The Moinian Group has come full circle on 3 Columbus Circle, having closed on a $595 million CMBS loan from J.P. Morgan and Deutsche Bank to refinance the iconic office building that also houses Moinian’s headquarters.
The CMBS loan from J.P Morgan Chase and Deutsche Bank includes ten years of interest-only payments at a rate of 3.914 percent, replacing The Moinian Group’s existing $350 million CMBS loan. With this new loan in place, and the acquisition of VMLY&R office condo in the building, Moinian has reacquired full control of the property with VMLY&R remaining as the anchor tenant for 3 Columbus Circle.
Mary Ann Tighe and Gregory Tosko of CBRE represented VMLY&R in the transaction.
“For 23 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. We want to thank J.P Morgan and Deutsche Bank for working with us on this new loan, bringing 3 Columbus Circle home to where it belongs.”
The Moinian Group’s path to full control of 3 Columbus Circle has taken many turns. In 2011, The Moinian Group first partnered with SL Green on the property, which was formerly known as the Newsweek Building and originally built as the General Motors Corporation’s headquarters. The Class-A office building is located on Broadway just across the street from Time Warner Center, with views of Central Park.
In 2012, together with architect Gensler, The Moinian Group completed the redevelopment of the building, including the design of a new facade, lobby, elevator system and the only digital billboard on Central Park. The modernization of 3 Columbus Circle helped lease up the building to 100 percent and it continues to remain fully leased.
The Moinian Group re-assumed nearly full ownership in November 2018, having purchased the outstanding shares in the building from SL Green, with VMLY&R’s office condo the lone outstanding parcel. Using excess loan proceeds from the new CMBS loan, and additional cash equity, The Moinian Group has closed on VMLY&R’s condo space, providing complete building ownership.
3 Columbus Circle’s offers a fully staffed management team with white glove service and security, temperature-controlled work environments, and 24/7 access.
Between its anchor tenants Nordstrom, Chase, and CVS as well as proximity to developments like Vornado’s 220 Central Park South and Extell’s Central Park Tower, 3 Columbus Circle is positioned as the crowning flagship for the Moinian Group’s headquarters.
The Moinian Group currently has several development projects underway, including 3 Hudson Boulevard on the Far West Side.