Sale of Archstone.
Our attorneys are representing Bank of America Corp. in its sale, along with a co-investor, of the remaining 26.5% stake in Archstone to Lehman Brothers Holdings Inc. for $1.58 billion.
In January, our attorneys represented Bank of America Corp. in its sale, along with a co-investor, of half of the banks’ stake, or 26.5% of Archstone, to Lehman Brothers Holdings Inc. for $1.325 billion, raising Lehman’s total stake in Archstone to 73.5%. In December 2011, we represented Bank of America in an agreement to sell the stake to Equity Residential. Lehman exercised a right to match Equity Residential’s offer and purchased the banks’ stake, resulting in the termination of the agreement with Equity Residential.
Archstone is a privately-held owner, operator and developer of multifamily apartment properties primarily located in top U.S. growth markets.