Big Tech Sublease
Commercial Observer
Connecting and informing industry leaders of trends and individuals defining the global commercial real estate landscape
It’s become a truism in commercial real estate that major technology companies are pulling back on their office footprints. There are exceptions, though, and one of them comes courtesy of a major subleasing deal in Lower Manhattan. Also for today: A new AI-powered platform aims to take the tedium and the cost out of creating deal decks.
— Tom Acitelli, Deputy Editor
Stripe Signs 147K-SF Sublease at 28 Liberty Street
Electronic payment company Stripe is swiping its card on a new office space in the Financial District. The tech firm signed a 147,000-square-foot sublease with American International Group (AIG) for the 45th through 48th floors of 28 Liberty Street. Stripe will relocate from Jack Resnick & Sons' 199 Water Street, where it currently leases 125,000 square feet, according to sources with knowledge of the deal. (Bisnow first reported the sublease.) The length of the sublease and the asking rent were not disclosed, but average rents across Manhattan were $76.28 per square foot in the first quarter of 2024, according to a report from Savills.
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Sammy Greenwall and Adam Pratt Launch Henry, an AI Tool To Create Broker Deal Decks
In the brokerage world, time is money — and a new platform was just launched to help brokers take back some of their precious minutes. Sammy Greenwall, who co-founded Lev in September 2019, has launched his own firm, Henry, alongside Adam Pratt, Commercial Observer can first report. Plainly put, Henry is an artificial intelligence (AI) “co-pilot” who builds deal decks for commercial real estate brokers. “Investment sales brokers are spending three, four hours a days building presentations, whether it’s putting together a broker opinion of value, an offering memorandum or anything else, they’re wasting time they could be spending originating or building relationships,” said Greenwall.
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Author, Strategist, Visionary & Advisor- Mission Critical Infrastructure, Expert Witness
5 个月What matters today is that Office Space is performing like the Reverse of Musical Chairs. More and more space is becoming available and demand is shrinking. WHY? MANY in CRE have YET to accept this FACT - The workforce has SPLIT ever since 2020. It Bifurcated into WorkFromHome and Work in the Office. We are NEVER going back to "Business-as-Usual" because the workfromhome group (about 30%) is staying home permanently. Have been writing about this since 2020. WHERE were are the CRE experts? They keep saying CRE will get "back to normal" pre-Pandemic occupancies and they are totally wrong. https://intpolicydigest.org/the-platform/the-vortex-of-declining-values-in-commercial-real-estate/