COLUMBUS, OH-Lexington Realty Trust, a REIT based in New York City, has purchased a 220,966-sf office building, in a joint venture with Duke Realty Corp. The venture was able to procure $29 million in first mortgage financing for the building.

Developed by Duke in 2005, the three-story building is fully leased to BMW Financial Services. The property is on a 16-acre site at 5550 Britton Parkway, which is near I-270 in the Northwest market.

Dave Keller and Todd Armstrong with Holliday Fenoglio Fowler LP arranged the 14, 5.9%, fixed-rate loan through Bank of America CMBS Capital Markets. The loan is timed to be due at the time BMW’s lease expiration, and has a 10-year, interest only period and a 30-year amortization schedule. Officials from the three companies could not be reached for comment.

Earlier this month, Lexington announced its merger with Newkirk Realty Trust Inc. The REIT now has ownership interests in approximately 365 properties, located in 44 states and The Netherlands and containing an aggregate of approximately 58.6 million net rentable square feet of space. In the city, the company also owns a Kroger market and a 120,000-sf office building leased by the Cummins Engine Co.

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