Grow Therapy Leases 78,000 Sq Ft in Manhattan
Employers planning New York City office space can see how a growing telehealth firm is expanding with state job-creation tax credits.
Updated on Nov. 4, 2026 in Remote Work
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Grow Therapy, a mental health platform offering in-person and online therapy, has signed a lease for more than 78,000 square feet at 145 Delancey Street within Essex Crossing in New York City. The lease is the firm's second New York City office lease in one year, and it is being expanded with $1.4 million in Excelsior Jobs Program tax credits from Empire State Development.
Why it matters
The deal shows a telehealth operator committing to large-footprint Manhattan office space while expanding its local headcount, a signal for employers weighing how much physical space hybrid and remote-first firms still need. The landlords did not immediately disclose the asking rent or lease length, so the cost side of the decision cannot yet be measured.
The 145 Delancey lease covers more than 78,000 square feet, roughly four times the 19,000 square feet Grow Therapy leased at 100 Broadway in November 2025. Grow Therapy plans to invest $15 million in the space and create 123 new jobs, while the Lower Manhattan average office asking rent was $62.40 per square foot in the third quarter of 2026.
The players
Grow Therapy
A mental health platform offering in-person and online therapy, now expanding its New York City office footprint.
Empire State Development
New York State's economic development agency, which administers the Excelsior Jobs Program tax credits backing the expansion.
Goldman Sachs Urban Investment Group
The investment arm of Goldman Sachs, one of the landlord partners in the 145 Delancey Street joint venture.
The details
The landlords at 145 Delancey are a joint venture involving Taconic Partners, L+M Development Partners, BFC Partners, the Prusik Group and Goldman Sachs Urban Investment Group. Grow Therapy's expansion is supported by $1.4 million in Excelsior Jobs Program tax credits, a state incentive tied to job creation commitments. The firm's prior 100 Broadway lease gave it room to hire 186 new employees, and the new space is intended to support its growing New York City workforce.
Timeline
Early November 2025: Grow Therapy signed its 19,000 sq ft lease at 100 Broadway.
Wednesday, November 4, 2026: The governor's office announced the 145 Delancey Street lease.
Market Landscape
Grow Therapy's back-to-back Manhattan leases, the first at 100 Broadway in November 2025 and the second at 145 Delancey now, show a remote-capable healthcare firm choosing to add physical office space in Lower Manhattan rather than shrinking it. The deal sits within a Lower Manhattan market where average office asking rent reached $62.40 per square foot in the third quarter of 2026, a benchmark operators can use to judge their own lease costs.
Employers budgeting for Manhattan space should compare their own per-square-foot costs against the $62.40 Lower Manhattan average asking rent and factor in state incentive programs like Excelsior. Operators planning headcount growth in the city should treat the 123 planned jobs and 186-person hiring capacity at Grow Therapy's prior site as signals of how fast space needs can grow.
The takeaway
The practical lesson is that a growing firm can need several times more Manhattan space within a single year, so operators should model lease expansion options alongside headcount plans. Businesses considering state job-creation credits should consult a qualified accountant or counsel on eligibility and commitments before relying on them.
Further reading
For broader context on how distributed and hybrid employers are rethinking their physical footprints, see Remote Work coverage for New York City employers.
Source note: This article includes information reported by Commercial Observer.
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