Boston Properties creates reserve for Lehman rent
Boston Properties Inc said on Tuesday it would create a $13.2 million reserve in case Lehman Brothers breaks its lease for space it rents 399 Park Ave. Lehman Brothers Inc, a unit of Lehman Brothers Holdings Inc, which filed for Chapter 11 bankruptcy protection on Monday, leases 436,723 square feet of office space at 399 Park.
BOSTON -State Street Corp. says a legal reserve of about $625 million it established two years ago may not be enough to cover claims and potential penalties related to fixed-income investments that included subprime mortgages.