facebook

traded

+ Submit
Home

/

Deals

/

New York

/

Office

/

Lease

/

295 Lafayette Street

OpenAI Leases 90000 Square Feet Office Space At Puck Building From Kushner Companies In SoHo
LEASEDOffice

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

Christina Clark

Newmark

Broker

2 deals

Broker

New York Office Market Snapshot

Boundary boundary · Office · Lease transactions

Loading comparables…

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