WPP’s Young & Rubicam Group Signs Contract to Purchase 214,372 Sq. Ft. Condominium Interest and Leases 124,760 Sq. Ft. of Office Space
New York, NY – December 5, 2011 – (RealEstateRama) — SL Green Realty Corp. (NYSE: SLG) and The Moinian Group have announced that one of the world’s leading consolidated marketing communications companies, WPP’s Young & Rubicam Group, is relocating Y&R, Wunderman and their network companies to 3 Columbus Circle. Under the agreement announced today, the Young & Rubicam Group is taking approximately 340,000 square feet — acquiring a 214,372-square-foot condominium interest covering floors 3-8, and entering into a 20-year lease for an additional 124,760 square feet covering floors 9, 10, 18 and 19.
The 26-story, 768,565-square-foot property located at 1775 Broadway occupies the entire block between Broadway and Eighth Avenue overlooking the southwest entrance to Central Park. A comprehensive redevelopment of the building is being completed, which will provide a superior work environment at a world famous Columbus Circle location. Building upgrades include a new, high visibility glass façade, state-of-the-art infrastructure with tenant controlled HVAC, emergency generator, and abundant electric capacity together with a sleek new lobby and elevator cabs. Building features include immediate access to nine subway lines, sweeping views of Central Park, extraordinary outdoor roof terraces, ceiling heights up to 15 feet, continuous floor to ceiling windows on the 2nd and 3rd floor overlooking the Columbus Circle fountain and prominent street and 2nd floor retail presence. Additionally, the building is expected to achieve silver LEED certification.
Young & Rubicam Group is a global network of pre-eminent companies across the spectrum of marketing communications, including advertising, public relations, brand identity and design, direct and database marketing, digital and interactive marketing, and healthcare communications. The firm has 12,000 employees worldwide, and is a wholly owned subsidiary of WPP plc (NYSE: WPPGY), the world’s largest communications services group.
Marc Holliday, CEO of SL Green commented, “After undergoing a full scale redevelopment, 3 Columbus Circle is now a premier Manhattan corporate address featuring great retail, access to transportation, and prime office space with Central Park Views. We’re delighted to welcome the Young & Rubicam Group, one of the world’s leading marketing and communications firms, as our anchor tenant. They had very specific needs in seeking a new headquarters, and we’re pleased that 3 Columbus Circle was able to satisfy the firm’s requirements.”
Representing WPP and the Young & Rubicam Group in the transactions were CBRE’s Mary Ann Tighe, Gregory Tosko, Christopher Mansfield and Lauren Crowley.
Representing building ownership from Newmark Knight Frank were James Kuhn, Scott Klau, Brian Waterman, Eric Harris, John Fanuzzi and Lance Korman.
About SL Green
SL Green Realty Corp., New York City’s largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2011, SL Green owned interests in 58 Manhattan properties totaling more than 35.3 million square feet. This included ownership interests in 25.8 million square feet of commercial properties and debt and preferred equity investments secured by 9.5 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests and debt and preferred equity interests in 32 suburban assets totaling 7.3 million square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties in the suburbs encompassing approximately 465,000 square feet.
About The Moinian Group
The Moinian Group is widely regarded as one of the industry’s most active development firms. It owns approximately 20 million square feet of property across the United States. Its team of seasoned professionals, hands-on management style and a strategic approach to investment and growth has armed the firm with the tools necessary to take advantage of the unique opportunities available in the real estate marketplace.
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For SL Green:
EVP, Director of Leasing & Real Property
Director, Investor Relations