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Investor group buys 600 Third Avenue office building for $245M
The new owners closed with a $185 million acquisition loan, and the property was 92% leased at the time of the deal, sources said.
Commercial Observer reports that hotel investor Richard Born joined L&L Infinite, a joint venture formed by former Silverstein Properties CEO Marty Burger and L&L Holding CEO David Levinson, as part of a group purchase of the 42-story Midtown East office building at 600 Third Avenue from BlackRock.
The deal values the property at $245 million, according to the report. Commercial Observer also says BlackRock previously held a 99.5% stake in the building for roughly the past 20 years, while L&L Holding held the remaining 0.5%, and that BlackRock exited to recycle capital.
At closing, the new ownership group secured a $185 million acquisition loan from Bain Capital, with Newmark arranging the financing alongside Bain. Newmark also arranged the sale transaction, and the property was 92% leased at the time of the deal, according to sources cited by Commercial Observer.
Anchor tenants include L-3 Communications, which occupies close to 59,000 square feet, along with law firms Polsinelli PC and Aaronson Rappaport Feinstein & Deutsch. Commercial Observer adds that Aaronson Rappaport renewed a 42,764-square-foot headquarters lease on the fifth and sixth floors in February 2025, while Polsinelli PC signed a 10-year lease extension in early 2023, through 2036, expanding by 13,129 square feet to 52,516 square feet.
The sale follows other transactions along the corridor, including SL Green Realty pricing 711 Third Avenue at about $160 million and Fisher Brothers marketing 605 Third Avenue for roughly $425 million, both handled by Newmark, according to Commercial Observer.