Silicon Valley Firm Andreessen Horowitz Inks 34K-SF Deal in SoHo
By Celia Young December 8, 2021 12:44 pm
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Venture capital firm Andreessen Horowitz will more than quadruple its Big Apple office space after snagging 33,560 square feet at 200 Lafayette Street in SoHo.
The Silicon Valley-based investment firm took all of the third and fourth floors of the building between Broome and Spring streets, The Real Deal reported. Asking rent was $95 per square foot in the 10-year deal.
The firm, led by Marc Andreessen and Ben Horowitz, is relocating from the 15th floor of the 30-story 11 Madison Avenue, where it occupies 7,147 square feet and pays $68 per square foot, after its lease expires next year, TRD reported. Andreessen Horowitz did not respond to a request for comment on the move.
The company’s new SoHo home will reportedly house divisions including Andreessen Horowitz’s cryptocurrency fund. The Menlo Park, Calif.-based firm invests in crypto, health care, financial technology and enterprise companies, according to its website.
The building at 200 Lafayette Street is seven stories, with retail and office components owned by separate companies. The roughly 30,000-square-foot ground-floor retail space is owned by Brookfield Properties and is currently vacant, according to the real estate firm’s website. The retail and office space in the building, originally constructed in 1893, was previously leased to JCPenney in 2012 before the company went bankrupt.
LaSalle Investment Management bought the office condominium portion, on behalf of Swiss Reinsurance Company, for about $125 million in 2015 with $100 million in acquisition financing from Deutsche Bank, Real Estate Capital Europe reported.
Current Real Estate Advisors’ Adam Henick and Brandon Charnas handled it for Andreessen Horowitz. JLL’s Barbara Winter and Carlee Palmer represented the owners of the office condo portion of the building. Representatives for Current Real Estate Advisors and JLL did not immediately respond to requests for comment.
Celia Young can be reached at cyoung@commercialobserver.com.
