Wednesday, December 12, 2007 – New York, NY – Cushman & Wakefield Sonnenblick Goldman, as exclusive advisor to SL Green Realty Corp. and the City Investment Fund LP, has arranged first mortgage financing for 16 Court Street located in Brooklyn, New York. Anglo Irish Bank Corporation provided the $110.3 million LIBOR based facility.
The building, which prominently stands as the tallest office building in Brooklyn, houses such tenants as the Council of School Supervisors & Administrators, New York City Department of Transportation, New York City Department of Design & Construction, an array of prestigious law firms, and a number of retail tenants that include Duane Reade and FedEx Kinko’s. The new owners plan to carry out an extensive renovation plan that will reinvigorate the asset and strengthen its position as one of the most sought after office buildings in the Downtown Brooklyn submarket.
“This financing closed at a very turbulent time in the capital markets, and it was only through an incredibly cooperative effort on behalf of all parties involved that the financing was closed on time and as represented,” said Mort Holliday, managing director at Cushman & Wakefield Sonnenblick Goldman. The C&W SG deal team included Mr. Holliday, Andrew Oliver, Alex Hernandez, and Steve Harris.
16 Court Street is located in Downtown Brooklyn, directly adjacent to the upscale residential neighborhood of Brooklyn Heights. The area is home to numerous high-profile tenants including Keyspan Energy, Bear Stearns, and SIAC, and has generated tremendous boutique office demand for smaller firms that provide legal, advertising, and financial services to many of the large corporations in the area.
Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.sonngold.com.