Waterman Interests, LLC, a privately-held commercial real estate investment and operating company, announced the sale of 130 Prince Street for $140,500,000 to Invesco.
The company, along with institutional investors advised by J.P. Morgan Asset Management, acquired the property in 2007 for $112 million, and subsequently embarked on an aggressive re-leasing and capital improvement campaign to maximize the building’s full value.
“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.
“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.”
He added, “We certainly hope and expect to repeat this type of result as we continue to grow the company in the Manhattan office market, and greatly appreciate the support that our partners at J.P. Morgan Asset Management, and their pension fund clients have given the Company.”
Hilary Spann, executive director at J.P. Morgan Asset Management, commented, “We have enjoyed an extremely collaborative and productive business relationship with Tod. He and his team have performed exceptionally well at 130 Prince Street.”
The 88,000 s/f 130 Prince Street is currently 96 percent leased, with the office space occupied by MAC Cosmetics, a division of Estee Lauder.
The building’s retail is leased to popular shoe retailer Cole Haan, a division of Nike, Inc. Lacoste, True Religion Jeans, Barbour, Inc., and high-end fashion designer Monika Chiang.
130 Prince Street is located on the corner of Wooster Street, which is considered by many to be the best corner in the SoHo submarket of Manhattan.The building is within two blocks of the N, R, and W Subway lines, and within three blocks of the number 6 Subway line.
Other notable retailers within the immediate blocks t include Apple, Polo Ralph Lauren, Michael Kors, and Louis Vuitton.
Meyer Last, Jennifer Yashar and Joshua Mermelstein of Fried Frank represented the Waterman Interests, LLC partnership on the sale as did Eastdil Secured’s team of Adam Spies, Douglas Harmon, and Kevin Donner.