MIAMI-Mayfair in the Grove just inked one of the largest leases in Coconut Grove in the past several years. The building has closed on a lease renewal for advertising agency Crispin Porter + Bogusky. The lease spans 69,685 square feet—the entire third floor—for an 11-year term.

CB Richard Ellis brokers Noel Steinfeld and Chris Dekker represented the landlord, Whalou Properties. Walter Byrd of Transwestern represented the tenant. Whalou Properties acquired the property in late 2010.

“The Grove has pockets of activity and then it has waves of activity,” Dekker, a senior associate at CBRE, tells GlobeSt.com. “Right now the market is sitting at about 22% availability. And there’s lots of space yet to come online that hasn’t hit the vacancy books.”

Drekker says Mayfair’s creative atmosphere is winning attention, especially as more tenants seek a live-work-play environment. Case in point: Hult International Business School. The group inked a 4,506-square-foot lease in the third quarter. And The Coconut Grove Art Festival has been at Mayfair for several years.

“Some of the tenants at Mayfair have a history on South Beach,” Dekker says. “They are looking for a creative environment, but without paying South Beach prices. Mayfair is a class A building on the water.”

Located at 2911 Grand Ave. in Coconut Grove, Mayfair in the Grove is a 267,175-square-foot retail/office property with such tenants as Sony Music, Miami Conservatory of Music and Leo A Daly. Mayfair in the Grove is at the cross streets of Grand Avenue and Virginia Street, located close to Downtown Miami, Coral Gables and is within minutes to US 1.