Lehman Brothers Completes Sale of 237 Park Avenue

  Lehman Brothers Completes Sale of 237 Park Avenue

Business Wire

NEW YORK -- October 28, 2013

An entity controlled by an affiliate of Lehman Brothers Holdings Inc.
(“Lehman”) announced today that it has completed the sale of 237 Park Avenue,
a 21-story, 1.2 million square foot Class A office building located near Grand
Central Terminal in Midtown Manhattan, to affiliates of RXR Realty (“RXR”) and
Walton Street Capital, LLC (“Walton Street Capital”). The sale was announced
in February.

The sale of 237 Park Avenue by Lehman was made possible by several years of
restructuring debt secured by the property followed by a mezzanine
foreclosure. This sale enabled Lehman to capitalize on strong current demand
for commercial real estate in New York City and deliver significant value to
its creditors.

Contact:

Media Contact:
Lehman Brothers Holdings Inc.
Kimberly Macleod, 646-285-9215
kmacleod@lehmanholdings.com
 
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