Waterman Interests, LLC has agreed to a $140 million deal with Invesco for 130 Prince Street in the desirable SoHo
district of Manhattan. The 88,000-square-foot office-retail asset is 96% occupied, with Estee Lauder spin-off MAC Cosmetics leasing the office side, while the retail portion is leased by Nike distributor Cole Haan, Barbour Inc., True Religion Jeans, and Lacoste. Waterman Interests purchased the asset in 2007 for $112 million.
Waterman Interests, LLC founder and managing member Philip Waterman III said in a statement that since purchasing the asset in 2007, "the capital and commercial real estate markets have been through unprecedented volatility.” He added that the company has 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.”
The emerging New York neighborhood is also the home to Polo Ralph Lauren, Louis Vuitton, Apple and J. Crew.