Goldman Sachs Group was announced last week as the buyer of a nonbankrupt unit of Lehman Brothers Holdings Inc.'s stake in a ten office building portfolio in Virginia, paying Lehman a reported $438 million for its stake in the properties according to a Bloomberg report.
Separately, Lehman filed court papers on Monday announcing it had settled a lawsuit accusing Goldman of using pretextual excuses to avoid closing on the deal earlier in October. "This transaction is another example of our executing the sale strategy we laid out at the beginning of the year and has enabled us to achieve a strong result for our creditors," Jeff Fitts, who heads Lehman's real estate group, said in the statement.
Lehman Brothers filed the biggest bankruptcy in U.S. history in September 2008, listing assets of $639 billion. Lehman's reported share of the investment in the portfolio that traded hands with Goldman was $206 million with its partners' share at $56.5 million.
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