Lexington Realty Trust and Ober|Kaler Announce 94,000 SF Lease at 100 Light Street

BALTIMORE and NEW YORK, April 8 /PRNewswire-FirstCall/ -- Ober|Kaler is relocating its Baltimore office and taking 94,213 square-feet at 100 Light Street, the 35-story city skyscraper formerly known as the Legg Mason building.  The building is owned by an affiliate of Lexington Realty Trust (NYSE: LXP), a real estate investment trust focused on single-tenant real estate investments.

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"We are very pleased that the iconic 100 Light Street tower is now part of our future," said John Wolf, Chair of Ober|Kaler. "The building offers our firm modern offices with an outstanding combination of esthetics and practicality, from magnificent views of the Inner Harbor to convenient access and parking. Remaining in the Downtown City Center is part of our continuing commitment to the City of Baltimore.  We are truly excited about this new phase in our long history."

The lease commences on July 1, 2010 and expires on March 31, 2026, subject to renewal options not to exceed 10 years. Ober|Kaler is expected to take occupancy on April 1, 2011.  As of July 1, 2010, the building is expected to be approximately 44 percent leased.  

T. Wilson Eglin, Chief Executive Officer of Lexington, remarked, "We are extremely pleased to welcome such a strong and significant tenant like Ober|Kaler to 100 Light Street.  We believe that this lease represents a significant achievement in our leasing efforts as we continue to increase occupancy at 100 Light Street and across our portfolio."

Ober|Kaler is moving from 120 East Baltimore Street where it has been headquartered for 20 years. Lexington Realty Trust is investing approximately $43.1 million to modernize the building.  This includes approximately $23.3 million for a new parking garage constructed across the street.  In addition, the renovation will include a redesigned plaza and lobby and a new conference center, cafeteria and fitness center.

"As a former partner at Ober|Kaler, I couldn't be more pleased at the commitment the firm is making to Downtown Baltimore," said Kirby Fowler, president of Downtown Partnership of Baltimore. "Ober Kaler's move to 100 Light Street means that 130 jobs will remain in the city. It says a lot about the strengths of Baltimore's workforce and business climate when one of the region's most enduring professional firms chooses to stay here and grow. In addition, 100 Light is one of Downtown's premiere office towers and Lexington Realty is making significant investments that make deals like this one possible."

Elizabeth Cooper, Jeff Groh and Michael Singer of Jones Lang LaSalle represented Ober|Kaler.  David Downey, Matt Seward and John Schulze of Cassidy Turley represented Lexington Realty Trust.

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 www.lxp.com or by contacting Lexington Realty Trust, Investor Relations, One Penn Plaza, Suite 4015, New York, New York 10119-4015.

ABOUT OBER|KALER

Ober|Kaler is a national law firm providing integrated regulatory, transactional and litigation services to financial, health care, construction and other business organizations. The firm has more than 125 attorneys, and offices in Baltimore, Washington, D.C. and Falls Church.  For more information, please visit www.ober.com.

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, those factors and risks detailed in Lexington's periodic filings with the Securities and Exchange Commission. 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.

SOURCE Lexington Realty Trust