Should Lehman Brothers decide to sell its New York headquarters, it would be bringing the tower to the market after Manhattan's office vacancy rate rose to the highest level since 2006 in the three months that ended July 31.

The tower, near Times Square at 745 Seventh Ave., may be worth more than $1 billion, making it among the company's most valuable assets. The 32-story skyscraper has about 1 million square feet of space. In 2001, when Lehman bought it from Morgan Stanley for about $700 million, the price of $650 per square foot was a record for Manhattan.

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