Nomic AI and three other tenants have committed to nearly 16,000 square feet of office space at 99 University Place, a 10-story building positioned between Union Square and Washington Square Park in Manhattan. The artificial intelligence software company anchors the leasing activity with a 5,000-square-foot deal, while Therapeutic Alliance Suites and T Moriarty & Son each took full floors of approximately 4,890 square feet.
The building sits on premium Manhattan real estate. 99 University Place occupies a corner location that captures foot traffic from Union Square, one of the city's busiest commercial intersections. The property owner, Bijan Nassi, has assembled a mixed-use portfolio that blends tech tenants with wellness and industrial operators.
Nomic AI's decision to lease here reflects the company's growth trajectory in the generative AI sector. The firm develops design software tools for developers and enterprises. A 5,000-square-foot footprint suggests the company plans moderate expansion without committing to massive enterprise space. This aligns with how AI startups approach real estate. They grow fast but remain flexible on lease lengths and square footage.
Therapeutic Alliance Suites operates therapy and counseling spaces across Manhattan. The company leases out private rooms to independent therapists on flexible schedules. This business model thrives in high-foot-traffic areas near transit hubs. Union Square offers both. The therapists can charge premium rates to clients in a desirable neighborhood, and patients access care near their jobs and apartments.
T Moriarty & Son, a construction systems developer, also secured a full floor. The company focuses on prefabrication and modular building techniques. Location near Union Square provides visibility to developers and contractors who frequent the area for meetings and transactions.
The leasing activity shows office space absorption returning in neighborhoods with strong location credentials. Union Square East and the surrounding blocks have recovered faster than other Manhattan office corridors because of the mix of amenities, transit connections, and neighborhood density. Subway lines including the 4, 5, 6, N, Q, R, and W all feed into Union Square, making it a transit hub for the broader region.
Rental rates at 99 University Place reflect mid-market Manhattan pricing. Full-floor leases in this range typically command between $45 and $65 per square foot annually, depending on condition, finishes, and lease length. Four separate tenants in the same building suggest landlords are comfortable marketing smaller blocks rather than holding out for a single large anchor tenant.
For landlords like Nassi, diversified tenancy reduces vacancy risk. If one tenant downsizes or relocates, three others remain in place generating revenue. For tenants, 99 University Place offers the flexibility of a mid-sized office building without the constraints of trophy properties that demand long-term commitments and premium pricing.
The deals signal tenant demand for office space in locations offering transit access, neighborhood character, and mixed-use surroundings. Companies increasingly seek third places between home and corporate campuses. 99 University Place delivers that formula in a proven Manhattan submarket.