VC Firm, Ad Agency Lease Two Floors at Greystone’s 75 Spring Street

Venture capital firm Deviation Capital and global ad agency Untold Studios have absorbed 13,246 square feet on two full floors of Greystone Management’s 75 Spring Street in Manhattan’s SoHo neighborhood, Commercial Observer has learned.

A new spinoff from financial giant Two Sigma, Deviation is an early-stage VC firm that will manage its $2 billion in assets under management on the 6,623-square-foot, ninth floor of 75 Spring Street, according to a source with knowledge of the deal. 

Deviation has been housed within the Two Sigma offices at 100 Avenue of the Americas, and its new space will allow it to embrace a distinct future with its own branding. The tenant was repped in the 10-year deal by Brandon Charnas and Rob Kluge of Current Real Estate Advisors.

“It’s on a corner in SoHo and has incredible windows and beautiful architecture and is a perfect-sized floor plate — which is where all the demand is,” said Charnas. 

Meanwhile, Untold Studios, a creative agency currently housed at 180 Varick Street, will move to the entire 6,623-square-foot third floor at 75 Spring Street. The company, which also has offices in Los Angeles, Toronto, London and Mumbai, produces unique visuals, special effects, photography and videos for clients including Adidas, Estee Lauder, Amazon Music and Fortnite.

The ad agency was repped in its seven-year deal by Ken Fishel of Legacy Real Estate.

Current Real Estate Advisors’ Adam Henick and Thomas Mahl represented landlord Greystone in both deals. The asking rent for both leases was $100 per square foot.

“We have two new leases in this building, which is in prime, prime SoHo,” said Henick. “When we took over leasing, we had a clear vision: to showcase this property to attract the highest caliber of companies seeking an office space in SoHo, and our two most recent leases exemplify this strategy.”

After capital improvements by ownership, rents in the nine-story office building between Lafayette and Crosby streets have leaped from $60 to $100 per square foot. Only the fourth floor spanning 6,623 square feet remains available.

According to its spinoff press release, Deviation’s portfolio spans consumer, enterprise and life sciences. It works with companies such as Whoop, Remote, Xaira, Kalshi, Gameto, Etched and others at the intersection of data, software and advanced computing.

Untold Studios represents SoHo’s “rich artistic fabric, while Deviation Capital reflects the growing community of premier investors and innovative portfolio companies that want to call SoHo home and now define the neighborhood,” Henick said.