WASHINGTON, DC-L&L Holding--a firm that partners with such private equity investors as Blackrock, Principal and the Carlyle Group--has opened its first office outside of New York here.
Heading it is Alexander Troup, who tells GlobeSt.com that the company has placed some $300 million in bids on office and multifamily properties in the DC area since September. “We are looking to acquire existing properties as well as value add, such as buildings that need to be reskined or repositioned, and new development,” he says.
The firm doesn’t have a fixed amount it plans to invest in the areas as it is a long-term buy and hold investor. Investments will range from $15 million to $175 million to $200 million, with $50 million and above its general range. These numbers are total capitalization, although L&L will lever its own investments as well as its partners’ investments.
The company has placed offers on properties on the market in the CBD, East End and West End, the latter of which Troup reports “has seen a flood of properties go on the market in the past few months.” By the end of Q1, he hopes to have closed on at least a few transactions.
For the moment, the DC office is a one-man operation, but once the company starts closing on deals it expects to hire more, Troup says. In the beginning the numbers will be small, but eventually it plans to manage its assets in-house so it will also hire people for that. In the meantime, the company will rely on third-party managers.
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