GWFF, Noerr, RTP Ventures, Alden Global Capital and Colchester Renew; Subtenant Glaslog takes Direct Lease
The Lipstick Building starts the new year on a high note with seminal lease renewals, office expansions and new leases. To date, companies expanding square footage and/or extending their tenancies at the iconic office tower at 885 Third Avenue include international German broadcast royalties firm GWFF; European law firm Noerr; private investment firm RTP Ventures; hedge fund sponsor Alden Global Capital; and private investment firm Colchestor Global Investors. In addition, GasLog, formerly a subtenant of global markets company SBS Partners, signed a direct lease. Even 2016 ended with a bang with the move-in of a prominent full-floor tenant, Multi Packaging Solutions International.
“We have been more than 98 percent occupied for several years,” points out Gerard Nocera, Principal, Herald Square Properties, asset manager for the building. “But there is always is a possibility for turnover as leases expire, so now we can confirm Lipstick will remain fully occupied for some time to come.”
Brokers representing the tenants for the renewals included: Douglas Dolgoff of Cushman & Wakefield for the GWFF/Noerr renewal; Carri Lyon of Cushman & Wakefield and David Valdez of Mohr Partners for the Colchester Global Investors renewal; Randy Abend and Kurtis Gibbs of JLL for the RTP Ventures renewal; and Brad Needleman and Evan Fiddle of CBRE for the Alden Capital renewal. Dan Turkewitz of JLL represented Gaslog for its new lease. CBRE’s Chris Hogan and Michael Movshovich represented Multi Packaging Solutions last year on the full-floor lease. The landlord was represented in all transactions by its representatives Scott Klau and Erik Harris of Newmark Grubb Knight Frank.
About the Lipstick Building
Completed in 1986, the Lipstick Building is a 34-story, Class A office tower at 885 Third Avenue, between 53rd and 54th Streets. Designed by Philip Johnson with John Burgee Architects, the iconic building is world-renowned for its unique cylindrical shape, red granite and steel façade, and ribbon windows that encircle the entire building.
The Lipstick Building was acquired in 2010 by a group of investors headed by Argentina-based IRSA and Marciano Investment Group. A division of IRSA and Herald Square Properties serve as co-asset managers, with CBRE as its property management firm. The building today is 98 percent occupied. Its largest and name tenant is international law firm, Latham & Watkins.
