The 42-story, 550,000-sf tower is in the Grand Central districtat 40th Street. It has maintained a more than 95% occupancy forover 20 years. The site serves as the headquarters for Court TV,which leases 140,000 sf. Other tenants include Loral Space &Communications and L3 Communications.

The debt financing, in the form of a 10-year fixed-rate,interest-only mortgage, was provided by Lehman Brothers, accordingto Andrew Oliver, managing director and principal ofSonnenblick-Goldman. "L&L and GE shared the same vision forthis great asset," says Steve Kohn, president ofSonnenblick-Goldman.

A year ago, locally based L&L Acquisitions, which is namedfor partners Robert Lapidus and David Levinson, bought out themajority of their partner's share in 150 Fifth Ave. for a sum inexcess of $100 million. Lapidus says his company is looking forwardto teaming with a partner like GE.