Venture capital firm Andreesen Horowitz — also known as a16z — closed on a deal to lease 34,000 square feet of downtown Manhattan office space in a building owned by LaSalle Investment Management. The new tenant will occupy the entire third and fourth floors of 200 LaFayette, under a 10-year agreement with an asking rent of $95 per square foot.

Adam Henick and Brandon Charnas of Current Real Estate Advisors negotiated on behalf of Andreesen Horowitz, while JLL’s Barbara Winter and Carlee Palmer represented the landlords.

Andeersen Horowitz’s future headquarters will house the company’s cryptocurrency fund, which was founded in 2009 and manages $19.2 billion in assets. Its investment portfolio also includes healthcare, financial technology and enterprise companies.

soho office space
200 LaFayette St., New York City

With this deal, the Menlo Park-based investment group led by Marc Andreesen and Ben Horowitz has essentially quadrupled its presence in the New York office market. The company previously occupied 7,147 square feet at 11 Madison Ave. under a lease agreement that’s set to expire next year. Its new location on LaFayette St. — for which full buildout is anticipated by the end of 2022 — is a seven-story building featuring retail and office spaces owned by different companies.

Brookfield Properties, which owns the 30,000-square-foot retail space on the ground and second floors, previously leased the space to JCPenney from 2012 until the retailer’s eventual bankruptcy. The office component of the building is owned by LaSalle Investment Management, which acquired the asset on behalf of Swiss Reinsurance Company for about $125 million in 2015. The transaction was closed with a $100 million acquisition loan from Deutsche Bank.

Built in 1893 and located on the northwest corner of Broome St. in the SoHo corridor, 200 LaFayette was renovated and converted into a Class A, LEED-certified office and retail property in 2012. Its historic brownstone façade was restored; the interior wood support beams and tin ceilings were preserved; and the lobby, plumbing, electrical and mechanical systems were upgraded.