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One of the largest banks in Chile, CorpBanca, has signed a 15-year lease for a 13,854-square-foot, full-floor office at the Lipstick Building, 885 Third Avenue, comprising the entire 33rd floor of the tower. The turn-key offices feature panoramic, 360-degree views and efficient floor-plates. Founded in 1871, the venerable institution’s previous New York offices were at 845 Third Avenue.
“In the three years since purchasing the Lipstick Building, we have seen an extraordinary turnaround,” says Daniel Elzstain, director of IRSA, the building’s owner. “From the very beginning, we embarked on a series of improvements that have attracted new and prestigious tenants, such as CorpBanca.”
Representing the landlord for the transaction were Newmark Grubb Knight Frank’s Mark Weiss, vice chairman, and Scott Klau, executive vice president, and Erik Harris, senior managing director. Representing CorpBanca was another Newmark Grubb Knight Frank team that included Dan Gronich, executive managing director, and Lawrence Zuckerman, senior managing director.
Adds Mr. Klau, “CorpBanca was attracted to the iconic architecture, full-floor presence afforded by the building’s boutique floor sizes and the incredible views.”
To date, the Lipstick Building is 95 percent occupied. The last available 11,000-square-foot offices, located on the 19th floor, are currently being renovated as pre-built space designed by Gensler.
About the Lipstick Building
Completed in 1986, the 34-story, 453-foot 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, Argentina’s largest real estate firm, 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. The building’s largest tenant is international law firm, Latham & Watkins.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.