Lehman Brothers is looking to sell its 90 percent stake in 425 Park Avenue, the Wall Street Journal reported. The 31-story, 567,340-square-foot building, located in Midtown East, is slated to be demolished and replaced with a 650,000-square-foot Norman Foster-designed office tower being developed by L&L Holdings, which owns the remaining 10 percent stake in the current building. Lehman and L&L bought the property in 2006, and Lehman valued its 90 percent stake at about $84 [more]
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