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PREI®, L&L Holding Company acquire New York City High Line office properties in $160 million joint venture

June 9, 2014

MADISON, N.J.--(BUSINESS WIRE)-- 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:

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

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

Prudential Financial, Inc.

John Chartier, 973-802-9829

Source: Prudential Financial, Inc.

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Source: Business Wire

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