|Address:||885 Third Avenue||Class:||A|
|Cross Streets:||53rd & 54th Streets||Size:||636,192 SF|
|Year built:||1986||Architect:||John Burgee Architects with Philip Johnson|
The instantly recognizable Lipstick Building in Midtown Manhattan is a beloved staple on the New York City skyline, boasting a unique and innovative design by Philip Johnson and John Burgee Architects. The tower was built in 1986 and features a lipstick tube-like design that appears to telescope in form. The architecture of the 34-story building was conceived in this peculiar way in order to conform to zoning restrictions in place at the time.
The office tower at 885 Third Avenue is home to various high-profile tenants, and it was where Bernard Madoff devised his massive Ponzi scheme that was uncovered in 2008.
Class A Office Space Available at 53rd on Third
The 600,000-square-foot office tower also known as 53rd on Third is located in the prestigious Plaza District in Midtown Manhattan, and offers high-quality Class A office space. Amenities includes a pedestrian plaza and two restaurants on the building’s ground floor, Crimson & Rye and Wolfgang’s Steakhouse.
The tower was previously owned by Metropolitan 885 Third Avenue Leasehold LLC, which filed for bankruptcy in 2010. IRSA International then acquired a 49% stake in the building for an undisclosed amount, while Marciano Investment Group also purchased a 42% stake. The property is subject to a ground lease held by Ceruzzi Properties, expiring in 2082. CBRE is the property manager, while NKF handles leasing efforts.
Getting to and from the Lipstick Building
The Lipstick Building is conveniently situated between East 53rd Street and 54th Street, right across the street from the Citigroup Center. Employees working within the building have easy access to the nearby E, M and 6 subway lines via the Lexington Avenue-53rd Street station.
Who is renting office space at the Lipstick Building?
High-profile office-using tenants at the Lipstick Building include Herald Square Properties, Stone Hill Capital Management, Latham & Watkins, and Toll Brothers, among others. The excellent location and the iconic status of the building serve to attract tenants in the financial services and law industries looking for quality Midtown Manhattan office space.
How much is the rent price at the Lipstick Building?
Office asking rents at the Lipstick Building are quite steep, often nearing $90 per square foot–roughly on par with the average rents commanded in the sought-after Midtown area. Prices in this submarket have reached a new post-recession peak in 2019, yet demand continues to be high and availability remains low.