Models & LabsUnited States

Why AI Is Sucking Up the World’s Wealth

Credited to Bloomberg$ · bloomberg.com2h ago

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Bloomberg Originals unpacks how the artificial intelligence boom has resulted in a concentration of immense wealth, pushing global trade imbalances to levels unseen since the 2008 financial crisis. (Source: Bloomberg)

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Models & Labs · United States

AI Financial Platform Brex Inks 94K-SF Lease at GFP’s 200 Varick Street

Credited to Commercial Observer · commercialobserver.com · 5h ago

Brex, an AI-powered financial platform, is moving into a new office in Manhattan’s Hudson Square neighborhood.

The San Francisco-based artificial intelligence firm, which provides corporate cards, expense management software and business cash management accounts for new companies, has signed a lease for 93,779 square feet at GFP Real Estate ’s 200 Varick Street, according to a third-quarter Manhattan office report from CBRE.

The deal likely represents a relocation for Brex, which moved into its current New York City headquarters around January 2025. The exact address of Brex’s current office is unclear.

The length of Brex’s new lease at 200 Varick and the asking rent were also unclear, but CBRE’s report found office rents in Midtown South averaged $86.94 per square foot during the third quarter of 2026.

It’s also unclear who brokered the deal, but GFP has repped itself in-house in past deals at 200 Varick. GFP declined to comment, while a spokesperson for Brex did not immediately respond to a request for comment.

Brex was founded in 2017 by Henrique Dubugras and Pedro Franceschi as a way for early-stage startups without meager credit histories to secure corporate credit cards. Capital One acquired the firm in April for a final valuation of $5.15 billion.

Brex also notched one of the largest office leases signed in Midtown South during the third quarter of this year, following Anthropic ’s whopping 465,630-square-foot deal at 330 Hudson Street, the New York City Human Resources Administration ’s 174,186-square-foot renewal at 260 11th Avenue, and AI firm Legora ’s 98,420-square-foot lease at 11 Madison Avenue, according to CBRE.

Isabelle Durso can be reached at idurso@commercialobserver.com.