SL Green Realty agrees to sell interest in 3 Columbus Circle
SL Green Realty announced an agreement to sell its 48.9% interest in 3 Columbus Circle to The Moinian Group, the current owner of the remaining 51.1% interest. The sale is expected to generate net consideration of approximately $223M and will close in Q$, 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 which transformed the property into a Class-A corporate address featuring Central Park views, prime retail, and state-of-the-art building systems and amenities. Upon completion of the capital program in 2012, a 214,000 square foot condominium interest was sold to international marketing leader Young & Rubicam for $143.6M, with the firm also signing a lease to serve as the anchor tenant of the remaining 539,000 square foot condominium.