Exhibit 99.1


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                                        RE: LEXINGTON CORPORATE PROPERTIES TRUST
                                                                  ONE PENN PLAZA
                                                                      SUITE 4015
                                                              NEW YORK, NY 10119
FOR FURTHER INFORMATION:

AT THE COMPANY:                      AT FINANCIAL RELATIONS BOARD:
Patrick Carroll                      Diane Hettwer               Tim Grace
Chief Financial Officer              Analyst Inquiries           Media Inquiries
(212) 692-7200                       (312) 640-6760              (312) 640-6667

FOR IMMEDIATE RELEASE
TUESDAY, NOVEMBER 2, 2004

                  LEXINGTON CORPORATE PROPERTIES TRUST PROVIDES
                          DETAILS ON LEASE WITH VARTEC


New York, NY - November 2, 2004 - Lexington Corporate Properties Trust
(NYSE:LXP) ("Lexington"), a real estate investment trust, today reported that
VarTec Telecom, Inc. ("VarTec"), one of Lexington's current tenants, filed a
petition under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy
Court in the Northern District of Texas.

VarTec leases a 249,452 square foot office property in Dallas, Texas (the
"Property"). The lease expires in September, 2015. The annualized base rental
revenue from VarTec's lease is approximately $3.5 million. The base rental
revenue on the Property accounted for approximately 2.6% of Lexington's total
consolidated base rental revenue for the nine months ended September 30, 2004.
Should VarTec reject the lease in connection with its bankruptcy and the
Property is vacant, Lexington estimates that annual funds from operations will
be reduced by approximately $4.7 million, due to lost rental revenue of
approximately $3.5 million and estimated Property operating costs of
approximately $1.2 million.

As of September 30, 2004, Lexington's non-recourse mortgage note secured by the
Property had an outstanding balance of $21.0 million. The note has a fixed
interest rate of 7.49%, requires annual debt service of $2.0 million and is
scheduled to mature in December, 2012, when a balloon payment of $16.0 million
is due. The lender holds a $2.5 million letter of credit issued by Lexington as
collateral against the mortgage. In addition, the Property had a net book value
of $28.9 million and Lexington had deferred loan costs and deferred lease costs
of $0.2 million and $1.3 million, respectively.

About Lexington

Lexington 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


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LEXINGTON CORPORATE PROPERTIES TRUST
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shares closed Monday, November 1, 2004, at $22.94 per share. Lexington pays an
annualized dividend of $1.40 per share. Additional information about Lexington
is available at www.lxp.com

Lexington believes that funds from operations ("FFO") enhances an investor's
understanding of Lexington's financial condition, results of operations and cash
flows. Lexington believes that FFO is an appropriate, but limited, measure of
the performance of an equity REIT. FFO is defined in the April 2002 "White
Paper" issued by the National Association of Real Estate Investment Trusts, Inc.
("NAREIT") as "net income (or loss) computed in accordance with generally
accepted accounting principles ("GAAP"), excluding gains (or losses) from sales
of property, plus real estate depreciation and amortization and after
adjustments for unconsolidated partnerships and joint ventures." FFO should not
be considered an alternative to net income as an indicator of operating
performance or to cash flows from operating activities as determined in
accordance with GAAP, or as a measure of liquidity to other consolidated income
or cash flow statement data as determined in accordance with GAAP.

This release contains certain forward-looking statements which involve known and
unknown risks, uncertainties or other factors not under Lexington's control
which may cause actual results, performance or achievements of Lexington 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, (i) the failure to continue to qualify as a real estate investment
trust, (ii) changes in general business and economic conditions, (iii)
competition, (iv) increases in real estate construction costs, (v) changes in
interest rates, (vi) changes in accessibility of debt and equity capital
markets, and (vii) those other factors and risks detailed in Lexington's
periodic filings with the Securities and Exchange Commission. Lexington
undertakes no obligation to publicly release the results of any revisions to
those forward-looking statements which may be made to reflect events or
circumstances after the occurrence of unanticipated events. Accordingly, there
is no assurance that Lexington's expectations will be realized.



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