FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * ROUSE RICHARD J   2. Issuer Name and Ticker or Trading Symbol LEXINGTON REALTY TRUST [LXP] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Vice Chairman and CIO (Last) (First) (Middle) C/O LEXINGTON REALTY TRUST, 1 PENN PLAZA, SUITE 4015 3. Date of Earliest Transaction (Month/Day/Year) 12/13/2010 (Street) NEW YORK, NY 10119 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Shares 12/09/2010   M   51,335 A $ 4.97 (1) 633,902 D   Common Shares 12/09/2010   F(2)   31,038 D $ 8.22 602,864 D   Common Shares 12/09/2010   F(3)   7,352 D $ 8.22 595,512 D   Common Shares 12/09/2010   S   35,000 D $ 8.18 (4) 560,512 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

2008 Non-qualified Share Option

$ 4.97 (1)

12/09/2018

M

51,335 (5)

(5)

12/31/2018

Common Shares

51,335 (5)

$ 0

211,924 (5)

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ROUSE RICHARD J C/O LEXINGTON REALTY TRUST 1 PENN PLAZA, SUITE 4015 NEW YORK, NY 10119			Vice Chairman and CIO

Signatures

Richard J. Rouse, by Joseph S. Bonventre, A.I.F.		12/13/2010
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Adjusted from $5.60 pursuant to shareholder approved plan and in connection with stock dividends paid in 2009.
(2)	Payment of option exercise price by withholding securities incident to exercise of options issued in accordance with Rule 16b-3
(3)	Payment of tax liability by withholding securities incident to exercise of options issued in accordance with Rule 16b-3
(4)	The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from 8.13 to 8.29 inclusive. The reporting person undertakes to provide to Lexington Realty Trust any security holder of Lexington Realty Trust, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
(5)	233,800 share options originally granted on 12/31/08 but adjusted to 263,259 pursuant to shareholder approved plan and in connection with stock dividends paid in 2009. 50% vested upon the 20-day trading average closing price exceeding $8.00 per share and the remaining 50% vest upon the 20-day trading average closing price exceeding $10.00 per share.

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