Exhibit 99.1

                           Newkirk Realty Trust, Inc.

AT THE COMPANY

Carolyn Tiffany
Chief Operating Officer
(617) 570-4680

                           NEWKIRK REALTY TRUST, INC.
 ENTERS INTO FIVE YEAR LEASE WITH DIRECTV, INC FOR 205,000 SQUARE FEET OF SPACE

      FOR IMMEDIATE RELEASE - BOSTON, November 27 /PRNewswire-FirstCall/ --
Newkirk Realty Trust, Inc. (NYSE:NKT), through its operating partnership, The
Newkirk Master Limited Partnership (the "Operating Partnership"), has entered
into a new five year lease with DirecTV, Inc. for 205,000 square feet of space
at its El Segundo, California property. DirecTV, which presently occupies the
space as a subtenant of Raytheon, houses its corporate headquarters at the
property. The new five year lease commences in January 2009 upon the expiration
of the current Raytheon lease and provides for annual rent of approximately
$2,741,000 with annual 2% increases. With this new lease, the entire 550,000
square feet of office space at this property in leased through 2013, with
345,000 square feet being leased through 2018.

      In conjunction with the entering into of the lease, the first mortgage
encumbering this property was refinanced with a new $55 million mortgage loan
which bears interest at 5.675% and matures on December 5, 2016. The loan
requires monthly payments based on a 30 year amortization schedule ($318,350 per
month). The Operating Partnership holds a 53% interest in this property.


      Newkirk Realty Trust, Inc. is a qualified real estate investment trust or
REIT. Through our subsidiaries and joint ventures, we acquire, own, and manage a
portfolio of office, retail, and industrial properties. . Our executive offices
are located in Jericho, New York and Boston, Massachusetts. Please visit our web
site at www.newkirkreit.com for additional information relating to our
properties and tenants.


"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: With the exception of the historical information contained in this news
release, the matters described herein contain "forward-looking" statements that
involve risk and uncertainties that may individually or collectively impact the
matters herein described. These are detailed from time to time in the "Risk
Factors" section of the Company's SEC reports including the annual report on
Form 10-K for the year ended December 31, 2005. Further information relating to
the Company's financial position, results of operations, and investor
information is contained in our annual and quarterly reports filed with the SEC
and available for download at our website www.newkirkreit.com or at the SEC
website www.sec.gov.