Coconut Grove’s 3480 Main Draws New Tech And Finance Tenants

As South Florida’s suburban markets continue to attract tenants seeking high-quality office products with the benefit of competitive rents and better commutes, firms continue to opt for Coconut Grove’s live-work-play environment.

3480 Main is experiencing a surge in leasing activity as tenants increasingly seek out amenity-rich Class A spaces, culminating in the signing of four new leases.

Colliers Vice Chair Stephen Rutchik, Vice President Tom Farmer, and Associate Vice President Tyler de la Peña represented the landlord, CGI Merchant Group, negotiating the four new leases totaling 12,882 square feet.

A global leader in innovative public safety technologies and services, Wrap Tecnologies Inc., signed a lease for 4,487 square feet to serve as their first location in Florida. An undisclosed Miami-based hedge fund signed a lease for 3,906 square feet, relocating and expanding from its previous space in the market. The Arquitectonica-designed building also welcomes another Miami-based hedge fund, after signing a lease for a 2,452-square-foot space. Lastly, an undisclosed private equity firm with $2B in assets under management represented by Karley Chynces with One Sotheby’s International Realty, will join the lineup with 2,037 square feet.

Based in Arizona, Wrap Technologies develops creative solutions to complex issues and empowers public safety officials to safely protect and effectively serve their communities through its portfolio of advanced technology and superior training solutions.

“C-Suite and top-level executives are consistently choosing to invest in homes in the Coconut Grove area, with a strong preference for offices within a 10-minute radius, ideally free from city traffic,” said de la Peña. “The allure of 3480 Main and Coconut Grove lies in its ability to offer an attractive live-work-play dynamic, which appeals to individuals transitioning from urban cityscapes.”

The 51,386-square-foot exclusive boutique building provides a unique tenant experience, a blend of tradition, business, and modernity. Located in the heart of Coconut Grove, the property has access to over fifty retail shops and restaurants within walking distance.

CGI Merchant Group is a minority-owned global investment manager focusing on commercial real estate and private equity. The firm has executed more than $2.5 billion in historically affiliated capital transactions since its founding in 2006. The firm relocated its corporate headquarters in Palm Beach Gardens to 3480 Main in 2021.