NEW YORK—Lehman Brothers Holdings Inc. named Monday Properties exclusive managing agent for 237 Park Avenue, a 21-story, 1.25M-sq.-ft. office building located near Grand Central Terminal. Earlier this month, Lehman obtained full ownership and control of the property.
“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."
Monday Properties previously managed 237 Park Avenue from 1999 through 2009; the company purchased the property in 2003 and subsequently sold it to Broadway Partners in 2007, but remained agent through 2009.