Tishman Speyer has sold the twelve-storey, approximately 155,000-square-foot office building at 148 Lafayette Street in SoHo to Shorenstein Properties. The purchase price for the property located at the corner of Lafayette and Howard Streets amounts to 132.5 million US dollars, representing 866 US dollars per square foot. The transaction was handled by a Newmark team comprising Adam Spies, Doug Harmon, Adam Doneger, Marcella Fasulo, Avery Silverstein and Joshua King. Shorenstein prevailed in the bidding process against several institutional bidders and private equity funds.
For Tishman Speyer, the sale represents a rapid resale at a substantial profit. The company had acquired the property from Epic only in May 2025 for 105.5 million US dollars, of which 68.3 million US dollars had been financed via an acquisition loan from Blackstone Real Estate Debt Strategies. Prior to this purchase in 2025, Tishman Speyer had not acquired an office building in the United States since 2021, and none in Manhattan since 2019. The entry price of 105.5 million US dollars at the time was below the 2012 level, when Epic had paid 126.5 million US dollars for the property.
Full occupancy and long-term leases into the 2030s
Chris Shehadeh, Senior Managing Director at Tishman Speyer, stated that 148 Lafayette Street had been acquired with a clear plan and executed ahead of schedule, achieving an attractive return for investors. The successful outcome confirmed the sustained demand for prime office properties in sought-after Manhattan locations, both from discerning occupiers and institutional investors.
The property comprises 141,359 square feet of office space, which is fully let. Tenants include venture capital firm General Catalyst, software company Graphite, co-working provider WeWork, cosmetics company Charlotte Tilbury, digital company Aura Frames and consulting firm Keystone. The retail space on the ground floor and lower level accounts for 13,454 square feet, fully leased to martial arts gym Five Points Academy and retailer 260 Sample Sale.
Around 70 per cent of the office space has been let to new tenants since January 2025, with rents for recent agreements ranging between 70 and 120 US dollars per square foot. Except for 12,315 square feet, all space is committed into the 2030s. The LEED Gold-certified building was constructed in 1913 and modernised in 2007 and 2017.
Tishman Speyer has recently recorded further market activity. In August, the company placed the freehold interest in 6 Grand Central, formerly 666 Third Avenue, up for sale for around 450 million US dollars. Previously in June, the company's lending platform had acquired a 40 million US dollar mezzanine loan for the One Dag Hammarskjold Plaza building, immediately following its acquisition by 601W Companies and David Werner Real Estate Investments.
