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SL Green Rescues 3 Columbus Circle
Practices
As reported in Crain's, Globe Street and The New York Post, Paul, Weiss client SL Green Realty Corp., the largest owner of New York City office space, completed a joint venture transaction to recapitalize the office building at 1775 Broadway, also known as 3 Columbus Circle. The property, which is the former home of Newsweek, is undergoing renovation and repositioning as Class A office space. SL Green will contribute a substantial cash infusion to complete the capital improvement program and to lease up the building, and has provided a standby commitment to refinance the current mortgage, which is in foreclosure.
The Paul, Weiss team included real estate partners Peter Fisch, Meredith Kane and Steven Simkin; and litigation partners Allan Arffa.