MSKCC Acquiring 414K-sf Leasehold at Lipstick Building

A large block of vacant space at the Lipstick Building, 885 Third Avenue has attracted a tenant, Memorial Sloan Kettering Cancer Center (MSKCC) has agreed to acquire for a total consideration of $300.4 million the condominium leasehold of 414,317 square feet. The big block space within the approximately 634,000-square-foot building became available upon law firm Latham & Watkins vacating the building and making a parallel relocation to the former Time-Life Building at 1271 Avenue of the Americas in 2020. MSKCC will consolidate other office locations upon moving in 2024 into the space that spans entire floors 3 through 16, 19, 22, 23, 25, 27, 30, and 31 according to the memorandum of lease posted on city records. Upon expected closing in the 4th quarter of 2022, seller SL Green Realty will retain the remaining 218,796 square feet of the building which is currently 91.7% leased.