In one of the largest U.S. real estate transactions, the New York-based Columbus Center LLC development team has paid $345 million for the land at the Coliseum site at Columbus Circle. The development team purchased the title to the land from the Triborough Bridge and Tunnel Authority, which developed the Coliseum exposition center in 1956. Columbus Center LLC includes The Related Cos. LP, Apollo Real Estate Advisors LP and The Palladium Co., all of New York.

The Coliseum building has been demolished to make room for the $1.7 billion mixed-use Columbus Center project, which will include headquarters for AOL Time Warner, a retail complex, luxury condominiums, the Mandarin Oriental Hotel, office space and a new home for Jazz at Lincoln Center.