Tishman Speyer Properties has contracted to buy 885 Third Avenue, the midtown office tower known as the "Lipstick Building." The building is being purchased through a partnership of Tishman and the New York City Employees Retirement System (NYCERS).
In fact, the Post reports that bidders were asked for $250,000 just to see the property’s prospectus. If they wanted to actually submit an offer, the owners demanded $4 million.
The oval-shaped building resembles a tube of lipstick — in this case, a 34-story tube with more than 500,000 sq. ft. of office space.
"This is a fantastic building in a prime location. We have great faith both in New York and in the tremendous value of this superb iconic property," said Rob Speyer, senior managing director and son of founder/CEO Jerry Speyer, in a statement.
CB Richard Ellis acted as the exclusive agent for the Kuwaiti owners, Fosterland Holdings.
Tishman Speyer already owns Rockefeller Center and the Chrysler Building.