Lehman is selling a 78.5 percent stake in a portfolio that is valued at about $1.3 billion. Lehman alleged in its lawsuit that Goldman had pulled out of the deal because the sellers failed to provide certain leasing and management documents, including those related to tenants Boeing, Northrop Grumman, Raytheon and the Arlington County Board.
None of the parties has disclosed the final purchase price, but a source familiar with the transaction said that Lehman had agreed to a lower price to placate Goldman and finalize the deal. The source spoke on the condition of anonymity because details have yet to be formally released.
Lehman filed for the largest bankruptcy in U.S. history in 2008 and its real estate group is headed by Jeff Fitts, a managing director at professional services firm Alvarez & Marsal. In a Lehman press release, Fitts called the transaction, “another example of our executing the sale strategy we laid out at the beginning of the year and has enabled us to achieve a strong result for our creditors.”
Monday Properties is co-owner and manager of the buildings. Anthony Westreich, Monday chief executive, said in the release that: “Lehman Brothers has been a valued partner of Monday Properties, and we are pleased now to have Goldman Sachs as our new partner in this exceptional property portfolio.”
Next up: Will the sale serve as a precursor to tenants or lenders signing on to Monday’s 1812 North Moore project?