LEXINGTON REALTY TRUST, Issuer, CERTAIN SUBSIDIARIES OF LEXINGTON REALTY TRUST, Subsidiary Guarantors, and U.S. BANK NATIONAL ASSOCIATION, Trustee SEVENTH SUPPLEMENTAL INDENTURE Dated as of September 28, 2012 6.00% Convertible Guaranteed Notes due 2030 SEVENTH SUPPLEMENTAL INDENTURE

THIS SEVENTH SUPPLEMENTAL INDENTURE (this “Seventh Supplemental Indenture”), is entered into as of September 28, 2012, among LEXINGTON REALTY TRUST, a Maryland real estate investment trust (the “Issuer”), CERTAIN SUBSIDIARIES OF THE ISSUER SIGNATORIES HERETO (including subsidiaries of the Issuer subsequently becoming guarantors, the “Subsidiary Guarantors” or the “Guarantors”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association duly organized and existing under the laws of the United States, as Trustee hereunder (the “Trustee”), having its Corporate Trust Office at 100 Wall Street, Suite 1600, New York, New York 10005.

WHEREAS, the Issuer, the Guarantors and the Trustee entered into that certain Indenture dated as of January 29, 2007 (the “Original Indenture”), relating to the Issuer's unsecured debt securities authenticated and delivered under the Original Indenture;

WHEREAS, pursuant to Section 301 of the Original Indenture, the Issuer, the Subsidiary Guarantors and the Trustee established the terms of a series of Securities entitled the “5.45% Exchangeable Guaranteed Notes due 2027” of the Issuer in respect of which the Subsidiary Guarantors are guarantors (the “5.45% Notes”) pursuant to that First Supplemental Indenture dated as of January 29, 2007 among the Issuer, the Subsidiary Guarantors and the Trustee (the “First Supplemental Indenture”);

WHEREAS, pursuant to Section 2.02 of the First Supplemental Indenture and Section 303 of the Original Indenture, the Issuer, the Subsidiary Guarantors and the Trustee increased the aggregate principal amount of the 5.45% Notes by the issuance of Additional Notes pursuant to that Second Supplemental Indenture dated as of March 9, 2007 among the Issuer, the Subsidiary Guarantors and the Trustee (the “Second Supplemental Indenture”);

WHEREAS, pursuant to Section 901(9) of the Original Indenture, the Issuer, the Subsidiary Guarantors and the Trustee amended certain provisions of the Indenture to correct a provision in the Indenture which was defective or inconsistent with any other provision therein pursuant to that Third Supplemental Indenture dated as of June 19, 2007 among the Issuer, the Subsidiary Guarantors and the Trustee (the “Third Supplemental Indenture”);

WHEREAS, pursuant to Section 901(1) of the Original Indenture, the Issuer, the Subsidiary Guarantors and the Trustee amended certain provisions of the Indenture to evidence the succession of Lexington Realty Trust to The Lexington Master Limited Partnership and the assumption by Lexington Realty Trust of the covenants of the Issuer, therein and in the Securities pursuant to that Fourth Supplemental Indenture dated as of December 31, 2008 among the Issuer, the Subsidiary Guarantors and the Trustee (the “Fourth Supplemental Indenture”);

WHEREAS, the Issuer entered into that certain Credit Agreement, dated as of February 13, 2009 (the “Credit Agreement”), among the Issuer, Lepercq Corporate Income Fund L.P., Lepercq Corporate Income Fund II L.P., and Net 3 Acquisition L.P., jointly and severally as borrowers, KeyBank National Association, as agent, and each of the financial institutions initially a signatory thereto together with their assignees pursuant to Section 12.5 therein;

WHEREAS, pursuant to Sections 901(2) and1405 of the Original Indenture, certain subsidiaries of the Issuer that became Lexington Credit Agreement Obligors in connection with the Credit Agreement became Subsidiary Guarantors pursuant to that Fifth Supplement Indenture dated as of June 9, 2009 among the Issuer, the Subsidiary Guarantors and the Trustee (the “Fifth Supplement Indenture”);

