Single-crystals of a new iridium boride modification β-Ir4B5 were obtained by a high-pressure/high-temperature experiment. The structure of the new compound was characterized via X-ray and neutron diffraction. Furthermore, measurements of the compressibility, hardness, and thermodynamical properties of the new phase as well as of various other iridium borides were carried out. Complementary theoretical investigations based on density functional theory (DFT) were employed to confirm our experimental findings