NEW YORK, March 20, 2012 (GLOBE NEWSWIRE) -- Lexington Realty Trust (NYSE:LXP) announced today that leases were signed for properties in Temperance, MI, Laurens, SC, and Farmington Hills, MI, which are each individually owned by an affiliate of Lexington Realty Trust.
The Temperance, MI and Laurens, SC properties consist of warehouse facilities leased to Michelin North America, Inc. These leases were previously included in the fourth quarter earnings announcement in the Subsequent to Quarter End Highlights.
The Farmington Hills, MI property consists of an approximately 120,000 square foot office building. The new lease with Panasonic Automotive Systems Company of America, a division of Panasonic Corporation of North America encompasses 90,450 square feet, has an initial term of 13 years and commences upon substantial completion of certain tenant improvements, which is expected to occur in June 2012.
The Farmington Hills, MI property was previously occupied by Continental Automotive Systems, Inc. and had been vacant since December 31, 2011.
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust is a real estate investment trust that owns, invests in and manages single-tenant office, industrial and retail properties leased to major corporations throughout the United States. 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 at www.lxp.com or by contacting Lexington Realty Trust, Investor Relations, One Penn Plaza, Suite 4015, New York, New York 10119-4015.
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under Lexington's control which may cause actual results, performance or achievements of Lexington to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those factors and risks detailed in Lexington's filings with the Securities and Exchange Commission. Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. Accordingly, there is no assurance that Lexington's expectations will be realized.