Investment firm CIM Group has purchased 16 Court Street in Downtown Brooklyn for $171 million.
The property, also known as the Montague-Court Building, is a 36-story office tower near Columbus Park and Brooklyn Borough Hall. Tenants in the building include landscape architecture firm Michael Van Valkenburgh Associates, software firm Maker’s Row and City University of New York. The retail space in the building is occupied by Gregory’s Coffee.
SL Green is the seller in the transaction. The firm, along with partner City Investment Fund, acquired the building for $107.5 million in 2007. It gained full ownership of the property in 2013. The deal, which is expected to close in the fourth quarter, will generate $164 million in proceeds for SL Green.
“This transaction underscores SL Green’s strong track record of identifying and unlocking value in New York City office buildings. We foresaw the demand for revitalized office product in downtown Brooklyn and are very pleased with the successful execution of our business plan,” said SL Green Co-Chief Investment Officer Isaac Zion.
CBRE’s Darcy Stacom represented SL Green in the transaction.