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OVERLAND PARK, KS-Lexington Corporate Properties Trust of New York has acquired two Kansas properties from Employers Reinsurance Corporation for approximately $79.3 million. At closing, the properties, one in Overland Park and another in Kansas City, were leased back to ERC on a long-term basis. ERC is a wholly owned subsidiary of General Electric Co.

The Overland Park property is a 320,198-sf office/headquarters facility of varying height located on a 26.2-acre site. The purchase price was $53.7 million. The Kansas City property is a three-story 166,641-sf office facility situated on a 7.2-acre site. The purchase price was $25.6 million.

Lexington’s vice president Natasha Roberts says the ERC properties are particularly attractive investments in view of the financial strength of the tenant, which has an A+ rating from S&P and a Aa2 rating from Moody’s, as well as the 15-year lease terms.

This transaction brings Lexington’s 2003 acquisition volume to a record $345.8 million. Its previous record was $277 million. “Our acquisition pipeline continues strong with up to $90 million of property closings possible by year- end,” says Roberts. “In addition, we have approximately $200 million of properties under contract or letter of intent to acquire in 2004.”

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