JLL announced that the first tenants of Eretz Group’s newly repositioned boutique mixed-use office and retail property at 177 Lafayette St. in Soho have signed leases totaling 13,158 square feet.
A trio of tech-forward fashion companies will open flagship offices at the property, which was renovated by Eretz Group following the departure of WeWork, the multi-billion-dollar co-working firm that was born in a corner office of the building back in 2010.
New Zealand-based menswear brand Rodd & Gunn has leased 4,386 square feet on the sixth floor for seven years as it looks to reignite a US store expansion; La Ligne, the fashion brand launched by Vogue alumni, also took 4,386 square feet on the second floor in a five-year deal; and NOWwith, the home shopping platform that blends celebrity endorsements with product recommendations took 4,386 square feet on the third floor.
Eretz Group was represented by JLL vice chairman Paul Glickman, managing director Benjamin Bass, vice presidents Kip Orban and Kristen Morgan, and associate Thomas Swartz. Rodd & Gunn was represented by Jordan Weiss, managing director at Savills; La Ligne by Isabel Solmonson, co-founder of Runyon Group; and NOWwith by Hiro Nishida of Platinum Properties.
“With the innate charm of a Soho loft, a full 180 ft. of Lafayette frontage and a new city park on the doorstep, 177 Lafayette checks all the boxes for tenants seeking to get employees back in the office,” said Orban. “With exciting plans for future growth, Rodd & Gunn, La Ligne and NOWwith have planted a flag in this timelessly hip, amenity-rich neighborhood with convenient transportation and a pulse of innovation.”
Eretz Group, longtime owner of the 50,000 square feet, six-story property, recently completed a major repositioning that capitalizes on much of the building’s original interiors including timber columns, exposed brick, high ceilings, oversized windows, and classic Soho craftsmanship. The renovation included upgraded lobbies, modernized building systems, new elevators and a restored retail facade.
Michelin-starred pastry chef Ryan Butler and his partners recently leased retail space for their first location in Manhattan.
Located on the northeast corner of Lafayette and Grand Streets opposite the new Rapkin-Gayle Plaza, 177 Lafayette St. is minutes from the Spring Street subway station, Bowery/Prince bus station and several Citi Bike stations. It is surrounded by some of the city’s best shopping and dining and enjoys a vibrant arts and entertainment scene.
“We are simply delighted to welcome our first round of new tenants to 177 Lafayette,” said Nicholas Mok of Eretz Group. “While the location speaks for itself, our recent renovations and pre-built designs were essential in attracting high-caliber tenants seeking something more than mundane office space – even more so as they look to attract and retain exceptional talent.”
According to JLL’s 2Q Office Leasing report, Soho is the third healthiest office market in the city, behind Hudson Yards and Midtown. Average asking rents stood at $74.26 in the second quarter as the neighborhood enjoyed a surge in leasing activity from business in the cryptocurrency, fintech, advertising, media and big tech took space.