New York & Tri-State + Midtown New York + Office | August 21, 2018

SL Green Exits 3 Columbus Circle Stake

SL Green Realty Corp., which recapitalized the Moinian Group’s then-distressed 3 Columbus Circle redevelopment project in 2011, is exiting its stake in the now leased-up property. The REIT said it agreed to sell its 48.9% interest in the 753,000-square-foot office and retail property back to Moinian, with net consideration of $223 million.

“The recent lease-up of the vacant retail space marks the successful completion of SL Green and The Moinian Group’s repositioning of 3 Columbus Circle,” said David Schonbraun, co-CIO at SL Green. “With these significant improvements, we have transformed the property into a premier Columbus Circle asset, and have created substantial long-term value,” illustrated by an anticipated internal IRR of more than 15%.

With Young & Rubicam as the anchor office tenant, 3 Columbus Circle is currently 95% occupied, up from 20% when the repositioning began. Its retail tenants include Nordstrom, which opened there this past April.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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