AI Firm Harvey Doubles Size of Office at 315 Park Avenue South
By Mark Hallum October 7, 2024 12:55 pm
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Artificial intelligence platform Harvey is adding another floor to its new offices at Columbia Property Trust’s 315 Park Avenue South just three months after signing for space, Commercial Observer has learned.
After signing a lease for 17,050 square feet on the fifth floor in late June, the AI-powered professional services firm is now expanding its New York City offices to 34,100 square feet by taking over the 17,050-square-foot seventh floor as well, according to the landlord.
Asking rent in the building is $90 per square foot and Harvey is on a five-year lease, Columbia Property Trust said.
“Harvey’s decision to quickly double its presence is a testament to their continued success as well as to 315 Park Avenue South’s ability to attract cutting-edge firms to a world-class working environment in one of New York City’s most vibrant neighborhoods,” Ted Koltis, head of real estate for the landlord, said in a statement.
Koltis and Maria Blake handled the deal in-house for the landlord along with David Falk, Peter Shimkin and Jonathan Fanuzzi of Newmark (NMRK). JLL (JLL)’s Todd Stracci, Hugh Scott and Jack Nelson negotiated on behalf of Harvey.
Newmark and JLL did not immediately respond to a request for comment.
Demand for offices among machine learning firms is on the upswing, with ChatGPT creator OpenAI cutting a deal for 90,000 square feet in SoHo at Kushner Companies’ 295 Lafayette Street, also known as the Puck Building, CO reported last week.
AI leasing has also been a sign of redemption for one of America’s worst office markets: San Francisco.
At the end of 2023, OpenAI signed for 486,600 square feet at 1455 and 1515 Third Street in the Mission Bay submarket. while Anthropic took 230,315 square feet at 500 Howard Street in the city’s South Financial District, CO reported earlier in the year.
Mark Hallum can be reached at mhallum@commercialobserver.com.
