Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

The asking rent was in the high $30-per-square-foot-range when SL Green acquired 16 Court. Now it is leasing to tenants in the lower $30-range, though it could command higher rents in the upper floors. Tenants in the building include law firms, city administration and a variety of small businesses.

Gulden said SL Green would consider acquiring other nearby buildings in Brooklyn if given the opportunity. “We would entertain it,” he said. “If you look at Manhattan, there’s not a lot that’s going on.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.