NEW YORK CITY-A joint venture of L&L Acquisitions and GE Asset Management–who were put together by investment concern Sonnenblick-Goldman Co.–acquired 600 Third Ave. for approximately $212 million. Sonnenblick-Goldman also arranged a $168-million acquisition loan. Sumitomo Corp. of America is the seller and will remain a tenant.

The 42-story, 550,000-sf tower is in the Grand Central district at 40th Street. It has maintained a more than 95% occupancy for over 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, according to Andrew Oliver, managing director and principal of Sonnenblick-Goldman. “L&L and GE shared the same vision for this great asset,” says Steve Kohn, president of Sonnenblick-Goldman.

A year ago, locally based L&L Acquisitions, which is named for partners Robert Lapidus and David Levinson, bought out the majority of their partner’s share in 150 Fifth Ave. for a sum in excess of $100 million. Lapidus says his company is looking forward to teaming with a partner like GE.

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