Larry Page's Family Office Leases Office in Coconut Grove

Google co-founder Larry Page’s family office, Koop, has quietly leased office space in Coconut Grove, taking space in a boutique seven-story building near Barnacle State Park with no mention of the firm on the building directory. Miami-Dade Property Appraiser records identify the building as 3480 Main Highway, the only seven-story office tower Azora Private Solutions owns on Main Highway facing the park.

Why it matters

A trophy tenant validates a submarket that has almost no new office product coming behind it. Coconut Grove’s most recent ground-up office delivery of scale was 3480 Main Highway itself, completed in 2019, and the building traded for a Grove-record $61 million in January, a sign landlords already believed the neighborhood’s small, walkable office stock could not be replicated cheaply elsewhere. A family office tied to one of the world’s richest people choosing to keep its address off the lobby directory rather than pay for signage rights is itself a signal that discretion, not visibility, is what Grove office product is now selling. Developers underwriting new Grove office space should read this lease as confirmation that the deepest-pocketed tenants in South Florida are willing to pay for boutique buildings over trophy towers in Miami, if the building can offer privacy.

The numbers

County records for folio 01-4121-047-0210 show the building totals 69,351 square feet across seven floors on a 13,697-square-foot lot in the Commodore Plaza subdivision, with a 2026 assessed value of $40.4 million against the $61 million Azora affiliate Atlantic Gateway LLC paid five weeks earlier. Coconut Grove’s average asking office rent has climbed from $54.83 a square foot at the end of 2022 to roughly $88.50 a square foot this year, according to Commercial Observer’s reporting on the submarket.

What’s next

Azora bought two Coconut Grove office buildings, 3480 Main Highway and the larger Bayview Executive Plaza at 3225 Aviation Avenue, betting on continued demand from wealth managers and family offices following their principals to Miami. A broker who leases both buildings told The Real Deal he had never heard of Koop, underscoring how little the family office wants its Grove footprint publicized even as its principal keeps buying up the neighborhood’s waterfront real estate.