Lehman Brothers Selects Monday Properties to Lease and Operate 237 Park Avenue
New York, April 30, 2012-- Monday Properties announced today that it has been appointed by Lehman Brothers Holdings Inc. as the exclusive managing agent for 237 Park Avenue – a 21-story, 1.25 million square-foot trophy office building located near Grand Central Terminal. Lehman’s appointment of Monday Properties as exclusive agent follows Lehman obtaining full ownership and control of the property earlier this month.
Anthony Westreich, Chief Executive Officer, Monday Properties, said, “237 Park Avenue is a unique building that we are very familiar with as a prior owner and managing agent. With our record of partnership with Lehman Brothers in numerous situations, we look forward to working with Lehman to achieve this property’s full potential.”
“Since filing for bankruptcy in 2008, Lehman has implemented strategies for maximizing the value of each of our assets,” said Jeff Fitts, Lehman’s head of real estate. “For 237 Park Avenue, that meant engaging in a lengthy and complex effort to secure title to the property so that we can take the steps necessary to build its value. Having completed the process of gaining ownership, we can now begin to move forward."
Mr. Fitts added, “Monday Properties has an excellent track record of adding value to properties they manage. We look forward to working with them to enhance the value of this important asset for our creditors.”
Monday Properties -- which owns the building’s nearby neighbor, the iconic 230 Park Avenue tower -- has a long history with 237 Park Avenue. Monday Properties managed 237 Park from 1999 to 2009, initially as the managing agent. In 2003, Monday Properties purchased the property and quickly leased over 325,000 square feet. In turn, Monday Properties recapitalized the asset in 2005 with Beacon Capital Partners. Following the leasing of an additional 700,000 square feet, the Monday/Beacon venture sold 237 Park Avenue to Broadway Partners in May 2007. Monday Properties remained the managing agent until 2009.
Mr. Westreich added, “This is an excellent opportunity to work with the Lehman team in the next cycle of its investment mandate. The building has always enjoyed strong appeal among the tenant and brokerage communities and we look forward to showing those groups what the Lehman-Monday team will bring to 237 Park Avenue.”
About Monday Properties:
Monday Properties is a dynamic real estate investment firm that operates each property within its portfolio. Founded in 1998, the company focuses on two of the world’s leading real estate markets: New York City and the greater Washington, DC metropolitan area. Since 2002, Monday Properties has completed over $9.8 billion in transactions representing 21.9 million square feet. Monday Properties co-invests its own capital alongside its partners and investors, creating a clear alignment of interest and an incentive to realize value.
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