CIM Group agreed to pay $171 million for 16 Court St., a 317,600-square-foot office tower in Downtown Brooklyn.
The seller, SL Green Realty Corp., had bought the property in 2007 through a joint venture. That was just before the Financial Crisis and the buyers paid $107.5 million. SL Green later bought out its partners and completed a renovation, including the lobby and elevators. The tower is currently 94% 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,” said Isaac Zion, co-chief investment officer for SL Green.
This transaction is expected to close during the fourth quarter of 2017. CBRE represented SL Green.