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L&L, Allianz Join Forces in Midtown South

NEW YORK CITY—The two firms have struck up a partnership for the recapitalization of an office property in the nation's tightest leasing submarket.

By Rayna Katz | Updated on October 21, 2015

NEW YORK CITY—L&L Holding Co. and Allianz Real Estate, have formed a joint venture partnership for the recapitalization of 114 Fifth Ave. Following the recapitalization of the Midtown South property, Allianz is a majority owner of the venture with L&L, who will continue to serve as the general partner, the managing agent and the leasing agent for the 19-story, 350,000-square-foot office tower.

The purchase price for the property, which sits on the southwest corner of 17th Street, was $209 million. The deal was brokered, on behalf of the partnership, by Savills Studley‘s Woody Heller along with Adam Spies, Douglas Harmon, Kevin Donner and Adam Doneger of Eastdil Secured.

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