WHEREAS, pursuant to Section 301 of the Original Indenture, the Issuer, the Subsidiary Guarantors and the Trustee established the terms of a series of Securities entitled the “6.00% Convertible Guaranteed Notes due 2030” of the Issuer in respect of which the Subsidiary Guarantors are guarantors (the “6.00% Notes”) pursuant to that Sixth Supplemental Indenture dated as of January 26, 2010 among the Issuer, the Subsidiary Guarantors and the Trustee (the “Sixth Supplement Indenture”; and, together with the Original Indenture, the First Supplement Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplement Indenture, the Fifth Supplement Indenture and the Sixth Supplement Indenture; the “Indenture”);

WHEREAS, the Issuer entered into that certain Amended and Restated Credit Agreement, dated as of January 13, 2012 (the “New Credit Agreement”), among the Issuer, Lepercq Corporate Income Fund L.P., and Lepercq Corporate Income Fund II L.P., jointly and severally as borrowers, KeyBank National Association, as agent, Wells Fargo Securities, LLC, as syndication agent, and each of the financial institutions initially a signatory thereto together with their assignees pursuant to Section 12.5 therein;

WHEREAS, on January 20, 2012, the Issuer repurchased all outstanding 5.45% Notes pursuant to a holder repurchase option;

WHEREAS, the Issuer has delivered an Officers' Certificate to the Trustee designating the New Credit Agreement as the Lexington Credit Agreement under the Indenture;

WHEREAS, in connection with the New Credit Agreement and as of the date first set forth above, (1) the Subsidiaries of the Issuer listed on Exhibit A hereto, which were previously Subsidiary Guarantors, are no longer Lexington Credit Agreement Obligors (the “Released Subsidiary Guarantors”), (2) the Subsidiary Guarantors listed on Exhibit B hereto continue to be Lexington Credit Agreement Obligors (the “Existing Subsidiary Guarantors”), and (3) the Subsidiaries of the Issuer listed on Exhibit C hereto, which were not previously Subsidiary Guarantors, are now Lexington Credit Agreement Obligors (the “New Subsidiary Guarantors”);

WHEREAS, pursuant to Section 1404 of the Indenture, the Issuer has delivered an Officers' Certificate to the Trustee informing the Trustee of the termination of all of the obligations under the Lexington Credit Agreement of the Released Subsidiary Guarantors, which released each such former Subsidiary Guarantor from all of its obligations under the Indenture and its Guarantee and such Guarantee has terminated;

WHEREAS, Section 1405 of the Indenture requires any Subsidiary of the Issuer that is organized in the United States, any of the States or the District of Columbia and that was not a Lexington Credit Agreement Obligor and becomes a Lexington Credit Agreement Obligor, the Issuer shall arrange for such Subsidiary to execute and deliver to the Trustee, a supplemental indenture pursuant to which such Subsidiary Guarantor shall fully, unconditionally and irrevocably guarantee, as primary obligor and not merely as surety, to each Holder of the Securities and the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the Obligations; and

WHEREAS, the Issuer, the Subsidiary Guarantors and the Trustee have duly authorized the execution and delivery of this instrument to amend the Indenture as set forth herein and have done all things necessary to make this instrument a valid agreement of the parties hereto, in accordance with its terms.

NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, and for other good and valuable consideration the receipt of which is hereby acknowledged, and for the equal and proportionate benefit of the Holders of the Notes, the Issuer, the Subsidiary Guarantors and the Trustee agree as follows:

Section 1.1    Definitions. Capitalized terms used in this instrument and not otherwise defined herein shall have the meanings assigned to such terms in the Indenture.

Section 2.1    New Subsidiary Guarantors. The New Subsidiary Guarantors fully, unconditionally and irrevocably guarantee, as primary obligor and not merely as surety, to each Holder of the Securities and the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the Obligations in accordance with the Indenture.

Section 3.1    Relation to Original Indenture. This Seventh Supplemental Indenture supplements the Indenture, and shall be a part and subject to all the terms thereof. Except as supplemented hereby, all of the terms, provisions and conditions of the Indenture, and the Securities issued thereunder shall continue in full force and effect.

