Lehman Brothers Holdings Inc. is aiming to sell its 90 percent stake in 425 Park Avenue, a source familiar with the matter confirmed with The Commercial Observer. Eastdil Secured is marketing the property, according to the source.
A publicly available spreadsheet of Lehman’s commercial real estate holdings lists a building with a description similar to 425 Park Avenue: “Sandwich ground lease in an existing Class B building in New York City that is slated for demolition and redevelopment into a new office tower beginning 2015.” The list of holdings identifies Adam Spies of Eastil Secured as the broker for the property. The source familiar confirmed Spies as the broker for 425 Park Avenue, but the listing could not be immediately verified.
The Wall Street Journal first reported the story earlier today. The Midtown East building is set to be demolished and replaced with a new office tower designed by Foster + Partners.
RXR Realty, a real estate operating and investment company affiliated with Walton Street Capital, has agreed to acquire 237 Park Avenue from an entity controlled by Lehman Brothers Holdings Inc., it was announced today.
The transaction has a large equity component with a low-leverage, existing loan in place, according to Scott Rechler, chairman and chief executive officer of RXR. According to multiple reports, the closing price is approximately $800 million.
Lehman Brothers Holdings Inc. struck a deal last week to purchase a 26.5 percent stake in apartment company Archstone for $1.58 billion, as was first reported last week by The Wall Street Journal.
Lehman will buy the stake from Bank of America Corp. PLC, which in 2007 teamed up with Lehman to purchase Archstone through Read More