Brookfield Properties and Waterman Interests Set New Standard for New York Office Leasing Following Redevelopment and Restoration of the Iconic Landmark
Brookfield Properties and Waterman Interests, LLC announced today that Lever House is now fully leased, marking the successful completion of the $100 million renovation and restoration of the Park Avenue trophy asset. With an elite tenant roster that includes leading global banks, hedge funds, private equity firms and distinguished family offices, Lever House exemplifies one of the most successful leasing stories in New York City.
Having acquired Lever House in May 2020 during the height of the Covid-19 pandemic, Brookfield Properties and WatermanClark revitalized the asset into one of New York City’s most desirable office destinations – an achievement that reflects both strategic vision and exceptional execution through a period of profound market uncertainty.
“This redevelopment reflects our firm’s broader strategy of unlocking the potential of existing assets,” said Philip “Tod” Waterman III, CEO of Waterman Interests. “Lever House is a prime example of how thoughtful reinvestment, when paired with a deep understanding of tenant needs, can reposition a property to compete at the highest level in today’s market.”
“Our revitalization of Lever House has created an elevated benchmark for premier office and hospitality space in Midtown Manhattan,” said Lauren Young, Managing Partner, Brookfield real estate. “The success of Lever House showcases yet again that with an extremely desirable location and one of New York’s most iconic buildings, the right investments can take a property to the next level and attract leading firms that value excellence.”
Alan Bernstein, Managing Director, added, “We are extremely grateful to those members of the brokerage community, and each of our valued tenants who placed their confidence in us to create an office building that has set the standard for excellence in the post-pandemic era, enabling their businesses and employees to thrive for many years to come. I also want to recognize the exceptional job that the agency team at CBRE did on behalf of our partnership, led by John Maher and Peter Turchin, and our legal leasing team at Fried Frank.
The WatermanClark/Brookfield partnership approached the redevelopment of Lever House with a clear objective: to seamlessly integrate the building’s celebrated architectural legacy with the demands of a modern workplace. All elements of the core infrastructure, public plazas, and tenant amenities were addressed to deliver a high-performance environment that preserves the integrity of the original 1952 structure and provides a hospitality-driven office building that meets the requirements of the most discerning businesses.
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