OREANDA-NEWS.   In a USD 160 million joint venture, Prudential Real Estate Investors and L&L Holding Company, LLC, acquired 511-541 West 25th Street, three interconnected office properties in Manhattan’s Chelsea art gallery district, the companies announced today. PREI®, which is acquiring the properties on behalf of German institutional investors, is among the world’s largest real estate investment management and advisory businesses, and is a business of Prudential Financial, Inc. (NYSE:PRU).

Situated adjacent to the High Line – an elevated freight rail that was transformed into a public park – and two blocks from the Hudson River, the properties feature 200,000 square feet of space, including 300 feet of retail frontage on one of New York’s most prominent art gallery blocks. The buildings, which were constructed between 1910 and 1917 and renovated over the past two years, also have unobstructed views of the High Line. “This acquisition is consistent with our investors’ strategy to own urban infill office properties in major cities,” said David Pahl, a managing director with PREI. “The unique location of these offices in one of New York’s most prominent art gallery districts, combined with the favorable market conditions, and the value L&L brings, made this an extremely attractive transaction for our investors.”

“This acquisition reflects our continuing efforts to seek out opportunistic and value-added opportunities in the New York metropolitan area,” said David W. Levinson, chairman and CEO of L&L Holding Company, LLC. “The property offers exceptional upside potential, given the scarcity of office space along the High Line.”