Business Services Industry
New York office tower
Real Estate Alert, April 28, 2004
Tishman/Travelers U.S. Real Estate Venture V, an opportunistic fund backed in part by New York City Employees, paid $235 million, or $400/sf, for 885 Third Avenue, a 587,000-sf building known as the Lipstick Building. The seller was Fosterlane Holdings, a Kuwaiti government entity represented by CB Richard Ellis. The price translates into an initial yield of slightly more than 7%.
COPYRIGHT 2004 Harrison Scott Publications, Inc.
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