The Daily News reports that Tishman will put their Lipstick Building on the market via CBRE in the coming weeks. The article says they expect bids of nearly $600 million, which would be more than $1,000 psf for the 587,000 square foot tower.
The most interesting part is that the article actually used some real, factual data. That is, citing the annual NYC Class A office rental rate growth in 2006 was an astonishing 35%. And as of the end of February, 2007 growth seems to lag that pace, as year-to-date growth is about 4%. Still, NY rent growth is far ahead of the rest of the nation, as expected.
Many experts predicted an approximate 15% increase in rents city-wide for 2007, so it will be interesting to read of any revisions. I'm predicting 20% on the year.
(h/t The Real Estate)
The most interesting part is that the article actually used some real, factual data. That is, citing the annual NYC Class A office rental rate growth in 2006 was an astonishing 35%. And as of the end of February, 2007 growth seems to lag that pace, as year-to-date growth is about 4%. Still, NY rent growth is far ahead of the rest of the nation, as expected.
Many experts predicted an approximate 15% increase in rents city-wide for 2007, so it will be interesting to read of any revisions. I'm predicting 20% on the year.
(h/t The Real Estate)
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