The REIT, headquartered at One Penn Plaza in New York City, is divesting itself of non-core assets from retail, multi-tenant and vacant properties in an effort to improve operating efficiencies and "use the proceeds primarily to reduce [Lexington's] unsecured indebtedness," explains T. Wilson Eglin, CEO of Lexington Realty Trust, in a statement. Lexington held a 40% interest of I-20 Alpine Rd.
"We believe this disposition successfully mitigated our exposure to a potential vacancy in 2010 while providing us and our partner with a solid return on our investment over the holding period," says Eglin. Blue Cross/Blue Shield of South Carolina, Inc. leases space at the 456,304-square-foot buliding. Its lease is up in September of 2010.
Lexington currently operates about 260 mostly single-tenant assets across property types, totaling nearly 46 million square feet.
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