In the year since Waterman Interests acquired a new 75-year master lease for 400 Park Avenue, the landlord launched a $16 million renovation project and added several office tenants at the 21-story property near 54th Street.
W Capital Partners, which provides liquidity for private equity investments, was the latest firm to sign a lease there, taking 11,000 square feet. More than 140,000 square feet has been leased in the past year and eight months, a spokesperson for Waterman Investments told the Wall Street Journal. The new tenants are a mix of hedge funds, private equity firms and banks.
Discount clothing retailer Syms, which filed for bankruptcy in 2011, previously served as the flagship tenant at the building. In 2010, Tod Waterman and a group of institutional investors paid $35 million to RFR Realty for the leasehold on the 270,000-square-foot property. [WSJ] — Mark Maurer