NEW YORK (Reuters) - Lehman Brothers Holdings Inc
The bankrupt investment bank plans to sell its more than 90 percent stake in the 800,000-square-foot building to a real-estate fund run by J.P. Morgan Asset Management, the newspaper said. L&L Holding Co had partnered with Lehman in 2007 to buy the building for $480 million.
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A Lehman spokeswoman declined to comment. Representatives for JPMorgan and L&L did not return calls seeking comment.
The building, located at 200 Fifth Avenue in Manhattan, is home to Tiffany & Co and Eataly, the Italian food center.
A sale would come on the heels of a decision by U.S. Bankruptcy Judge James Peck, who oversees Lehman's bankruptcy, to let the company auction a nearby building on which it was forced to foreclose when a developer could not repay nearly $230 million in loans.
The firm has reached a $161.5 million minimum or "stalking horse" agreement with an entity called 1107 Broadway LLC, and plans to hold an auction on Wednesday.
The case is In re: Lehman Brothers Holdings Inc, U.S. Bankruptcy Court, Southern District of New York, No. 08-13555.
(Reporting by Nick Brown; Editing by Gary Hill)