SL Green Leasing Up Renovated Brooklyn Asset

BROOKLYN, NY-SL Green is near leasing up a 36-story Brooklyn office tower at 16 Court St., in the Brooklyn Heights neighborhood that the company acquired in 2007 for $108 million . The firm is also set to complete a $20-million renovation modernizing the asset, which was built in 1928. “The building needed a lot of TLC when we bought it,” admitted Chris Gulden, vice president of leasing at SL Green, during a press tour of the building today.

Right now 16 Court is 83% leased, up from 70% when SL Green acquired the property. If all of the deals under contract are completed, that number will hit about 95% by the end of the year. “As long as you’re willing to meet the market, that’s what it’s all about,” Gulden said of the increase in occupancy, even during the recession.