The redevelopment of the 26-story building, designed by Gensler architects, will include replacement of the existing brick facade with a new glass curtain wall with shadow box and vision glass on all facades, a new lobby with backlit, frosted-glass walls, brushed bronze wall accents and white marble floors and new elevators. The building will also boast a new address: 3 Columbus Circle.

CB Richard Ellis tells GlobeSt.com that, as of now, asking price per sf for the building is $60.36. The Moinian Group projects that while rents have yet to be finalized, the new building is expected to command $110 to $130 per sf.

[IMGCAP(2)]Up to 500,000 sf of contiguous space will be available in the building as current leases expire in 2008, making 3 Columbus Circle one of the only office towers in the area offering such a large block of available space. The leasing team of Jimmy Kuhn, Michael Dreizen and Andrew Udis of Newmark Knight Frank is handling the marketing of the space.

Daniel Gohari, VP and director of commercial assets for the Moinian Group notes that "the Columbus Circle area is the hottest business destination in the City right now for both office and retail, with such tenants as CNN, Soros, Texas Pacific, Grubman, Steel Case, Hearst and Time Warner. The transformation sparked by the Time Warner Center has spread throughout the district, and the Moinian Group is proud to offer such a large block of new class A office space to the market."

Floor sizes range from 40,000 sf on the lower floors to 20,000 sf on the high-rise floors. In total, up to 500,000 sf will be available. The building is projected for completion in the first quarter of 2009. Sources involved in the deal were unable to be reached by deadline.