Posted Jan 10, 2012, 7:36 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,919
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http://therealdeal.com/issues_articl...lo-3-columbus/
Hello, 3 Columbus
Tenants in line behind Young & Rubicam, as fortunes for troubled tower improve
December 29, 2011
By Tom Acitelli
Quote:
The announcement early last month that advertising giant Young & Rubicam had signed for nearly 340,000 square feet of office space at 3 Columbus Circle, the former Newsweek Building, was a much-needed boost for the closely watched tower.
The 26-story, 768,565-square-foot tower was, of course, famously at the center of a battle in 2010 between developer Joseph Moinian and the Related Companies’ Stephen Ross. After Moinian defaulted, Ross attempted to wrest control of the building from him by buying the note and having his partner file to foreclose. However, powerhouse landlord SL Green Realty stepped in as Moinian’s savior and paid off the mortgage to squelch the foreclosure. Moinian and SL Green, which is headed by Marc Holliday, successfully finished a $175 million renovation — which included doubling the size of the lobby and cladding the exterior in glass — in the early fall.
“This is the type of building, I think, that put SL Green on the map,” said Richard Bernstein, a vice chairman at Cassidy Turley who is not involved in any deals at 3 Columbus Circle. “Nobody really does this better — take a kind of B+ building and understand how to get the most out of it, and minimize the hurdles.”
Durels noted that the owners are in talks with financial services firms, nonprofits and entertainment-related businesses. He said the deals could be announced at any time. He said that if they all get finalized, there would be only about 110,000 square feet of office space left to lease in 2012.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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