AI Platform Signs 94K SF Lease at GFP’s 200 Varick
The artificial intelligence office leasing boom remains a super source for landlords across Manhattan.
AI-powered financial platform Brex signed a lease for 94,000 square feet at GFP Real Estate’s 200 Varick Street in Hudson Square, the Commercial Observer reported. The lease was initially disclosed in CBRE’s third-quarter Manhattan office report.
Details of the lease, including the asking rent and length of the deal, were not disclosed. The average office rent in Midtown South during the third quarter was $86.94 per square foot, according to CBRE.
Brex did not respond to a request for comment from the publication, while Jeff Gural’s GFP declined to comment.
Brex provides corporate cards, expense management software and business management accounts. Founded in 2017, the startup was acquired in April by Capital One at a $5.15 billion valuation.
Over the summer, the company signed a full-building, 200,000-square-foot lease at 270 Brannan Street in San Francisco, tripling its office footprint compared to when it left the city five years ago.
San Francisco and New York are the top two markets for AI tenant leasing, led by Anthropic securing more than 1.1 million square feet across both coasts this year.
San Francisco’s five largest AI leases total approximately 1.38 million square feet, slightly outpacing New York’s top five deals at 1.08 million square feet.
Manhattan Class A office asking rents reached a record $85.45 per square foot in the third quarter, according to Colliers, as total leasing topped 10 million square feet for the fourth straight quarter.
A year ago, Chelsea Piers Fitness secured a lease for more than 48,800 square feet at the base of 200 Varick Street. GFP’s 12-story building at Varick and West Houston streets also features tenants such as Architectural Partnership Atelier, David Energy and Momenti.
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