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Tishman Speyer to buy famed Lipstick Building.

Tishman Speyer Properties has entered into a contract for one of its real estate investment funds to acquire the Lipstick Building at 885 Third Avenue.

The 34-story office building is being purchased by a Tishman Speyer partnership, which includes the New York City Employees Retirement System (NYCERS) as an investor. Terms of the acquisition were not disclosed.

"This is a fantastic building in a prime location," said Rob Speyer, senior managing director for Tishman Speyer, who oversees the company's New York business. "We have great faith both in New York and in the tremendous value of this superb iconic property."

Built in 1986, the distinctive red-granite oval office building was designed by architects Philip Johnson and John Burgee. The building is currently 100% occupied. Tenants include law firms Latham & Watkins and Greenberg Traurig as well as financial services companies Morgan Stanley and MBIA.

Darcy Stacom and Bill Shanahan, executive vice presidents and partners of CB Richard Ellis, acted as exclusive agents for the sale.

Tishman Speyer owns and manages signature properties around the world, including Rockefeller Center and Chrysler Center in New York, SonyCenter in Berlin and Colorado Center in Los Angeles, among others.

Although none of parties involved have disclosed terms of the sale, office space in the 587,000 s/f building is estimated to be valued at between $400-$500 per s/f.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Feb 4, 2004
Words:226
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