Lehman completes sale; total Archstone proceeds exceed $6.5 billion

By Caroline Salls

Pittsburgh, Feb. 18 - Lehman Brothers Holdings Inc. completed the sale of its remaining shareholdings in Equity Residential and AvalonBay Communities, Inc. on behalf of Jupiter Enterprise LP, formerly known as Archstone Enterprise LP, according to a news release.

Lehman said it originally took ownership of these shares as a portion of the consideration received in its sale of Archstone's assets to Equity Residential and AvalonBay on Feb. 27, 2013.

Including monetization of these shares, the company said total proceeds realized from the sale of Archstone's assets exceeded $6.5 billion.

New York-based Lehman Brothers Holdings Inc. was the fourth-largest investment bank in the United States. The company emerged from bankruptcy on March 6, 2012.

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