The deal was settled for roughly $160 million, according to one source. Lapidus would not confirm that number. He did say that the funds were raised via a combination of equity and debt, the latter organized by a bank syndication headed by Lehman Brothers.

Met Tower, located at 142 W 57th St., is a mixed-use condo/office complex that boasts Ann Taylor Stores' corporate headquarters as a major tenant. Lapidus explains that only the office segment is involved in the deal.

The 11-story 150 Fifth is the new headquarters for EMI Music, which in November inked a 153,000-sf lease in the building. The asset is undergoing a major renovation to accommodate its new tenant. EMI currently occupies some 110,000 feet of its space, explains Lapidus, who adds that the remainder will be delivered by June. Both assets are 98% leased.

Investcorp is a diversified investment firm whose main areas of focus are corporate, tech and real estate plays. In 2001, the firm posted income from operations of roughly $130 million. L&L chairman Levinson is also a senior executive with Insignia/ESG, which holds the leasing contract on both properties.