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German owners primed to polish up Columbus Circle gem

GLL Real Estate Partners is gearing up to get its 4 Columbus Circle back in the Class A game.

The global fund management company just collapsed a decades-old net lease deal with office furniture company Steeplecase and has tapped a CBRE team to fill newly-vacant space in the 136,222 s/f limestone-clad building.

“We are very excited to reassume the active management of the building,” said Slater Traaen, vice president of asset management for GLL Real Estate Partners’ northeast portfolio.

“On a forward-looking basis, there is a lot of opportunity to enhance the building both mechanically and cosmetically and we look forward to bringing a property that has historically been under the radar back to prominence in the Columbus Circle market.”

SLATER TRAAEN

Under the terms of the new deal, Steelcase Inc., signed a 10-year lease 46,812 s/f across the entire 6th through 8th floor at asking rents in the high $80s psf. The space has views of Central Park in addition to two private terraces. JLL’s Chris Kraus and Joe Messina represented Steelcase while Traaen and Steve Ruimy represented GLL Real Estate Partners in-house.

GLL also ratified a lease with New Hope Fertility Center, which subleased its 37,670 s/f space across the entire third and fourth floors from Steelcase. Tech interceder Bionic Solution, which also subleased 18,000 s/f from Steelcase, will be vacating the building in 2019, leaving the second and fifth floors vacant as well as a 6,115 s/f ground floor retail unit.

“GLL is now going to complete a comprehensive upgrade of building systems, elevators and roof work and are evaluating an opportunity to create a ground and second floor retail opportunity,” said Traaen.

CBRE executive vice president David Hollander and senior associate Tim Freydberg will direct the new leasing program at 4 Columbus Circle while the real estate services firm’s John Catano will assume day-to-day property management responsibilities.

Added Traaen, “We are excited about the opening of the new Nordstrom store directly opposite at Three Columbus Circle. That, combined with excellent access to public transportation, Central Park and the new Turnstyle Underground Market is creating new opportunities for non-traditional and TAMI tenants.

“Columbus Circle is a very dynamic and changing market and we looking forward to working with the CBRE team to bring this core asset back to true class A status.”

GLL Real Estate Partners is a German-based fund manager with $8 billion in assets across 16 countries worldwide.  It purchased 4 Columbus Circle form Cerberus Capital for $96.5 million in 2011, adding to a Manhattan portfolio that includes the retail condominium at 140 West 42nd Street; 2 River Terrace parking garage in Battery Park and the retail and parking condo at Manhattan House.

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