NEW YORK, NY (REIT Media) March 12, 2008 - CapLease, Inc. (NYSE: LSE) announced today that its Board of Directors has declared a cash dividend of $0.20 per share of common stock and per limited partnership unit for the first quarter of 2008.

The Company’s Board of Directors also declared a cash dividend of $0.5078125 per share of 8.125% Series A Cumulative Redeemable Preferred Stock (NYSE: LSEPrA) for the first quarter of 2008.

Both the common and the preferred dividends are payable on April 15, 2008 to stockholders of record as of March 31, 2008.

Stockholders interested in learning how to participate in CapLease’s dividend reinvestment and direct stock purchase plan or receiving a plan prospectus may do so by contacting American Stock Transfer & Trust Company, the plan administrator, through its Web site at www.amstock.com or by calling (866) 706-0513. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of CapLease.

About the Company:

CapLease, Inc. is a real estate investment trust, or REIT, that invests primarily in single tenant commercial real estate assets subject to long-term leases to high credit quality tenants.

ICR, Inc.
Investor Relations:
Brad Cohen, 212-217-6393
bcohen@icrinc.com
or
Media:
Liz Brady, 203-682-8230
liz.brady@icrinc.com