Lease Beat

Private Equity Advisory Takes Final Madoff Floor in Lipstick Building

The Lipstick Building at 885 Third Avenue.

StepStone Group, a global private markets firm, has leased the entire 17th floor at the Lipstick Building, one of the floors leased to Bernard L. Madoff Investment Securities, and the site of where company head Bernard Madoff operated his $65 billion Ponzi scheme, Commercial Observer has learned.

StepStone signed a 10-year lease for the 19,270-square-foot renovated space in the 34-story IRSA– and Marciano Investment Group-owned office tower at 885 Third Avenue between East 53rd and East 54th Streets, according to a release from the owners and the building’s co-asset management firm Herald Square Properties. The asking rent was $85 per square foot. The deal brings the building to 97 percent occupied. Only the 13,200-square-foot 28th floor is available for lease. Read More

Lease Beat

Meadows Office Furniture Relocates Manhattan Headquarters to Lipstick Building

Lipstick Building.

Meadows Office Furniture has relocated its Manhattan headquarters to the entire 29th floor of the Lipstick Building at 885 Third Avenue. The contract furniture provider has signed a 10-year lease for the 13,855-square-foot space, which offers views of Manhattan and the East River.

Asking rent per square-foot was $77, a figure in line with pricing of the two remaining full-floor spaces in the 90 percent leased building between $73 and $77 per square-foot, according to a recent statement. The availabilities include the 19,270-square-foot 17th floor and the 13,200-square-foot 28th floor. Read More

Lease Chart, Leases

William Reed Signs New York Office

Courtesy of Art Deco

William Reed Business Media has signed a deal for their permanent New York office.

The well-respected United Kingdom-based media publishing company has signed a deal at 183 Madison Avenue for a 1,550-square-foot office on the 15th floor to house the firm’s team in the United States.

“They initially started out with a temporarily location,” said Read More

Arts and Buildings

Philip Johnson Gets Exhibition at The Lipstick Building

philip-johnson with building hat

Famed architect Philip Johnson will get his own retrospective in the lobby of The Lipstick Building at 885 Third Avenue, whose distinct shape he helped design.

The exhibition will showcase 50 years of the architect’s work, which includes Mr. Johnson’s relationship to the Bauhaus arts movement and the history of the lipstick building. It will be curated by Hilary Lewis, who authored two books on Philip Johnson (Philip Johnson: The Architect in his Own Words and The Architecture of Philip Johnson), and the exhibit itself will be designed by Dan Shannon of the architecture firm Moed de Armas & Shannon.

Expect to see rare photographs of Mr. Johnson, along with his building designs and his sketches of the Lipstick Building before the building was constructed.  Read More