The finale has added a 278,759-sf office/warehouse leased toRaytheon Co. at 1200 Jupiter Rd. in Garland and a 275,750-sfbuilding at 9220 Grogans Mill Rd. in the Woodlands leased toHouston-based Baker Hughes Inc. "We've completed the initialseeding of the portfolio," says Brendan P. Mullinix, executive vicepresident of the New York City-based Lexington Realty Trust.Raytheon's building is a mix of research and development andwarehouse while Baker Hughes' building blends office, R&D,laboratory and manufacturing space.

Mullinix tells GlobeSt.com that the JV partners "have committedto investing an additional $150 million into single-tenant,net-leased assets." The plan, he adds, is to acquire propertiesthrough sale-leasebacks, one-offs, portfolios andbuild-to-suits.

The co-investment fund has amassed 43 properties in threeclosings since December 2007. The fund launched in August 2007,with Lexington banking $940 million byselling 53 single-tenant, net-leased assets in 28 states, but thenumber was decreased in the Feb. 21 filing to 43 properties in 24states for a total acquisition cost of $743 million. The JVpartners picked 30 assets in December 2007 for $408.5 million anddesignated another 23 for the fund. Eleven buildings rolled intothe fund in late March for $270.8 million.Lexington has acknowledged the closing was $278.2 million insteadof the amount reported by GlobeSt.com in March.