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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