Waterman Interests, a privately-held CRE company, completed the sale of 130 Prince Street in Manhattan for $140.5 million to Invesco this month. Waterman purchased the building in 2007 along with institutional investors advised by J. P. Morgan Asset Management for $112 million according to CoStar data. Fried Frank represented the Waterman Interests partnership on the sale, as did Eastdil Secured.
"Since purchasing the asset in 2007, obviously the capital and commercial real estate markets have been through unprecedented volatility," said Philip Waterman III "Tod" Founder and Managing Member of Waterman Interests, LLC. "To have been able to deliver exceptional returns for our investors in this transaction occurred only as a result of our team's execution at the asset level, and I congratulate each of them for their tenacious effort through some challenging times."
Hilary Spann, Executive Director at J.P. Morgan Asset Management, said of the deal, "We have enjoyed an extremely collaborative and productive business relationship with Tod. He and his team have performed exceptionally well at 130 Prince Street."
130 Prince Street, totaling roughly 88,000 square feet of office and retail space, was 96% leased at the time of sale with major tenants including MAC Cosmetics, Cole Haan, Lacoste, True Religion Jeans, and Monika Chiang.
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