Waterman formed an equity joint venture to acquire the propertywith institutional advised by JPMorgan Asset Management-RealEstate. Waterman Interests will serve as the managing member of theownership entity and will provide all property management, leasingand financing services.
Completely reconstructed in 1989, the property's largest tenantis a division of cosmetics company Estée Lauder Inc., which leasesall of the building's office premises through 2018. The building'sretail tenants, which comprise 12,500 sf, include Lacoste, SwissArmy, Stuart Moore, Melru, True Religion and Georg Jensen.
"We are delighted to own the highest quality asset in SoHo—aproperty whose value will only improve as lower Manhattan continuesits renaissance in tandem with our asset strategy," says PhilipWaterman III, founder and managing member of Waterman Interests,who previously ran the New York City division of Reckson AssociatesRealty Corp. prior to its merger with SL Green Inc. He formedWaterman in February 2007.
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