Filed by: LEXINGTON CORPORATE PROPERTIES TRUST
                           Pursuant to Rule 425 under the Securities Act of 1933

                           Subject Company: LEXINGTON CORPORATE PROPERTIES TRUST
                                                      Commission File No:1-12386

FOR IMMEDIATE RELEASE
FRIDAY, JULY 20, 2001

                      LEXINGTON CORPORATE PROPERTIES TRUST
                         ANNOUNCES REVISED AGREEMENT TO
                        ACQUIRE NET 1 L.P. AND NET 2 L.P.

New York, NY-Friday, July 20, 2001-Lexington Corporate Properties Trust
(NYSE:LXP) ("Lexington"), a real estate investment trust, today announced
amended terms of its agreement to acquire Net 1 L.P. and Net 2 L.P.
(collectively, the "Net Partnerships"). The merger transaction is valued at
approximately $140.0 million.

The Net Partnerships own twenty-four properties in fourteen states, which
generated $14.8 million of net rental revenue in 2000 and are projected to
generate approximately $15.2 million of net rental revenue in 2002. The
properties have a remaining weighted average lease term of approximately 9.7
years and are net- leased to eighteen tenants, including Hewlett Packard, Nextel
Finance Company, Cox Communications, Inc. and Wal-Mart Stores, Inc.

In connection with the transaction, the Net Partnerships will merge into a
subsidiary of Lexington. Lexington will issue approximately $65.0 million of
cash and securities to the partners of the Net Partnerships and assume
approximately $75.0 million of mortgage financing with a weighted average
interest rate of 7.8%. The partners of Net 1 L.P. and Net 2 L.P. will receive
$25.5 million ($820.38 per unit) and $39.5 million ($81.96 per unit),
respectively, of the merger consideration. The limited partners will receive 99%
of the merger consideration, payable 50% in cash and 50% in Lexington's common
shares issued at a price not less than $14.00 per share and no greater than
$16.00 per share. The general partner will receive 1% of the merger
consideration in operating partnership units that are convertible into common
shares on a one-for-one basis after five years and receive the same dividends.

Under the original terms of the transaction, the limited partners would have
received at least 50% of their merger consideration in Lexington's 8.5%
Convertible Subordinated Debentures due 2009 ("Convertible Debentures") with up
to 50% of the merger consideration payable in Lexington common shares issued at
a price not less than $11.00 per share and no greater than $13.00 per share. The
Convertible Debentures would have been exchangeable by the holders after four
years into Lexington common shares at $14.00 per share.

Shares of Lexington closed Thursday, July 19, 2001 at $15.19.

Definitive terms of the transaction will be set forth in a joint consent and
proxy solicitation statement and prospectus being prepared by Lexington and the
Net Partnerships for regulatory review. The transaction is subject to the
approval of Lexington's shareholders and the limited partners of the Net
Partnerships and other customary closing conditions. Assuming the closing
conditions are satisfied, the transaction is expected to close later this year.

This press release does not constitute an offer of any securities for sale.







Lexington Corporate Properties Trust is a real estate investment trust that owns
and manages a portfolio of office, industrial and retail properties net-leased
to major corporations throughout the United States. Lexington Realty Advisors,
an affiliate of Lexington, provides investment advisory services to
institutional investors in the net lease area. Lexington, which pays an
annualized dividend of $1.28 per share, has approximately 25.1 million
convertible preferred shares, common shares and operating partnership units
outstanding, which are exchangeable into common shares on a one- for-one basis
at certain points in the future. 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.

FOR MORE INFORMATION ON LEXINGTON CORPORATE PROPERTIES TRUST, VIA FAX AT NO
COST, SIMPLY DIAL 1-800-PRO-INFO AND ENTER THE TICKER SYMBOL.