Tishman Speyer signed a long term lease at 175 Varick Street for $58.7 million, according to a report in The Real Deal. The property is co-owned by WeWork and real estate investor AEW Capital Management.
WeWork and AEW pad $32.7 million for the long term lease hold there from Gary Barnet’s Extell Development in 2012. Extell, in turn, had paid $24 million for it in 2005. The Lehman family owns the land on which the building stands.
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Located in Soho, 175 Varick is a 135 foot tall building with ten floors built in 1927. It has a total of 187, 000 square feet of space, 75, 000 of which is held by WeWork. The office space comes with a B+W / Color Prints; Copy/Scan, conference rooms, Editing Bays, High-Speed Internet & Wifi, indoor bike storage, lounges, private phone booths, purified water, a screening room, unique interior design and a writers room.
WeWork’s listing states, “Once called the Printing District, Soho West is home to media and advertising giants, digital innovators and tech startups. The community working out of this revived industrial-style building can enjoy our 28-seat screening room and form relationships with a large, diverse group of entrepreneurs.”
WeWork leases flexible office space to short-term tenants. Extell’s lease on the property has another 89 years to it.