Lehman Brothers Holdings Inc has agreed to sell 237 Park Avenue, a 21-story Midtown Manhattan office building, to RXR Realty and Walton Street Capital LLC, the winning bidders said on Tuesday. The purchase price is $820 million, two sources familiar with deal said.The pending sale comes just months after Lehman agreed to sell its biggest property holding, apartment owner Archstone, to AvalonBay Communities Inc and Equity Residential for $6.5 billion plus the assumption of debt.Lehman, which collapsed in 2008, emerged from bankruptcy in March 2012 and is selling assets to repay creditors.The 1.25-million square foot building is on Park Avenue between 45th and 46th streets, close to Grand Central Terminal, and is 80 percent occupied, RXR and Walton Street said in a statement.
AvalonBay Communities, Inc. (AvalonBay) is a real estate investment trust (REIT). Shares of AVB traded higher by 0.47% or $0.61/share to $130.39. In the past year, the shares have traded as low as $124.11 and as high as $151.23. On average, 1252270 shares of AVB exchange hands on a given day and today's volume is recorded at 352005.
Equity Residential (EQR) is a real estate investment trust (REIT). Shares of EQR traded higher by 1.08% or $0.61/share to $57.07. In the past year, the shares have traded as low as $53.25 and as high as $65.72. On average, 2261400 shares of EQR exchange hands on a given day and today's volume is recorded at 1258838.
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