885 3rd Avenue
$312.1M Deal Closes on Midtown's Lipstick Building
The sale of a large portion of "The Lipstick Building"; a 34-story office tower building, located at 885 3rd Avenue in Midtown, Manhattan, has just been finalized for $312.1 million.
The deal saw Memorial Sloan Kettering Cancer Center purchase 414,317 square feet of vacant office space from the landlord, SL Green Realty Corp, in a deal brokered by Newmark Group. Despite the sale, however, SL Green will maintain ownership of the rest of the building (approximately 218,796 square feet).
Designed by Philip Johnson & John Burgee and constructed in 1986, the tower contains 580,000 square feet of Class-A office space, as well as a steakhouse restaurant, located on the ground floor. It was last renovated in 2007.
Altogether, The Lipstick Building totals 635,800 square feet. The structure derives its nickname from its external architecture, which resembles a tube of lipstick.