Lehman N.Y. headquarters may be worth $1b

NEW YORK - Lehman Brothers Holdings Inc.'s New York headquarters near Times Square may be worth more than $1 billion, making it among the company's most valuable assets.

The 32-story skyscraper at 745 Seventh Ave. has about 1 million square feet of space and was bought by Lehman from Morgan Stanley in 2001 for about $700 million. The $650 a-square-foot price was a record for Manhattan at the time, and now "$1,000 a foot would be a conservative estimate," said Dan Fasulo, market research director for Real Capital Analytics.

Lehman owns or leases more than 2.2 million square feet of space in midtown Manhattan, according to a report from a BMO Capital Markets analyst.