Models & Labs · United States

AI Firm Modal Labs Takes 157K SF at Rudin’s 32 Avenue of the Americas

Credited to Commercial Observer · commercialobserver.com · 16h ago

Modal Labs, an artificial intelligence-based cloud infrastructure company, has signed a 156,763-square-foot lease at Rudin ‘s 32 Avenue of the Americas in Manhattan’s Tribeca neighborhood, according to CBRE ’s October Manhattan office report and confirmed by a source with knowledge of the deal.

Modal Labs’ website lists 233 Spring Street in Hudson Square as its current New York City headquarters. The AI firm plans to relocate from its Spring Street spot in mid-2027, according to The Real Deal, which first reported the lease.

The tenant and Rudin did not immediately respond to Commercial Observer’s requests for comment.

It is unclear who brokered the deal for the tenant and the property owner. The length of the lease and the asking rent were also not available.

The average asking rent for office space in Lower Manhattan was $62.68 per square foot in October, according to the CBRE data.

Modal Labs was founded in 2021 by business partners Erik Bernhardsson and Akshat Bubna. Modal Labs also has offices in San Francisco and Stockholm.

Rudin acquired 32 Avenue of the Americas from AT&T in 1999. The property one block south of Canal Street is also home to creative production company Industrial Color and infrastructure services provider Lumen Technologies.

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

Models & LabsUnited States

Rightmove, Scout24 Seek AI Boost Against Subdued Housing Markets

Credited to Bloomberg$ · bloomberg.com22h ago

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Property platforms Rightmove Plc and Scout24 SE both raised their outlooks, saying artificial intelligence-powered products are helping them unlock new revenue streams and steer through subdued housing markets.

View the article · $Bloomberg

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