Burger's L&L Infinite closes first deal with $245M Midtown East buy
Marty Burger's new joint venture, L&L Infinite, has made its first acquisition, buying 600 Third Avenue for $245 million. The 575,000-square-foot office building traded at about $426 per square foot. The seller was L&L and an institutional investor, with the buyer group also including Mack Real Estate Group and others.
Marty Burger’s newly formed venture, L&L Infinite, has completed its inaugural transaction with the $245 million purchase of 600 Third Avenue in Midtown East. The 575,000-square-foot office property equates to roughly $426 per square foot, a notable figure for the area. The seller was a partnership between L&L and an institutional investor, while the buying side included Mack Real Estate Group and additional unnamed parties. This deal marks a significant entry point for the joint venture, signaling confidence in Manhattan’s office market despite broader sector headwinds. The transaction also highlights continued activity among established players repositioning assets in prime commercial corridors.
This deal could signal renewed investor appetite for Midtown office assets, potentially stabilizing valuations in a sector still adjusting to hybrid work patterns. Tenants and landlords may see this as a benchmark for pricing, influencing lease negotiations and future sales. Local businesses and city tax revenues could benefit if the property attracts strong occupancy, though broader market conditions remain uncertain. The involvement of multiple investors suggests risk-sharing may become more common, affecting how commercial real estate deals are structured.