L&L Holding Company has joined with an institutional investor advised by J.P. Morgan Asset Management to form a $500-million real estate joint venture partnership.

The partnership will give L&L and J.P. Morgan up to $4 billion in buying power for the acquisition and development of a range of properties in the five boroughs of New York City — with a special focus on buying and redeveloping office properties to add value in Manhattan.

“We have made a concerted effort, through the projects we choose and the leadership team we have assembled, to boost our ability to embark upon New York’s complicated projects and create enduring value,” said David Levinson, chairman and CEO of L&L.

“We think now is the right time to align with L&L on a programmatic basis to seek assets in need of repositioning that will enable the joint venture to capitalize on changing tenant demands,” indicated Peter Sibilia, head of Northeast acquisitions for J.P. Morgan.

Since 2000, L&L has built up a portfolio of more than six million square feet of Class A office properties. Its current projects include the Norman Foster-designed 425 Park Ave. (pictured).

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