(Source: Wall Street Journal

As struggling landlords hand back their keys to lenders, firms like Barclays Capital are being forced into the unappetizing business of real-estate development.

Barclays is preparing for an estimated $40 million renovation of 475 Fifth Avenue, a midtown Manhattan office building purchased for $160 million in April 2007 by real-estate investors Westbrook Partners and developer Moinian Group, according to people familiar with the matter.

Read Christina S.N. Lewis’s full article “Barclays Turns Developer” in the Wall Street Journal (June 3, 2009).

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