The Slow Upward Climb at 16 Court Street
Landscape designer Michael Van Valkenburgh’s highly publicized leasing notwithstanding, the turnaround of 16 Court Street has been a tougher slog than SL Green anticipated when it paid $107 million for the 37-story prewar office tower in 2007. At the time, the 1928 building had been allowed to fall into disrepair and it was only 75…
Landscape designer Michael Van Valkenburgh’s highly publicized leasing notwithstanding, the turnaround of 16 Court Street has been a tougher slog than SL Green anticipated when it paid $107 million for the 37-story prewar office tower in 2007. At the time, the 1928 building had been allowed to fall into disrepair and it was only 75 percent occupied. Since then, SL Green has focused on upgrading and rebranding the building as more than a place for small-time court lawyers, targeting “creative” tenants like Van Valkenburgh in the process, say The Observer. Like the market as a whole now, the deal-making pace is “glacial,” according to Downtown real estate veteran Chris Havens who’s helping to market the building. So what’s a leasing agent to do? You have to be nicer. You offer little things. Deal terms have to be more open. You try to say yes as much as possible. Mr. Havens said.
Building Stories: Full Court Press [NY Observer]
Van Valkenburg Doubles Down in Brooklyn GMAP
The Views from 16 Court Street [Brownstoner]
Above Streetlevel: Times Renews at 16 Court [Brownstoner]
We’ll be happy with the tenants we can get, deardittoburg! thanks for noticing… We have two more leases out (health care and an education) this week….It is just that Van Valkenburg deals shows that more creatives will consider this area. There are already many around here, in fact Bruce Springsteen’s publicist has a large office on Court Street, for example, and thre are filmakers, architects and the like. Finally, we believe many of our attorneys and city agencies create good things as well.
Oh the horro, they may have to find uncreative tenants instead.