Section 3.2    Concerning the Trustee. The Trustee shall not be responsible for any recital herein (other than as they appear and as they apply to the Trustee) as such recitals shall be taken as statements of the Issuer and the Subsidiary Guarantors, or the validity of the execution by the Issuer or the Subsidiary Guarantors of this Seventh Supplemental Indenture. The Trustee makes no representations as to the validity or sufficiency of this instrument.

Section 3.3    Effect of Headings. The Article and Section headings herein are for convenience of reference only and shall not affect the construction hereof.

Section 3.4    Counterparts. This instrument may be executed in counterparts, each of which shall be deemed an original, but all of which shall together constitute one and the same instrument.

Section 3.5    Governing Law. This instrument shall be governed by and construed in accordance with the laws of the State of New York.

IN WITNESS WHEREOF, the parties hereto have caused this Seventh Supplemental Indenture to be duly executed as of the day and year first above written.

LEXINGTON REALTY TRUST,

as Issuer of the Notes

LEPERCQ CORPORATE INCOME FUND L.P.,

a Delaware limited partnership, as a Subsidiary Guarantor

LEPERCQ CORPORATE INCOME FUND II L.P.,

a Delaware limited partnership, as a Subsidiary Guarantor

LEX GP-1 TRUST, a Delaware statutory trust,

as a Subsidiary Guarantor

LEX LP-1 TRUST, a Delaware statutory trust,

as a Subsidiary Guarantor

LEXINGTON REALTY ADVISORS, INC., a Delaware corporation, as a Subsidiary Guarantor

LXP I TRUST, a Delaware statutory trust, as a Subsidiary Guarantor

LSAC OPERATING PARTNERSHIP L.P., a Delaware limited partnership, as a Subsidiary Guarantor

By: LSAC General Partner LLC, a Delaware limited liability company, its general partner

By: LRA Manager Corp., a Delaware corporation, its manager

MLP UNIT PLEDGE L.P., a Delaware limited partnership, as a Subsidiary Guarantor

By: MLP Unit Pledge GP LLC, a Delaware limited liability company, its general partner

By: LRA Manager Corp., a Delaware corporation, its manager

LEXINGTON OLIVE BRANCH MANAGER LLC

LEXINGTON SOUTHFIELD LLC

LEXINGTON COLLIERVILLE MANAGER LLC

LEXINGTON DUNCAN MANAGER LLC

LEXINGTON FLORENCE MANAGER LLC

LEXINGTON FORT STREET TRUSTEE LLC

LEXINGTON HONOLULU MANAGER LLC

LEXINGTON LAC LENEXA GP LLC

LEXINGTON MLP WESTERVILLE MANAGER LLC

LEXINGTON TOY TRUSTEE LLC

LEX-PROPERTY HOLDINGS LLC

LSAC CROSSVILLE MANAGER LLC

LSAC GENERAL PARTNER LLC

MLP UNIT PLEDGE GP LLC

NEWKIRK ALTENN GP LLC

NEWKIRK AVREM GP LLC

NEWKIRK BASOT GP LLC

NEWKIRK CAROLION GP LLC

NEWKIRK CLIFMAR GP LLC

NEWKIRK DALHILL GP LLC

NEWKIRK ELWAY GP LLC

NEWKIRK GERSANT GP LLC

NEWKIRK JACWAY GP LLC

NEWKIRK JLE WAY GP LLC

NEWKIRK JOHAB GP LLC

NEWKIRK LANMAR GP LLC

NEWKIRK LIROC GP LLC

NEWKIRK ORPER GP LLC

NEWKIRK SALISTOWN GP LLC

NEWKIRK STATMONT GP LLC

NEWKIRK SUNWAY GP LLC

NEWKIRK SUPERWEST GP LLC

NEWKIRK WALANDO GP LLC

NEWKIRK WASHTEX GP LLC

NK-CINN HAMILTON PROPERTY MANAGER LLC

NK-LUMBERTON PROPERTY MANAGER LLC

NK-ODW/COLUMBUS PROPERTY MANAGER LLC

LEX GP HOLDING LLC

NEWKIRK MLP UNIT LLC

Each, a Delaware limited liability company, as Subsidiary Guarantors

By: LRA Manager Corp., their Manager

LXP I, L.P., a Delaware limited partnership, as a Subsidiary Guarantor

By: LXP I Trust, a Delaware statutory trust, its general partner

PHOENIX HOTEL ASSOCIATES LIMITED PARTNERSHIP, an Arizona limited partnership, as a Subsidiary Guarantor

