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SL Green Buys $108M Brooklyn Tower

BROOKLYN, NY-The 38-story tower is Brooklyn's tallest office building, and SL Green's first purchase in the borough.

By Sean Ryan | Updated on June 20, 2007

BROOKLYN, NY-SL Green Realty Corp. has announced it will acquire Brooklyn’s tallest office tower, 16 Court St., for $107.5 million. Court Street Investors is the seller, and was represented by Darcy Stacom of CB Richard Ellis.

This will be SL Green’s first property in Brooklyn. The 38-story, 317,625-sf tower was built in 1928 in Camden Plaza. Six subway lines are at Borough Hall next door to the property, and another three are two blocks away.

Joseph P. Day Realty Corp. is the current manager and leasing agent, specifically vice presidents Robert James Oliver and Douglas Becker of that company. Its website lists 48,675 sf in vacancies, mostly in small portions throughout the building, plus a 685-sf retail vacancy in the lobby. Given Day’s own total of 275,000 sf of office space in the building, the current office occupancy at 82%. The asking rent was not listed.

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