NEW YORK CITY—A new joint venture between L&L Holding Co. and J.P. Morgan Asset Management will provide the JV partners up to $4 billion in buyer power. Although the $500-million partnership spans all five boroughs and a range of asset classes, its focus will be on acquiring and redeveloping Manhattan office properties, an L&L specialty since the firm's launch in 2000.

“We have made a concerted effort, through the projects we choose and the leadership team we have assembled, to boost our ability to embark upon New York's complicated projects and create enduring value both for our investors and New York City,” says David Levinson, chairman and CEO of L&L. “This JV will even further enhance our capacity by making us even more nimble and effective in the pursuit of new development opportunities.”

Peter Sibilia, JPAM's head of Northeast acquisitions, says that “now is the right time to align with L&L on a programmatic basis to seek assets in need of repositioning that will enable the joint venture to capitalize on changing tenant demands.” He notes that the two firms have had “a long relationship.”