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Clay, an artificial intelligence go-to-market platform founded in New York City, is substantially enlarging its Manhattan headquarters with a major lease at 11 Madison Ave. in the Flatiron District. The company has committed to 163,095 square feet of office space at the property, which is associated with SL Green Realty Corp. The expansion marks a significant footprint for the growing AI platform within one of Manhattan’s established office corridors.
To support Clay’s growth plans, Empire State Development (ESD) has approved a package of performance-based incentives through the Excelsior Jobs Program. The agency is offering the company up to $9,960,000 in tax credits, contingent on Clay meeting specific job creation and investment benchmarks over the coming years. The program structure ties the value of the credits to the company’s ability to execute on its expansion and hiring strategy in New York.
Under the incentive agreement, Clay is expected to create 498 new full-time positions over a five-year period. In addition to workforce expansion, the company has committed to investing $50 million in research and development activities in New York State. These commitments link the headquarters expansion to a broader growth plan that includes both employment and innovation activity within the state.
Hope Knight, president, CEO and commissioner of ESD, described the project as evidence that New York remains a location where innovative firms can establish and scale operations. She noted that Clay’s decision to deepen its presence in New York City is anticipated to generate high-quality jobs and support ongoing work in artificial intelligence, reinforcing the state’s positioning in this sector.
On the leasing side, SL Green was represented by a Newmark agency team led by executive vice chairman Brian Waterman. The agency role underscores the continued involvement of major brokerage firms in large technology and AI-related office transactions in Manhattan. While specific lease terms such as duration and rental rates were not disclosed, the size of the commitment highlights continued tenant demand for sizable, centralized office headquarters in select New York City submarkets.
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