In a release, Steven Durels, EVP and director of leasing and real property for SL Green, credits a capital improvement program at 16 Court with influencing the law firm's decision to stay. The recent redevelopment of 16 Court included a new lobby, elevator cabs, corridors and windows together with a façade restoration and HVAC and electric upgrades. Among the tenants there are the New York City Department of Transportation, the New York Times' Brooklyn bureau, Marcus & Millichap Real Estate Investment Services, Hudson Valley Bank and the Kings County Democratic Committee.
SL Green was represented in-house by Chris Gulden. Susan Baumet-Cornicello, Esq. of Corincello Tendler LLP acted on behalf of Bonina & Bonina in the transaction.
In other news, the office REIT last week declared a dividend of $0.10 per share of common stock for the quarter ending June 30, 2009. The dividend is payable on July 15, 2009 to shareholders of record at the close of business on June 30.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
