Crain's New York Business - September 19, 2003
L&L Acquisitions, a Manhattan-based property owner and operator, has bought out its partner's 86% stake in 150 Fifth Ave. for more than $102 million.
L&L, led by CEO David Levinson and President Robert Lapidus, bought the property in 2000 for $38 million in a partnership with private equity firm Carlyle Group. In April 2002, the company sold a stake to Bahrain-based investment firm Investcorp for $75 million. In the most recent deal, L&L teamed with a German fund to buy out Investcorp’s stake.
John Fraser, an Investcorp managing director, says Investcorp typically holds its real estate properties for longer periods of time, but that lower interest rates are driving investments in real estate, particularly in buildings with long-term leases in place.
The property at 150 Fifth Avenue is an 11-story, 191,000-square-foot building with ground-floor retail space, and is 99%-leased. Constructed in 1889, the property just underwent a renovation in 2002-2003. It has since entered into a 15-year lease with EMI Music Inc., which uses the property for its North American headquarters.
CB Richard Ellis represented Investcorp in the deal. Citigroup represented L&L."
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Friday, September 19, 2003
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