PREI Forms JV With L&L Holding

Prudential Financial Inc., Parsippany, N.J., has announced that its PREI real estate investment management business has formed a joint venture with L&L Holding Co., New York, to acquire office properties in the New York City area on behalf of institutional investors. Prudential said the joint venture will invest up to $500 million to acquire prime New York City office buildings, chiefly in Manhattan. It said New York City's office market has remained "remarkably strong" and that vacancy rates have held steady. "The current markets have provided our investors with a unique opportunity to take advantage of softening prices," said Leonard Kaplan, principal for PREI's global merchant banking team. PREI can be found on the Web at http://www.prei.com.