Tuesday, October 15, 2013

LXP Pays $302M for Leased Fee Interest in NYC Land Portfolio


National Commercial Real Estate News From CoStar Group

LXP Pays $302M for Leased Fee Interest in NYC Land Portfolio

Lexington Realty Trust (NYSE: LXP) has acquired the leased-fee (ground lease) interest in a portfolio of three land parcels located in New York City totaling approximately 0.6 acres, for $302 million.
Magna Hospitality Group sold the three parcels, which are all net-leased to tenants under non-cancellable, 99-year ground leases. The improvements are owned by the tenants, and consist of three high-rise hotels with an aggregate 1,179 guest rooms...


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