Now the firm has unveiled plans to shed nearly 50% of the Lipstick Building. The stake in the 619,000-sf tower at 885 Third Ave. is flipping to TMW Property Funds, a unit of Parsippany, NJ-based Prudential Real Estate Investors.
Neither Tishman nor Pru executives were available for comment, but sources confirm that the stake TMW took on was 49% of the $335-million asset, putting the deal just over $164 million.
It's a relatively quick flip for Tishman, which purchased the property in January of last year. At the time, the building went for roughly $400 per foot or $247.5 million.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
