NEW YORK—GWFF, a German company specializing in television and film royalties, has signed a 4,359-sq.-ft. lease at 885 Third Avenue, also known as the Lipstick Building. Prior to moving, GWFF was a sublease tenant at the Lipstick Building with 3,000 sq. ft. on the 24th floor that it shared with law firm Noerr LP.
Representing the landlord, IRSA, were Newmark Grubb Knight Frank’s Scott Klau, executive vice president and principal; Erik Harris, senior managing director; Mark S. Weiss, vice chair; and Billy Cohen, executive vice president and principal. The tenant was represented by Paul Rhodes, senior associate, Williamson, Picket, Gross Inc.
The GWFF transaction represents the third of four Gensler-designed pre-built offices to be leased since the beginning of the year, as part of the first phase of the program. Phase two of the program, already in progress, entails the construction of approximately 12,000 sq. ft. on the 19th floor, which may be divided into three separate Gensler-designed pre-built offices or leased as a full-floor space.
Completed in 1986, the 34-story, 453-ft.-tall Class-A office tower at 885 Third Avenue, between 53rd and 54th Streets, was designed by Philip Johnson with John Burgee Architects. The cylindrical shape and red granite and steel façade have been identified as a tube of lipstick internationally, reinforced by the red coloration surrounding the ribbon windows that encircle the façade.
The Lipstick Building was purchased in late 2010 by a group of investors headed by IRSA and the Marciano Investment Group. A division of IRSA works with Herald Square Properties as co-asset manager for the iconic tower, which is more than 92 percent occupied.
GWFF was founded in 1982 and provides scholarships for film students at universities in Europe and the U.S.