Mark Walsh, Former Lehman Real Estate Tsar, Buys Old Real Estate Funds
Mark Walsh, onetime head of Lehman’s Global Real Estate Group, which underwrote Tishman Speyer’s ultimately disastrous $22.2 billion purchase of Archstone-Smith’s apartment portfolio, among other dicey investments—and who was profiled in 2008 in The Observer —has teamed up with some former colleagues to buy the management contract for Lehman Holding Company’s real estate funds, reports Bloomberg:
The sale involves three private funds, Lehman Brothers Real Estate Partners I, II and III, with combined capital commitments of about $5.6 billion. Brett Bossung and Mark Newman, who managed the funds before Lehman’s September 2008 bankruptcy, led the group of five former executives who bought the business.
Bossung and Newman will resume day-to-day fund management, while Mark Walsh, their former boss, will “focus on the growth of the business and asset management,” Kimberly Macleod, a Lehman spokeswoman in New York, wrote in an e-mail.