NEW YORK — SL Green Realty Corp., New York City’s largest commercial landlord, announced an agreement to sell 16 Court Street, a 317,600 square foot office building in Brooklyn, NY, for a gross sale price of $171.0 million to CIM Group, a full service real estate and infrastructure fund manager. This transaction is expected to close during the fourth quarter of 2017, subject to customary closing conditions. The sale will generate net cash proceeds of approximately $164.0 million.
SL Green acquired the 36-story office building in 2007 for $107.5 million through a joint venture, and subsequently took full ownership in 2013. SL Green implemented a strategic repositioning plan that included a lobby renovation and elevator upgrade, among other improvements designed to attract new tenants and enhance the building’s profile. Occupancy in the building is currently 94%.
SL Green Co-Chief Investment Officer Isaac Zion said, “This transaction underscores SL Green’s strong track record of identifying and unlocking value in New York Cityoffice buildings. We foresaw the demand for revitalized office product in downtown Brooklyn and are very pleased with the successful execution of our business plan.”