Spring 2025! Tishman & Blackstone back investing in leased NY class A office

Tishman has acquired a 153.000 sq ft office building in NY, 148 Lafayette Street for $105m ($685 per Sft). This would their first US office acquisition since 2021 ; it had been bought in 2012 by EPIC for $126m (ie 20% less than reported value, 13 years ago).

The asset  is currently fully leased, and LEED Gold certified.

Blackstone has acquired a 46 % joint-control interest in 1345 Avenue of the Americas at a full capitalization of $1.4 billion. 1345 Avenue of the America is 2 million square feet building, reportedly 92% leased.

These are good signs for the office sector, in a gloomy US office context : 25% office vacancy, and office investment down 18% at $13.7 billion in Q1 2025 (source: Savills).

Tishman Speyer Finalizes Acquisition of 148 Lafeyette Street in Manhattan’s Iconic SoHo Neighborhood | citybiz

From CRE Daily, on Blackstone investment strategy  

Blackstone Buys Midtown Office as Part of NY Comeback - CRE Daily