Shorenstein pays $866 psf for SoHo office in $132.5M Tishman sale

Tishman Speyer sold the 155,000-square-foot, fully leased office building at 148 Lafayette Street in SoHo to Shorenstein Properties for $132.5 million, or $866 per square foot, Tishman said. The Real Deal first reported the sale.

Tishman bought the property from Epic in May 2025 for $105.5 million, financing $68.3 million with a Blackstone Real Estate Debt Strategies loan. The resale is $27 million above Tishman's purchase price and above the $126.5 million Epic received when it sold the building in 2012.

For allocators, $866 per square foot is a transaction comparable for appraisals of fully leased Manhattan office in core funds. New office leases in the building have been signed at $70 to $120 per square foot since January 2025.

The building holds 141,359 square feet of office and 13,454 square feet of ground and lower-floor retail, both fully leased. Office tenants include General Catalyst, Graphite, WeWork, Charlotte Tilbury, Aura Frames and Keystone, with Five Points Academy and 260 Sample Sale in the retail space. About 70% of the office space has been leased to new tenants since January 2025, and all but 12,315 square feet is committed through the 2030s.

Shorenstein outbid several institutional bidders, including private equity funds, a person with knowledge of the deal said. Newmark's Adam Spies, Doug Harmon, Adam Doneger, Marcella Fasulo, Avery Silverstein and Joshua King brokered the sale.

Tishman has also put the fee simple interest in 6 Grand Central, the former 666 Third Avenue, up for sale at about $450 million. Takenaka Corporation went under contract to buy 1 Broadway from Rockwood and Midtown Equities for $170 million the same day, as Private Wealth Daily previously reported.