NEW YORK, June 09, 2015 (GLOBE NEWSWIRE) -- Lexington Realty Trust (“Lexington”) (NYSE:LXP), a real estate investment trust (REIT) focused on single-tenant real estate investments, today announced that it sold an office property in Orlando, Florida for gross proceeds of approximately $64.7 million. The 358,381 square foot office building was constructed in 1984 and leased to a single tenant for 25 years. In 2009, the tenant vacated the building and Lexington redeveloped the property and leased it to several tenants.
T. Wilson Eglin, Lexington’s Chief Executive Officer, commented “This disposition completes our successful repositioning of an asset that had been vacant following the expiration of a single-tenant lease. The re-leasing of this property to approximately 100% occupancy represents an important component of our asset management and capital recycling strategy, which is designed to maximize the value of our multi-tenanted properties and create liquidity for investments in single-tenant properties subject to long-term leases.”
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust is a real estate investment trust that owns a diversified portfolio of equity and debt interests in single-tenant commercial properties and land. Lexington seeks to expand its portfolio through acquisitions, sale-leaseback transactions, build-to-suit arrangements and other transactions. A majority of these properties and all land interests are subject to net or similar leases, where the tenant bears all or substantially all of the operating costs, including cost increases, for real estate taxes, utilities, insurance and ordinary repairs. Lexington also provides investment advisory and asset management services to investors in the single-tenant area. Lexington's common shares are traded on the New York Stock Exchange under the symbol "LXP". Additional information about Lexington is available on-line by contacting Lexington Realty Trust, Investor Relations, at www.lxp.com.
Contact: Investor or Media Inquiries for Lexington Realty Trust: T. Wilson Eglin, CEO Lexington Realty Trust Phone: (212) 692-7200 E-mail: firstname.lastname@example.org
Source:Lexington Realty Trust