AI Company Accrete Expands to 14K SF at RFR’s 17 State Street
By Isabelle Durso February 25, 2025 3:36 pm
reprints
Software company Accrete, which uses artificial intelligence to deliver information to government and commercial customers, has expanded its Financial District headquarters, Commercial Observer has learned.
Accrete signed a 10-year lease for 13,757 square feet on the entire ninth floor of RFR Holding’s 17 State Street, according to tenant broker Nomad Group and the landlord. Asking rent was $72 per square foot.
Accrete moved into the building across from Battery Park in 2021, when it took 6,681 square feet at the property, according to the firm. The new deal renews that space and tacks on another 7,076 square feet.
Nomad Group’s Matthew DeRose and William Janetschek brokered the deal for the tenant, while RFR’s Ryan Silverman and AJ Camhi represented the landlord in-house.
In November 2022, the U.S. Department of Defense awarded Accrete a five-year, multimillion-dollar software licensing contract for Argus, the company’s open-source threat-detection AI software agent, according to an announcement from Accrete at the time.
Accrete — which also has offices in Boston, Alexandria, Va., and Mumbai — now works for three government organizations through Argus, including the U.S. Army and the U.S. Special Operations Command, according to a release.
Accrete’s expansion at 17 State Street will allow it to continue those operations, the firm said.
“Due to Accrete’s accelerating growth, we signed a lease to expand our N.Y. headquarters,” Prashant Bhuyan, founder and CEO of Accrete, said in a statement to CO. “Accrete is a big believer that the Financial District is an innovation hub for artificial intelligence, and we are proud to be headquartered at 17 State Street.”
Other tenants of RFR’s 42-story tower — which the landlord refinanced last month with a three-year loan extension after previously facing foreclosure — include software company Amelia and investment management firm Alphadyne Asset Management.
“It was a pleasure for our team at Nomad Group to work alongside such an innovative and forward-thinking company like Accrete,” DeRose said in a statement to CO. “As leaders in commercial real estate for high-growth companies, we take pride in leveraging our expertise to support cutting-edge businesses that are shaping the future.”
Isabelle Durso can be reached at idurso@commercialobserver.com.
