TMW buys $164m share of the Lipstick Building.Tishman Speyer Properties Tishman Speyer Properties is a leading real estate building and operating company set up in 1978 by two founding partners, Jerry Speyer and Robert Tishman. Overview has agreed to sell a 49% stake in the Lipstick Building The Lipstick Building (also known as 53rd at Third) is a 453 foot (138 meters) tall skyscraper located at 885 Third Avenue, near East 53rd Street, next to the Citigroup Center in Manhattan, New York City. It was completed in 1986 and has 34 floors. to TMW TMW Tomorrow TMW The Mana World (game) TMW Tell Me Why TMW Tactical Missile Wing TMW Too Much Work TMW Ten Most Wanted (TV show) TMW Tamworth, New South Wales, Australia - Tamworth Property Funds, a division of Prudential Real Estate Investors. Though executives at both companies were reluctant to speak on the subject, published reports estimate the value of the transaction at approximately $164 million. "The 34-story landmark office building ... is currently 95% leased," according to an official statement from Prudential Real Estate Investors. "With rents firming up in midtown, PREI PREI Prudential Real Estate Investors PREI Path Remote Error Indicator sees the opportunity of enhancing returns by adjusting below-market leases in the next few years." The Lipstick Building, located at 885 Third Ave., is one of the most recognizable properties in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Designed by Phillip Johnson and John Burgee in the mid 1980's, the building contains 568,589 s/f of class A office space. Though it's relatively small--the Lipstick was built as part of a larger office plaza--the property offers full floor office spaces of up to 23,000 s/f. Tishman's decision to sell interest in the asset comes on the heels of its purchase of 200 Park Ave. for $1.7 billion. The company bought 885 Third Ave. only last year, for $247.5 million. Tishman Speyer has embarked on several joint ventures with PREI in the past, including the Chrysler Building. |
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