Tishman Speyer is promoting a Soho workplace constructing that it purchased a couple of yr in the past for a 30 p.c markup — the newest signal of New York’s surging workplace market.
The Rob Speyer-led firm is in contract to promote 148 Lafayette Street to Shorenstein Properties for roughly $135 million, The Actual Deal has discovered. That’s a wholesome bump from the $105.5 million Tishman paid when it purchased the constructing about 16 months in the past.
Within the quick period of time it’s owned the constructing, Tishman expanded its largest tenant (enterprise capital agency Normal Catalyst) and rapidly re-leased two accessible flooring to the AI agency Graphite. Within the meantime, Manhattan’s workplace leasing market is on monitor to file its greatest yr since 2000, based on Colliers.
Representatives for Tishman Speyer and Shorenstein declined to remark.
A Newmark staff led by Adam Spies and Avery Silverstein negotiated the deal.
Standing on the nook of Howard and Lafayette streets, the 12-story, 155,000-square-foot constructing is one hundred pc leased, based on advertising and marketing supplies. The contract worth works out to about $870 per sq. foot.
Along with Normal Catalyst and Graphite, tenants embrace WeWork, the cosmetics firm Charlotte Tilbury, digital image body vendor Aura Frames and the consulting agency Keystone Technique.
The Normal Catalyst deal was finished at $120 per sq. foot, based on Newmark’s providing memo. That’s in comparison with the typical in-place rents of $97 per sq. foot — highlighting a possibility to hike rents as leases expire.
Tishman purchased the property in Might of final yr, the corporate’s first New York workplace funding since 2019, when it acquired the long-term lease on the Morgan North U.S. Publish Workplace constructing close to Hudson Yards. It was a time when different workplace traders reminiscent of Blackstone and SL Inexperienced, who had sat on the sidelines lately, have been getting again into purchase mode.
The vendor, Steven and Michael Elghanayan’s EPIC, had paid $126.5 million for the property in 2012.
This seems to be Shorenstein’s first New York buy in a while.
The third-generation household agency primarily based in San Francisco has been dealing with distress all through its portfolio, and in 2025 made some main staffing cuts. However the firm has lately returned to dealmaking.
In July the corporate purchased a Bay Space workplace constructing for $78 million, and prior to now few months it picked up a pair of Texas office buildings, of which the sale worth was not disclosed however had been valued for tax functions at near $200 million.
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