Deviation Capital, a newly spun-off venture capital firm from Two Sigma managing $2 billion in assets, has signed a lease for two full floors at 75 Spring Street in SoHo. The firm shares the 13,246-square-foot space with Untold Studios, a global advertising agency. Greystone Management owns the property.
The lease signals continued appetite for office space in Manhattan's SoHo district, despite broader uncertainty in the commercial real estate market. Deviation Capital's arrival reflects confidence from a major financial services player in New York's startup ecosystem. The firm, freshly separated from Two Sigma's operations, will use the space to house its early-stage investment team.
Untold Studios' co-tenancy with Deviation brings together different sectors. The ad agency serves global clients and benefits from SoHo's established creative community. For Greystone Management, landing both tenants on a multi-floor basis provides stable, long-term lease income at a trophy Manhattan address.
SoHo remains one of New York's most competitive neighborhoods for commercial leasing. The area attracts both established firms seeking prestige and emerging companies wanting to operate in a creative hub. 75 Spring Street's location on a prime SoHo block commands premium rental rates.
The lease demonstrates that specialized tenants in finance and creative services continue to prioritize physical office space despite remote work trends. VCs particularly maintain significant in-person operations for deal-making and networking. Two Sigma's decision to spin out Deviation into its own entity, with dedicated office space, underscores the firm's commitment to independent operations in New York's financial district.
For landlords like Greystone, this transaction validates the enduring value of well-located SoHo properties among high-quality corporate tenants. The combination of a prestigious VC firm and