Crypto Firm Variant Takes 7K SF at 75 Spring Street in SoHo

Cryptocurrency venture capital firm Variant is moving its offices from Flatiron to SoHo, Commercial Observer has learned.

Variant, an early-stage crypto fund founded in 2020, has signed a 10-year lease for 6,623 square feet on the entire seventh floor of Greystone Management’s 75 Spring Street, according to broker Current Real Estate Advisors. Asking rent was $95 per square foot.

The deal represents a relocation for Variant, which will move from its current office in the Flatiron District at 149 Fifth Avenue to its new digs on the corner of Crosby and Spring streets later this summer.

Current Real Estate Advisors’ Adam Henick, Brandon Charnas and Thomas Mahl brokered the deal for both the tenant and the landlord.

“Variant’s long-term commitment to 75 Spring Street underscores the appetite for high-end, move-in-ready office space in this neighborhood,” Henick said in a statement to Commercial Observer. “Ownership’s investment in upgrading the building aligns perfectly with what today’s users are demanding — character, convenience and quality.”

A spokesperson for Variant did not immediately respond to a request for comment, while Greystone could not be reached for comment.

Variant will join several other tenants at the nine-story SoHo building, including investment advisory firm Raven Capital Management on the sixth floor, health and wellness platform Melissa Wood Health on the eighth floor, and skin care clinic Spring Street Dermatology on the second floor. Clothing store J. Crew occupies the building’s ground-floor retail space.

News of the deal comes as more and more crypto firms look to secure offices in New York City, specifically in SoHo.

That includes crypto trading platform dYdX’s lease last April for more than 21,000 square feet at 38 Greene Street, as well as crypto firm MoonPay’s deal this April for a new 5,000-square-foot headquarters at 520 Broadway.

Isabelle Durso can be reached at idurso@commercialobserver.com.