Lehman to Pay Bank of America $695.7 Million for Half of Archstone Stake

Lehman Brothers Holdings Inc. (LEHMQ) will pay Bank of America Corp. $695.7 million for half of its stake in real estate company Archstone, while Barclays Plc will get $628.5 million for a smaller stake, according to a regulatory filing. The payments will be reduced by certain expenses, Lehman said.

The two banks together own 53 percent of Archstone, with Bank of America holding a slightly larger piece. Lehman has said this first purchase of 26.5 percent of Archstone from the banks will be followed by a later purchase of their remaining stake.

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

To contact the editor responsible for this story: Charles Carter at ccarter12@bloomberg.net

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