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3390 Mary Street

Iru Expands Office Space With 92,000 SF Lease At Mayfair In Coconut Grove
LEASEDOffice

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

Carlyle Coffin

Stream Realty Partners⁠

Broker

6 deals

Broker
Timo Kipp

Timo Kipp

Whalou Properties

Landlord

$113.6M

vol

2 deals

Landlord
Adam Pettit

Adam Pettit

Iru

Tenant

1 deal

Tenant

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