Gray Swan quadruples Pittsburgh footprint at Bakery Square

PITTSBURGH, August 13, 2026 — JLL announced today that it advised and secured a more than 19,000-square-foot office sublease on behalf of Gray Swan, an artificial intelligence security company in Pittsburgh’s East End. Gray Swan moved into Bakery Office Three in summer 2026.

Gray Swan plans to at least double its Pittsburgh team by the end of the year, growth fueled by the $40 million Series A it raised in May. JLL structured the sublease with flexible terms that let the company take on more space as it hires.

JLL Senior Vice Presidents Andrew Millberg and Geoff Greco led the transaction.

"Fast-growing companies like Gray Swan often have to choose between the space they need today and the space they'll need in two years," said Millberg. "We were able to find and negotiate an opportunity that offers them both. They’ll be able to scale incrementally as needed and never have to sacrifice momentum for real estate reasons."

"Strong AI security work is happening in Pittsburgh, and that comes down to the people," said Matt Fredrikson, CEO and co-founder of Gray Swan. "Our work depends on the local research talent, so we’re committed to the city where we started.”

Bakery Square anchors "AI Avenue," a stretch of Penn Avenue in Pittsburgh's East End that has become a hub for AI and technology companies. Its LEED-certified buildings, including the nine-story Bakery Office Three, offer an array of first-class amenities and an on-site fitness center, and Gray Swan's fully furnished suite is equipped with a plug-and-play data center. Many of the campus's companies trace their roots to Carnegie Mellon University, whose computer science program ranks among the nation's best and supplies much of the region's technical talent.

Gray Swan's own roots run to the university: co-founders Matt Fredrikson and Zico Kolter are both Carnegie Mellon professors, and the company started in a house on the university's campus. Kolter also serves as director of CMU’s Machine Learning Department and on the board of OpenAI, where he chairs its Safety and Security Committee.

This move reflects where demand is heading across Pittsburgh's office market. According to JLL's Pittsburgh Office Market Dynamics report, occupiers are increasingly concentrating in modern, amenity-rich space, even as limited new supply constrains options.

For more news, research and industry insights, please visit JLL's newsroom.

Gray Swan is empowering the world to use AI safely and securely. Founded by leading AI security researchers from Carnegie Mellon University, the company provides automated adversarial risk assessment, continuous red-teaming, and runtime AI security monitoring and protection. Gray Swan is trusted by the world's leading AI labs and enterprises to deploy AI with confidence. The company is headquartered in Pittsburgh, PA. Learn more at grayswan.ai.