In its first acquisition, L&L Infinite, a venture launched earlier this year by industry veterans David Levinson and Marty Burger, has closed on 600 Third Ave., a 42-story office tower in Manhattan’s Grand Central district. The deal values the property at $245 million.
L&L Infinite is joined in the new joint venture by affiliates of Mack Real Estate Group, BLDG and BD Blakely, replacing L&L Holding and an institutional investor. The buyer, which secured a $215-million acquisition loan from Bain Capital, was advised by IGCP, an affiliate of L&L Infinite. A Newmark team led by Adam Spies and Josh King represented the seller and assisted on the debt, with Newmark’s Ken Zakin assisting on the equity.
“This complex transaction speaks to the breadth of expertise that L&L Infinite brings to the market,” said Burger. “Through our longstanding industry relationships, we assembled a team of premier investors and secured an attractive financing package that will enable us to build on the success of 600 Third.”
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