Earlier this month, the Observer reported that Newsweek wants to move out and vacate the Newsweek Building in Midtown. So what's going to happen to the Newsweek Building?

Rebranding. Owner Joseph Moinian is spending $60 million renovating the building. Gensler Architects have been hired to give the building a new glass exterior. Newmark Knight Frank have been hired to handle marketing. Most importantly? It won't be the Newsweek Building for long. The new address will be 3 Columbus Circle... even though the building entrance faces onto Broadway. Ah hell, we love New York City.

Oh... And Comedy Central is vacating the Newsweek Building soon as well.

(Photo via New York Post)