Lehman Brothers | TRD Research
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Lehman Brothers

1271 Sixth Avenue
New York, NY 10020
(646) 285-9000
Website
[email protected]

Lehman Brothers was one of the nations largest banks until its collapse in September 2008, which triggered the Great Recession.

Once referred to by The New York Times as the real estate ATM, the Manhattan-based firm that dated to the mid-19th century was before its demise one of the most active players in the New Yorkand nationalproperty market. Lehman partnered with Tishman Speyer on its $22.2 billion takeover of apartment behemoth Archstone-Smith in 2007. Before that, its borrowers included Steven Witkoff on the Woolworth Building in 1998 and Aby Rosen and Michael Fuchs on both Lever House and the Seagram Building. The bank also lent heavily in the equally doomed subprime-mortgage market.

Even after its 2008 collapse, Lehman continued to haunt New York real estate, as it divested itself of holdings and left other institutions skittish about lending too generously. The firm was led by chairman and CEO Dick Fuld when it went out of business. -TA

  • Event Sales
  • Building Name Grand Central Terminal
  • Address 89 East 42nd Street
  • Neighborhood Midtown East
  • Borough Manhattan
  • Square feet 140,000
  • Price $ 63,000,000
  • Price per foot $ 450.00
  • Publication Date 09/01/2016
  • Event Date 07/15/2016
  • Party 1 Lehman Brothers
  • Party 2 MSD Capital
notes
The company bought a stake in Grand Central Terminal for $63 million.
  • Event Sales
  • Address 2178 Broadway
  • Neighborhood Upper West Side
  • Borough Manhattan
  • Price $ 140,000,000
notes
The hotel sold for $140 million or $500,000 per key.
  • Event Sales
  • Address 448-452 11th Avenue
  • Neighborhood Hell's Kitchen
  • Borough Manhattan
  • Price $ 35,000,000
  • Publication Date 11/01/2013
  • Event Date 09/17/2013
  • Party 1 Lehman Brothers
  • Party 1 Brokerage HFF
  • Party 1 Broker Andrew Scandalios, Jose Cruz, Jeff Julien, Kevin O'Hearn
  • Party 2 David Marx
  • Event Sales
  • Building Name 448-452 11th Avenue
  • Address 452 11th Avenue
  • Neighborhood Hudson Yards
  • Borough Manhattan
  • Price $ 35,000,000
notes
The development site sold for $35 million.
  • Event Sales
  • Address 448 11th Avenue
  • Neighborhood Hudson Yards
  • Borough Manhattan
  • Price $ 30,000,000
notes
The property sold for about $30 million, Crain's reported.
  • Event Sales
  • Address 237 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 1,200,000
  • Price $ 810,000,000
  • Price per foot $ 675.00
notes
The property sold for $810 million, Crain's reported. The buyer plans to renovate the building.
  • Event Sales
  • Address 325 West Broadway
  • Neighborhood Soho
  • Borough Manhattan
  • Square feet 61,416
  • Price $ 38,350,000
  • Price per foot $ 624.43
notes
The development site sold for $38.35 million. The current plan for the development, to be located at 325-329 West Broadway and 23-25 Wooster Street, calls for a two-building, 24-unit condo with ground-floor retail.
  • Event Office Leasing
  • Address 100 Wall Street
  • Neighborhood Seaport
  • Borough Manhattan
  • Square feet 19,647
notes
The tenant signed a lease renewal. James Giddens was selected by the Securities Investor Protection and appointed by the U.S. District Court for the Southern District of New York to handle the liquidation of Lehman Brothers Inc. in 2008.
  • Event Sales
  • Address 1107 Broadway
  • Neighborhood Flatiron
  • Borough Manhattan
  • Price $ 191,000,000
notes
The purchase of the building, a part of the former International Toy Center, closed for $191 million, following a bankruptcy auction in June. The new ownership is planning a $290 million condo conversion, featuring 145 units, in collaboration with a Morgan Stanley real estate fund.
  • Event Office Leasing
  • Address 1271 Sixth Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 150,000
notes
The bankrupt financial services entity signed a new sublease for floors 35, 38 and 40, and parts of the 39th and 46th floors. Lehman previously cancelled a sublease it had signed in 2007 for 500,000 square feet in the building.
  • Event Office Leasing
  • Address 399 Park Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 13,300
  • Price per foot $ 80.00
notes
The private equity fund established by former Lehman Brothers bankers signed a four-year lease for part of the 15th floor.
  • Event Office Leasing
  • Address 1 World Financial Center
  • Neighborhood Battery Park City
  • Borough Manhattan
  • Square feet 18,000
  • Price per foot $ 48.00
