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NEW YORK CITY — A partnership between locally based investment firm Waterman Interests and global asset manager HPS Investment Partners will redevelop 850 Third Avenue, a 605,000-square-foot office building in Midtown Manhattan. The 21-story building was originally constructed in 1961. According to the partnership, 850 Third Avenue offers the largest block of available space in Midtown East — more than 400,000 square feet — and will be repositioned to support build-to-suit headquarters deals. A construction timeline was not disclosed.