle Coffin & Shay Pope - Stream Realty Partners
This lease marks the largest office lease in Miami for 2026 to date. Iru expands within the Whalou Properties-owned mixed-use complex, with representation for the tenant managed by Carlyle Coffin and Shay Pope from Stream Realty Partners, highlighting the involvement of key brokerage firms in the transaction.
Players
Miami Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93