NEW YORK, Nov. 28, 2014 (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 has completed the sale of two office buildings, in Brea, California and Chicago, Illinois, for gross proceeds of $110.0 million and $34.2 million, respectively. Together, the properties generated approximately $2 million of net operating income for the quarter ended September 30, 2014. In connection with the sale of the office building in Chicago, Illinois, Lexington satisfied the related $29.9 million mortgage loan.
T. Wilson Eglin, Lexington's Chief Executive Officer, commented "The sales announced today bring Lexington's disposition volume to approximately $259 million year to date, including approximately $202 million of office properties from Lexington's short-term lease and multi-tenant portfolios. These dispositions further our capital recycling and portfolio strategy, extending our average lease term, reducing capital expenditures, and adding to our considerable cash balances."
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.