Lexington Forms Single-Tenant JV

Lexington Realty Trust, a New York real estate investment trust that invests in single-tenant office properties, has formed a joint venture to invest in such properties nationwide.Lexington reported that it will invest $22.5 million in the venture, and the co-investor, an unnamed real estate company, will invest $127.54 million. The joint venture is expected to acquire up to $1.4 billion of property, using mortgage financing for up to 70% of the acquisition cost. The joint venture is initially acquiring 53 single-tenant net-leased assets (with a total area of over eight million square feet) from Lexington and its affiliates for a total price of $940 million, including the assumption of debt. The REIT can be found online at http://www.lxp.com.