Market Overview

Waterman Interests, LLC and Brookfield Announce Joint Venture Has Closed on Long-Term Leasehold of 390 Park Avenue


Waterman Interests, LLC announced today that it has formed a
joint venture (the "Company") with a Brookfield-managed real estate fund
and closed a transaction whereby the Company has ground leased, on a
long-term basis, and subject to other leases and encumbrances on the
property, 390 Park Avenue, also known as Lever House.

The lessor is 390 Tower Associates, LLC, an affiliate of Omnispective, a
Korein family company.

Philip Waterman III ("Tod"), Founder and Managing Member of Waterman
Interests, LLC made the announcement.

Located in the Plaza District of Manhattan, 390 Park Avenue is a
21-story office and retail building located in one of the most
prestigious locations in Midtown Manhattan, occupying the full block on
the west side of Park Avenue between east 53rd and 54th

Lever House is considered by many as one of the finest examples of
post-modern "International Style" architecture in the world and was
designed by Gordon Bunshaft of Skidmore, Owings, and Merrill. Completed
in 1952, it was the second curtain wall skyscraper in New York City.

About Waterman Interests, LLC

Waterman Interests, LLC is a privately-held and self-managed real estate
investment and operating company specializing in the acquisition,
leasing, financing, management and development of office and retail
properties in New York City. The Company is headquartered in midtown
Manhattan and was founded in 2007.

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