Lever House
390 PARK AVENUE / NEW YORK CITY
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.