Publications

SL Green sells stake in Columbus Circle for $223m
Transactions - AUGUST 20, 2018

SL Green sells stake in Columbus Circle for $223m

by Released

SL Green Realty Corp. has sold its 48.9 percent interest in 3 Columbus Circle in New York City to The Moinian Group, the current owner of the remaining 51.1 percent interest. The sale is expected to generate a net consideration of approximately $223 million and will close in the fourth quarter of 2018, subject to customary closing conditions.

SL Green acquired its interest in the 753,000-square-foot property in 2011. Upon acquisition, SL Green and The Moinian Group initiated a repositioning strategy that transformed the property into a class A corporate address featuring Central Park views, prime retail, and state-of-the-art building systems and amenities. On completion of the capital program in 2012, a 214,000-square-foot condominium interest was sold to international marketing company Young & Rubicam for $143.6 million, with the firm also signing a lease to serve as the anchor tenant of the remaining 539,000-square-foot condominium.

The 3 Columbus Circle asset occupies the entire block between Broadway and Eighth Avenue.

The property is currently 95 percent leased.

Forgot your username or password?