NEW YORK CITY-Monday Properties has beenappointed by Lehman Brothers Holdings Inc. as theexclusive managing agent for 237 Park Avenue – a 21-story, 1.25million square-foot trophy office building located near GrandCentral Terminal. But shortly after the announcement was made,questions are arising if a new tower will be built on the land,according to the New York Post.

Monday Properties--which owns the building’s nearby neighbor,the iconic 230 Park Avenue tower--has a long history with 237 ParkAvenue. It managed 237 Park from 1999 to 2009, initially asthe managing agent, and then purchased the property in 2003 andleased over 325,000 square feet.

In turn, Monday Properties recapitalized the asset in 2005 withBeacon Capital Partners. Following the leasing of anadditional 700,000 square feet, the Monday/Beacon venture sold 237Park Avenue to Broadway Partners in May 2007. MondayProperties remained the managing agent until 2009.