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                                                                    Exhibit 99.1

                                        RE: LEXINGTON CORPORATE PROPERTIES TRUST
                                                            355 LEXINGTON AVENUE
                                                              NEW YORK, NY 10017


FOR FURTHER INFORMATION:
AT THE COMPANY:                         AT FRB | WEBER SHANDWICK:
T. Wilson  Eglin                        Larry Stein         Diane  Hettwer
Chief  Executive  Officer               General Inquires    Analyst Inquires
(212) 692-7260                          (312) 640-6794      (312) 640-6760


FOR IMMEDIATE RELEASE
WEDNESDAY, OCTOBER 29, 2003

                      LEXINGTON CORPORATE PROPERTIES TRUST
                  ENTERS INTO AGREEMENT TO SELL COMMON SHARES

New York, NY - October 29, 2003 - Lexington Corporate Properties Trust
(NYSE:LXP),  a real estate investment  trust,  entered into an agreement to sell
5,300,000  common shares,  with net proceeds to the Company of $18.98 per share,
which  represents a 3.899%  discount  from the New York Stock  Exchange  closing
price of $19.75 per share on October 28,  2003.  The Company  intends to use the
net proceeds,  after all anticipated  issuance costs,  of  approximately  $100.4
million to repay  indebtedness,  fund  acquisitions  and for  general  corporate
purposes.  The  offering  is  being  underwritten  by  Wachovia  Securities.  In
addition,  the Company granted the underwriter a 30-day option to purchase up to
an additional 795,000 common shares to cover over-allotments.

       All common  shares will be offered  under the  Company's  existing  shelf
registration  statement filed with the Securities and Exchange  Commission.  The
offering  of  these  securities  will be  made  only by  means  of a  prospectus
supplement.  The prospectus  supplement  related to this public offering will be
filed with the Securities and Exchange Commission. When available, copies of the
prospectus  supplement  may be obtained from Wachovia  Securities,  7 Saint Paul
Street, 1st Floor, Baltimore, MD 21202.

       This  press  release  shall  not  constitute  an  offer  to  sell  or the
solicitation of an offer to buy nor shall there be any sale of these  securities
in any state in which such offer,  solicitation  or sale would be unlawful prior
to registration or qualification under the securities laws of any state.

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,  October 28, 2003 at $19.75 per share.  Lexington pays an
annualized dividend of $1.34 per share.  Additional  information about Lexington
is available at www.lxp.com.

                                      MORE





LEXINGTON CORPORATE PROPERTIES TRUST
ADD 1

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.




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