Ric Clark and Tod Waterman launch investment firm

Industry vets start new venture to invest in commercial real estate

National /
Nov.November 17, 2020 03:00 PM

Brookfield Property Partners chairman Ric Clark and former Tishman Speyer executive Philip “Tod” Waterman (Getty; LinkedIn)

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


Related Articles

arrow_forward_ios
Brookfield’s Brian Kingston and 14100 Northwest 60th Avenue (Google Maps)

Brookfield snags Miami Lakes warehouse for $22M

Brookfield snags Miami Lakes warehouse for $22M
Diane Von Furstenberg, Brookfield Properties Bruce Flatt, and the DVF store in the Shops at Merrick Park (Getty, Google Maps)

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park
Brookfield Asset Management CEO Bruce Flatt and 700 Banyan Trail (Credit: Google Maps)

Brookfield pays $32M for Boca Raton industrial building

Brookfield pays $32M for Boca Raton industrial building
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

TIAA sells Weston warehouse for $33M
State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center
Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view
Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon
South Florida firm, partner acquire Tampa office building for $29.4M

South Florida firm, partner acquire Tampa office building for $29.4M

South Florida firm, partner acquire Tampa office building for $29.4M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...