Archstone Inc., the biggest property holding of Lehman Brothers Holdings Inc., will be sold to Sam Zell's Equity Residential and AvalonBay Communities Inc. in a deal valued at $6.5 billion, Bloomberg News reported yesterday. Lehman will receive $2.69 billion in cash as well stock in Equity Residential and AvalonBay valued at $3.8 billion, based on closing prices from Nov. 23, New York-based Lehman said yesterday. The deal comes instead of an initial public offering for Englewood, Colorado-based Archstone, which Lehman announced in August. Lehman, which filed the biggest bankruptcy in U.S. history in 2008, left court protection in March.
