SL Green Sells 317,600 SF Office Building in Brooklyn to CIM Group for $171M

NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to sell 16 Court Street, a 317,600-square-foot office building in Brooklyn, for a gross sale price of $171 million. The buyer is CIM Group, a full-service real estate and infrastructure fund manager. The transaction is expected to close during the fourth quarter of this year. The sale will generate net cash proceeds of approximately $164 million. The 36-story building is currently 94 percent occupied. Darcy Stacom of CBRE represented SL Green in the deal.