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Lehman Brothers Selling Detroit Properties At Huge Losses

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Lehman Brothers Holdings Inc,, the company that filed the largest U.S. bankruptcy in history, is dumping Detroit properties for cheap. The Detroit News reports that they are taking up to 90% losses, or at least that was the case with the Farmington Hills office they offered at auction in June. They are still trying to sell 1 Woodward Ave., which was designed by Minoru Yamasaki as the headquarters for the Michigan Consolidated Gas Company in 1962.

Lehman had $260 million in outstanding senior loans secured by Detroit-area property at the time of its September 2008 demise, in addition to $13.2 million in mezzanine or junior loans, according to court documents.

Image of 1 Woodward Ave via Wikipedia.

· Lehman's Detroit escape means 90% loss on properties [The Detroit News]