L&L Infinite Acquires Midtown East Office Tower for $245 Million
L&L Infinite, a joint venture between Marty Burger and David Levinson, has acquired the 42-story office tower at 600 Third Ave. in Manhattan's Midtown East for $245 million. The property is currently 92% occupied with tenants including Polsinelli and 3G Capital. Bain Capital provided an acquisition loan of $215 million, covering nearly 88% of the purchase price. The deal highlights growing investor interest in well-leased Manhattan office buildings as leasing activity recovers post-pandemic and new supply remains limited. The transaction also marks L&L Infinite's first acquisition since its launch earlier this year. Burger noted that New York’s commercial real estate market is “on fire,” signaling a strong recovery. The purchase price equates to approximately $426 per square foot, reflecting confidence in the Midtown East submarket due to its transit accessibility and demand for office space.
Topics: joint venture investment Midtown East office market real estate acquisition