SL Green Realty Corp. has entered into an agreement to sell 414,317 square feet of vacant office leasehold condominium units at 885 Third Avenue – better known as The Lipstick Building – to Memorial Sloan Kettering Cancer Center (MSK) for total consideration of $300.4 million.
The space will be utilized by MSK, a cancer-care center, for academic and research administrative offices. SL Green will retain the remaining 218,796 square feet of the building, which is now 91.7 percent leased.
“Demand for office space from the medical industry remains strong throughout New York City, and we are pleased to welcome Memorial Sloan Kettering to 885 Third Avenue,” said Harrison Sitomer, CIO of SL Green. “The addition of this world class institution brings the asset to near full occupancy, validating the quality of the building, the location and the comprehensive repositioning program that we recently implemented at this special asset.”
Jeffrey Lynn, director of
