Bank of America sells stake in Archstone

Bank of America announced Friday that it and Barclays Bank have agreed to sell their remaining interest in apartment developer Archstone to Lehman Brothers.

The two banks will receive $1.58 billion for their remaining 26.5 percent stake.

The two banks once held a controlling 53 percent stake in Archstone. The first stake was sold in January. Collectively, Bank of America and Barclays received $2.9 billion in the two deals.

The two banks earlier agreed to sell  their piece of Archstone to Equity Residential. They will have to pay $80 million to Equity for breaking off the deal.

The deal is the latest in Bank of America's campaign to sell off non-core assets and slim down the company.