Declaration Partners & Hilltop Real Estate Secure $50M Lease At 113–121 Prince Street Soho

The retail asset involved in the transaction is located at 113 Prince Street & 121 Prince Street in Soho. Declaration Partners and Hilltop Real Estate have secured a 25-year master lease agreement for three storefronts, valued at approximately $50 million. The deal features an option to extend the lease until 2091, as Soho retail experiences a resurgence in demand.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $50M
• Address: 113 Prince Street & 121 Prince Street
• Market: Soho
• Landlord: Soho Development Corp
• Tenant: Declaration Partners & Hilltop Real Estate

Key individuals in this deal include David Rubenstein, who backs Declaration Partners, alongside the respective teams from both Declaration Partners and Hilltop Real Estate. The lease agreement is part of a broader trend of increasing rental rates in Soho, where Broadway asking rents have reached a median of $604 per square foot post-pandemic.