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Waterman, HPS to Redevelop 850 Third Avenue
Waterman Interests, LLC, and HPS Investment Partners have partnered to redevelop 850 Third Avenue, a 605,000-square-foot, 21-floor office building in Midtown.
Built in 1961 and designed by Emery Roth Architects, the building offers over 400,000 square feet of available space and will undergo substantial capital investment to transform it into a headquarters building. It is one of the first to participate in NYC’s M-Core program, which provides tax benefits for significant office renovations.
“Previous Waterman-led redevelopments, including Lever House and 400 Park Avenue, and their management team’s experience over three decades in New York City, influenced our thinking about what we can achieve with this well-located Manhattan building,” said Joseph Tansey of HPS.
- ◦Lease
- ◦Development
