Lexington Corporate Properties Trust JV Acquires NH Property for $22.7 Million

NEW YORK, Dec 10, 2003 /PRNewswire-FirstCall via Comtex

Lexington Corporate Properties Trust (NYSE: LXP) today announced that an existing joint venture with an institutional investor has acquired an office/manufacturing facility in Durham, New Hampshire from Pitney Bowes (PREFCO) for $22.7 million. The property is a 500,500 square foot mixed-use facility containing office, production, R & D, and warehouse space, originally constructed in 1986 on a 173 acre site. The property was partially renovated and expanded in 2002 and 2003. The property is 100% leased to Heidelberg Web Systems Inc. (Heidelberg) through March 30, 2021. The lease is unconditionally guaranteed by Heidelberg's parent, Heidelberger Druckmaschinen AG. In connection with the acquisition, the joint venture assumed non-recourse first mortgage financing of approximately $19.2 million. The loan bears interest at a fixed rate of 6.73% through March 30, 2011, when the interest rate is reset, and matures on March 30, 2021. Sphere: Related Content