The Real Deal New York

Y&R buys 3 Columbus space for $143M

Agency closes on 340,000 SF space

September 27, 2012 11:30AM
By Katherine Clarke

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3 Columbus Circle

Advertising giant Young & Rubicam has closed on its purchase of an interest in a commercial condominium at 3 Columbus Circle for $143.63 million, according to public records filed with the city today. The deal for the space, first reported with no price by the New York Times, closed on September 11.

First American Exchange took title to the space on behalf of Y&R, records show. The seller was SL Green, which has had a stake in 3 Columbus Circle since 2010, when it saved embattled developer Joseph Moinian from foreclosure on the property.

As previously reported, Y&R has taken a condo interest in 214,372 square feet on floors three through eight at the building, and previously inked a 20-year lease for 124,760 square feet on floors nine, 10, 18 and 19. The agency was previously located at 285 Madison Avenue, but was looking for more modern space. Its Madison Avenue headquarters made headlines earlier this year when one of the building’s elevators malfunctioned and killed an agency employee. The building is currently on the market, listed by Darcy Stacom and William Shanahan of CBRE Group.

Y&R was represented by CBRE’s Mary Ann Tighe, Gregory Tosko, Christopher Mansfield and Lauren Crowley in the Columbus Circle deal. SL Green was represented by Jimmy Kuhn, Scott Klau, Brian Waterman, Erik Harris and Lance Korman of Newmark Knight Frank.

Y&R declined to comment on the deal. The agency is reportedly planning on relocating to its new space over the next year or so. A spokesperson for First American declined to comment.

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