By: Lepercq Corporate Income Fund II L.P., a Delaware limited partnership, its general partner

LEXINGTON/LION VENTURE L.P., a Delaware limited partnership, as a Subsidiary Guarantor

By: LXP GP LLC, a Delaware limited liability company, its general partner

By: LRA Manager Corp., a Delaware corporation, its manager

LEXINGTON DURHAM, INC., a Delaware corporation, as a Subsidiary Guarantor

LEXINGTON ACQUIPORT COMPANY, LLC

ACQUIPORT 550 MANAGER LLC

ACQUIPORT 600 MANAGER LLC

ACQUIPORT WINCHESTER MANAGER LLC

LEXINGTON COLUMBUS GP LLC

LEXINGTON MILLINGTON MANAGER LLC

LEXINGTON LAKEWOOD MANAGER LLC

LEX CHILLICOTHE GP LLC

LEXINGTON ACQUIPORT SIERRA LLC

LEXINGTON TNI WESTLAKE MANAGER LLC

LEXINGTON BRISTOL GP LLC

LEXINGTON DULLES MANAGER LLC

LEXINGTON TAMPA GP LLC

LEXINGTON BULVERDE MANAGER LLC

LEXINGTON SHELBY GP LLC

LXP GP LLC

LEX WESTERVILLE GP LLC

LEXINGTON HIGH POINT MANAGER LLC

LEXINGTON WALLINGFORD MANAGER LLC

LEXINGTON LAKE FOREST MANAGER LLC

LEXINGTON LOUISVILLE MANAGER LLC

NK-ODW/COLUMBUS PROPERTY MANAGER LLC

NK-LUMBERTON PROPERTY MANAGER LLC

LEXINGTON ALLEN MANAGER LLC

LEX ROCK HILL GP LLC

LEXINGTON LION CARY GP LLC

LEXINGTON CENTENNIAL MANAGER LLC

LEXINGTON LION PLYMOUTH GP LLC

LEX JESSUP GP LLC

LEX SHREVEPORT GP LLC

LEX ST. JOSEPH GP LLC

Each, a Delaware limited liability company, as Subsidiary Guarantors

By: LRA Manager Corp., their Manager

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

Lexington Acquiport Company, LLC

Acquiport 550 Manager LLC

Acquiport 600 Manager LLC

Acquiport Winchester Manager LLC

Lexington Columbus GP LLC

Lexington Millington Manager LLC

Lexington Lakewood Manager LLC

Lex Chillicothe GP LLC

Lexington Durham, Inc.

Lexington Acquiport Sierra LLC

LXP I, L.P.

Lexington TNI Westlake Manager LLC

Phoenix Hotel Associates Limited Partnership

Lexington Bristol GP LLC

Lexington Dulles Manager LLC

Lexington Tampa GP LLC

Lexington Bulverde Manager LLC

Lexington Shelby GP LLC

LXP GP LLC

Lexington/Lion Venture L.P.

Lex Westerville GP LLC

Lexington High Point Manager LLC

Lexington Wallingford Manager LLC

Lexington Lake Forest Manager LLC

Lexington Louisville Manager LLC

NK-ODW/Columbus Property Manager LLC

NK-Lumberton Property Manager LLC

Lexington Allen Manager LLC

Lex Rock Hill GP LLC

Lexington Lion Cary GP LLC

Lexington Centennial Manager LLC

Lexington Lion Plymouth GP LLC

Lex Jessup GP LLC

Lex Shreveport GP LLC

Lex St. Joseph GP LLC