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Waterman, HPS announce strategic relationship for redevelopment of Manhattan office building
Investors - MAY 23, 2024

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Waterman, HPS announce strategic relationship for redevelopment of Manhattan office building

by RELEASED

Waterman Interests, a privately held commercial real estate investment and operating company, and HPS Investment Partners have entered into a strategic relationship for the redevelopment of 850 Third Ave., a 605,000-square-foot, 21-floor office building in Manhattan.

Built in 1961 and designed by Emery Roth Architects, 850 Third Ave. currently offers the largest block of available space in Midtown East — more than 400,000 square feet — and will receive a substantial capital investment to redevelop the building into a compelling headquarters building. 850 Third was one of the first two buildings to receive approval for participation in the New York City Economic Development Corporation’s M-Core program. M-Core provides owners of commercial office buildings with a range of tax benefits to support transformative renovations of office buildings located in Manhattan south of 59th Street to create new, high-quality, amenity-rich office space.

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