AI Video Firm More than Triples Space in Move to Historic NYC Building

AI video platform Synthesia has executed a 50,000-square-foot lease for its new U.S. headquarters at GFP Real Estate’s 675 Avenue of the Americas, according to Lee & Associates NYC, which arranged the lease on behalf of the tenant.

Synthesia is nearly quadrupling its headquarters office space in a relocation from about 13,000 square feet at 245 Fifth Ave. Synthesia, a business-focused platform, has more than 250 employees in the U.S., including about 140 in New York.

Synthesia’s new offices will include meeting and collaboration areas, flexible event space and a studio where customers can create custom avatars, conduct proof-of-concept work and collaborate on video programs. 

675 Avenue of the Americas was completed in 1901 as the Adams Dry Goods department store and spans a full city block between West 21st and West 22nd streets. The Class B building offers 13-foot exposed ceilings, oversized operable windows, a 24/7 attended lobby, a shared roof deck and fully modernized elevator, mechanical and HVAC systems.

Located in Chelsea near the Flatiron District, the property sits five blocks north of Union Square Park and one avenue west of Madison Square Park with convenient access to Midtown South.

Executive Managing Directors and Principals Dennis Someck and Justin Myers of Lee & Associates NYC represented Synthesia. GFP Chairman & Principal Jeffrey Gural and Senior Managing Director Alphie Toro, along with Managing Directors Anthony Sciacca and Scott Gutnick of Newmark, represented the landlord.

Fresh money for older buildings

In January, GFP closed similarly sized refinance deals on two other vintage office buildings it owns in Manhattan. The 42-story, 350,000-square-foot building at 515 Madison Ave. was refinanced with an $86.5 million loan from Apple Bank. As part of the transaction, GFP acquired the minority interest in the property owned by ATCO, bringing its own stake to 100 percent.

In addition, GFP closed on an $83 million loan from TD Bank and BNY to refinance 100 Crosby St., a fully leased, six-story boutique office building in SoHo.

In the third quarter, the Manhattan office availability decreased to 14.0 percent, its lowest level since the second quarter of 2020, according to a new report from Newmark. In addition, this was the fifth straight quarter that Manhattan office leasing exceeded 10 million square feet.

Meanwhile, numerous Class B buildings are finding new life as apartment properties. According to Newmark, 17.6 million square feet of conversions are either underway or planned compared with 5.6 million square feet of conversions completed since 2020.