AI Firm ElevenLabs Takes 12K SF at KPG Funds’ 40 Crosby Street

SoHo is getting its very own Hawkins lab. (Hey, stranger things have happened.)

ElevenLabs, an AI audio platform, has signed a 10-year, 11,529-square-foot lease at 40 Crosby Street in Manhattan’s SoHo neighborhood, according to landlord KPG Funds. Asking rent was $120 per square foot.

The new deal brings 40 Crosby Street — known as the Crosby — to 100 percent leased, the landlord said. Jason Majlessi from Venture Commercial represented the tenant in the deal, while Newmark’s David Malawer represented the landlord. 

The brokers did not immediately respond to requests for comment.

“We are proud to announce that the Crosby is now 100 percent leased,” Greg Kraut, co-founder and CEO of KPG Funds, told Commercial Observer. “ElevenLabs’ lease at the Crosby is a testament to their continued success and ambition.

“We’re proud to offer them a workspace that mirrors their growth — luxurious, dynamic, and in the heart of one of New York City’s most vibrant neighborhoods,” Kraut added. “This move not only strengthens ElevenLabs’ presence in SoHo but also reinforces the demand for premium office spaces that inspire innovation and foster success.”

ElevenLabs’ website lists its current New York City office as 169 Madison Avenue. It’s unclear when the AI firm will move locations, but it seems like the company plans to stay in its new SoHo spot for a long time, according to Majlessi.

“From the start, ElevenLabs wanted a truly unique and inspiring space that reflects the generational company they’re building,” Majlessi told CO. “With high-end finishes, private outdoor space, and double-height ceilings, 40 Crosby delivered and allows ElevenLabs to plant its flag in New York City for the long term.”

Event manager Posh is also a tenant at 40 Crosby Street. KPG acquired the five-story building between Grand and Broome streets from Vornado Realty Trust in 2022 for $17.1 million, property records show.

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.