A newly formed real estate venture just closed on its first-ever deal, scooping up a 42-story office tower on Manhattan's Third Avenue for $245 million — a price that lands roughly $70 million below what the same building fetched two decades ago. The buyer, L&L Infinite, teamed up with hotel investor Richard Born, Mack Real Estate Group, and BLDG to take control of 600 Third Avenue in the Grand Central submarket, according to citybiz.
The tower sits on the entire western blockfront between East 39th and East 40th Streets and spans 575,254 square feet, per citybiz. Built in 1970 and since fully modernized, the building has seen lobby upgrades, elevator modernization, and building-system improvements, along with a redesigned plaza featuring a public green space with pathways, the outlet reports. L&L Infinite also has plans for an exclusive tenant amenity floor with a wrap-around terrace, lounge area, and multi-purpose space, according to the same report.
The $245 million valuation is a notable step down from 2006, when BlackRock bought GE Asset Management's majority share in the tower in a transaction that valued it at $315 million, according to Bisnow. L&L Holding Company's history at the property actually goes back further still — the firm first partnered with GE Asset Management to buy the tower for $212 million in 2004, as reported by The Real Deal, before retaining a minor stake when GE sold its position to BlackRock two years later.
Who's Behind the New Ownership Group
L&L Infinite is the vehicle behind the deal, launched in January 2026 by former Silverstein Properties CEO Marty Burger and L&L Holding Company CEO David Levinson to pursue acquisitions, developments, and debt strategies in New York and South Florida, according to Multi-Housing News. This deal marks the firm's first acquisition since it was formed. Per citybiz, the company is privately held with offices in Manhattan and West Palm Beach, and it targets office, residential, and mixed-use sectors across the New York metro area and South Florida.
Hotel investor Richard Born acquired an approximate 25 percent stake in the deal through BD Blakely, an affiliate of BD Hotels, which he co-founded with Ira Drukier in 1986, according to Commercial Observer's reporting cited in the dossier. Born joined L&L Infinite and the other joint venture partners in equal ownership shares. Mack Real Estate Group brought its own scale to the table — the firm's broader portfolio includes nearly 14,000 multifamily units, 22 million square feet of industrial space, and more than 2 million square feet of retail space, per citybiz. BLDG, another equity partner, manages more than 300 assets across the country, the outlet notes.
Steady Occupancy Made the Tower Attractive
The building has stayed remarkably full for two decades — occupancy has averaged 94 percent over the past 20 years and never dipped below 90 percent in that span, according to citybiz. At the time of the sale, the tower maintained 92 to 93 percent occupancy, per Commercial Observer's account.
Anchor tenants have played a big role in that stability. Defense contractor L3Harris occupies nearly 59,000 square feet, while law firm Aaronson Rappaport Feinstein & Deutsch renewed its 42,764-square-foot headquarters lease across the fifth and sixth floors in February 2025, according to the same Commercial Observer report. Law firm Polsinelli PC expanded its footprint in early 2023 by adding 13,129 square feet, bringing its total space to 52,516 square feet under a lease running through 2036. Other tenants named by citybiz include Energy Impact Partners and 3G Capital, and the retail component is leased to Dunkin', Shake Shack, Just Salad, PureGym, and Chipotle.
David Levinson said the leasing successes at 600 Third Avenue symbolize the resurgence of Midtown East and the Grand Central submarket, according to citybiz. Marty Burger said the acquisition will build on the tower's success, the outlet reports. Richard Mack, in turn, called 600 Third Avenue a compelling investment opportunity, per the same account.
Financing and the Brokers Behind the Deal
The purchase was backed by a $215 million acquisition loan from Bain Capital, according to citybiz. Bain Capital Managing Director Mark Gormley pointed to diminishing office inventory along Midtown East's Third Avenue corridor and stabilized return-to-office trends as key factors supporting the firm's debt investment, according to GlobeSt. The loan replaces the property's prior debt stack, which included an April 2023 refinancing with a $160 million loan from Crédit Agricole Corporate and Investment Bank that had replaced Capital One as senior lender, according to The Real Deal.
Newmark handled both sides of the transaction. The firm's debt team, led by Jordan Roeschlaub, arranged the $215 million financing from Bain Capital, while a separate Newmark investment sales group led by Adam Spies and Doug Harmon brokered the sale, according to Commercial Observer's reporting. Citybiz adds that Infinite Global Capital Partners advised the buyer, Adam Spies and Josh King represented the seller and assisted on the debt, and Ken Zakin assisted on the equity.
Part of a Bigger Midtown East Pattern
The 600 Third Avenue sale fits into a broader pattern playing out across Midtown East this year, where institutional owners are exiting long-held positions to recycle capital while private joint ventures step in to acquire stabilized Class A assets at reset pricing, according to Commercial Observer. It's a dynamic Hoodline has tracked repeatedly in recent months — from Extell's $39 million office buy in May to an $88 million conversion loan from Bank Hapoalim in March. In this deal, the L&L Infinite-led joint venture replaced L&L Holding and an institutional investor as owners, according to citybiz, closing out a chapter that began with L&L's original 2004 partnership with GE Asset Management.
