Even as the cryptocurrency market craters, some firms are still inking leases in Miami.
Ripple, which develops payment protocols and currency exchanges for cryptocurrencies, closed a 6,500-square-foot lease June 1 at The Gateway at Wynwood, the property’s developer, R&B Realty, announced.
Miami has become a cryptocurrency hub over the past year, thanks to the support of the city’s mayor, Francis Suarez. But that image has taken a hit as high-profile crypto companies and entities struggle, including Bitcoin losing more than half its peak value and Coinbase laying off more than 1,000 employees.
Ripple’s move came just a month after TerraUSD, a so-called algorithmic stablecoin, crashed.
San Francisco-based Ripple has 15 offices to house its 5,000 employees. Its Miami lease is for just over five years, said a representative for the developer. The asking rent stood at $75 per square foot.
At The Gateway at Wynwood, which totals 418,337 square feet, Ripple will join OpenStore, a startup led by venture capital heavyweights Keith Rabois and Jack Abraham. Also at the property, renewable energy startup Spearmint Energy and construction company Victory Polymers Corps leased 3,500 and 4,000 square feet, respectively, earlier this month.
On the ground floor, luxury furniture retailer BoConcept plans to open a 3,000-square-foot showroom.
The 14-story office building, completed last year, is at 2916 N Miami Avenue at the northern edge of Wynwood, adjacent to the Midtown District.
Colliers’ Stephen Rutchik, Tom Farmer and Tyler de la Pena represented the landlord in the office lease transactions.
Julia Echikson can be reached jechikson@commercialobserver.com.