Y&R buys 3 Columbus space for $143M

Agency closes on 340,000 SF space

New York /
Sep.September 27, 2012 11:30 AM

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.


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
SL Green puts Daily News building up for sale
SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
From left: Isaac Zion with JMC Holdings' Matthew Cassin (left) and David Taylor (right) (Photos via SL Green; JMC)
Former SL Green exec Isaac Zion joins Acram Group
Former SL Green exec Isaac Zion joins Acram Group
SL Green nabs $360M refinancing for Midtown office tower
SL Green nabs $360M refinancing for Midtown office tower
SL Green nabs $360M refinancing for Midtown office tower
11 Penn Plaza (Vornado Realty Trust)
Manhattan office availability continues to reach new highs
Manhattan office availability continues to reach new highs
SL Green expands share buybacks by $500M
SL Green expands share buybacks by $500M
SL Green expands share buybacks by $500M
One Madison Avenue and Marc Holliday (Photos via SL Green)
SL Green snags $1.25B construction loan for One Madison Avenue
SL Green snags $1.25B construction loan for One Madison Avenue
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...