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Article: Kojaian splits with Lehman; Developer, bankrupt firm divide joint-venture properties.(NEWS)
- Article from:
- Crain's Detroit Business
- Article date:
- September 28, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. 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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Byline: DANIEL DUGGAN
Bloomfield Hills developer Michael Kojaian has parted ways with bankrupt Lehman Brothers Holdings Inc., ending a 13-year relationship that helped the local developer finance much of his real estate empire.
In settling the split-up, Kojaian will have full ownership of at least 14 buildings and parcels of land that were previously under joint ownership. He also paid $8 million in cash, according to court documents.
Lehman Brothers will, in turn, have full ownership of 15 buildings and parcels of land, including five occupied office developments across metro Detroit, including the Travelers Towers in Southfield and One ...