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.
- Initial Transaction Date:
- Assumed Property Control:
- Asset Type:
260,000 square-feet trophy office
and retail building
New York, NY
- 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.