Lehman Brothers’ share price has fallen more than 80 per cent since early last year but there is one asset the bank owns that has provided a decent return – its 38-storey headquarters in Times Square.

The price of the 575-foot skyscraper could exceed $1.3bn in New York’s relatively healthy office property market – probably less than it would have raised a year ago, but still nearly double the $700m Lehman paid in 2001 – and is now a big slice of the bank’s market capitalisation of $9.6bn.