The Associated Press October 31, 2011, 8:01PM ET

Goldman buys real estate portfolio from Lehman

Bankrupt investment bank Lehman Brothers Holdings Inc. said Monday that it has completed the sale of its stake in a portfolio of commercial properties in Virginia to Goldman Sachs & Co.

Financial terms of the transaction were not disclosed.

The sale was previously approved by the bankruptcy court in August.

The portfolio is comprised of 10 buildings representing 3 million square feet of space and 30 percent of all commercial real estate in Rosslyn, Va.

Monday Properties, which originally acquired the buildings in partnership with Lehman in 2007, remains a part owner and operator of the portfolio, which is 92 percent leased, Lehman said.

Lehman's was the biggest bankruptcy filing in U.S. history; the firm had more than $600 billion in assets on its books before it filed for bankruptcy court protection.

The court has been looking to sell off Lehman's assets and return the proceeds to those who were owed money when the bank failed.


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