Marty Burger’s Latest Venture Debuts With $245M Purchase
Marty Burger’s firm is officially on the transaction board.
L&L Infinite, a joint venture launched this year by Burger and L&L Holding chief executive officer David Levinson, acquired the office property at 600 Third Avenue for $245 million, Bloomberg reported. The deal for the 575,000-square-foot building breaks down to $426 per square.
The seller of the 42-story Midtown East building was L&L, as well as an institutional investor. The buyer group also included Mack Real Estate Group, BLDG Management and BD Blakely.
“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, seemingly wearing his L&L Holding hat.
Bain Capital provided a $215 million acquisition loan to the buyer. IGCP represented L&L in the purchase, while a Newmark team including Adam Spies and Josh King represented the seller.
The office building was constructed in 1970, but has been modernized and updated over the years. There’s also an amenity floor in development, which will include a wraparound terrace and lounge. L&L and Blackrock acquired the office tower in 2004 for $212 million.
Office tenants include law firm Polsinelli, investment firm Energy Impact Partners and global investment manager 3G Capital; the office portion of the building is 92 percent leased. The tower’s retail portion, meanwhile, is fully leased to tenants including Dunkin’, Shake Shack, Just Salad, PureGym and Chipotle.
Burger and Levinson launched L&L Infinite in January, focusing on acquiring and repositioning properties with an emphasis on New York City and South Florida. The investment platform plans to capitalize on opportunities from the real estate market reset, targeting distressed or transitional assets through both equity and debt deals.
Burger previously served as the chief executive officer of Silverstein Properties, the developer behind rebuilding the World Trade Center site. He was seemingly being groomed to take over the company one day, but stepped down in October 2023 when founder Larry Silverstein replaced him in the CEO role with his daughter, Lisa Silverstein.
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