  • Publication Date 12/01/2008
  • Event Date 10/22/2008
  • Party 1 Richards Kibbe & Orbe
  • Party 1 Brokerage GVA Williams Real Estate
  • Party 1 Broker Ted Rotante
  • Party 2 Oberon Media
  • Party 2 Brokerage CBRE
  • Party 2 Broker Brad Gerla, Michael Higgins
notes
The software developer signed a two-and-a-half-year sublease for part of the 27th floor. Law firm Richards Kibbe & Orbe had been subleasing the space from Lehman Brothers.
  • Event Office Leasing
  • Address 1271 Sixth Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 400,000
notes
Lehman Brothers signed for the space under a sublease from Time Inc. in a long-anticipated deal.
  • Event Sales
  • Address 545 Madison Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 140,000
notes
A 75-year ground lease was structured for the vacant building. LCOR and its partners intend to undertake a gut renovation of the property, with construction expected to begin in early 2007. Occupancy is slated for spring 2008. Price n/a.
  • Event Sales
  • Address 5 East 44th Street
  • Neighborhood Grand Central
  • Borough Manhattan
  • Price $ 12,000,000
notes
The property, which sold for $12 million, will be developed into a 20-unit luxury residential condominium with ground-floor retail. Lehman Brothers was responsible for the financing.
  • Event Sales
  • Address 425 Park Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Publication Date 09/01/2006
  • Event Date 07/23/2006
  • Party 1 Goelet family
  • Party 2 L&L Holding Co., Lehman Brothers
  • Party 2 Brokerage CBRE
notes
The 85-year ground lease was sold. Price n/a.
  • Event Sales
  • Address 1211 Sixth Avenue
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 1,900,000
  • Price $ 1,500,000,000
  • Price per foot $ 789.47
notes
The 45-story office tower, which occupies the entire block between 47th and 48th streets, sold for approximately $1.5 billion, or $800 per square foot. Asking rents in the building, which is 53 percent leased to News Corp. and 13 percent leased to law firm Ropes & Gray, are rumored to be $60 to $90 per square foot. Jamestown, which acquired the property in 1999 for $600 million, will recognize a gain of nearly $1 billon on the deal.
  • Event Sales
  • Building Name The Bertelsmann building
  • Address 1540 Broadway
  • Neighborhood Times Square
  • Borough Manhattan
  • Square feet 1,100,000
  • Price $ 560,000,000
  • Price per foot $ 509.09
notes
The building, primarily tenanted by Viacom and Bertelsmann, is being sold for $820 million, or $745 per square foot. The acquisition will occur in two parts. Equity Office Properties and Lehman Brothers will acquire the 900,000-square-foot office section, while Vornado will acquire the retail components (see below). The office section sold for approximately $560 million, or $622 per square foot. The building was acquired by the Paramount-Principal joint venture in mid-2004 for approximately $420 million, which equates to a profit of $400 million.
  • Event Office Leasing
  • Address 1301 Sixth Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 160,000
notes
Investment bank will be expanding in the building. It had expanded by 90,000 square feet during 2005.
  • Event Retail Leasing
  • Address Lehman Brothers Building
  • Neighborhood Theater District
  • Borough Manhattan
  • Square feet 1,000
notes
Chocolatier takes corner retail space for 10 years
  • Event Retail Leasing
  • Building Name Lehman Brothers Building
  • Address 745 7th Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 1,000
notes
Chocolatier takes corner retail space for 10 years
  • Event Retail Leasing
  • Address 745 Seventh Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 3,200
notes
10-year lease for English clothing Company's second NYC store
  • Event Retail Leasing
  • Address 745 Seventh Avenue
  • Neighborhood Midtown West
  • Borough Manhattan
  • Square feet 1,000
notes
High-end chocolatier takes space
  • Event Sales
  • Building Name Rihga Royal
  • Address 151 West 54th Street
  • Neighborhood Midtown West
  • Borough Manhattan
  • Price $ 183,000,000
notes
$40M in renovations planned
  • Event Sales
  • Address Park Central Hotel
  • Neighborhood Midtown
  • Borough Manhattan
  • Price $ 200,000,000
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08/01/2017
From top (left): Richard Fields, Leslie Alexander, Woody Johnson, William Lie Zeckendorf and Sandy Weill; from top (right): Wilbur Ross, Guy Wildenstein, Mike Myers From top (left): Richard Fields, Leslie Alexander, Woody Johnson, William Lie Zeckendorf and Sandy Weill; from top (right): Wilbur Ross, Guy Wildenstein, Mike Myers...

