HSP to complete revitalization program at the Lipstick Building

In the midst of a revitalization program at the Lipstick Building, 885 Third Ave., Herald Square Properties (HSP) is working as co-asset manager with Irsa International, Argentina's largest diversified public real estate company, at the distinguished circa 1986 office tower. Among the projects currently underway are enhancements of the lobby and plaza area and implementation of an innovative pre-built program. HSP is headed by Gerard Nocera and Michael Reid, founding partners and former chief operating officers for SL Green, and John Monaco, principal, and former SL Green senior vice president. "Our backgrounds as owners and managers of commercial portfolios enable us to see the 'big picture' in regards to both the renovations and ongoing operations," said Nocera. Presently, the 34-story, 636,000 s/f office tower is more than 92% occupied and serves as the New York headquarters for international law firm Latham & Watkins. Plans underway for the remaining space include stunning Gensler-designed pre-built offices, ranging in size from approximately 3,000 to 6,000 s/f. Concurrently, HSP has brought in award-winning Moed de Armas & Shannon Architects to enhance and update the lobby and surrounding plaza area. Designs are also being prepared for a lobby-level gallery with revolving art installations. In addition, HSP has engaged a top-tier leasing team from Newmark, Knight, Frank that includes Mark Weiss, vice chairman, Scott Klau, executive vice president and principal, William Cohen, executive vice president and principal, and Erik Harris, senior managing director.