(Bloomberg) — Ric Clark, a Brookfield veteran of more than three decades, is teaming up with Philip “Tod” Waterman to form a new real estate investment and operating company known as WatermanClark.
“Ric and I have collaborated on real estate investments and civic projects for more than three decades and we are thrilled that timing and circumstances have come together to allow for this partnership to happen,” Waterman, a former Tishman Speyer executive, wrote in a memo to staff reviewed by Bloomberg News.
Photographer: Eugene Gologursky/Getty Images
The New York-based venture will make new bets on commercial real estate and become the employer of all Waterman staff as of Jan. 1, according to the memo. It’ll also oversee properties Waterman Interests owns or manages including 400 Park Ave., Lever House at 390 Park Ave. and 125 W. 55th St., also known as Avenue of the Americas Plaza, all of which are in Manhattan.
“Transitioning the company into a partnership with Ric provides a strategic opportunity to expand our business at a time when we anticipate significant opportunities in gateway cities nationwide,” wrote Waterman, who founded his firm in 2007. “Despite the challenges presented by the pandemic, Ric and I have already identified emerging opportunities to deploy our resources,” he added.
Clark, 62, is chairman of Brookfield Property Partners LP and Brookfield Property REIT Inc. Since 1984, he’s held senior positions at the firm and its predecessor entities and was chief executive officer of Brookfield Property Group. During his tenure, the firm acquired Canary Wharf in London, broadened its geographic footprint to Europe and Asia Pacific and extended sector bets to include hotels, industrial and multifamily properties.
In 2019, Waterman Interests sold two buildings in midtown Manhattan — 142 W. 36th St. and 234 W. 39th St. — to Alduwaliya, a Qatar-based real estate investment company. Waterman had acquired the properties in 2015 alongside USAA Real Estate.
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