15 Laight Street
Boutique Tribeca Office Building Trades for $273.5M
An 8-story, Class-A commercial building, located at 15 Laight Street in Manhattan's Tribeca neighborhood, has just been sold for $273.5 million. The structure was purchased by Hyundai Motor Group from the previous owner, Vanbarton Group, in a deal brokered by Newmark Group.
Formerly home to the Tribeca Film Festival, the building was originally constructed in the early 1900s but was extensively redeveloped by Vanbarton Group, after the firm acquired the property in 2016.
Designed by Gensler, the new building (completed in 2021) retained only about 25% of the original structure and totals 115,000 square feet altogether.
Floors 2-8 are dedicated to boutique office space, with several outdoor terrace spaces, while the ground floor features restaurant and retail spaces.
Hyundai Motor Group reportedly plans to use the building to house some of its corporate offices. The ground floor will also be turned into a showroom so that the South Korean-based car manufacturer can display its latest range of vehicles.