28&7, a boutique Class A office property at 205 W. 28th St. in Manhattan’s Chelsea neighborhood, has reached full occupancy following the completion of two new office leases. Cushman & Wakefield reported that the building is now 100% leased.
Verance Capital Management committed to 2,041 square feet of office space at the property. In a separate transaction, Melius AI signed a lease for 4,595 square feet. These deals complete the lease-up of the building and bring its occupancy to full stabilization.
The landlord, Capstone Equities, was represented in both transactions by a Cushman & Wakefield agency leasing team comprising Michael Movshovich, Connor Daugstrup, and Grant Potter. On the tenant side, Verance Capital Management was represented by CBRE professionals Ben Friedland, Taylor Scheinman, Gary Davies, and Owen Reda. Melius AI was advised by CBRE brokers Ryan Alexander, Jared Isaacson, and Jeffrey Frenkel.
Commenting on the lease-up, Avi Kollenscher of Capstone stated that the new commitments represent an important milestone for 28&7, bringing the property to full occupancy and underscoring ongoing demand for high-quality boutique office space in the Chelsea market.
Capstone Equities acquired 28&7 in November 2025. Since that acquisition, the owner has executed three leases in total to bring the building from less than fully occupied status to 100% leased. According to Capstone, the asset has attracted strong interest from fast-growing AI companies, which have been a notable source of leasing velocity at the property.
The story of 28&7’s lease-up highlights a segment of office demand in Chelsea centered on boutique, Class A product and tenants in growth industries such as AI. With the most recent leases to Verance Capital Management and Melius AI now completed, the building stands fully occupied under Capstone’s ownership.
