OpenAI Leases 90000 Square Feet Office Space At Puck Building From Kushner Companies In SoHo
295 Lafayette Street
Building Size
90,000 SF
Asset Type
Office
Closing
Oct 4, 2024
AI
The asset involved in this transaction is a 90,000 square foot office space located at 295 Lafayette Street in the SoHo market. This lease marks OpenAI's first office establishment in New York City, indicating a significant expansion strategy in major urban areas.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 295 Lafayette Street
- Market: SoHo
- Landlord: Laurent Morali & Nicole Meyer Kushner - Kushner Companies
- Tenant: Sam Altman - OpenAI
- Broker: Christina Clark
The deal showcases the active presence of Kushner Companies in the real estate market, with Laurent Morali and Nicole Meyer Kushner representing the landlord's interests. Sam Altman leads OpenAI, which recently expanded its footprint following a lease in San Francisco, reflecting the growing trend of AI companies establishing offices in key cities across the United States.
Players
New York Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93