The collapse of the tender for the construction of houses in Rosslyn, Virginia, comes just months after the pact was announced as part of Lehman's successful strategy of waiting for the housing market to recover before rejecting some $ 13.2 billion of properties are still active in his books in early 2011.
The transaction price sank nearly $ 1.29 billion that the combined company managed by Lehman paid for the property market peak in 2007. In July, Jeff Fitts, CEO of Lehman served as director of Alvarez & Marsal, he told the Wall Street Journal that the sale was "another example" of implementing the strategy of focusing on improving housing market.
Lehman selling its portfolio of properties and other relaxing activities of his succession, however, may continue for several years, as the collapse of the agreement comes as the commercial real estate market has cooled in recent months, ending two years of steadily rising values as investors become cautious about the direction of the economy. Green Street Advisors, an index that records the values of commercial properties, released Thursday, found that the values have been flat for five consecutive months.
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