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NEW YORK CITY-Affiliates of Principal Life Insurance Co. have acquired Metropolitan Tower, an 18-story 245,500-sf office/retail condominium at 142 West 57th St. The sellers were a partnership of Investcorp and L&L Acquisitions, which acquired the property in April 2002. The sale price was $120 million.

John Fraser, a managing director at Investcorp, says the locally based firm has been active sellers of properties in "an effort to capitalize on extremely compelling real estate capital market conditions." He notes that over the trailing 12-month period, Investcorp's sale volume exceeded $1 billion. The company currently oversees a portfolio with a current value of approximately $1.5 billion. The building is located at 142 West 57th St. between Sixth and Seventh avenues and the property was constructed in 1986. Principal officials did not respond to a request for additional information regarding the transaction by deadline.

Three years ago, L&L dropped the Washington, DC-based Carlyle Group in favor of Investcorp in its ownership of Metropolitan Tower and the 191,000-sf 150 Fifth Ave in an approximately $160-million deal. Last month, the pairing made its third purchase, acquiring the 190,000-sf 250 West 39th St. for approximately $41.4 million. That property was acquired from affiliates of L&L and Carlyle Realty Partners.