NEW YORK, NY (REIT Media) January 2, 2008 - Lexington Realty Trust (NYSE: LXP) today announced that it has adjusted the conversion rate on its 6.50% Series C Cumulative Convertible Preferred Stock and the exchange rate on The Lexington Master Limited Partnership's 5.45% Exchangeable Guaranteed Notes due 2027, effective today. The adjustment to the conversion rate on the Series C Preferred Shares results from the special cash dividend of $2.10 per common share to be paid by Lexington on January 15, 2008, and the special cash dividend of $0.2325 per common share paid by Lexington on January 16, 2007. The adjustment to the exchange rate on the Exchangeable Guaranteed Notes results from the special cash dividend of $2.10 per common share to be paid by Lexington on January 15, 2008.

The adjusted conversion rate for the Series C Preferred Shares is 2.1683 common shares for each Series C Preferred Share, which is equivalent to a conversion price of $23.06 per common share, replacing the conversion rate of 1.8643 common shares per Series C Preferred Share, which was equivalent to an exchange price of $26.82 per common share.

The adjusted exchange rate for the Exchangeable Guaranteed Notes is 45.4682 common shares for each $1,000 principal amount of the Exchangeable Guaranteed Notes, which is equivalent to an exchange price of $21.99 per common share, replacing the exchange rate of 39.6071 common shares for each $1,000 of principal amount of the Exchangeable Guaranteed Notes, which was equivalent to an exchange price of $25.25 per common share.

ABOUT LEXINGTON REALTY TRUST

Lexington Realty Trust is a real estate investment trust that owns, invests in, and manages office, industrial and retail properties net-leased to major corporations throughout the United States and provides investment advisory and asset management services to investors in the net lease area. Lexington shares are traded on the New York Stock Exchange under the symbol "LXP". Additional information about Lexington is available on-line at http://www.lxp.com or by contacting Lexington Realty Trust, Investor Relations, One Penn Plaza, Suite 4015, New York, New York 10119-4015.