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Tishman Speyer Set for Lipstick Acquisition

NEW YORK CITY-Tishman Speyer, which already has Rockefeller Center and the Chrysler Center in its portfolio, is poised to add the Lipstick Building to its ranks. The landmark building at is home to Unisys, Robinson and Cole and Morgan Stanley.

By Barbara Jarvie | Updated on January 28, 2004

NEW YORK CITY-Tishman Speyer Properties has contracted for one of its real estate investment funds to acquire the 586,589-sf Lipstick Building at 885 Third Ave. The price was not disclosed, however some reports say it could be in the $400 per sf range. The 34-story office is being purchased by a Tishman Speyer partnership, which includes the New York City Employees Retirement System as an investor. Darcy Stacom and Bill Shanahan, executive vice presidents and partners of CB Richard Ellis, acted as exclusive agents for the sale.

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.

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