L&L Sells 600 Third Avenue to… L&L: Because Apparently One L&L Wasn’t Enough
There are plenty of ways to sell a Manhattan office building.
You can put up a giant “FOR SALE” sign. You can hire Newmark. You can quietly circulate an offering memorandum to half of Midtown.
Or, if you’re L&L, you can sell the building to… L&L.
That is essentially what has happened at 600 Third Avenue, the 42-story Midtown East office tower that has now traded for approximately $245 million.
The buyer is L&L Infinite, the relatively new venture formed by L&L Holding CEO David Levinson and former Silverstein Properties CEO Marty Burger. The new ownership group includes affiliates of Mack Real Estate Group, BLDG and BD Blakely.
So yes, technically this is a sale.
And yes, technically it is L&L buying.
But it is not quite as circular as it sounds.
The old L&L ownership structure has been replaced by a new joint venture with a different collection of equity investors. In other words, the building is changing hands while keeping a familiar face in the room.
Real estate people might call this capital formation.
Everyone else might call it changing the cap table.
From BlackRock to L&L, and Now L&L Again
600 Third Avenue has had an unusually interesting ownership history.
BlackRock had controlled approximately 99.5 percent of the building for roughly two decades, while L&L Holding retained a small 0.5 percent interest.
Now BlackRock is out, and L&L is back in — except this time with a different group of partners.
The transaction values the 575,000-square-foot building at approximately $245 million. The new ownership group also secured acquisition financing from Bain Capital.
For L&L, there is an appealing symmetry here.
The company already knows the building.
It knows the neighborhood.
It knows the tenant base.
And, perhaps most importantly, it knows what it thinks the building could be worth in a different capital and leasing environment.
Why Buy a Building You Already Know?
That may actually be the most interesting part of the transaction.
600 Third Avenue is reportedly about 92 percent leased, with tenants including L-3 Communications, Polsinelli and other corporate and professional-services firms. The property was renovated in 2015 and sits in the Grand Central/Midtown East market.
According to the new ownership group, current market rents are meaningfully above the property’s in-place rents.
That creates a fairly classic New York real estate thesis: buy an existing building with existing cash flow, then capture additional value as leases roll and the property moves closer to current market economics.
It is less “build something from scratch” and more “this thing already works, but we think it could work better.”
The New L&L
The transaction is also the debut acquisition for L&L Infinite, which launched in 2026 as the venture between Levinson and Burger.
That makes 600 Third Avenue more than another Midtown transaction.
It is effectively the opening statement for a new real estate platform.
And what better first deal than a building that one of the principals’ L&L entities already knows intimately?
The structure also illustrates something increasingly common in today’s New York office market: the asset itself may not be changing dramatically, but the capital behind it is.
New equity partners.
New financing.
New ownership structure.
Same building.
Same address.
Different spreadsheet.
The Best Part?
If you ever wondered whether a New York real estate building can be sold without really leaving the family, 600 Third Avenue has supplied the answer.
L&L sold it.
L&L bought it.
Different L&L.
Different investors.
Same Third Avenue.
Welcome to New York real estate.
Sources
Commercial Observer — Richard Born Part of Investor Group in $245M Sale of 600 Third Avenue
Bisnow — Marty Burger-L&L Venture Debuts With $245M Third Avenue Deal
