Lever House

390 PARK AVENUE / NEW YORK CITY
The Lever House, one of the first glass and steel office buildings in the U.S., is a New York City landmark that has mesmerized people through the years with its modern style that has yet to fade into the past. Designed by Skidmore, Owings & Merrill, this 21-story glass-box skyscraper located at 390 Park Avenue features a large courtyard, welcoming public plaza and efficient tower floorplates.

Transaction Summary

Situation Overview

Transaction Summary

    • Initial Transaction Date:
      July 2018
    • Assumed Property Control:
      May 2020
    • Asset Type:
      260,000 square-feet trophy office
      and retail building
    • Location:
      New York, NY

Situation Overview

  • Formed equity joint venture with Brookfield Property Group
    to enter into a long-term leasehold of 390 Park Avenue
    (aka “Lever House”).
  • Tod Waterman and Ric Clark were the respective principals at Waterman Interests, LLC and Brookfield which collaborated on the idea for the investment.
  • Lever House is a world-renowned trophy asset designed by Gordon Bunshaft, which commands office rents among the highest in New York City, and the United States.
  • The transaction was sourced completely off-market through the Company’s long-standing relationship with the fee-owner of the Property, a prominent New York family.
  • Waterman Interests and Brookfield assumed control of the asset in May 2020 and are currently implementing an extensive renovation of the property.