Goulston & Storrs Grabs 18th Floor of the Lipstick Building
By Michael Ewing October 22, 2012 9:00 am
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Goulston & Storrs has inked a deal at the Lipstick Building.
The international law firm will be moving from 750 Third Avenue in favor of a 19,270-square-foot office that spans the entire 18th floor of Argentine-based IRSA‘s 885 Third Avenue.
The floor itself served as the computer and filing floor for Bernie Madoff‘s $65 billion dollar Ponzi scheme that operated out of three consecutive floors in the building. But the office, under the newest owner’s program, will be built-to-suit for the incoming law firm.
“Thanks to the vision of the current ownership, Lipstick is again considered a destination for international law firms and Fortune 500 companies,” said Michael Reid, a principal of co-asset manager Herald Square Properties, in a prepared statement. “The investment they have made in terms of infrastructure and design is tangible and the turnaround is quickly attracting the best tenants.”
Newmark (NMRK) Grubb Knight Frank‘s executive vice president and principal Scott Klau and senior managing director Erik Harris represented the landlord in the transaction. Stuart Eisenkraft, vice chair of CBRE (CBRE), was on the opposite side of the table negotiating for Goulston & Storrs.
885 Third Avenue, otherwise known as the Lipstick Building for its red granite and steel facade resembling a tube of lipstick, was built in 1986 and has served as a 34-story class A office tower in Midtown. The previous owners filed for bankruptcy in 2010 and IRSA purchased the building and upgraded infrastructure and design.
