Lehman Brothers Holdings has made a preliminary deal to sell most of a commercial real estate property in Rosslyn, Virginia, to a Goldman Sachs unit, raising at least $385 million to help pay back creditors, according to court documents.

It also said on Wednesday in separate court documents that it plans to transfer the management of about $5 billion in commercial loans to an outside firm, WCAS/Fraser Sullivan Investment Management.

It may also sell those loans at some point, it said.

Lehman, which filed for bankruptcy in September of 2008 at the height of the financial crisis, has been selling its assets as it raises money to pay back creditors.

The Rosslyn property is part of Lehman's real estate holdings, sales of which are expected to bring in $13.2 billion by the end of 2014, according to other Lehman court filings.

Lehman has already made $3 billion from real estate sales since filing for bankruptcy, according to court filings.

The company is also expected to sell or do an initial public offering for its stake in apartment building owner Archstone, sources have previously said.

Lehman, which has asked the court to approve the privately arranged Rosslyn sale, said in a court filing late on Tuesday the deal values the Rosslyn portfolio, which includes 3 million square feet of commercial real estate at 10 properties, at $1.257 billion.

Lehman plans to sell its 78.5 percent limited partnership interest in the Rosslyn site.

Real estate investment firm Monday Properties and affiliates of Lehman Brothers Real Estate Partners II -- which is partly owned by Lehman Brothers Holdings -- each own 10.8 percent stakes that are not included in the Lehman deal.

LOAN PORTFOLIO

LAMCO, the asset management business created to manage certain Lehman assets after bankruptcy, has up to now been managing the commercial portfolio, which includes $3.8 billion in commercial loans and another $1.5 billion in unfunded commitments.

Lehman will also transfer about a dozen LAMCO employees to the outside firm, the court documents said. The company is seeking court approval.

Fraser Sullivan may seek to create structures that can issue collateralized loan obligations, or CLOs, in order to be able to sell the loans and raise cash, the documents said.

(Reporting by Caroline Humer; Additional reporting by Nick Brown; Editing by Phil Berlowitz)

Corrects second paragraph to say commercial loans, not commercial real estate loans.

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