Vanbarton Group is paying about $95 million to acquire a downtown Manhattan office tower and convert it into a residential property, according to a report from Bloomberg, citing people familiar with the situation.
The real estate investment firm plans to turn the asset, known as 77 Water St., into up to 600 apartment units. Currently, the 26-story office tower features 575,000 square feet of space and includes tenants such as Goldman Sachs Group Inc., Lewis Brisbois Bisgaard & Smith, and AT&T Inc.
According to workspace provider Sage, which partially owned the building, 77 Water St. is a 1970s property that has gone under renovation and been modernized. The property is within a several-minute walk of the South Ferry and the World Trade Center.
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