L&L Holding, J.P. Morgan form JV to invest $4b in NYC

J.P. Morgan Asset Management has formed a $500 million partnership with L&L Holding Co.

The new partnership provides for a leveraged total of as much as $4 billion for investment in acquisitions and developments across all five New York City

boroughs.

L&L is currently undertaking two of New York’s most ambitious office developments at 425 Park Ave. and 390 Madison Ave. The Norman Foster-designed 425 Park Ave. will be the first full-block office tower to rise on the famed boulevard in half a century. The property at 390 Madison Ave., a Grand Central district office tower, is currently undergoing an unprecedented re-massing and re-invention.

L&L has been on a steady growth trajectory since its inception in 2000. Over that time, L&L has built a portfolio of more than 6 million square feet of class A commercial office properties and, in the process, has established a track record spanning 26 acquisitions and $5.4 billion in tra