SL Green Signs 2 Major Leases at Brooklyn's 16 Court Street
April 7th, 2009 at 2:32 PM
Acclaimed Landscape Architect and City of New York Commit to 23,234 Square Feet at Brooklyn Tallest Office Building
New York, NY - January 21, 2009 - SL Green Realty Corp. (NYSE: SLG) today announced that it has signed a new lease with Michael Van Valkenburg Associates, Inc., and a renewal lease with The City of New York Department of Citywide Administrative Services (DCAS), for administrative offices serving the Department of Mental Health and Hygiene, totaling 23,234 square feet at 16 Court Street, Brooklyn's tallest office tower.
Michael Van Valkenburg Associates, Inc. is a leading national landscape designer specializing in the building and restoration of landscapes for a broad range of public, private and corporate clients. Significantly, Van Valkenburg is the designer of the Brooklyn Bridge Park, which at 85 acres, is the largest park in Brooklyn history since Prospect Park.
DCAS is the administrative arm of the City of New York, the government entity responsible for supporting all City agencies which provide services to the public. The Department of Mental Health and Hygiene has been a tenant at 16 Court Street for over 15 years.
"We are delighted these two important tenants have selected 16 Court Street for their corporate offices," said Steven Durels, Executive Vice President and Director of Leasing and Real Property for SL Green. "We are completing a major $20 million building redevelopment, which includes a new lobby, elevators, corridors, façade restoration, and windows together with HVAC and electric upgrades. The building's location, only one subway stop away from Manhattan, makes 16 Court Street an extremely compelling option for tenants desiring close proximity at affordable rental rates. The extensive building renovation, convenient location, sweeping views of the New York harbor and affordable rental rates have kept leasing activity moving forward at a brisk pace."
Van Valkenburg, to occupy 12,216 square feet on the entire 11th floor for a lease term of more than 15 years, plans to move in around April 1st. DCAS committed to a five-year, 11,018-square-foot lease for the entire 2nd floor.
Built in 1927, 16 Court Street is a 36-story, 290,000-square-foot landmark offering breathtaking views of the Manhattan skyline. Among its tenants are the New York City of Transportation, the New York Times' Brooklyn Bureau, Marcus & Millichap, Hudson Valley Bank and the Kings County Democratic Committee.
Ted Rotante of First Service Williams represented Van Valkenburg, and Peter Hennessy of Jones Lang LaSalle represented DCAS, while the landlord was represented by Chris Havens of Corporate Real Estate Services, Inc. and Gary Kamenetsky and Stewart Tudor of CB Richard Ellis, together with Larry Swiger and Christopher Gulden of SL Green Realty Corp.
About SL Green Realty Corp.
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche. As of June 30, 2008, the Company owned 30 New York City office properties totaling approximately 23,719,200 square feet, making it New York's largest office landlord. In addition, SL Green holds investment interests in, among other things, eight retail properties encompassing approximately 400,212 square feet, two development properties encompassing approximately 363,000 square feet and two land interests, along with ownership interests in 36 suburban assets totaling 7,867,500 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.
Tags: 16 Court Street, Steven M. Durels, Christopher Gulden, Lawrence A. Swiger, Ted Rotante, Peter Hennessy, Chris Havens, Gary Kamenetsky, Stewart Tudor