March 14, 2019
The Moinian Group has regained full control of 3 Columbus Circle, having closed on a $595-million CMBS loan from J.P. Morgan and Deutsche Bank and re-acquired an office condominium from ad agency VMLY&R. With 10 years of interest-only payments, the new debt replaces the Moinian Group’s existing $350-million CMBS loan on the property.
“For 20 years 3 Columbus Circle has been a cornerstone of the Moinian Group’s portfolio, and remains a benchmark for the standard of quality and excellence that we aim to achieve,” said Joseph Moinian, founder and CEO of the Moinian Group. “Our history with 3 Columbus Circle began at a very different time in the market, so it is especially gratifying to reacquire full control of this beloved property.”
VMLY&R remains the anchor tenant of the property, once known as the Newsweek Building. CBRE’s Mary Ann Tighe and Gregory Tosko represented VMLY&R in the transaction.
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