This marks Lexington's third joint-venture program. Lexington and the institutional investor intend to invest $15 million and $35 million, respectively. E. Robert Roskind, Lexington's chairman, feels the JV complements existing investment programs. "We believe that the private capital committed to these programs will allow us to pursue additional growth opportunities that will benefit our shareholders in the long run while enhancing our portfolio diversification and generating attractive returns."

Lexington Corporate Properties Trust is a REIT that owns and manages office, industrial and retail properties net leased to major corporations. The company currently owns and/or manages 130 properties located in 34 states totaling approximately 27 million sf. In March, Lexington paid $119.3 million for a four-property, one-million-sf portfolio of Houston area buildings, all netleased to subsidiaries of oilfield services firm, Baker Hughes Inc. In first quarter results, Lexington noted that it closed on 10 investments for an aggregate capitalized cost of $260.6 million, including $28.7 million in joint ventures. The REIT also raised $144.3 million of equity capital by selling 6.9 million common shares. At the time the results were released at the end of March, Eglin said one goal for the year was to form a third JV.