Brex, a financial services provider specialising in AI-powered solutions, will occupy new office premises in Manhattan's Hudson Square district. The San Francisco-based company, which offers corporate credit cards, expense management software and cash management accounts for emerging firms, has concluded a lease for 93,779 square feet (approx. 8,712 square metres) at 200 Varick Street from GFP Real Estate. This information comes from a CBRE office market report for Manhattan in the third quarter.
This transaction represents a probable relocation for Brex, whose current New York corporate headquarters were occupied in January 2025. The exact address of Brex's current office was not disclosed. Likewise, the term of the new lease and the rental rates at 200 Varick Street were not published. However, the CBRE report indicates that average office rents in Midtown South were USD 86.94 per square foot in the third quarter of 2026.
Market Dynamics and Brokerage
The brokerage of the transaction was not disclosed. In previous deals at 200 Varick Street, GFP Real Estate managed the marketing of the spaces itself. A statement from GFP Real Estate was not provided, and a spokesperson for Brex did not immediately respond to an inquiry.
Brex was founded in 2017 by Henrique Dubugras and Pedro Franceschi. The company focused on enabling early-stage start-ups with limited credit history to access corporate credit cards. Capital One acquired the firm in April at a valuation of USD 5.15 billion.
Significant Office Transactions in Q3
According to CBRE, Brex's lease was among the largest office lettings in Midtown South in the third quarter of this year. Other notable transactions during this period included:
- —Anthropic: A letting of 465,630 square feet (approx. 43,257 sqm) at 330 Hudson Street.
- —New York City Human Resources Administration: An extension for 174,186 square feet (approx. 16,182 sqm) at 260 11th Avenue.
- —AI company Legora: A letting of 98,420 square feet (approx. 9,144 sqm) at 11 Madison Avenue.
These transactions underscore the continued demand for office space in Manhattan's technology and finance sectors, particularly in the field of artificial intelligence, and confirm the relevance of Midtown South as a dynamic location for innovative companies.
