- L&L Infinite, the joint venture of Marty Burger and David Levinson, acquired 600 Third Ave. for $245 million in its first transaction.
- Bain Capital provided a $215 million acquisition loan for the 575,254-square-foot tower, which is 92% occupied with tenants including Polsinelli and 3G Capital.
- The deal adds to growing investor appetite for well-leased Manhattan office buildings as leasing recovers and new supply stays scarce.
L&L Infinite, a new joint venture formed by real estate veterans Marty Burger and David Levinson, bought 600 Third Ave. for $245 million, according to Bloomberg. The 42-story Midtown East office tower marks the venture’s first acquisition.
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A New Platform
Burger, the former CEO of Silverstein Properties, and Levinson, CEO of L&L Holding Co., launched L&L Infinite earlier this year. The new venture operates separately from L&L Holding.
It targets office and multifamily assets in New York. The partners cite the city’s limited new supply and also see opportunities in Florida.
The Details
L&L Infinite partnered with affiliates of Mack Real Estate Group, BLDG Management, and BD Blakely on the purchase. The sellers included L&L Holding Co. and an unnamed institutional investor.
Bain Capital provided a $215 million acquisition loan. The financing covered nearly 88% of the purchase price.
The 575,254-square-foot tower sits between East 39th and East 40th streets. It is 92% occupied, with tenants such as law firm Polsinelli and private equity firm 3G Capital.
The purchase price equals roughly $426 per square foot.
Midtown East Heats Up
Competition for Manhattan office properties has intensified as employers bring workers back to their desks. Midtown East, in particular, has benefited from its proximity to Grand Central Terminal and other transit hubs.
Meanwhile, the deal reflects a broader increase in office tower sales as leasing activity strengthens across the borough.
Why It Matters
Burger said New York leasing has been “on fire” and described the market as fully recovered. In addition, the sizable acquisition loan suggests that lenders are again supporting well-occupied Manhattan office properties.
However, office distress continues to affect weaker buildings.
What’s Next
With its first deal now closed, L&L Infinite is expected to continue pursuing office and multifamily opportunities in New York and Florida. Its next acquisition will show how much capital the new platform has secured for future investments.
