Treeswift, a Philadelphia-based technology company focused on AI-driven infrastructure solutions, has signed a four-year lease for 7,487 square feet. This tenancy covers the entire 11th floor of the Hakimian Organization building at 256 West 38th Street and represents an expansion of the company's New York operations. The asking rent was $39 per square foot.
Treeswift's exact previous address within New York City is not known. In addition to its new Manhattan location, the company also maintains an office in Philadelphia. The move to the Midtown building is expected to take place in August.
Todd Korren of Lee & Associates, who represented the landlord alongside Noah Caspi, commented on the market situation: AI companies are currently one of the most active drivers of office leasing demand in Manhattan. He highlighted that these firms are not exclusively seeking out prestige properties. He emphasised that growing companies prefer efficient, well-connected headquarters that foster collaboration, attract talent, and offer long-term value. Treeswift's decision reflects this trend.
Treeswift specialises in various services, including infrastructure inspections, vegetation management, construction planning, wildfire mitigation, and storm response. This expertise, combined with AI technology, positions the company as a key player in sectors requiring robust and intelligent infrastructure management.
Daniel Rodriguez Sains of Buchbinder Warren conducted negotiations on behalf of the tenant. Information regarding when the firm led by Rex Hakimian acquired ownership of the building is not fully clear. However, his name appears in the land registry records sometime after March 2025. At that time, Empire Capital Holdings acquired the property, along with the nearby 229 West 36th Street, in a distressed state for a heavily discounted price of $50 million.
The previous owner, Investcorp, had acquired the two buildings in 2017 for $157 million. This underscores the dynamic development and price volatility in the New York real estate market, particularly for properties affected by changes of ownership and strategic realignments.
