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Waterman, Brookfield JV Closes on Lever House Leasehold
A joint venture of Waterman Interests and a Brookfield-managed real estate fund has closed on the long-term leasehold interest in 390 Park Ave., also known as Lever House. The JV did not disclose financial terms of the leasehold acquisition from an affiliate of Omnispective, a Korein family company. The Koreins have owned the fee position on the 21-story property since 1985.
The leasehold acquisition occurs at a critical juncture for the landmarked property. In May, Crain’s New York Business reported that lenders were pushing to foreclose on an $85-million securitized mortgage that was three years past due.
For many years following RFR Realty’s 1998 acquisition of the leasehold from Unilever, which had leased 390 Park from the Koreins, the property was nearly full. More recently, though, its vacancy had increased to 13%, and a couple of major tenants will vacate as soon as the end of 2018, Crain’s reported.
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- ◦Sale/Acquisition
