Jones Lang LaSalle


Real estate firm Lexington Strategic plans IPO
by Catherine Tymkiw
March 10, 2006

Lexington Strategic Asset Corp., a Manhattan real estate investment firm, filed to raise up to $100 million through an initial public offering.

Formed by real estate investment trust Lexington Corporate Properties Trust last year, the firm now owns 848,400 square feet in eight office buildings in seven states, including one in New Jersey.

Lexington Strategic plans to contribute the proceeds from the offering to its operating partnership in exchange for an equal number of Class A units. In turn, the operating partnership plans to use the proceeds for acquisitions, as working capital and for general business purposes.

The company had a net loss of $418,000 on revenue of $1.1 million from its inception on Aug. 24 through Dec. 31.

Lexington Strategic, which plans to trade on the Nasdaq under the ticker symbol "LEXS," didn’t disclose the number of shares or offering price of the IPO.

Friedman Billings Ramsey and Wachovia Securities are the lead underwriters of the offering.