11 East 26th Street
This is a high-quality office lease transaction in Midtown South, one of Manhattan's most resilient and tech-friendly office submarkets, with comparables supporting rents in the $90–$118 PSF range based on nearby deals at 1 Madison Avenue and 11 Madison Avenue. The tenant, Sierra, is a well-funded AI firm led by high-profile founders Bret Taylor and Clay Bavor, lending strong credibility and financial backing to the lease obligation. The landlord, Rockrose Development under Henry Elghanayan, has a sterling reputation and proven long-term ownership track record in NYC, reducing operational and counterparty risk. At 94,145 SF, this ranks among Manhattan's largest April 2026 office deals, signaling continued demand from the AI sector for large contiguous space. No distress indicators, litigation flags, or lien concerns are present, making this a clean, institutionally sound transaction.
Deal Stats
Parties
Seller / Landlord
Rockrose Development, led by Henry Elghanayan, is a well-established and highly reputable NYC real estate firm with decades of experience owning and operating Class A office and residential properties in Manhattan. The firm is known for long-term asset stewardship and institutional-quality management.
Buyer / Tenant
Sierra is an AI-powered customer support company co-founded by Bret Taylor, former co-CEO of Salesforce and Chairman of OpenAI's board, and Clay Bavor, former VP at Google. The company is well-capitalized, backed by prominent venture investors, and represents the growing AI sector's expansion into large Manhattan office footprints.
Score Analysis
Why this score
Tenant Quality & Capitalization
Sierra's founders (Bret Taylor, Clay Bavor) bring proven enterprise software/tech pedigree and strong venture backing, significantly reducing credit and performance risk.
Landlord Institutional Strength
Rockrose Development's long-term stewardship model and Class A portfolio track record in Manhattan reduces operational and counterparty risk.
Submarket Fundamentals
Midtown South's resilience and tech-sector demand, combined with comparable rents ($90–$118 PSF), validate pricing and sustainability.
Deal Size & Market Timing
94,145 SF ranks among Manhattan's largest office deals in April 2026, signaling robust AI-sector demand for contiguous institutional space.
Lease Term & Renewal Risk Unknown
No lease term details disclosed; renewal risk and escalation clauses could materially impact long-term cash flow predictability.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Disclose Lease Term & Renewal Structure
Specify initial term length, renewal options, and rent escalation schedule to quantify duration and cash flow certainty.
Provide Financial Metrics (Rent/Cap Rate)
Publish annual rent ($8.47M at $90 PSF) and estimated cap rate to enable institutional investor benchmarking and valuation confidence.
Document Sierra's Funded Runway & Burn Rate
Quantify Sierra's capital reserves and monthly burn to substantiate its ability to sustain a $90 PSF commitment through market downturns.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Office Lease 11 East 26th Street Daily limit: 10/10 Sierra Signs 94,145 Square Foot Lease With Rockrose Development At 11 East 26th Street LEASED HE 94,145 SF Leased 3 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Price Per Square Foot: $0 Total Square Footage: Transaction Type: 11 East 26th Street is an office asset located in the Midtown South market. The property encompasses a total of 94,145 square feet. Summary of transaction details: Property Type: Office Transaction Amount: Not disclosed Address: 11 East 26th Street Market: Midtown South Landlord: Henry Elghanayan - Rockrose Development Tenant: Bret Taylor & Clay Bavor - Sierra Sierra, an AI customer support firm, has secured a lease for the office space at Rockrose’s 11 East 26th Street. This transaction is noted as one of Manhattan’s largest office deals in April. Players All Brokers Landlords | Tenants Bret Taylor 4 deals BROKER Henry Elghanayan 7 deals $251.2M volume LANDLORD Clay Bavor 3 deals TENANT Details Deal Summary IMAGE: Bret Taylor, Henry Elghanayan & Clay Bavor DATE: 05/01/2026 ADDRESS: 11 East 26th Street MARKET: Midtown South ASSET TYPE: Office ~ SF: 94,145 LANDLORD: Henry Elghanayan - Rockrose Development (@RockroseNY) TENANT: Bret Taylor & Clay Bavor - Sierra NOTE: Sierra, an AI customer support firm, has signed a 94,145-square-foot lease at Rockrose’s 11 East 26th Street in Midtown South, marking one of Manhattan’s largest April office deals Email New York | @tradedny Comps 10 These are similar deals based on proximity and similarity to the subject deal. 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Deal Type SALE LOAN LEASE Property Size (sq ft) Rent per Square Foot (Annual) Lease Term (Years) Annual Escalation (%) Lease Type NNN (Triple Net) Free Rent Period (Months) Reset Effective Rent (Annual) $5,396,334.59 Total Lease Value $53,963,345.89 Net Landlord Cash Flow Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. 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