CIM Buys Brooklyn Office Building in $171M Deal
- Aug 14, 2017
CIM Group has agreed to purchase, for a gross sale price of $171.0 million, the 317,600-square-foot vintage Class A office building at 16 Court St. in Brooklyn. SL Green Realty Corp. was the seller.
SL Green had acquired the 36-story building in 2007 for $107.5 million through a joint venture with Joseph P. Day Realty—according to information provided by Yardi Matrix—and in 2013 took full ownership.
Along the way, the JV completed a repositioning that included a lobby renovation and elevator upgrade, among other improvements. The building is Wired Certified Gold and currently is 94 percent occupied.
“This transaction underscores SL Green’s strong track record of identifying and unlocking value in New York City office buildings. We foresaw the demand for revitalized office product in downtown Brooklyn and are very pleased with the successful execution of our business plan,” Isaac Zion Co-CIO of SL Green, said in a prepared statement.
SL Green expects to pocket net cash proceeds of about $164.0 million. The sale is expected to close in the fourth quarter of 2017.
SL Green declined to provide Commercial Property Executive with requested additional information.
Darcy Stacom of CBRE represented SL Green in the sale.
A Little bit of History
Though barely in the top 10 tallest buildings in Brooklyn, 16 Court St. reportedly is the borough’s tallest commercial office building. Also known as the Montague-Court Building, it was completed in 1928.
The building’s major tenants include noted landscape architecture firm Michael Van Valkenburgh Associates Inc., the City University of New York and online marketplace Maker’s Row.