Tishman Speyer has sold a fully let, 153,000sqft Manhattan office building to US real estate investment firm Shorenstein Properties for $132.5m (€119m), just 17 months after acquiring the asset for $105.5m.
Tishman Speyer said after accounting for contractual credits at acquisition and sale, the adjusted disposition price for 148 Lafayette Street in SoHo was 41% higher than its June 2025 purchase price, representing approximately $866 per sqft.
Built in 1913 and renovated in 2017, the property is located on the corner of Lafayette and Howard Streets.
Tishman Speyer originally acquired 148 Lafayette from real estate firm EPIC in June 2025 for $105.5m, marking the manager’s first US office acquisition since 2021 and its first in New York City since 2019. The purchase of the fully let, 12-storey boutique property was partially financed via a $68.3m debt facility from Blackstone Real Estate Debt Strategies.
Chris Shehadeh, Tishman Speyer senior managing director, said: “We acquired 148 Lafayette with a clear plan and executed it ahead of schedule, generating an attractive return for our investors.
“This successful outcome reaffirms our conviction in the continued demand for premier office assets in prime Manhattan neighbourhoods to both companies seeking exceptional work environments and institutional investors targeting high-quality real estate.”
Sean Fay, senior vice-president, investments group at Shorenstein, said: “148 Lafayette is a compelling addition to our portfolio, combining strong in-place cashflow, a high-quality tenant roster and meaningful opportunities for future rent expansion.
“SoHo’s appeal to technology and venture capital firms, together with its limited supply of high-quality office space, makes it an attractive submarket for investment and future growth. We see an opportunity to build on the property’s recent leasing momentum through active asset management.”
Colby Wick, CIO at Shorenstein, said: ”We are proud of the portfolio of top-tier office assets we’ve assembled for Fund XIV that produce attractive cashflow yields and opportunistic total returns, a combination that is rare to find in commercial real estate.
“With a growing pipeline of high-quality office offerings and an extremely limited amount of investment capital for the sector, we are excited about the current investment environment,” he added.
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