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Moinian Group is taking full ownership of 3 Columbus Circle

Deal will net REIT $223M

Joseph Moinian and 3 Columbus Circle (Credit: Getty Images and SL Green)
Joseph Moinian and 3 Columbus Circle (Credit: Getty Images and SL Green)

The Moinian Group plans to buy SL Green Realty’s stake in 3 Columbus Circle, seven years after the real estate investment trust swooped in to save the project from foreclosure.

SL Green is selling its 48.9 percent stake in the office building in a deal that will net the REIT $223.3 million “after certain transaction costs,” the Wall Street Journal. The sale is expected to close in the fourth quarter of this year.

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The REIT helped Moinian recapitalize the project in 2011, which prevented the Related Companies — owner of $250 million debt on the property — from foreclosing. Moinian purchased the building in 2004 and planned to invest more than $100 million to renovate the building but was hit hard by the 2008 financial crisis.

The latest deal means Moinian will once again own the entire 539,000-square-foot building. The building is 95 percent leased and counts a Nordstrom’s Men’s Store among its tenants. [WSJ] — Kathryn Brenzel

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Commercial Real EstateJoseph MoinianMoinian Group