Crypto Firm Ripple Takes 6K SF in Wynwood – Commercial Observer

Even because the cryptocurrency market craters, some companies are nonetheless inking leases in Miami.

Ripple, which develops cost protocols and forex exchanges for cryptocurrencies, closed a 6,500-square-foot lease June 1 at The Gateway at Wynwood, the property’s developer, R&B Realty, introduced. 

Miami has change into a cryptocurrency hub over the previous yr, due to the help of the town’s mayor, Francis Suarez. However that picture has taken successful as high-profile crypto corporations and entities battle, together with Bitcoin dropping greater than half its peak worth and Coinbase shedding greater than 1,000 workers. 

Ripple’s transfer got here only a month after TerraUSD, a so-called algorithmic stablecoin, crashed. 

San Francisco-based Ripple has 15 places of work to deal with its 5,000 workers. Its Miami lease is for simply over 5 years, stated a consultant for the developer. The asking hire stood at $75 per sq. foot. 

At The Gateway at Wynwood, which totals 418,337 sq. toes, Ripple will be a part of OpenStore, a startup led by enterprise capital heavyweights Keith Rabois and Jack Abraham. Additionally on the property, renewable vitality startup Spearmint Vitality and development firm Victory Polymers Corps leased 3,500 and 4,000 sq. toes, respectively, earlier this month.

On the bottom ground, luxurious furnishings retailer BoConcept plans to open a 3,000-square-foot showroom. 

The 14-story workplace constructing, accomplished final yr, is at 2916 N Miami Avenue on the northern fringe of Wynwood, adjoining to the Midtown District.

Colliers’ Stephen Rutchik, Tom Farmer and Tyler de la Pena represented the owner within the workplace lease transactions.

Julia Echikson may be reached jechikson@commercialobserver.com.