CIM Group Pays SL Green $171M For Brooklyn Office Building
SL Green has reached an agreement to sell a major Brooklyn office building.
SL Green, the largest office landlord in New York City, is under contract to sell 16 Court St., a stone's throw from Brooklyn's Borough Hall, to CIM Group for $171M. The office building, home to myriad law firms and media group EBrooklyn Media, contains 318K SF of offices.
SL Green purchased 16 Court as part of a joint venture in 2007 for $107.5M, before taking over sole ownership in 2013. Since then, it has renovated the building's lobby and elevator system to bring it up to modern standards. The building is 94% leased.
SL Green owns more New York City offices than anyone else, and this revenue infusion (the sale is expected to close in this year's final quarter) comes on the heels of the company's shareholders rejecting a pay increase for CEO Marc Holliday.