L&L Infinite has completed the acquisition of 600 Third Avenue, a 42-story office skyscraper in Midtown East, Manhattan. Designed by Emery Roth & Sons and completed in 1970, the 590-foot-tall structure spans 575,254 square feet and changed hands at a valuation of $245 million. L&L Infinite is joined in the joint venture by affiliates of Mack Real Estate Group, BLDG Management, and BD Blakely, and secured a $215 million acquisition loan from Bain Capital. The property is located between East 39th and 40th Streets.
Image courtesy of L&L Development Group.
The transaction marks the first acquisition for L&L Infinite, the venture launched earlier this year by L&L Holding chairman and CEO David Levinson and former Silverstein Properties CEO Marty Burger to pursue development, acquisitions, and debt strategies across the U.S. real estate market. Currently 92 percent leased, the tower has averaged 94 percent occupancy over the past two decades and never fallen below 90 percent.
Image courtesy of L&L Development Group.
The property has undergone a series of renovations including lobby upgrades, elevator modernization, and building system improvements, and its plaza was redesigned as a public green space with pathways for pedestrians. An exclusive tenant amenity floor is in design and will include a wraparound terrace, a lounge area, and multipurpose space.
Image courtesy of L&L Development Group.
L&L Holding and BlackRock acquired the tower in 2004 for $212 million, with BlackRock holding a 95 percent stake and L&L Holding the remainder while managing the property.
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Existing commercial towers built in 1970? Yes in my backyard!