Aug
14
CIM Buys Brooklyn Office Building in $171M Deal
ByThe sale is expected to close in the fourth quarter of 2017. Though barely in the top 10 tallest buildings in Brooklyn, 16 Court St. is reportedly the borough’s tallest commercial office property.
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…
