Newmark announced that it was named exclusive leasing agent for Manhattan’s renowned Lipstick Building.
The 640,000-square-foot Class A office property, at 885 Third Avenue, was nicknamed the “Lipstick Building” for its shape. At 34-stories, the Philip Johnson elliptical-shaped tower features a pedestrian plaza surrounded by a ring of two-story granite columns that separate the Manhattan streetscape from the building’s glass-enclosed 30-foot-tall lobby.
“It is truly an iconic building with virtually column-free floors, incredible views of the East River and Central Park and an institutional-quality ownership that is committed to maintaining the building as the trophy it is,” says Scott Klau, Newmark executive vice president and principal.
The ownership, a joint venture between IRSA and Marciano Investment Group, LLC, plans many building upgrades. Most notably, world renown architectural firm Moed de Armas & Shannon was commissioned to redesign the lobby and plaza, and ownership is introducing a pre-built program of varying sized units, all designed by internationally awarded Gensler. These units will cater to tenants between 3,300 square feet and 5,000 square feet.
“The layouts of the tenant suites celebrate the iconic shape of the building while accommodating the latest trends in workplace planning,” says Gensler Principal Joshua Katz. “An extensive use of floor to ceiling glass partitions draws daylight throughout the interior space, and allows all occupants a view of midtown. The architects have also introduced a rich palette of sapele mahogany, stone floor tile and broadloom carpet, combined with a refined level of detailing that will appeal to boutique and professional services firms alike.”
In addition to Klau, Mark Weiss, William Cohen and Erik Harris are working on this prestigious assignment. The leasing team brings a broad breadth of market knowledge and the desire to match the right tenants with the perfect office spaces.
Weiss, vice chairman of Newmark, states, “I started my career as this Philip Johnson masterpiece was being built and have always loved it. In fact, I remember calling my high school geometry teacher to get the formula for measuring the area of an ellipse! We are just thrilled to be working with this owner on this terrific building.”
Gerry Nocera of Herald Square Properties, asset manager for the property, added, “We have carefully assembled the best possible team in order to bring this asset to the forefront of the premium market again.”
Class A space in the district has been improving with eight consecutive quarters of positive net absorption. The availability rate in the district is also at its lowest level in two years.
Finished in 1986, the skyscraper at 53rd Street and Third Avenue rises 34 floors with access to the subway in front of the building. Law firm Latham & Watkins is the largest tenant in the building along with other high-quality financial service and law firms.
About Newmark
Newmark is one of the largest independent real estate service firms in the world. Headquartered in New York, Newmark and London-based partner Knight Frank operate from over 220 offices in established and emerging property markets on six continents. With a combined staff of 7,300 and revenues last year exceeding $861 million, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For further information, visit www.newmarkkf.com.