GlobeSt.com first reported the merger in July, at which point the boards of both companies approved the transaction. Shareholders for both firms cast their votes in favor of the merger in late November.Lexington now owns more than 360 properties in 44 states and the Netherlands, this comes to a total of 58.6 million sf of net rentable space.
"We have worked closely with Newkirk since the merger was announced to prepare for the combination of the two companies," says CEO T. Wilson Eglin, in a statement. "Now that the merger is complete, we expect a smooth and rapid integration of the two companies."
According to the release, Seth Zachary and Stanley Perla resigned from Lexington's board of trustees. Eglin, Geoffrey Dohrmann, Carl Glickman, James Grosfeld and Kevin Lynch will remain trustees for the company, while the board has increased to 11 trustees. Michael Ashner, former CEO and chairman of Newkirk, was appointed executive chairman and Newkirk's Richard Frary and Clifford Broser were named trustees along with William Borruso. E. Robert Roskind and Richard Rouse were named co-vice chairmen.
Lexington's executive management includes Ashner, executive chairman and director of Strategic Acquisitions; Roskind, co-vice chairman; Eglin, CEO, president and COO; Rouse, co-vice chairman and CIO; Patrick Carroll, executive vice president, CFO and treasurer; and John Vander Zwaag, executive vice president and director of Portfolio Management.
"We are pleased with the successful consummation of the merger between our two companies," Ashner says. "Moreover, I am personally excited by the unique business prospects afforded to Lexington, the largest publicly traded REIT devoted to single-tenanted assets."
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