Waterman, HPS to Revamp Offices with Midtown East’s Largest Available Block of Space

Waterman Interests, LLC, and HPS Investment Partners have launched a comprehensive redevelopment project for 850 Third Ave., a 605,000-square-foot, 21-floor office building near Grand Central Terminal in Manhattan. The 1961-vintage property currently offers the largest block of available space in Midtown East at approximately 450,000 square feet and will receive a substantial capital investment.

“This strategic capital redevelopment program positions the building for tenants who demand a modern infrastructure and appearance in a location that offers access to transportation, corporate density, and neighborhood amenities,” said Simon Wasserberger, managing director at Waterman. “The large block of space offers a single user numerous customization and branding opportunities at a time when there is very little exceptional space available in the market.”

MdeAS Architects is the building architect and Vocon is interior architect. Turner will lead construction, Cosentini will lead mechanical engineering and JLL will serve as leasing agent for the office space.

Rendering credit: Neoscape.

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Waterman Interests' Wasserberger

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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