Lexington Realty Trust Announces Exercise of Over-Allotment Option and Closing of Public Offering of 3,450,000 Common Shares

Net Proceeds Used to Repurchase Debt at a Discount

NEW YORK, June 30 /PRNewswire-FirstCall/ -- Lexington Realty Trust
(NYSE: LXP) today announced that it completed its recently announced public
offering of common shares of beneficial interest, par value $0.0001 per
share. Wachovia Securities, as representative of the underwriters of the
offering, also exercised in full the underwriters' over-allotment option.
As a result, Lexington sold an aggregate of 3,450,000 common shares. Net
proceeds from the offering to Lexington, after deducting the underwriting
discount and estimated expenses, are approximately $47.2 million.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070205/LAM022LOGO)

The net proceeds of the offering, plus additional cash currently held,
were used to repurchase, pursuant to unsolicited offers, (1) $25.0 million
original principal amount of The Lexington Master Limited Partnership's
5.45% Exchangeable Guaranteed Notes due 2027 at a price plus accrued
interest of $22.9 million, representing a 10.75% discount to the original
principal amount, and (2) $67.8 million original principal amount of trust
preferred securities issued by our subsidiary, LXP Capital Trust I, at a
price plus accrued interest of $43.5 million, representing a 37% discount
to the original principal amount.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy nor will there be any sale of the shares
referred to in this press release in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of such state or
jurisdiction. This offering was made solely by means of a prospectus,
copies of which may be obtained from Wachovia Capital Markets, LLC, 375
Park Avenue, New York, NY 10152-4077, equity.syndicate@wachovia.com, or by
calling Wachovia Capital Markets, LLC at (800) 326-5897.

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 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.

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[Via Real Estate Newswire]

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