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, 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.