In a continued effort to pay back creditors following its bankruptcy filing, Lehman Brothers has tentatively agreed to sell the majority of its commercial real estate holdings in Rosslyn, Virginia, to Goldman Sachs. The sale is expected to give the financially defunct company an additional $385 million to continue paying its debts.
The company filed for bankruptcy in 2008 and has been selling off properties for some time now. It is expected that Lehman will be done liquidating all of its real estate assets by 2014, possibly resulting in roughly $13.2 billion to repay debts.
Since the filing the company has received $3 billion from property sales and may also sell its stake in Archstone, a company that owns apartment buildings. It may also opt to provide an initial public offering for their share in this company.
The total square footage of the Rosslyn properties includes 3 million square feet in commercial real estate. These holdings are comprised of 10 separate buildings which Lehman says have a total sale value of $1.257 billion.