The redevelopment of the 26-story building, designed by Genslerarchitects, will include replacement of the existing brick facadewith a new glass curtain wall with shadow box and vision glass onall facades, a new lobby with backlit, frosted-glass walls, brushedbronze wall accents and white marble floors and new elevators. Thebuilding will also boast a new address: 3 Columbus Circle.

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CB Richard Ellis tells GlobeSt.com that, as of now, asking priceper sf for the building is $60.36. The Moinian Group projects thatwhile rents have yet to be finalized, the new building is expectedto command $110 to $130 per sf.

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[IMGCAP(2)]Up to 500,000 sf of contiguous space will beavailable in the building as current leases expire in 2008, making3 Columbus Circle one of the only office towers in the areaoffering such a large block of available space. The leasing team ofJimmy Kuhn, Michael Dreizen and Andrew Udis of Newmark Knight Frankis handling the marketing of the space.

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Daniel Gohari, VP and director of commercial assets for theMoinian Group notes that "the Columbus Circle area is the hottestbusiness destination in the City right now for both office andretail, with such tenants as CNN, Soros, Texas Pacific, Grubman,Steel Case, Hearst and Time Warner. The transformation sparked bythe Time Warner Center has spread throughout the district, and theMoinian Group is proud to offer such a large block of new class Aoffice space to the market."

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Floor sizes range from 40,000 sf on the lower floors to 20,000sf on the high-rise floors. In total, up to 500,000 sf will beavailable. The building is projected for completion in the firstquarter of 2009. Sources involved in the deal were unable to bereached by deadline.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.