Waterman Interests has completed a major capital improvement program at 400 Park Avenue, a trophy tower, located at 54th Street at the heart of Midtown Manhattan’s Plaza District. Since acquiring the asset in 2010, the 21-story office and retail building has received over $16 million of investment that has transformed the property into a hub for domestic and international banks, private equity firms, and hedge funds.
Among the major upgrades was the redesign of the property’s Park Avenue entrance, lobby and retail storefronts. Infrastructure improvements have included installation of a state-of-the art HVAC plant, new elevator mechanical systems and cab interiors, new windows, redundant fiber optic facilities and tenant security systems. On the exterior, the most visible transformation is at ground level, with the replacement of SYMS department store with a state-of-the-art new bank branch for City National Bank and other retailers in a curtain wall designed by Moed de Armas and Shannon Architects.
400 Park Avenue has also undergone a complete transformation in tenancy under Waterman Interests’ management, now comprised exclusively of banking, investment and finance tenants. The property has inked 140,000 square feet in new leases for tenants including the recently W Capital Partners, LLC lease, as well as City National Bank, Malayan Banking Berhad, Fieldpoint Private Bank and Trust, The Wicks Group of Companies, SK Capital Partners, Banco Estado De Chile, and Artemis Real Estate Partners.
Alan Bernstein of Waterman Interests said, “We are very pleased the repositioning program has resulted in 400 Park rapidly becoming a preferred choice for high-end financial services and private equity tenants who value the quality and location that 400 Park now provides. We have welcomed over ten new tenants to the property over the past 20 months, all in the midst of an extensive redevelopment. Now that the project is complete, we look forward to leasing the last few base floors of the asset and three boutique tower floors that feature wrap-around landscaped terraces – they are truly rare spaces.”