Tishman Speyer In Contract to Sell 148 Lafayette for About $135M

Tishman Speyer is in contract to sell 148 Lafayette Street, a 13-story Soho office building, to Shorenstein for about $135 million, The Real Deal reported Tuesday. Nothing has closed. No deed or transfer tax return appears on the lot. Tishman’s own purchase is recorded, a deed dated May 28, 2025 for $105,500,000.

Why it matters

One address carries a full basis reset. ACRIS shows Epic Lafayette LLC paid $126,500,000 for the building in a deed recorded May 25, 2012, buying from two entities tied to the Louis Dreyfus family office. Thirteen years later it traded to a Tishman Speyer entity for 17 percent less in nominal dollars. What moved value after that reset was signed leasing, not the market. Tishman expanded General Catalyst, its largest tenant at 42,535 square feet, and re-leased two vacant floors to the AI firm Graphite. If you are underwriting Class B Manhattan office right now, the recovery is being paid for one lease at a time, not by cap rate compression, and the buyer here is paying for work already done.

The numbers

PLUTO lists the property, block 233 lot 26, at 129,135 gross square feet, 118,374 of it office, last altered in 2017. On that denominator, $105.5 million is $817 per square foot and about $135 million is roughly $1,045, a 28 percent move in a little over 15 months. Sources disagree on the area: Commercial Observer used 150,000 square feet in May 2025, The Real Deal 153,000 this week. At 153,000 feet the same prices are $690 and $882. The city assesses the property at $40,845,150.

The debt is the part nobody reported. American General Life Insurance, an AIG company, assigned its mortgage to BREDS V US Investments L.L.C., a Blackstone Real Estate Debt Strategies entity, on a document dated March 21, 2024, fourteen months before Epic sold. At closing that paper went to Parlex 1 Finance, LLC of Blackstone Mortgage Trust, consolidated at $56,000,000 and paired with a new $12,340,000 mortgage, $68,340,000 in all. In October 2025 it moved into BXMT 2025-FL5, Ltd.

What’s next

A contract is not a closing. Watch block 233, lot 26 for a deed and an RPTT filing, the first moment $135 million becomes a number rather than a report. Blackstone’s loan sits inside a securitization, so a payoff is the second confirmation. We could not verify the $21.7 million judgment or scheduled July auction circulating with this building, and no lis pendens appears on the lot, so both are left out. More in the New York market, and on the same seller in our Mountain View sale to Spear Street.