In terms of what the result will be for the corporation's various business units--and specifically Holliday Fenoglio Fowler, "We're in the process of looking at Holliday Fenoglio and how that process will be completed," says spokesperson Jonathan Miller. But GlobeSt.com has learned that, much as we reported in November 2002, a management buyout of the unit is still the dominant option. Left unclear by the Sydney-based firm's official statement is what will happen to the global fund. Our source says they may keep it since it was a profitable entity.

Miller says no timeframe has been decided for the exits, but that the pace has picked up since strategizing began last summer. Yet, one source has stated that, "June 30 is year end. Draw your own conclusions."

Miller also notes that Lend Lease is still working with Morgan Stanley regarding the takeover of equity business. "Over a period of time, all businesses will be exited," he adds.