Commercial Real Estate
January 28, 2008
Above Streetlevel: Times Renews at 16 Court
As SL Green starts to revamp the empty spaces and lobby at 16 Court Street, which the firm acquired last year for $107.5 million, at least one high-profile tenant has re-upped its lease for the next five years. The New York Times renewed its lease for 1,174 square feet of space in the building through August 2012. The Times uses the space for the Brooklyn component of its editorial division, according to a rep for SL Green. Though the terms of the lease weren’t disclosed, SL Green's website shows that most of the space in the building is available for between $40 and $45 a foot. SL Green, which is Manhattan’s largest office landlord, has announced plans to completely refurbish 16 Court and offer pre-built, state-of-the-art office spaces; the latter move is meant to attract smaller tenants. GMAP