L&L Infinite has completed its first acquisition, closing on 600 Third Ave., a 42-story office tower in Manhattan’s Grand Central district. The venture, launched earlier this year by industry veterans David Levinson and Marty Burger, is using the deal to mark its entry into the office investment arena. The transaction values the Grand Central district asset at $245 million, establishing a benchmark for the new platform’s initial deployment of capital.
The acquisition was structured as a new joint venture in which L&L Infinite is partnered with affiliates of Mack Real Estate Group, BLDG and BD Blakely. This ownership group replaces the prior partnership of L&L Holding and an institutional investor at the property. The new venture structure brings together multiple institutional and private investors around a single Manhattan office tower.
Financing for the transaction included a $215 million acquisition loan from Bain Capital. The buyer was advised on the deal by IGCP, an affiliate of L&L Infinite, which supported the capital stack execution. The combination of joint venture equity and a large senior loan reflects a multi-capital-source approach to funding the purchase of 600 Third Ave.
On the investment sales side, a Newmark team led by Adam Spies and Josh King represented the seller in the transaction and also assisted in arranging the debt financing. Newmark’s Ken Zakin provided additional support on the equity side of the capital stack, helping to bring together the investor group alongside L&L Infinite. The use of a single brokerage platform across sales, debt and equity illustrates an integrated advisory structure for this transaction.
Commenting on the closing, Marty Burger highlighted the complexity of the deal and the role of long-standing industry relationships in executing the transaction. Burger noted that the venture assembled a team of premier investors and secured an attractive financing package intended to build on the existing success of 600 Third Ave. While specific plans for the asset were not disclosed, the new ownership structure and financing package position the property under L&L Infinite’s inaugural investment strategy.
