Moinian Group Closes Deal on 3 Columbus Circle

3 Columbus Circle

NEW YORK CITY—The Moinian Group closed on its acquisition of 3 Columbus Circle, the office building where the real estate developer, owner and operator runs its headquarters. In August, the ownership announced that SL Green was selling its 48.9% interest in the building to the Moinian Group for $233 million. VMLY&R  still owns a six-story office condominium within the property. In September 2018, the WPP Company announced the creation of the new agency VMLY&R, merging the brands of VML and Y&R (Young & Rubicam).

In September 2010, the Related Companies had bought the $250 million debt on the property and was going to foreclose on the 25-story tower, which was nearly vacant and financially troubled, according to The New York Times. In 2011, SL Green made a $139 million equity investment in the property, as reported in Commercial Observer. The $248.2 million of debt which was purchased by Deutsche Bank and Related Companies was retired and replaced with an SL Green and Deutsche funded bridge loan.