NEW YORK--(BUSINESS WIRE)--WatermanCLARK and Westbrook Partners have announced a strategic relationship that includes WatermanCLARK assuming all property management responsibilities and construction management services at 444 Madison Avenue. Under the new alliance, WatermanCLARK will also provide Westbrook with other advisory and asset management services at the property.
Originally built in 1931, 444 Madison, is a 492,589-square-foot Art Deco skyscraper occupying a full city block between East 49th and 50th Streets, in the heart of Midtown Manhattan. An affiliate of Westbrook acquired the leasehold interest in 444 Madison in 2007.
CBRE will continue to act as exclusive leasing agent for the building.
WatermanCLARK is a vertically integrated real estate investment and operating company led by Philip Waterman III (“Tod”) and Ric Clark. Prior to WatermanCLARK, Ric Clark spent over three decades with Brookfield Property Group (the real estate arm of Brookfield Asset Management) and its affiliates in various roles including Chairman and CEO. Philip Waterman III founded Waterman Interests, LLC in 2007 which has acquired and operated office and retail assets in New York City including 130 Prince Street, 234 West 39th Street, 142 West 36th Street, 400 Park Avenue, 390 Park Avenue, and 125 West 55th Street. Prior to founding Waterman Interests, Mr. Waterman was a senior executive and partner at Tishman Speyer and Executive Vice President and Managing Director of Reckson Associates Realty Corp. (NYSE: “RA”), where he established and managed Reckson’s New York City office division until it was sold to SL Green Realty Corp. in 2007.
About Westbrook Partners:
Westbrook Partners ("Westbrook"), founded in April 1994, is a privately-owned, fully integrated real estate investment management company with offices in New York, Boston, Washington, DC, Palm Beach, San Francisco, Los Angeles, London, Berlin, Paris and Tokyo. Westbrook's professionals are responsible for acquisition, value enhancement, financial accounting and risk management. Westbrook's experience includes the operation and management of office, multi-family residential, hotel, retail, industrial and single-family residential development properties. Westbrook's professionals have been among the world's most active and successful investors, having raised and invested more than $14 billion of equity in over $50 billion of real estate transactions in major markets throughout the world. Westbrook's investment equity is committed by a broad, stable base of the highest-quality institutional investors, which includes public and private pension funds, endowments, foundations, and financial institutions. Westbrook has full discretion over all investment decisions.