Transactions - AUGUST 10, 2017

CIM Group pays $171m for Brooklyn office

by Andrea Waitrovich

SL Green Realty Corp. has sold 16 Court St., a 317,600-square-foot office building in Brooklyn, N.Y., for a gross sale price of $171million to CIM Group.

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 percent.

The transaction is expected to close during the fourth quarter of 2017, subject to customary closing conditions.

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