NEW YORK CITY—In a $160 million joint venture, Prudential RealEstate Investors and L&L Holding Company have acquired 511-541W. 25th St., three interconnected office properties in the Chelseaart gallery district. PREI is acquiring the properties on behalf ofGerman institutional investors.

Situated adjacent to the High Line and two blocks from theHudson River, the properties feature 200,000 square feet of space,including 300 feet of retail frontage a prominent block of artgalleries. The buildings, which were constructed between 1910 and1917 and renovated over the past two years, also featureunobstructed views of the High Line. “This acquisition isconsistent with our investors' strategy to own urban infill officeproperties in major cities,” says David Pahl, a managing directorwith PREI. “The unique location of these offices in one of NewYork's most prominent art gallery districts, combined with thefavorable market conditions, and the value L&L brings, madethis an extremely attractive transaction for our investors.”

Adds David Levinson, chairman and CEO of L&L, “Thisacquisition reflects our continuing efforts to seek outopportunistic and value-added opportunities in the New Yorkmetropolitan area. The property offers exceptional upsidepotential, given the scarcity of office space along the HighLine.”