Exhibit 99.1

Press Release

Lexington Corporate Properties Trust Expands Credit Line to $60 Million

Borrowing Capacity Increases by $25 Million

NEW YORK, Nov. 30 /PRNewswire/ -- Lexington Corporate Properties Trust (NYSE:
LXP - news; "Lexington"), a real estate investment trust, today announced that
it has expanded its unsecured credit facility from $35.0 million to $60.0
million. The credit facility, which matures in April, 2004, bears interest at a
rate of 150-250 basis points over LIBOR, depending on the number of properties
Lexington owns free and clear of mortgage debt. Approximately $36.5 million will
be outstanding under the credit facility as a result of Lexington's recent
acquisition of Net 1 L.P. and Net 2 L.P.

Comments From Management

Commenting on the expanded credit line Patrick Carroll, Lexington's Chief
Financial Officer, said, "Following the acquisition of Net 1 L.P. and Net 2
L.P., Lexington has increased its equity base by approximately $100 million in
2001. This balance sheet strength enabled us to increase the borrowing capacity
on our credit facility without modifying any financial covenants or increasing
our borrowing spread. This line provides Lexington with financial flexibility
and very attractive short-term borrowing costs."

T. Wilson Eglin, Lexington's President and Chief Operating Officer, added, "With
short-term interest rates at historic lows, we can anticipate growth in funds
from operations to accelerate as we utilize our balance sheet capacity to fund
new acquisitions. Including $31.0 million of proceeds from planned mortgage
financings of our Tampa, Florida and Harrisburg, Pennsylvania properties
Lexington has approximately $50 million of liquidity to fund growth. By any
measure, we are well positioned to take advantage of favorable acquisitions that
may arise and we look forward to an exciting and profitable 2002."

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. Lexington Realty Advisors, Inc., an
affiliate of Lexington, provides investment advisory and asset management
services to investors in the net lease area. Lexington common shares closed
Thursday, November 29, 2001 at $15.00 per share. Lexington's current annualized
dividend is $1.28 per share and it has approximately 31.8 million convertible
preferred shares, common shares and operating partnership units outstanding,
including the common shares and operating partnership units to be issued in the
Net Partnership acquisition. 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.