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Lexington Executes 12-State, $726M Portfolio Disposition with Davidson Kempner JV

New York-based Lexington Realty Trust disposed of a portfolio of 21 properties across the U.S. to a joint venture between affiliates of Davidson Kempner Capital Management LP (DKCM) and Lexington for $726 million. The 12-state transaction was completed at GAAP and cash capitalization rates of 8.6% and 8.1%, respectively.

Lexington’s T. Wilson Eglin says, “This transaction marks a major step forward as we execute on our strategy to efficiently recycle capital out of suburban office properties and concentrate our portfolio on single-tenant net-leased industrial properties.”

Following the transaction, Lexington’s percentage of industrial assets based on consolidated revenue is expected to increase to 60% from 44% at year-end 2017.

The properties are 98.6% leased, and are comprised of roughly 3.8 million square feet with a weighted-average remaining lease term of approximately 9.5 years and a weighted-average age of 23 years. The joint venture is 80% owned by affiliates of DKCM, with Lexington retaining a 20% interest.

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*Pictured 9201 East Dry Creek Rd. Centennial, CO


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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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