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Pru Unit Picks Up Stake in Lipstick Building for $164M

NEW YORK CITY-Only a week after Tishman Speyer snags one distinctive Manhattan trophy, it lightens its load at another. The firm is shedding a 49% stake in 885 Third Ave. in a deal valued at $164 million.

By John Salustri | Updated on April 13, 2005

NEW YORK CITY-Tishman Speyer is making repeated trips to the negotiation table these days. On April 1, GlobeSt.com broke the story that the firm snagged the MetLife Building in a $1.7 billion coup. On Monday of this week the firm revealed plans to push into India in a $250-million joint venture.

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.

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