Invesco buys NY building for $140.5m

The Atlanta-based real estate firm has purchased an 88,000-square-foot office tower in SoHo from Waterman Interests and JPMorgan Asset Management.

Invesco Real Estate has acquired a mixed-use building in Manhattan for $140.5 million. According to a statement issued by Waterman Interests, which is one of the sellers, the Atlanta-based real estate investment firm has purchased 130 Prince Street in the SoHo neighbourhood of New York from a partnership between Waterman and JPMorgan Asset Management. Fried Frank and Eastdil Secured represented the sellers in the sale.

“Since purchasing the asset in 2007, the capital and commercial real estate markets have been through unprecedented volatility,” said Philip Waterman, founder of Waterman Interests, in a statement. “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.”

The partnership between Waterman and JPMorgan Asset Management initially acquired the 88,000-square-foot office property in 2007 for $112 million. Upon its purchase, the venture embarked on a capital improvement and leasing campaign, which raised occupancy to its current level of 96 percent. Tenants include MAC Cosmetics, shoe retailer Cole Haan, Lacoste, True Religion Jeans, Barbour and fashion designer Monika Chiang.