Shorenstein Acquires 148 Lafayette Street in SoHo for $132.5 Million

Shorenstein Investment Advisers on Oct. 27 announced the acquisition of 148 Lafayette Street, a 154,000-square-foot, Class A office and retail property in Manhattan's SoHo neighborhood. The purchase price was $132.5 million, or approximately $866 per square foot. The transaction is the final investment in Shorenstein Realty Investors Fourteen, the firm's value-added real estate fund.

Tishman Speyer was the seller. Newmark brokered the transaction, with Avery Silverstein and Adam Spies leading negotiations.

Shorenstein Deal Completes Fund 14 Investment Program

Shorenstein, an owner and operator of office, residential and mixed-use properties across the U.S., said the acquisition reflects its continued focus on high-quality, income-producing assets in markets positioned for long-term rent growth. Since June 2024, the firm said it has acquired 14 office properties totaling approximately $2 billion. As of September 2026, those properties are producing an average distribution yield of 8%.

"We are proud of the portfolio of top tier office assets we've assembled for Fund XIV that produce attractive cash flow yields and opportunistic total returns, a combination that is rare to find in commercial real estate," said Colby Wick, Chief Investment Officer at Shorenstein. "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."

Shorenstein is a privately owned investment adviser with offices in San Francisco and New York. Since 1992, the firm and its affiliates have acquired $20.6 billion in assets, as of June 30, 2026.

Property Details at 148 Lafayette Street

The property sits at the corner of Lafayette and Howard streets in SoHo. It is a 12-story office building with an additional penthouse level, built in 1913 and renovated in 2017. The space includes approximately 141,359 square feet of office and 13,454 square feet of retail.

The building was recently renovated to create a modern workplace environment with 13-foot slab-to-slab ceilings, oversized windows, an attended lobby and two terraces for tenant use. The building is LEED Gold certified and has access to multiple subway lines and the surrounding neighborhood's retail, dining and cultural amenities.

Tenant Roster and Leasing Activity

The property is 100% leased. Office tenants include General Catalyst, Graphite, WeWork, Keystone Strategy and Charlotte Tilbury, and the roster also includes Aura Frames. Retail space is leased to Five Points Academy and 260 Sample Sale.

The weighted average remaining lease term is approximately nine years, Shorenstein said. About 70% of the current rent roll has been signed since January 2025. Rents on newer leases range from approximately $70 to $120 per square foot.

"148 Lafayette is a compelling addition to our portfolio, combining strong in-place cash flow, a high-quality tenant roster and meaningful opportunities for future rent expansion," said Sean Fay, Senior Vice President, Investments Group at Shorenstein. "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."

Shorenstein said the acquisition is supported by bank financing. Sustained demand from creative, technology, venture capital and other businesses, combined with limited supply of high-quality office space, reinforces the firm's strategy of targeting income-producing assets where active leasing and asset management can drive long-term value creation.

Seller's Hold Period and Pricing History

Tishman Speyer acquired the property from Epic for $105.5 million in 2025, with a $68.3 million acquisition loan from Blackstone Real Estate Debt Strategies. It sold the asset about 17 months later for $132.5 million, an unadjusted increase of approximately 25.6%, or $27 million. Earlier pricing for the transaction had been approximately $135 million, or about $870 per square foot.

Market Context: Manhattan Office Investment

The sale reflects investor interest in fully leased, recently renovated office assets in supply-constrained Manhattan submarkets. Shorenstein outbid several institutional and private-equity bidders for the property.

Sources

• Shorenstein Acquires 148 Lafayette Street in Manhattan's SoHo Neighborhood (PR Newswire)