Lever House, one of New York City’s most recognizable architectural icons, has officially achieved full occupancy following a wide-ranging $100 million redevelopment led by Brookfield Properties and Waterman Interests. The announcement marks a major milestone for the Park Avenue landmark and underscores the building’s strong position in a competitive post-pandemic office market.
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According to the partners, the tower is now fully leased to a collection of global financial leaders — including major banks, hedge funds, private equity firms, and high-profile family offices — reinforcing its status as one of Manhattan’s premier business addresses. The achievement stands out in a period when many New York office owners continue to face lingering vacancy challenges.
Having acquired the historic tower in May 2020, at the peak of the Covid-19 disruption, Brookfield Properties and WatermanClark embarked on a transformational repositioning strategy. Their goal was to restore the architectural heritage of the 1952 landmark while elevating it into a modern, hospitality-driven workplace designed for the next generation of high-performing tenants.
“This redevelopment reflects our firm’s broader strategy of unlocking the potential of existing assets,” said Philip “Tod” Waterman III, CEO of Waterman Interests. “Lever House is a prime example of how thoughtful reinvestment, when paired with a deep understanding of tenant needs, can reposition a property to compete at the highest level in today’s market.”
The restoration not only refreshed core building infrastructure but reimagined plazas, amenities, and interior environments to meet the expectations of financial and professional services firms that prize both functionality and prestige.
Lauren Young, Managing Partner at Brookfield real estate, emphasized the building’s elevated standing in Midtown Manhattan.
“Our revitalization of Lever House has created an elevated benchmark for premier office and hospitality space in Midtown Manhattan. The success of Lever House showcases yet again that with an extremely desirable location and one of New York’s most iconic buildings, the right investments can take a property to the next level and attract leading firms that value excellence.”
Alan Bernstein, Managing Director, highlighted the collaboration involved in achieving full occupancy.
“We are extremely grateful to those members of the brokerage community, and each of our valued tenants who placed their confidence in us to create an office building that has set the standard for excellence in the post-pandemic era, enabling their businesses and employees to thrive for many years to come. I also want to recognize the exceptional job that the agency team at CBRE did on behalf of our partnership, led by John Maher and Peter Turchin, and our legal leasing team at Fried Frank.”
The redevelopment was guided by a clear objective: to honor the original modernist identity of the Skidmore, Owings & Merrill–designed tower while enhancing performance, comfort, and flexibility for today’s tenants. The result is a hybrid of historical preservation and state-of-the-art workplace design that aligns with the evolving expectations of companies seeking premium, highly amenitized office environments.
Brookfield and Waterman Interests say the project demonstrates the value of reinvesting in iconic assets that combine location, pedigree, and modern upgrades — a formula that continues to attract the city’s most discerning firms even as older office inventory struggles.
With full occupancy now achieved, Lever House stands as a high-profile success story amid New York’s shifting commercial real estate landscape.
Originally reported by Business Wire.
