Multifamily Housing Market to Weaken in 2023 Asia Pacific Commercial Investment Dives 27 Percent in 2022.Multifamily Investment, Leasing, Rent Growth All Slow in U.S.Commercial Property Investment Implodes 63 Percent Annually in Q4 Finance Industry Supplants Tech in Top 100 Largest U.S.Japan Inbound Commercial Investment Increased 12 Percent in 2022.Commercial, Multifamily Lending in U.S.A Major Reversal is Coming to Australia's Commercial Property Markets in 2023.North American Data Center Leasing Rises 40 Percent to Record Levels in 2022.Rightly or Wrongly, ESG Driving Many Corporate Real Estate Decisions Worldwide. ![]() Data Center Leasing Activity Explodes in Tri-State Area by 70 Percent in 2022.Commercial Property Cap Rate Expansion Likely to Continue in 2023.Hong Kong Office Market Enjoys Positive Absorption in February.While Global Commercial Transactions Dip 20 Percent in 2022, Japan Was Spared.Economic Slowdown, Industrial Sector Remains Strong Construction Spending Upticked in February Largest Life Science Leases of 2022 Mainly in San Diego, San Francisco and Boston.Architecture Billings Index Slowdown Continued in February.Third-Party Logistics Providers Drive U.S.Renewals Main Driver of Manhattan's Office Leasing Activity in Q1.Commercial Mortgage Lending Hit $816 Billion in 2022 Marijuana Industry Buying Less Commercial Property in the U.S.America's Industrial Market Experiences Sharp User Demand Declines in Early 2023.Commercial, Multifamily Mortgage Delinquencies Increase in Early 2023 Life Sciences Office Vacancies on the Rise in Early 2023.Nonresidential Construction Spending in the U.S.Commercial Property Sales Implode 56 Percent in Early 2023 North American Multifamily Market Begins to Stabilize in Q1.Representing building ownership from Newmark Knight Frank were James Kuhn, Scott Klau, Brian Waterman, Eric Harris, John Fanuzzi and Lance Korman. Representing WPP and the Young & Rubicam Group in the transactions were CBRE's Mary Ann Tighe, Gregory Tosko, Christopher Mansfield and Lauren Crowley. 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." We're delighted to welcome the Young & Rubicam Group, one of the world's leading marketing and communications firms, as our anchor tenant. 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. 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. 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. ![]() ![]() Additionally, the building is expected to achieve silver LEED certification. 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. 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. A comprehensive redevelopment of the building is being completed, which will provide a superior work environment at a world famous Columbus Circle location. 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. 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. SL Green Realty and The Moinian Group announced this week 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. ![]() Email Sign Up For Our Free Weekly Newsletter
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