3 Columbus Circle opens for business

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Joe Moinian and 3 Columbus Circle
After a tumultuous few years, Joseph Moinian‘s brick office tower at 3 Columbus Circle is finally ready to display the results of a major makeover, Crain’s reported.

Moinian invested $100 million to transform the building, which was previously home to Newsweek. It has a new all-glass façade, a new roof and the lobby has been moved from West 57th Street to Broadway, Crain’s said.

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“Everything that could be touched has been touched,” said Steve Durels, the head of leasing for SL Green Realty, which swooped in to bail out Moinian in return for a 49 percent equity stake after he defaulted on a $250 million loan at the property.

Rates at the spiffed-up tower range from $60 per square foot to $80 per square foot on the higher floors overlooking Central Park. [Crain’s]