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SL Green selling office property in Brooklyn, NY, for $171M

SL Green Realty Corp. agreed to sell the 16 Court St. office building in Brooklyn, N.Y., to CIM Group for a gross sale price of $171.0 million.

The sale of the 36-story, 317,600-square-foot property is expected to close during the fourth quarter, subject to customary conditions, and is expected to generate net cash proceeds of approximately $164.0 million.

The company bought the building for $107.5 million through a joint venture in 2007 in a deal that marked the company's entry into the Brooklyn market, and took full ownership in 2013.

The property is 94% leased.