Treeswift, a Philadelphia-based AI infrastructure technology company, leased 7,487 square feet on the 11th floor of 256 West 38th Street in Midtown Manhattan. The four-year deal runs at $39 per square foot, totaling roughly $1.17 million annually. Lee & Associates NYC brokered the transaction for landlord the Hakimian Organization.
The lease signals Treeswift's expansion into New York City's office market during a period when tech companies continue seeking prime Midtown space. The building sits in a dense commercial corridor, placing the tenant near major transit and other corporate offices.
For Treeswift, the move consolidates its New York presence under one roof. The 11th floor occupancy gives the company room to grow its AI infrastructure operations in one of the country's most competitive tech hubs.
For the Hakimian Organization, this lease fills the entire floor and locks in a stable tenant at a solid Midtown rate. At $39 per square foot, the rent aligns with current Midtown asking prices for modern office space, though it sits below peak pre-pandemic rates.
The 256 West 38th Street building benefits from its location near Penn Station and the Theater District, drawing both creative and tech-focused tenants. Landlords continue to secure long-term commitments from companies willing to commit four-year terms, which provide revenue stability in a market marked by shorter, more flexible arrangements.
This lease demonstrates that select Midtown blocks retain appeal for growing tech firms despite ongoing debate about New York City office market viability. Companies seeking AI talent and proximity to venture capital firms remain willing to sign traditional leases rather than pursue hybrid-friendly, shorter-term spaces that dominate current leasing activity.