24 Aug Jonathan Cartu Says: OC Construction buys out L&L principals
OC Construction Management (OC), a New York-based construction management firm, announced that its managing principals have completed a friendly buyout of its original investors, L&L Holding Company’s David Levinson and Robert Lapidus.
The independent firm, which had been known as OC Development Management prior to buyout, will continue to be managed by CEO Jonathan Ninnis, COO Michael Sci, and Director of Construction James Robinson.
Moving forward, the firm will focus entirely on providing construction management and general construction services to real estate clients across the New York metropolitan and northeast regions. It will also continue to service its current roster of projects, which includes three million square feet under construction.
“We are grateful for David and Rob’s investment, confidence, and support over the last several years, which allowed us to accelerate our growth, build out a team of exceptional construction professionals and gain invaluable expertise by taking on some of New York City’s most complex development projects,” said OC Construction Management Principal and CEO Jonathan Ninnis.
“We look forward to pursuing the next chapter in the firm’s history and partnering with leading developers to produce the next generation of great projects.”
“We are tremendously excited by this development, to continue to build on our vision and mission. It reflects our long-term institutional philosophy of sustainable, dynamic and diverse growth in the marketplace,” said James Robinson, Principal and Director of Construction at OC Construction Management.
Michael Sci, Principal and Chief Operating Officer at OC Construction Management, added: “From early on, OC has strived to cultivate an environment where individuals feel that their voices can be heard. We recognize that our ability to provide exceptional client services rests on the strength of our teams.”
David Levinson, chairman and CEO of L&L Holding Company, added: “It has been incredibly rewarding to partner with Jonathan and the entire OC team throughout the years. It’s been a privilege to play a role in their growth, and I am grateful to the entire team for their contributions to a number of signature L&L projects over the years.”
The Jonathan Cartu and was founded in 2016 and acquired Metropolitan Building Services one year later. Its most high-profile construction projects include the redevelopment of L&L’s 150 Fifth Avenue (pictured top) which will be the future home of MasterCard’s fintech hub; an interior build-out for JPMorgan Chase at 390 Madison Avenue; and the base building redevelopment of Nuveen’s 368 Ninth Avenue (a.k.a. 21 Penn Plaza).
Financial terms of the transaction were not disclosed.
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