June 5, 2019
Waterman Interests and USAA Real Estate have sold two Garment Center office properties to Alduwaliya, a Qatari-based real estate investment company.
Deal terms were not disclosed. The Waterman/USAA partnership paid $118 million for 142 W. 36th St. and 234 W. 39th St. four years ago.
“Since acquiring these assets in 2015, we worked aggressively to execute our business plan and invest the financial and intellectual capital in both buildings to generate value for our partnership and create office buildings and working environments that are now among the best in the Midtown West market,” said Waterman’s Philip Waterman III.
USAA Real Estate’s Len O’Donnell said his firm is looking forward to “future investments with Waterman Interests in the New York market.”
Fried Frank’s Joshua Mermelstein, Avi Feinberg and Chris Roman represented the sellers. Cushman and Wakefield’s Adam Spies, Douglas Harmon, Kevin Donner, Adam Doneger and Avery Silverstein also advised Waterman Interests.
Pictured: 234 W. 39th St.
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