12/27/2016
In March, it landed a $750 million mortgage from Wells Fargo on its 2.59-million-square-foot office tower One New York Plaza (a.k.a 1 Water Street). The loan replaced a $400 million CMBS loan issued by Lehman Brothers and Goldman Sachs back in 2006...

06/01/2015
The company took its Empire State Building office in 2004, at what he said was a post-9/11 rate. In 2009, following the Lehman Brothers collapse, he locked in 40,000 square feet at 575 Lexington Avenue...

08/01/2014
The home’s last buyer did: Former Lehman Brothers co-COO Bradley Jack and then-wife Karin bought the estate for $24.4 million in March 2001...

02/01/2014
The portfolio, formerly owned by Lehman Brothers, sold in six separate transactions for an aggregate of $139 million...

02/01/2014
Notable as the recovery picks up steam are the absence of a handful of formerly active European lenders. Foreign lenders no longer in the market include Anglo Irish Bank and Germany’s Hypo Real Estate Holdings which, like Lehman Brothers, another big lender in the past, collapsed during the financial crisis...

10/03/2011
In March, Eastdil signed a deal with Lehman Brothers Holdings to provide advisory services as it disposed of assets in bankruptcy...

10/03/2011
Just weeks after Lehman Brothers Holdings filed for bankruptcy, financial institutions like MetLife, Citigroup and Bank of America dumped more than 1 million square feet of this so-called sublease space on the market...

12/10/2010
Click to enlargeAs everyone knows, the Lehman Brothers bankruptcy and the economic chaos that followed wreaked havoc on the Manhattan commercial market...

09/01/2010
15, 2008, is seared into many New Yorkers’ memories as the day the investment bank Lehman Brothers collapsed, shredding confidence in the economy and shoving stock prices â€' and apartment prices â€' off a cliff...

04/29/2010
Midtown Manhattan saw higher vacancy rates than Downtown, as companies like the now-defunct Lehman Brothers and Bear Stearns, as well as others like Citibank, dumped space on the market...

03/31/2010
A high sales percentage can be deceiving, Rosabianca said, especially if the project entered the market long before the Lehman Brothers crash...

11/30/2009
Even in 2008 -- before Lehman Brothers fell and the recession tightened its stranglehold on the city -- records were toppled...

06/01/2004
His most important transaction in 2003 was the deal for Cadwalader, Wickersham & Taft, in which the venerable law firm took 460,000 square feet of space at One World Financial Center under a 20-year lease. Aside from keeping "a firm synonymous with Lower Manhattan" in the area, Steir said the deal, which closed in March, was also significant for being "the largest new transaction to happen in close proximity" to the World Trade Center since Sept. 11 - other companies like American Express simply returned to their old spaces. Cadwalader took over space from Lehman Brothers (who were represented by CB Richard Ellis), but the deal was eventually completed not as a sublease but as a direct deal from the owner, Brookfield Financial Properties...

09/01/2003
The high negative net absorption was caused by two large blocks that officially became available in July. One was 530,000 sf at 15 Broad St., where Bank of New York had been leasing the entire building on a month-to-month basis but is no longer in occupancy. The building had once been the planned future site of the New York Stock Exchange. Lehman Brothers is also offering 372,000 sf of space for sublease at 1 World Financial Center...