Exhibit 99.1

                               [GRAPHIC OMITTED]

                                        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                            Mark Muehlfelt      Claire Koeneman
Chief Executive Officer                    General Inquiries   General Inquiries
(212) 692-7260                             (312) 640-6767      (312) 640-6745

FOR IMMEDIATE RELEASE
Wednesday, April 30, 2003

                 LEXINGTON CORPORATE PROPERTIES TRUST ANNOUNCES
                  PRICING OF A 4,500,000 COMMON SHARE OFFERING

New York, NY - April 30, 2003 - Lexington Corporate Properties Trust (NYSE:LXP),
a real  estate  investment  trust,  today  announced  that it has agreed to sell
4,500,000 of its common shares to Wachovia  Securities  with net proceeds to the
Company of $16.44 per share.  Closing is expected  to occur on May 5, 2003.  The
Company intends to use the net proceeds of approximately  $74.0 million from the
offering  to repay  indebtedness,  to fund future  acquisitions  and for general
business purposes.

The sole  underwriter is Wachovia  Securities.  This press release is neither an
offer to sell nor a  solicitation  of an offer to buy  shares.  The  offering of
these shares will be made only by means of a prospectus.  Copies may be obtained
from Wachovia Securities, 7 Saint Paul Street, 1st Floor, Baltimore, MD 21202.

The common shares will be issued  pursuant to a Registration  Statement that has
been declared  effective by the Securities and Exchange  Commission.  The shares
are only  offered  by  means  of the  prospectus  included  in the  Registration
Statement and the prospectus  supplement  related to this  offering.  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.

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,  April 29, 2003 at $17.62 per share.  Lexington  pays an
annualized dividend of $1.34 per share.  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 LXP.
                                     # # #

FRB | Weber Shandwick  Worldwide serves as financial  relations  counsel to this
company,  is acting  on the  company's  behalf  in  issuing  this  bulletin  and
receiving  compensation  therefor. The information contained herein is furnished
for  information  purposes only and is not to be construed as an offer to buy or
sell securities.