Martin Sorrell’s WPP Group, which has been scouting for a 350,000-square-foot space to hold its Young & Rubicam division in New York, may have finally found the right spot in 3 Columbus Circle—but it’ll be a “long dance toward a possible and ‘complicated’ lease,” according to the New York Post.
Three Columbus, which was once home to Newsweek, has seen more than its share of trouble in the past few years. Last year, after the building’s developer Joseph Moinian missed several payments on his debts, lender Related Cos. attempted to foreclose on the building and tear it down to build a more modern office tower. SL Green Realty Corp was brought in as the building’s co-venturer to pay off Moinian’s loans in return for a role in leasing the tower.
SL Green also owns 100 Park Ave., where WPP is already leasing about 43,000 square feet of office space.