Zell Shares Lehman View That Archstone Has Value, Lawyer Says

Sam Zell’s Equity Residential (EQR) took an option to invest in Lehman Brothers Holdings Inc. (LEHMQ)’s Archstone because it shares the view that there is value in the apartment company, even if its estimate is lower than the $6 billion valuation of Lehman, a lawyer for Equity Residential told a judge.

The option ensured that Zell would have a second chance to invest in Archstone if Lehman bought part of the stake held by Barclays Plc (BARC) and Bank of America Corp. (BAC), said lawyer Craig White at a court hearing today.

To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net

To contact the editor responsible for this story: Andrew Dunn at adunn8@bloomberg.net

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