"Harvey AI followed recent large signings at 11 Madison Ave. and 245 Park Ave. and brought SL Green's office leasing in the year's first 65 days to 832,135 square feet. It was the latest coup in a first quarter that's on track to tally SL Green's largest-ever leasing volume in its 28-year history - more than 900,000 square feet including 340,000 square feet of tenant expansions."
"Harvey's expansion contradicts a common notion that AI will encourage companies to cut jobs and thus reduce their space needs. Amazon, for example, cut 16,000 jobs globally in January due to AI-produced "efficiencies." But SL Green chairman/CEO Marc Holliday called the expansions by Harvey AI and other tenants "the ultimate response to the false narrative that AI is shrinking the workforce in New York City.""
"This momentum makes clear that the city will be a net beneficiary of growth in tech and AI, continuing to attract leading companies that employ top level talent that is not easily replaced with computers. At this rate, the landlord said, more than two-thirds of its 28 million square-foot Manhattan portfolio will be 98% leased this year."
One Madison Avenue achieved full occupancy in under three years with Harvey AI's decision to double its space to 185,326 square feet. This expansion is part of SL Green's record-breaking first quarter, with over 900,000 square feet leased including 340,000 square feet of tenant expansions. The leasing activity contradicts concerns that AI adoption will reduce office space demand and workforce needs. SL Green's chairman emphasized that major tech and AI companies continue expanding in New York City, attracting top talent that cannot be easily replaced by automation. The building features a $2.3 billion adaptive-reuse development with other major tenants including IBM, Franklin Templeton, Coinbase, and Sigma Computing.
Read at New York Post
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