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Lehman's 340,000 s/f sublease sends message.
- Article from:
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Real Estate Weekly
- Article date:
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June 18, 2008
- Author:
- Geiger, Daniel
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Copyright informationCOPYRIGHT 2008 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Lehman Brothers is shedding large blocks of office space at 399 Park Avenue and 605 Third Avenue.
Brokers have speculated that the firm, as well as other financial companies like it who have sustained losses, will begin dumping space onto the market. Now brokers say that the company has put 170,000 s/f in each building up for sublease.
340,000 s/f isn't a huge disposition for a firm as big as Lehman, which occupies hundreds of thousands of square feet in midtown, but its sizeable enough to show that financial firms are beginning to cope with write downs and an uncertain economic outlook by trimming their operations.
Last week, Lehman announced that it took a ...
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