Fallen Giant Lehman Brothers Waits to Sell $10B in Real Estate Assets
In 2008, the collapse of Lehman Brothers caused a world wide financial crisis. It filed for bankruptcy protection, yet the investment bank controls more than $10 billion of real estate assets, the New York Times reported. Since 2008 Lehman has been working on improving its buildings, finding new tenants and selling its stakes. For instance, 200 Fifth Avenue had an occupancy rate of merely 45% in 2008 and increased to 80% in 2010 after some improvements and restructuring of its debt. Once the building became more attractive, Lehman sold its stake in the building to J.P. Morgan. Lehman still owns several properties in New York City, which include 237 Park Avenue and 2178 Broadway. However, its sense of decency has yet to be traced.