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In a market weathering unprecedented change, companies involved in high-stakes real estate deals need a steady, trusted hand to guide them. They also need counsel who can help them find new solutions for tough new challenges. The Paul, Weiss Real Estate Department offers clients the best of both worlds. Our long history of executing every kind of deal touching real property and our business and legal savvy help the most complex real estate projects succeed in fluctuating economic conditions.

SL Green Rescues 3 Columbus Circle

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.

October 28, 2010

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