Robert Roskind, Lexington's chairman, says in a release that thenew venture "will capitalize on the strengths and expertise of bothorganizations, focus on enhancing asset values, and provide thehighest level and quality of service and operational execution.Means Knaus Partners is one of the country's premier real estatefirms and we are proud to integrate its national expertise andproperty management skills with Lexington's asset managementoperations."

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A spokeswoman for Means/Knaus tells GlobeSt.com that phase oneof the JV covers properties in 48 cities in 19 states. Doug Knaus,CEO of Means Knaus, says in a release that the strategy is "toidentify and develop opportunities within the existing Lexingtonportfolio" that capitalize both on Lexington's longstandingrelationships with corporate users and on the JV's industry-widerelationships.

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In late February, Lexington reported funds from operations of$32.5 million, or $0.25 per diluted share/unit, for the fourthquarter of 2009. The REIT also reduced overall debt by $72.6million and signed 20 new and renewal leases totaling more than onemillion square feet. "We believe our portfolio continues to performwell with overall portfolio occupancy of approximately 92% at yearend," T. Wilson Eglin, president and CEO of Lexington, says in arelease.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.