Hyundai Partners With SL Green to Lease $274M Tribeca Office Assets

Hyundai Motor Group partners with SL Green Realty to lease 15 Laight St in Tribeca. The 109,000 SF building remains vacant since its $274M purchase in 2023.

By: AXL Media

Published: Apr 30, 2026, 10:20 AM EDT

Source: Bisnow

The Pivot From Corporate Use to Commercial Leasing

Hyundai’s decision to lease out 15 Laight St marks a significant departure from its original 2023 acquisition goals. The Seoul based automaker paid cash for the eight story building, which translates to roughly $2,500 per square foot, a price point that reflected extreme optimism in the post pandemic Manhattan market. Despite the high investment, recent city filings confirm the property remains 100% vacant. By bringing in SL Green Realty Corp, Hyundai is leveraging local expertise to transform a dormant asset into a revenue generating commercial property.

Strategic Debt Investment and Management Transition

SL Green’s involvement extends beyond mere property management. The REIT has taken a stake in the asset through its $1.3 billion debt fund, though specific financial terms of the investment have not been publicly disclosed. Harrison Sitomer, President of SL Green, noted that the partnership combines the firm’s credit capabilities with its operational expertise. This move allows Hyundai to retain ownership while offloading the complexities of the New York City leasing market to a specialized partner with deep local roots.

Analyzing the Tribeca Office Market Landscape

The decision to bring the building to market comes at a time when the Tribeca and Hudson Square submarkets are outperforming the broader Manhattan office sector. While the citywide vacancy rate hovers around 22%, Tribeca’s vacancy rate was reported at a more resilient 15.7% at the end of the first quarter. This disparity is largely driven by a lack of new supply, as there is currently no office construction underway in Lower Manhattan. For prospective tech and media tenants, 15 Laight St represents a rare opportunity for immediate occupancy in a high demand boutique setting.