The sale comes as no surprise as last year, the Lipstick Building was mentioned as one of the prime sales properties to become available after the whopping $1.4 billion Macklowe Properties paid for the GM Building. At that time Cushman & Wakefield said that sale of was an indication that well leased, high quality assets are continuing to be sought after.
"This is a fantastic building in a prime location," says Rob Speyer, senior managing director for Tishman Speyer, who oversees the company's New York business.
Built in 1986, the uniquely structured red-granite oval office building was designed by architects Philip Johnson and John Burgee. The building is currently 100% occupied. Pricing for space in the site ranges from $30 to $55 per sf. The locally based Tishman Speyer has developed or acquired a portfolio of more than 50 million sf that includes high-rise offices, retail spaces, residential properties and entertainment centers.
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