Brookfield Property Partners chairman Ric Clark is partnering with former Tishman Speyer executive Philip “Tod” Waterman to start a new real estate investment firm.
Clark and Waterman’s New York-based firm, dubbed WatermanClark, has “already identified emerging opportunities to deploy our resources” despite the pandemic, Bloomberg News reported, citing a memo.
The company will oversee properties that Waterman’s company, known as Waterman Interests, currently owns or manages, including Lever House at 390 Park Avenue and Avenue of the Americas Plaza at 125 West 55th Street.
Clark has held senior positions at Brookfield and its predecessor companies since 1984 and was the CEO of Brookfield Property Group. During his time at Brookfield, the company grew to become one of the largest office landlords in New York. The company also acquired the Canary Wharf megadevelopment in London.
Waterman started his eponymous firm in 2007 after years at Tishman Speyer. It sold two buildings in 2019 in midtown Manhattan — 142 West 36th Street and 234 West 39th Street — to Alduwaliya, a Qatar-based real estate investment company.
This isn’t the first time the two have collaborated: In 2018, Waterman teamed up with Brookfield Property Partners to acquire a long-term ground lease at Lever House. Aby Rosen later sued over the deal, alleging fraud and breach of contract. He later withdrew the suit with prejudice.
[Bloomberg] — Keith Larsen