GlobeSt.com
March 9, 2010 – by Paul Bubney
Lexington, Means Knaus Forge JV
NEW YORK CITY — Lexington Realty Trust, based here, and Houston-based Means Knaus Partners LP have formed an asset-management joint venture, Lexington MKP Management L.P. The JV will perform property management and construction management services and oversee leasing and development for approximately 12 million square feet of Lexington’s 45.9-million-square-foot portfolio of single-tenant properties.
Robert Roskind, Lexington’s chairman, says in a release that the new venture “will capitalize on the strengths and expertise of both organizations, focus on enhancing asset values, and provide the highest level and quality of service and operational execution. Means Knaus Partners is one of the country’s premier real estate firms and we are proud to integrate its national expertise and property management skills with Lexington's asset management operations.”
A spokeswoman for Means/Knaus tells GlobeSt.com that phase one of the JV covers properties in 48 cities in 19 states. Doug Knaus, CEO of Means Knaus, says in a release that the strategy is “to identify and develop opportunities within the existing Lexington portfolio” that capitalize both on Lexington’s longstanding relationships with corporate users and on the JV’s industry-wide relationships.
In late February, Lexington reported funds from operations of $32.5 million, or $0.25 per diluted share/unit, for the fourth quarter of 2009. The REIT also reduced overall debt by $72.6 million and signed 20 new and renewal leases totaling more than one million square feet. “We believe our portfolio continues to perform well with overall portfolio occupancy of approximately 92% at year end,” T. Wilson Eglin, president and CEO of Lexington, says in a release.
Joint Venture Announcement in the News
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