Miles & Stockbridge P.C. and Lexington Realty Trust Announce New Lease at 100 Light Street

BALTIMORE and NEW YORK, May 19, 2011 /PRNewswire/ -- Miles & Stockbridge P.C. and Lexington Realty Trust (NYSE: LXP) announced today that Miles & Stockbridge will move its Baltimore office to 100 Light Street, the 35-story signature Transamerica Tower, bordered by Light, Pratt, up to Charles and Lombard Streets in the city's central business district. The law firm will occupy up to 120,000 square feet of space in the tower, which previously served as the headquarters for USF&G and Legg Mason. The lease commences on April 1, 2013 and expires March 31, 2028, subject to two five-year tenant renewal options.

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"Miles & Stockbridge is looking forward to working in Baltimore's vibrant Pratt Street corridor in an open, modern and flexible space, well designed for delivering services and facilitating teamwork," said John B. Frisch, chairman and chief executive officer. "We are laser focused on carrying out our mission: 'As a unified team, to deliver unparalleled service based on a foundation of trust,' and we expect our new offices to play a critical role in supporting our culture."

More than 275 Miles & Stockbridge employees will work in the building, which has experienced a renaissance under the ownership of a subsidiary of Lexington Realty Trust.

T. Wilson Eglin, chief executive officer of Lexington, remarked "We are very pleased that Miles & Stockbridge has chosen to locate its Baltimore operations in the Transamerica Tower. This lease represents the culmination of ownership's goal to restore this property to its rightful place as the premier Class-A office property in downtown Baltimore. This process has included

adding a new parking facility, cafeteria and fitness center and redesigning the outdoor plaza and lobby.  The success of these efforts is demonstrated in the number of high quality tenants, such as Miles & Stockbridge, that have chosen to locate in the Transamerica Tower.  In less than 20 months, we have raised occupancy from 26% to its current level of approximately 95% leased."

"We are thrilled that Miles & Stockbridge, one of the region's leading corporate citizens, remains so committed to the central business district and the future of downtown Baltimore," said Kirby Fowler, president of the Downtown Partnership of Baltimore.

Donald Fry, president and chief executive officer of the Greater Baltimore Committee, added, "It is great to hear that Miles & Stockbridge will be relocating to a dynamic, new office at 100 Light Street. Throughout the firm's storied history, it has been a major contributor to the legal and economic vitality of the City of Baltimore. This move will start another great chapter for the firm as it continues the legacy established by Clarence Miles, one of the firm's founding partners and founding GBC chairman, who did so much for the City of Baltimore. This legacy is carried out each and every day by the tremendous civic involvement of the firm's lawyers and their dedication to making a better Baltimore."

Miles & Stockbridge was represented by Robert A. Manekin, senior vice president and director of brokerage and investment services for Manekin LLC, Elizabeth Cooper, an international director and Michael Singer, a senior vice president, both of Jones Lang LaSalle. David Downey, John Schulze and Matt Seward of Cassidy Turley represented a subsidiary of Lexington Realty Trust.

"Miles & Stockbridge is proud to have occupied 10 Light Street since the firm's founding in 1932," said Frisch. "We did not take the decision to move lightly and carefully evaluated our options. However, the time is right for a change. We will be creating an exciting and collaborative workplace environment that offers more openness, connectedness and useable space."

ABOUT MILES & STOCKBRIDGE P.C.

Miles & Stockbridge P.C. is a leading law firm with eight offices located within the mid-Atlantic region. Founded in 1932, the firm represents businesses of various sizes, from national and global companies to local and emerging businesses. Our experience comprises 18 practice areas, more than 100 practice focus areas and 15 industries, including manufacturing and distribution, real estate and finance.  

COMMUNITY INVOLVEMENT: JOHN FRISCH

John B. Frisch, chairman and chief executive officer of Miles & Stockbridge P.C., currently serves as chairman of the Downtown Partnership. He also serves on the board of the Greater Baltimore Committee.

ABOUT LEXINGTON REALTY TRUST

Lexington Realty Trust is a real estate investment trust that owns, invests in and manages single-tenant office, industrial and retail properties leased to major corporations throughout the United States.  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 at 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, 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