Modal Labs, an AI-based cloud infrastructure company, signed a lease for 156,763 square feet at Rudin's 32 Avenue of the Americas in Tribeca, according to CBRE's October Manhattan office report. The company plans to relocate from its current headquarters at 233 Spring Street in Hudson Square in mid-2027. The lease terms, including length and asking rent, were not disclosed. The average asking rent for office space in Lower Manhattan was $62.68 per square foot in October. Modal Labs, founded in 2021 by Erik Bernhardsson and Akshat Bubna, also operates offices in San Francisco and Stockholm. Rudin acquired the property from AT&T in 1999. The building, located one block south of Canal Street, also houses Industrial Color and Lumen Technologies.