Waterman Interests, LLC and HPS Investment Partners have joined forces to revitalize 850 Third Avenue, a 605,000-square-foot office building in Midtown. Originally constructed in 1961 by Emery Roth Architects, this property boasts over 400,000 square feet of available space and will undergo significant capital investment to transform it into a premier headquarters building. This project is one of the first participants in NYC’s M-Core program which offers tax benefits for major office renovations.
According to Joseph Tansey from HPS Investment Partners: “The Waterman team’s track record with successful redevelopments such as Lever House and 400 Park Avenue coupled with their extensive experience spanning three decades in New York City has greatly influenced our vision for this strategically located Manhattan property.”
This article was originally published on Connect CRE.
