NEW YORK, Aug. 10, 2015 (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 sold the Transamerica Tower in Baltimore, Maryland for gross proceeds of $121.0 million. In 2008, the tenant under a net lease vacated the property and Lexington implemented a comprehensive redevelopment plan and subsequently leased substantially all of the office space to several tenants.
T. Wilson Eglin, Lexington’s Chief Executive Officer, commented: “This disposition completes another successful repositioning of an asset that had high vacancy following the expiration of a single-tenant lease. The stabilization of this asset and sale following a period of intensive asset management is an important part of our capital recycling strategy, which is designed to maximize the value of our multi-tenanted properties and create liquidity for investments in single-tenant properties subject to long-term leases.”
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.