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Every so often, a building comes on the block that immediately transcends all others available, even if it's a bit smaller than some of its neighbors.
The Philip Johnson trophy, the Lipstick Building at 885 Third Avenue, is officially up for sale. Tishman Speyer and its investment partner, Prudential Real Estate Investors, are looking to sell the entire building, said Bill Shanahan, the investment-sales broker at CB Richard Ellis.
"Well, obviously it's one of New York's icons," said Mr. Shanahan, who is marketing the building along with brokering legend Darcy Stacom. "I mean, everyone knows it. You see it and you know it's Lipstick."
The skinny, sleek and richly curved tower is 34 stories and 580,000 square feet. It was built in 1986, and designed by Mr. Johnson and John Burgee.
Some buildings, like the World Wide Plaza at 825 Eighth Avenue, sell for jaw-dropping prices like $1.73 billion. Lipstick isn't that sort of building. Nor will it be a landlord's biggest moneymaker.
But it certainly will be among its most elegant, and a powerful symbol to mark a portfolio--as Tishman Speyer, the current owner, boasts it on its Web site, along with some of its other prized trophies.
Investment-sales sources think the building could go for anywhere from $850 to $1,000 per square foot--not a watershed sales mark, but a number that will push its sale price close to $500 million.
The building's main tenant is the elite law firm Latham & Watkins, which controls more than...