Why would a large firm own it's buildings under different LLC's?

I know of a company called Thor Equities that has 5.5 billion in assets. However, if you look, you will see that most of it’s buildings are owned under different LLC’s. Why is this?

For example, Thor 2-54 NE 40th LLC owns…

10 NE 40th St. Miami, FL
28 NE 40th St. Miami, FL
3995 N. Miami Ave. Miami, FL
40 NE 40th St. Miami, FL
50 NE 40th St. Miami, FL

Thor 53 NE 39th LLC owns…

53 NE 39th St.

Thor Weck Owner LLC

2801 NW 3rd Ave.

There are probably about 100 different LLC’s that own their properties.

The corporation is headed by the same person. Joseph Sitt.

Why doesn’t he just own all his properties under the same LLC?

The only reasons I can think of is if he had to give partial ownership of the building to someone in order to get financing, or to protect from lawsuits so that if something happens on one of his properties, the person doesn’t sue his assets for his whole company.

Okay, I’ll answer my own question…

Because the buildings are owned under a different composition of investors…

Other than that, probably legal reason to protect form lawsuits, but I’m not sure about that one…


Primarily for tax reasons and risk management.