Tishman Speyer is selling the twelve-storey, 155,000 square foot office building at 148 Lafayette Street in SoHo, at the corner of Lafayette and Howard Streets, to Shorenstein Properties. The transaction price is approximately US$135 million. The Real Deal first reported the sale.
The transaction was brokered by Adam Spies, Doug Harmon, Adam Doneger, Marcella Fasulo, Avery Silverstein and Joshua King of Newmark. According to an insider familiar with the deal, Shorenstein outbid several institutional bidders, including private equity funds. Tishman Speyer is divesting the property as part of a rapid repositioning, making a significant profit, having acquired the building in May 2025 for US$105.5 million from Epic. Of this, US$68.3 million came from an acquisition loan from Blackstone Real Estate Debt Strategies.
Property features and occupancy rate
Prior to the 2025 purchase, Tishman Speyer had not acquired a building in the US since 2021, and not in Manhattan since 2019, according to previous reports from Commercial Observer. The US$105.5 million purchase price in 2025 represented a decrease from the US$126.5 million Epic paid for the building in 2012. Albert Schmool, Managing Director at Tishman Speyer, stated last year at the time of the acquisition that 148 Lafayette Street offered a compelling opportunity to benefit from the strengthening New York office leasing market by acquiring a high-quality boutique asset in one of the city's most dynamic neighbourhoods.
The building comprises 141,359 square feet of office space, which is 100 per cent leased to tenants including investment firm General Catalyst, AI code review company Graphite, co-working company WeWork, cosmetics company Charlotte Tilbury, digital picture frame company Aura Frames, and consulting firm Keystone. Additionally, there are 13,454 square feet of retail space on the ground and lower floors, also 100 per cent leased to martial arts studio Five Points Academy and discount luxury retailer 260 Sample Sale. Approximately 70 per cent of the building's office component has been leased to new tenants since January 2025, and all but 12,315 square feet is leased into the 2030s. Rents for the newer agreements range from US$70 to US$120 per square foot.
Further activities by Tishman Speyer
The LEED Gold certified building was constructed in 1913 and renovated in 2007 and 2017, according to Tishman Speyer. Tishman Speyer has also been active elsewhere in the transaction business recently. In August, the company offered the freehold interest for 6 Grand Central, formerly 666 Third Avenue, for sale at approximately US$450 million. This followed an announcement in June that the company's debt platform had acquired a US$40 million mezzanine loan for the Emery Roth & Sons designed One Dag Hammarskjold Plaza. This occurred immediately after 601W Companies and David Werner Real Estate Investments purchased the 50-storey office building, as first reported by Commercial Observer.
Tishman Speyer declined to comment. Shorenstein Properties and Newmark did not immediately respond to requests for comment.
