NEW YORK, March 13 /PRNewswire-FirstCall/ -- Lexington Realty Trust ("Lexington") , a real estate investment trust (REIT) focused on single-tenant real estate investments, today announced the $20.0 million acquisition of an approximately 52,000 square foot ten-story medical office building in downtown Boston, Massachusetts. The purchase was financed with cash balances which included proceeds from a 1031 exchange property.
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The office building is 100% net leased to Harvard Vanguard Medical Associates with an initial lease term expiring in May 2012. The medical office building is located in downtown Boston at 147 Milk Street at Post Office Square, in close proximity to Interstates 93 and 90, Faneuil Hall Marketplace, and Boston Common. Harvard Vanguard Medical Associates is a multi-specialty medical group practice with over 500 physicians and 21 offices in Greater Boston.
Richard J. Rouse, Chief Investment Officer of Lexington Realty Trust, commented, "We believe this acquisition reinforces our commitment to selectively acquire well-positioned, net-leased properties, with an increased focus on enhancing our position in major metropolitan areas. The acquisition of this select medical office building, located within the thriving downtown financial district of Boston, coupled with the stability and stature of our tenant, Harvard Vanguard Medical Associates, should bode well for long-term attractive returns. This acquisition represents Lexington's first property in downtown Boston, and its sixth investment in the Greater Boston area totaling more than 750,000 square feet under management."
The seller was JER Partners, the private equity investment arm of the J.E. Robert Companies, of McLean, VA.
ABOUT LEXINGTON REALTY TRUST
Lexington Realty Trust is a real estate investment trust that owns, invests in, and manages office, industrial and retail properties net-leased to major corporations throughout the United States and provides investment advisory and asset management services to investors in the net lease area. Lexington currently pays an annualized common share dividend of $1.50 per share. Lexington shares are traded on the New York Stock Exchange under the symbol "LXP". Additional information about Lexington is available on-line at http://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, (i) the failure to integrate our operations and properties with those of Newkirk Realty Trust, (ii) the failure to continue to qualify as a real estate investment trust, (iii) changes in general business and economic conditions, (iv) competition, (v) increases in real estate construction costs, (vi) changes in interest rates, (vii) changes in accessibility of debt and equity capital markets, and (viii) those other factors and risks detailed in Lexington's periodic filings with the Securities and Exchange Commission. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "estimates," "projects" or similar expressions. 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.
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