A firm launched this year by two New York City power players has executed its inaugural deal with a familiar asset for one of its founders.
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L&L Infinite, a joint venture between Marty Burger and David Levinson, bought the 42-story, 575K SF office tower at 600 Third Ave. in a transaction valued at $245M, according to a release.
L&L Infinite partnered with affiliates of Mack Real Estate Group, BLDG and BD Blakely for the acquisition of the building, backed by a $215M acquisition loan from Bain Capital.
“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,” Burger, who previously spent 14 years as Silverstein Properties’ CEO and now serves as L&L Infinite’s CEO, said in a statement.
L&L Infinite launched in January to acquire distressed or transitional assets in New York and Florida.
Levinson's L&L Holding Co. has had a stake in the building going back decades. The most recent sale of the property was in 2006 when a BlackRock fund paid an L&L affiliate $315M.
The deal was reportedly for a 95% stake previously controlled by GE Asset Management, and L&L reportedly kept a 5% share of the building. BlackRock sought to unload its majority stake in 600 Third Ave. in 2017.
The Tuesday announcement of the deal says L&L Holding and an unnamed institutional investor were the sellers. BlackRock didn't immediately respond to a request for comment.
The 575K SF property spans an entire block between East 39th and East 40th streets and was originally built in 1970.
It is 92% leased to tenants including law firm Polsinelli, strategic investment firm Energy Impact Partners and global investment management firm 3G Capital.
“Our leasing successes at 600 Third are a symbol of the resurgence of the Midtown East business district and the Grand Central submarket,” Levinson said in a statement.
Newmark’s Adam Spies and Josh King represented the seller and assisted on the debt. The brokerage’s Ken Zakin also assisted on the deal’s equity.
TOP SALES
Alchemy Ventures sold a 36-unit residential building at 310 W. 80th St. on the Upper West Side for $24.8M to Japan-based Phoenix Co. Ltd., according to a release. The seller acquired the building for $11.2M in 2024 and carried out a gut renovation. CBRE’s Ian Brooks, Robert Shapiro, Nicholas Kontos and David Garcia represented Alchemy Ventures.
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Borough Developers acquired a development site at 485 Fulton St. and 147 Lawrence St. from ICER Real Estate for $83.5M, according to a release. Borough Developers is planning a mixed-use residential development with three 99-unit buildings to replace the 139K SF retail building on the site. JLL’s Michael Mazzara, Ethan Stanton and Brendan Maddigan represented the seller and negotiated directly with the buyer.
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Dallas-based Ground Lease REIT, an affiliate of private equity firm Montgomery Street Partners, acquired a site in Long Island City for $95M, Commercial Observer reported. The seller of the 10-01 45th Road property was the Holterbosch family, former owners of a German beer import and distribution business. The 80K SF site is home to a two-story building that also formerly housed a New York Blood Center outpost, Crain’s New York Business reported. The site’s new owners have a deal with Jacob Schwimmer and JCS Realty Group, which entered into a lease this month with the new owners after filing plans for a 495-unit residential project at the site, The Real Deal reported.
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Wildflower sold a last-mile logistics facility at 153-44 S. Conduit Ave. near John F. Kennedy International Airport to Prologis for $49M, Commercial Observer reported. The seller had refinanced the 117K SF warehouse known as the JFK Conduit Logistics Center in June 2025 with a $48.1M bridge loan from Barings. Wildflower acquired the warehouse in 2020 for an undisclosed amount.
TOP LEASES
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Allied Global Marketing renewed a 28K SF lease at the Woolworth Building, the 57-story Lower Manhattan skyscraper it has called home since 2016. The marketing agency occupies the 13th floor of the property, which was built in 1913 and is owned by Cammeby’s.
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Greenberg Traurig expanded to 133K SF at SL Green’s One Vanderbilt, Commercial Observer reported. The law firm signed a 10.5-year, 33K SF lease for the entire 33rd floor of the 1.7M SF trophy office, adding to its initial 15-year lease for four contiguous floors signed in January 2018. Greenberg Traurig moved into the property after its lease at the MetLife Building at 200 Park Ave. expired in 2021. One Vanderbilt is 100% leased, with other tenants including TD Bank and Carlyle Group.
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BXP’s 360 Park Ave. S. and 200 Fifth Ave. are now 100% leased following 148K SF of deals, according to a release. Rogo Technologies doubled its footprint in a 46K SF renewal and expansion at 360 PAS, while an unnamed tenant also doubled its footprint in the building to 46K SF. At 200 Fifth, another unnamed tenant renewed and expanded by 32K SF to occupy a total of 56K SF. CBRE’s Peter Turchin, Gregg Rothkin, Hayden Pascal, Arkady Smolyansky, Ross Zimbalist and Trevor Larkin represented BXP in the Rogo deal, with their colleague Joe D’Apice representing the tenant. Cushman & Wakefield’s Bruce Mosler, Ethan Silverstein, Anthony LoPresti and Bianca Di Mauro represented BXP at 200 Fifth Ave.
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Nearwater Capital inked a 38K SF lease at SL Green's 245 Park Ave., according to a release. Nearwater Capital will relocate from One Vanderbilt, where it has 17K SF, to the entire 28th floor to accommodate its rapid growth. Cushman & Wakefield's Bruce Mosler, Tara Stacom, Ron LoRusso, Harry Blair, Justin Royce and Pierce Hance represented the landlord, alongside in-house agents David Kaufman and Zach Freeman. JLL's Alexander Chudnoff and Harrison Potter represented Nearwater.
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SL Green inked a five-year renewal with global talent agency IMG Worldwide for 90K SF at 304 Park Ave. S., Commercial Observer reported. IMG, which is part of the WME Group, has been at the 12-story, 210K SF office building since 2008 and occupied 131K SF as of 2016. It is unclear if IMG is shrinking its footprint via this renewal or plans to keep the rest of its space at the property. Newmark’s Brian Goldman, Matthew Leon and Jason Perla and Savills’ John Mambrino and David Providenti represented the tenant. SL Green was represented in-house.
TOP FINANCING
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Aurora Capital Associates and William Gottlieb scored a fixed-rate, $293M loan from Corebridge Financial to refinance a 159K SF mixed-use Meatpacking District building, Commercial Observer reported. The 2019-built property at 40 10th Ave. has 10 stories containing 112K SF of office space, with tenants including Starwood Capital Group and WestCap Management, while its 46K SF retail portion is occupied by Hyundai Motor Group. Aurora and Gottlieb previously refinanced the building in 2020 with a $150M loan from Deutsche Pfandbriefbank to retire the property’s construction debt. Walker & Dunlop’s Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Jordan Casella and Stanley Cayre negotiated the debt.
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Rockrose Development scored $115M of agency debt to refinance a 301-unit apartment building at 43-14 Queens St. in Long Island City, according to a release. Wells Fargo Multifamily Capital originated the Fannie Mae loan. The property, known as the Eagle Lofts Collection, Phase 2, comprises 70% market-rate units and 30% affordable units and shares an amenity suite and lobby with the 790-unit Phase 1 building. Avison Young’s Scott Singer, Andy Singer, Kevin Swartz and Kathleen McSharry arranged the financing along with Rockrose’s Richard Brancato and Jim Lerro.
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Rudin Management scored a $175M construction loan from JPMorgan Chase for its residential conversion at 355 Lexington Ave., PincusCo reported. Rudin plans to turn its 225K SF office building on the site into a 280K SF, 297-unit apartment building with ground-floor retail. The debt is broken into a $139M building loan and a $36M project loan, Crain's reported.
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