6/3/2007

SL Green refinances Brooklyn's tallest office tower

by

16 Court St.

Mr. Holliday

Cushman & Wakefield Sonnenblick Goldman (C&WSG) arranged the $110.3 million refinancing of 16 Court St. in Brooklyn for the partnership between SL Green Realty Corp. and City Investment Fund LP. The partnership acquired the property in June 2007 for $107 million from Court Street Investors.

C&WSG Managing Director Mort Holliday, along with Andrew Oliver, Alex Fernandez and Steve Harris, represented SL Green and City Investment Fund LP on the deal. Anglo Irish Bank Corp. provided the financing.

At 38 stories, the building at 16 Court St. is Brooklyn's and contains 327,000 square feet of class B office and retail space. It was constructed in 1928 and is currently undergoing a lobby renovation and other upgrades.

Current tenants include The New York City Department of Transportation, the New York City Department of Design and Construction and a number of prestigious law firms and retailers.

The sale marks the first foray into Brooklyn for SL Green, the largest owner and manager of Manhattan office space. The company's current portfolio consists of 61 properties in New York, Westchester and Connecticut.

City Investment Fund LP invests primarily in commercial, residential and retail assets within the five boroughs of New York City

Address:16 Court St., Brooklyn, N.Y.

Size: 38 stories/327,000 square feet

Built: 1928

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Filed Under: Office

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