The artificial intelligence-based document processing company Extend AI has signed an 8,750 square foot lease for the entire sixth floor of the building at 119 Fifth Avenue. This move is from the company's current offices at 135 West 29th Street, as confirmed by brokers from Nomad Group. The exact start and duration of the tenancy were not disclosed. The asking rent for the property, which according to records is owned by the Haddad family, was $105 per square foot.
Nick Hein of Nomad, who represented Extend AI in this transaction, emphasised the importance of the office for forward-thinking technology companies: “The companies actually building the future of AI are not abandoning the office – they are setting new benchmarks for it instead.” He added that 119 Fifth Avenue offers Extend AI the character, prestige and proximity to an established technology ecosystem that includes companies such as Microsoft, Adyen and Legora. The new corporate headquarters aligns with the scope of their current developments.
The building, dating from 1906, is located at the corner of Fifth Avenue and East 19th Street. It lies within the historic Ladies’ Mile district and a few blocks south of Extend AI's previous headquarters north of Madison Square Park. This area has developed into a preferred location for AI companies. Extend AI's lease underscores a clear trend in the New York office market, especially in sought-after locations like the Flatiron District.
This step is part of a series of recent major leases by AI companies in the region. At the end of July, the AI data platform Chalk leased 26,607 square feet at Castro Properties’ 43 West 23rd Street. Furthermore, it was reported that the AI-driven workforce management platform Warp expanded its presence to 24,500 square feet at HRCs’ 156 Fifth Avenue. These developments signal continued high demand for prime office space from innovative technology companies.
Bill Janetschek and Matthew DeRose, also from the Nomad Group, conducted negotiations on behalf of the owner. The attractiveness of the location and the high-quality facilities of the property were decisive factors for the successful conclusion of this transaction. The choice of the Flatiron District by leading technology companies demonstrates its enduring relevance as a hub for innovation in New York City.
