SL Green Realty Corp. has signed a significant new office lease with Clay at 11 Madison Ave., bringing the property to 100% leased. The agreement covers 163,095 square feet on a 10-year term with the AI sales growth-stage company, marking a major commitment to the building and to its New York base.
Under the lease, Clay will occupy the entire 14th and 16th floors along with a portion of the 15th floor, consolidating a substantial block of space within the tower. The addition of Clay’s team fills the remaining vacancy in the property, resulting in a fully leased office building.
Steven Durels, executive vice president and director of leasing and real property at SL Green, framed the transaction as evidence of ongoing tenant interest in higher-quality office product. He noted that demand for large blocks of space in such buildings “remains robust,” positioning the Clay lease within a broader pattern of active requirements for sizable, well-located office premises.
From the tenant’s perspective, the lease reflects both growth and a long-term commitment to New York. Clay CEO and co-founder Kareem Amin said New York has been the company’s home since its inception and described 11 Madison as the place where the firm intends to build its next chapter. He cited rapid team expansion and surpassing $100 million in annual recurring revenue as drivers behind the need for a new headquarters that aligns with the company’s ambitions.
The transaction also involved multiple brokerage professionals. Clay was represented by Aaron Ellison, Derek Feinman, and Adam Spector of Newmark. The landlord was represented by Newmark’s Brian Waterman, Brent Ozarowski, and Eric Harris, reflecting a coordinated leasing effort on both the tenant and ownership sides.
With Clay committing to a long-term, large-scale lease and 11 Madison Ave. now fully spoken for, the deal underscores the role of high-quality office assets in accommodating expansion by fast-growing technology and AI-focused companies within New York’s office market.
