The property is a 128,500 square foot, four-story, Class-A office building constructed in 2001-2002 on 7.5 acres. The property is net-leased to The Shaw Group, Inc. (NYSE: SGR - ) through September 30, 2017. In connection with the acquisition, Lexington assumed non-recourse first mortgage financing of approximately $15.9 million. The loan bears interest at a fixed rate of 6.15% and matures in February 2013.

Comments From Management

Richard J. Rouse, Vice Chairman and Chief Investment Officer, commented, "This Class-A office property is an attractive investment due to the long-term lease to a Fortune 500 tenant and great location near Interstate 25 with easy access to downtown Denver. We continue to work on numerous investment opportunities that meet our acquisition parameters for lease term, tenant credit and total return. Our acquisition volume this year now totals approximately $125 million and we anticipate that volume for 2004 will exceed $450 million."

About Lexington

Lexington Corporate Properties Trust is a real estate investment trust that owns 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 common shares closed Tuesday, March 16, 2004 at $21.07 per share. Lexington pays an annualized dividend of $1.40 per share. Additional information about Lexington is available at www.lxp.com .

This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the Company's periodic filings with the Securities and Exchange Commission.