John Fraser, a managing director with Investcorp says the plan the site is to "continue to expend capital to convert space to office/showroom as in-place leases on floors that have not been converted expire." The building is 92% leased to tenants involved primarily in the garment and fashion industries.

The 17-story, class B, showroom/loft office building located in the Fashion District. The property is situated on the southern side of West 39th Street between Seventh and Eighth avenues. Built in 1926, the property recently underwent an almost complete conversion from traditional apparel manufacturing to new showroom uses.

Investcorp and L&L's prior two investments were the Manhattan properties 150 Fifth Avenue and Metropolitan Tower, acquired in April 2001. Investcorp oversees a portfolio with a current value of more than $2 billion in selected urban and suburban markets in the US.