Lehman debtors eye $385 million sale of Rosslyn joint venture interest

By Caroline Salls

Pittsburgh, July 27 - Lehman Brothers Holdings Inc. and Lehman Commercial Paper Inc. requested court approval to sell a 78.5% limited partner interest in Rosslyn Syndication Partners JV LP to a third party in exchange for at least $385 million in cash proceeds, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Rosslyn Syndication owns a 3 million square foot, 10-property office building portfolio in Rosslyn, Va.

The company said the potential buyer is a joint venture in which Goldman Sachs & Co. is the general partner.

Lehman said it believes that selling the joint venture interest at this time will allow it to receive significant value because of a strong recovery in the real estate investment market.

The sale is subject to the agreement of the other joint venture parties. Lehman said it expects to have an executed purchase and sale agreement by Aug. 11.

A hearing is scheduled for Aug 17.

New York-based Lehman Brothers Holdings Inc. was the fourth-largest investment bank in the United States. The company filed for bankruptcy on Sept. 15, 2008. Its Chapter 11 case number is 08-13555.

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