In a $160 million joint venture, Prudential Real Estate Investors and
L&L Holding Company, LLC, acquired 511-541 West 25th
Street, three interconnected office properties in Manhattan’s Chelsea
art gallery district, the companies announced today. PREI®, which is
acquiring the properties on behalf of German institutional investors, is
among the world’s largest real estate investment management and advisory
businesses, and is a business of Prudential Financial, Inc. (NYSE:PRU).
Situated adjacent to the High Line – an elevated freight rail that was
transformed into a public park – and two blocks from the Hudson River,
the properties feature 200,000 square feet of space, including 300 feet
of retail frontage on one of New York’s most prominent art gallery
blocks. The buildings, which were constructed between 1910 and 1917 and
renovated over the past two years, also have unobstructed views of the
High Line. “This acquisition is consistent with our investors’ strategy
to own urban infill office properties in major cities,” said David Pahl,
a managing director with PREI. “The unique location of these offices in
one of New York’s most prominent art gallery districts, combined with
the favorable market conditions, and the value L&L brings, made this an
extremely attractive transaction for our investors.”
“This acquisition reflects our continuing efforts to seek out
opportunistic and value-added opportunities in the New York metropolitan
area,” said David W. Levinson, chairman and CEO of L&L Holding Company,
LLC. “The property offers exceptional upside potential, given the
scarcity of office space along the High Line.”
About L&L Holding Company, LLC
Manhattan-based L&L Holding Company, LLC is a privately-owned real
estate investment company with a current portfolio exceeding 6 million
square feet of office space primarily in Manhattan. Through joint
ventures with select institutional partners, our strategy is to
identify, acquire, and develop prime, but underperforming real estate
for the purpose of maximizing its value. L&L provides a broad spectrum
of services to its partners including acquisition, disposition, asset
management, leasing, accounting, design, construction and financing. The
company’s current portfolio includes many notable properties, including
425 Park Ave., 195 Broadway, 200 Fifth Ave., 150 Fifth Ave., 114 Fifth
Avenue, Metropolitan Tower and 600 Third Avenue. For more information on
L&L, visit their website: www.ll-holding.com
About PREI
PREI is a leader in the global real estate investment management
business, offering a broad range of investment vehicles that invest in
private and public market opportunities in the United States, Europe,
the Middle East, Asia, Australia and Latin America. Headquartered in
Madison, N.J., the company also has offices in Atlanta, Chicago, Miami,
New York, San Francisco, Frankfurt, Lisbon, London, Luxembourg, Munich,
Paris, Abu Dhabi, Mexico City, Sao Paulo, Hong Kong, Seoul, Singapore,
Sydney and Tokyo. In addition, the company has representatives in Milan.
PREI had gross assets under management of USD $55.7 billion ($41.0
billion net), as of December 31, 2013. For more information, visit http://www.prei.com.
Prudential Financial, Inc. (NYSE:PRU), a financial services leader with
more than $1.1 trillion of assets under management as of March 31, 2014,
has operations in the United States, Asia, Europe, and Latin America.
Prudential’s diverse and talented employees are committed to helping
individual and institutional customers grow and protect their wealth
through a variety of products and services, including life insurance,
annuities, retirement-related services, mutual funds and investment
management. In the U.S., Prudential’s iconic Rock symbol has stood for
strength, stability, expertise and innovation for more than a century.
For more information, please visit www.news.prudential.com.
Copyright Business Wire 2014