NEW YORK CITY-The headquarters expansion last month byTiffany & Co. to another full floor atL&L Holding Co.'s 200 Fifth Ave. did more thanelevate the jeweler into the property's largest tenant at 405,489square feet. It also brought 200 Fifth to 100% occupancy of its800,000 square feet of office space, and along with thesubsequently announced Lego deal for 7,703 squarefeet of retail space at the property, set the seal on L&LHolding's success in repositioning the former International ToyCenter.

To hear David Levinson, chairman and CEO ofL&L Holding, tell it, the 24-karat asset that 200 Fifth becamewas a matter of planning and experience coupled with imagination.“What we do is take properties and reimagine them,” he tellsGlobeSt.com. “When we looked at 200 Fifth, we saw a very largebuilding in a part of town that was accelerating a transformationof where people would want to office,” namely Midtown South—whichnow has the lowest vacancy rate of any of Manhattan's threesubmarkets.

Furthermore, L&L's key executives already had years ofredevelopment and leasing experience under their collective belts,and in fact had engineered a similar, albeit smaller-scale,transformation of a property not far from 200 Fifth. Specifically,150 Fifth Ave., which went from 120 pocket-sized tenants to asingle occupant of its 200,000-square-foot space, EMI Music.