Shorenstein Wins SoHo Office Tower Bidding War With Roughly $135 Million Offer

Shorenstein Wins SoHo Office Tower Bidding War With Roughly $135 Million Offer

Shorenstein Properties has emerged as the buyer of 148 Lafayette Street, a fully leased 12-story office building in SoHo, agreeing to pay approximately $135 million to seller Tishman Speyer, according to a new report.

The property spans 155,000 square feet at the corner of Lafayette and Howard streets, and contains 141,359 square feet of office space that is entirely leased. Its tenant roster includes venture firm General Catalyst, AI code review startup Graphite, coworking operator WeWork, and a cosmetics company.

Shorenstein reportedly bested multiple institutional suitors, among them private equity funds, to secure the asset. Newmark’s Adam Spies, Doug Harmon, Adam Doneger, Marcella Fasulo, Avery Silverstein and Joshua King represented the seller in the transaction.

A Quick, Profitable Flip for Tishman Speyer

For Tishman Speyer, the sale marks a rapid and profitable exit. The firm acquired the building from Epic in May 2025 for $105.5 million, partially financed with a $68.3 million acquisition loan from Blackstone Real Estate Debt Strategies. That purchase was notable in its own right — it was Tishman Speyer’s first Manhattan acquisition since 2019 and its first anywhere in the country since 2021. The pending sale would represent a gain of nearly $30 million in roughly a year and a half of ownership.

The 2025 purchase itself came at a discount to earlier cycles: Epic had paid $126.5 million for the building back in 2012, meaning Tishman Speyer stepped in below that pre-2013 benchmark before now selling above it.

At the time of its acquisition, Tishman Speyer managing director Albert Schmool described the asset as a chance to benefit from a strengthening New York office leasing market, calling it a top-quality boutique property in one of the city’s most active neighborhoods. The bidding competition for the building suggests investor appetite for stabilized, fully leased Manhattan office assets remains intact.

The financing side of the original deal ties into Blackstone’s real estate debt platform; Blackstone Inc. (BX), whose shares traded recently at $126.43, up 1.16% from a prior close of $124.99, operates the Real Estate Debt Strategies unit behind the $68.3 million loan.

The Real Deal was first to report the sale.

What to watch

• Confirmation of the final recorded sale price and any new acquisition financing attached to the property.
• Whether Shorenstein makes changes to the tenant roster or leasing strategy following closing.
• Further Manhattan office investment sales activity as institutional buyers continue competing for fully leased boutique assets.

Source: original release