Waterman adds financial firms to 400 Park Avenue

21-story office building underwent $16M renovation

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. 

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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