Lehman Brothers and Plazacorp Announce Joint Venture

Lehman Brothers Holdings Inc. (through its Los Angeles offices), Windsor Realty Corp., Plazacorp Investments Limited and Berkley Developments Inc. announced the formation of a new joint venture between subsidiaries of Lehman Brothers and Plazacorp. The deal closed on May 12, 2003, and its value is confidential. The new joint venture will undertake the development and completion of a multi-phase, high-rise residential condominium complex of over 1 million square feet on a portion of the former Molson lands located at 620 Fleet Street in Toronto. The completion of the development will add to the creation of a new community along the western lakefront.

Lehman Brothers was represented by Jim Shanks, David O’Brien, Kathleen Penny and Gerald Swinkin of Blake, Cassels & Graydon LLP. Plazacorp Investments and Berkley Developments were represented by Alan Frank and Rosa DeFilippis of Fogler, Rubinoff LLP.