NEW YORK--(BUSINESS WIRE)--Waterman Interests, LLC (“Company”), a privately-held commercial real estate investment and operating company, announced today that it has expanded its relationship with J.P. Morgan Asset Management to a third strategic real estate project, 125 West 55th Street. Waterman Interests has partnered with J.P. Morgan Asset Management on 130 Prince Street and 400 Park Avenue. Philip Waterman III (“Tod”), Founder and Managing Member of Waterman Interests, made the announcement.
Located just steps off of Avenue of the Americas, 125 West 55th Street is a 590,000 square foot trophy, 23-story office and retail building located in one of the most prestigious locations in Midtown Manhattan. The building was constructed in 1990 and is home to the American headquarters of Macquarie Bank, Clear Channel Communications, Katz Media, and Milos Restaurant. Institutional investors advised by J.P. Morgan Asset Management acquired the property during the second quarter of 2013.
“Our entire organization is thrilled to again have the opportunity to work with our long-time partners at J.P. Morgan Asset Management and their investors to provide best in class service and create exceptional financial results for all parties,” said Mr. Waterman.
Michael Keaveney, Vice President of Operations, continued, “125 West 55th Street provides us with another opportunity to utilize all of our core competencies. The building is a 24/7 world-class asset with sophisticated tenants, state of the art systems, and opportunities over time to enhance the property.”
Tiffany Rufrano of J.P. Morgan Asset Management, added, “Our collaboration with Waterman Interests, LLC at 125 West 55th Street will benefit the building given Waterman’s owner/operator expertise with similar assets. Our expectation is that Tod Waterman and his firm will deliver the same intense focus and results that benefited our investors on the transactions we have done together.”
Joshua Mermelstein of Fried Frank Harris Shriver & Jacobson LLP represented Waterman Interests, LLC.
About Waterman Interests, LLC
Waterman Interests, LLC is a privately-held and self-managed real estate investment and operating company specializing in the acquisition, leasing, financing, management and development of office and retail properties in New York City. The Company is headquartered in midtown Manhattan.
About J.P. Morgan Asset Management – Global Real Assets
J.P. Morgan Asset Management – Global Real Assets has more than $71 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia, as of December 31, 2013. With a 40-plus-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure, maritime/transport and energy strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.