Lever House Reaches 100% Occupancy

Brookfield Properties and Waterman Interests Set New Standard for New York Office Leasing Following Redevelopment and Restoration of the Iconic Landmark

NEW YORK--(BUSINESS WIRE)--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.

About Waterman Interests, LLC

Waterman Interests, LLC is a privately-held real estate investment and operating company specializing in the acquisition, leasing, financing, management and development of office, retail, and mixed-use properties. The Company’s strategy is focused on the New York City market, but also includes other cities that its principals have extensive experience operating in. These include San Francisco, Los Angeles, and Chicago. For more information, visit www.watermaninterests.com.

About Brookfield Properties

Brookfield Properties is a leading global developer and operator of high-quality real estate assets. We are active in nearly all real estate sectors, including office, retail, multifamily, hospitality and logistics, operating more than 1,100 properties and over 390 million square feet of real estate in gateway markets on behalf of Brookfield Asset Management, one of the largest asset managers in the world. With a focus on sustainability, a commitment to excellence, and the drive for relentless innovation in the planning, development and management of buildings and their surroundings, Brookfield Properties is reimagining real estate from the ground up. For more information, visit brookfieldproperties.com.