SL Green Gets $110M for Office Refi

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16 Court St.

BROOKLYN, NY-Cushman & Wakefield Sonnenblick Goldman who served as the exclusive advisor to SL Green Realty Corp. and the City Investment Fund LP, has arranged the first mortgage financing for 16 Court St. here. Anglo Irish Bank Corp. provided the $110.3-million Libor-based facility.

The office tower, which SL Green purchased in June for $108 million from Court Street Investors, was SL Green’s first property in Brooklyn, as GlobeSt.com reported. Rents at the 38-story property range from $40 to $45 per sf, according to SL Green. Queries regarding reasons for refinancing were unanswered by deadline.

Holliday

The 317,625-sf tower, which stands as the tallest office building in Brooklyn, houses tenants such as the Council of School Supervisors & Administrators, the New York City Department of Transportation, the New York City Department of Design & Construction, several law firms, and a number of retail tenants that include Duane Reade and FedEx Kinko’s. The office building is located in Downtown Brooklyn, directly adjacent to the upscale residential neighborhood of Brooklyn Heights. The area is home to high-profile tenants including Keyspan Energy, Bear Stearns, and SIAC, and has generated boutique office demand for smaller firms that provide legal, advertising, and financial services to many of the large corporations in the area.

“This financing closed at a very turbulent time in the capital markets,” notes Mort Holliday, managing director at Cushman & Wakefield Sonnenblick Goldman. “It was only through an incredibly cooperative effort on behalf of all parties involved that the financing was closed on time.” The C&WSG deal team included Holliday, Andrew Oliver, Alex Hernandez and Steve Harris. A spokesperson for the company tells GlobeSt.com that the company cannot comment on its deals with SL Green.