This content is from: Innovation

JPMAM To Buy Lehman Property Stake

Lehman Brothers is selling a majority ownership stake in the former International Toy Center building to JP Morgan Asset Management’s real estate fund.

Lehman Brothers is selling a majority ownership stake in the former International Toy Center building to JP Morgan Asset Management’s real estate fund, The Wall Street Journal reports. Lehman and L&L Holding acquired the New York asset from Madison Square Park for $480 million in 2007.

Eataly and Tiffany were some of the tenants in the building. Lehman, who currently owns over a 90% stake in the property, will continue to own and operate the building. The transaction was handled by Eastdil Secured.

Click here for the story from The Wall Street Journal.

Related Content