NEW YORK CITY-Lehman Brothers Holdings Inc. is looking to unload its 90% stake in 425 Park Ave., according to multiple published reports.
The current building at 425 Park Ave., which stands 31 stories and totals nearly 570,000 square feet, is to be demolished for a new 650,000-square-foot office tower to be developed by L&L Holdings, which owns the other 10% stake in the property.
The Wall Street Journal reports Lehman and L&L acquired the building in 2006. See story in the Commercial Observer.
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