Lexington Realty Sells Office Buildings; Generates $144.2 Mln Gross Proceeds

(RTTNews) - Lexington Realty Trust (LXP), a real estate investment trust or REIT focused on single-tenant real estate investments, 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 nearly $2 million of net operating income for the quarter to September 30, 2014. In relation with the sale of the office building in Chicago, Illinois, Lexington satisfied the related $29.9 million mortgage loan.

Lexington's Chief Executive, Wilson Eglin, 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."