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.