Hotel investor Richard Born is the unnamed investor in 600 Third Avenue, Commercial Observer has learned.<\/p>\n
Born joined L&L Infinite<\/a>, a joint venture formed by former Silverstein Properties<\/a> CEO Marty Burger and L&L Holding CEO David Levinson, as an investor in the $245 million purchase of the 42-story Midtown East office building from BlackRock<\/a>, sources familiar with the deal told CO.\u00a0<\/p>\n SEE ALSO: JP Morgan Chase Sells South Florida Rental for $106M<\/a><\/p>\n Born now owns around 25 percent of the property, with each investor owning a roughly equal portion, a source said. Affiliates of Richard Mack\u2019s Mack Real Estate Group<\/a>, BLDG and BD Blakely<\/a> were also part of the purchase. BD Blakely is an affiliate of BD Hotels, which was founded in 1986 by Born and Ira Drukier.\u00a0<\/p>\n Bloomberg first reported<\/a> the sale, but did not mention Born\u2019s involvement, reporting only that an institutional investor had teamed with L&L Infinite.\u00a0<\/p>\n The deal marks a big transformation for the office building, which BlackRock previously had a 99.5 percent stake in for roughly the past 20 years, with L&L Holding owning just 0.5 percent. Blackrock exited the deal to recycle capital, one source said.<\/p>\n L&L Infinite and Born secured a $185 million acquisition loan from Bain Capital<\/a> at closing to purchase the 1970-built property between East 39th and East 40th streets that was renovated in 2015. Newmark<\/a>\u2018s Jordan Roeschlaub arranged the loan alongside Bain.<\/p>\n Newmark also arranged the sale transaction with a team consisting of Adam Spies, Adam Doneger, Josh King, Marcella Fasulo, Avery Silverstein and Doug Harmon.\u00a0<\/p>\n The property was 93 percent leased at the time of the deal, according to sources. Its 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.\u00a0<\/p>\n Aaronson Rappaport renewed a 42,764-square-foot lease for its headquarters on the entire fifth and sixth floors in February 2025, CO first reported<\/a> at the time. Polsinelli PC signed<\/a> a 10-year deal in early 2023, extending its lease through 2036, while also expanding its footprint by 13,129 square feet up to 52,516 square feet.<\/p>\n L&L Infinite and BlackRock did not immediately return requests for comment.\u00a0<\/p>\n News of the sale at 600 Third Avenue follows on the heels of two other major deals along the corridor. SL Green Realty is pricing 711 Third Avenue at approximately $160 million, while Fisher Brothers\u2019 605 Third Avenue is going up for sale for roughly $425 million, sources said. Both deals are being marketed by Newmark.<\/p>\n