Lever House, a landmark building at 390 Park Avenue, has officially reached 100% occupancy following a significant $100 million renovation and restoration project. The revitalization effort, undertaken by Brookfield Properties and Waterman Interests, LLC, successfully blended the iconic 1952 architecture with the requirements of a contemporary workplace.
Key Takeaways
- Lever House is now fully leased, marking a successful post-renovation milestone.
- The $100 million investment focused on integrating historic architecture with modern office needs.
- The building’s tenant roster includes prominent global financial institutions.
A Modern Workplace Within a Historic Gem
Brookfield Properties and WatermanClark acquired Lever House in May 2020, during the challenging period of the COVID-19 pandemic. Their objective was to meticulously preserve the building’s architectural legacy while adapting it to the demands of today’s professional environment. This strategic reinvestment has clearly paid off, repositioning the property to be a top-tier contender in the competitive Manhattan office market.
Strategic Vision and Tenant Appeal
Philip "Tod" Waterman III, CEO of Waterman Interests, highlighted the firm’s strategy of revitalizing existing assets. He stated that Lever House exemplifies how thoughtful investment, combined with a deep understanding of tenant requirements, can elevate a property’s standing. The building now attracts a distinguished array of tenants, including leading global banks, hedge funds, private equity firms, and family offices, underscoring its appeal to high-caliber businesses.
Setting a New Standard in Midtown Manhattan
Loren Young, a managing partner at Brookfield, commented on the impact of the revitalization. He noted that the transformation of Lever House has established a new benchmark for premier office and hospitality spaces within Midtown Manhattan. The successful lease-up demonstrates the market’s strong demand for well-appointed, historically significant office buildings that also offer modern amenities and functionality.