US mental health platform Grow Therapy is continuing its strong expansion in Manhattan. As announced by the office of Governor Kathy Hochul, the company has signed a lease for more than 78,000 square feet of office space at 145 Delancey Street within the large-scale Essex Crossing mixed-use development on the Lower East Side. This represents the provider's second major office transaction within just twelve months.
As part of the expansion, Grow Therapy plans to invest $15 million in fitting out the new premises. At the same time, 123 additional jobs are set to be created on site. The project is backed by New York State economic development support, with Empire State Development providing $1.4 million in tax credits through its Excelsior Jobs Program.
Owner consortium and market conditions in Downtown Manhattan
The property is held by a consortium of prominent real estate firms. The joint venture comprises Taconic Partners, L+M Development Partners, BFC Partners, the Prusik Group, and the Goldman Sachs Urban Investment Group. The owners initially gave no details regarding the exact terms of the agreement, including asking rents, lease duration, or the brokers involved. A market report by CBRE puts the average prime office rent for Lower Manhattan at $62.40 per square foot in the third quarter of 2026.
The new letting was preceded by a transaction on Broadway in November 2025, when the telemedicine company secured 19,000 square feet at Northwood Investors' 100 Broadway property. Those premises were primarily used to recruit 186 employees across technology, operations, and marketing.
Strategic relevance of the New York market
Governor Kathy Hochul highlighted that Grow Therapy's decision underlines the strength of the local innovation and talent ecosystem. She stated that it is rewarding to support a company that leverages technology to expand access to mental healthcare while creating jobs in New York. Seth Bressack, Chief Financial Officer of Grow Therapy, also emphasised the central role of the city, noting that New York serves as the company's centre of gravity from which services for patients in all 50 US states are managed.
- —Floor space: Over 78,000 square feet at 145 Delancey Street (Essex Crossing)
- —Investment volume: $15 million for tenant fit-out
- —Employment impact: Creation of 123 new jobs
- —Public funding: $1.4 million in tax credits via the Excelsior Jobs Program
