In a $160 million joint venture, Prudential Real Estate Investors and L&L Holdings Company LLC acquired three interconnecting office properties in Manhattan's Chelsea art gallery district, the companies announced Tuesday.
Madison-based PREI, which is acquiring 511-541 West 24th St. on behalf of German institutional investors, is one of the largest real estate investment management and advisory businesses, and is a business of Prudential Financial.
The office buildings sit next to the High Line — an elevated train rail that was transformed into a park — and is two blocks from the Hudson River. The property is 200,000 square feet and has 300 feet of retail frontage on “one of New York’s most prominent art gallery blocks,” the announcement said.
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“This acquisition is consistent with our investors’ strategy to own urban infill office properties in major cities,” David Pahl, a managing director with PREI, said in a statement. “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,” David W. Levinson, chairman and CEO of L&L Holding, said in a statement. “The property offers exceptional upside potential, given the scarcity of office space along the High Line.”
L&L Holdings, a real estate investment company, is based in Manhattan.
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