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.
The prime tenant at the elliptical East Side asset, built in 1986 and designed by Philip Johnson and John Burgee, is the law firm of Latham & Watkins, which in December made some news of its own as it nailed an increase in its Lipstick space. The firm hiked its presence by 80,000 feet, bringing its total there to 320,000 sf spread over 16 floors.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
