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A Lexington Realty Trust holding. Photo by Lexington.

NEW YORK CITY–Lexington Realty Trust, a REIT that focuses primarily on net-lease industrial investments, has recapitalized a 21-office portfolio via a $726 million sale to a JV between New York-based Davidson Kempner Capital Management LP and Lexington. The joint venture is 80% owned by affiliates of DKCM with Lexington retaining a 20% interest. The REIT will collect asset management fees to manage the properties.

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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