L&L; Infinite, a joint venture launched in January by former Silverstein Properties CEO Marty Burger and L&L; Holding Co. principal David Levinson, has completed its inaugural acquisition: the 42-story, 575K SF office tower at 600 Third Ave. in a transaction valued at $245M, according to a release. The deal matters because it signals how newly formed investment platforms are targeting transitional or distressed New York office assets, and because the property is a familiar one for Levinson, whose L&L; Holding has held a stake in the building for decades. The acquisition also provides an early data point on pricing and financing for Midtown East office product in a market still recalibrating after years of remote-work disruption.
The mechanics of the transaction show a layered capital structure. L&L; Infinite partnered with affiliates of Mack Real Estate Group, BLDG, and BD Blakely for the acquisition, and the purchase was backed by a $215M acquisition loan from Bain Capital. The announcement identifies L&L; Holding and an unnamed institutional investor as the sellers. The most recent prior sale of the property occurred in 2006, when a BlackRock fund paid an L&L; affiliate $315M. That earlier deal was reportedly for a 95% stake previously controlled by GE Asset Management, with L&L; retaining a 5% share. BlackRock sought to unload its majority stake in 2017, according to the source, though BlackRock did not immediately respond to a request for comment on the current transaction.
The evidence base is a single full-text article from Bisnow New York, a tier-one secondary source, and the analysis must remain close to its reported facts. The property spans an entire block between East 39th and East 40th streets, was originally built in 1970, and is 92% leased to tenants including law firm Polsinelli, strategic investment firm Energy Impact Partners, and global investment management firm 3G Capital. Burger said in a statement that the venture assembled "a team of premier investors and secured an attractive financing package," while Levinson described the building's leasing success as "a symbol of the resurgence of the Midtown East business district and the Grand Central submarket." Newmark's Adam Spies and Josh King represented the seller and assisted on the debt, with Ken Zakin assisting on the equity.
The deal's market implications extend beyond the single asset. The $245M valuation for a 575K SF, 92%-leased tower implies a per-square-foot price well below the 2006 sale at $315M, consistent with broader repricing in New York office real estate. The involvement of Bain Capital as lender and a consortium of equity partners suggests that well-located, substantially leased Midtown East assets can still attract institutional capital, even as older office stock faces headwinds. The same source's deal sheet also shows activity across other New York commercial real estate segments, including a $95M Long Island City development site acquisition, a $49M last-mile logistics sale near JFK, and a $175M construction loan from JPMorgan Chase for Rudin Management's residential condo project, indicating that capital continues to flow selectively across asset classes.
Several limitations and unknowns remain. The source does not disclose the identity of the institutional seller beyond the reference to an unnamed investor, nor does it provide the building's current net operating income, capitalization rate, or the specific terms of the Bain Capital loan beyond its $215M size. The article also does not state whether the $245M valuation reflects a full or partial interest transfer, given the earlier reporting that L&L; retained a 5% stake and that BlackRock had sought to sell its majority position. What to watch next includes whether L&L; Infinite deploys additional capital in New York and Florida as stated at launch, whether BlackRock confirms its exit, and whether the 600 Third Ave. transaction becomes a benchmark for subsequent Midtown East office sales in a market where leasing momentum and financing availability remain uneven.