Harlem building will trade with ticker TESLU, so investors can add cash-flowing buildings to their investment portfolio.
NEW YORK–(BUSINESS WIRE)–LEX has announced that an IPO of a New York City building – 286 Lenox Ave. – is now trading under the ticker symbol: TESLU. Through its unique offerings, LEX has created a new way for anyone to invest in commercial real estate.
This development signifies a major transformation in commercial real estate investing, with buildings now trading like stocks, including tickers. LEX has democratized the CRE market by removing the high cost of entry that had limited it to high-net-worth individuals. Investors can buy individual shares of institutional-quality, income-producing properties. They can then trade without any required holding periods via the secondary market.
LEX investors benefit from favorable tax treatment, receive their proportional share of income distributions, and can easily diversify their portfolio by including institutional quality real estate assets, one of the top performing asset classes in history. All assets enter the market via an IPO and have a unique ticker. Trading is open during standard market hours, and it works with any brokerage account.
This method of commercial real estate investing gives investors the ability to participate in the market alongside institutional players, while allowing owners to easily recapitalize while maintaining control. LEX is open to all U.S. investors, and investors can purchase as little as a single share.
The 286 Lenox Ave. property is a fully leased commercial office and retail property located in Harlem, New York. It is a relatively new build (2019), with 18,759 leasable square feet. A Wells Fargo retail branch is the anchor tenant.
LEX has seen significant demand, with its investor base growing month over month to more than 15,000 users on the platform. It will be launching another offering soon in Seattle’s Capitol Hill neighborhood and has many more offerings planned for the year.
In February, LEX closed a $15 million Series A financing round led by PEAK6 Strategic Capital, a division of PEAK6 Investments. Other major venture capital investors included Khosla Ventures, Two Lanterns, MUFG Innovation Partners, and Gaingels.
About LEX
LEX is a new way to invest in real estate. LEX turns individual buildings into public stocks. Any U.S. investor can open a LEX account, browse opportunities in various asset classes such as multifamily and office buildings, and buy shares of individual buildings. As a shareholder, investors can earn income quarterly and can trade their shares on our public market whenever they need to exit. Each building on LEX has a ticker symbol and stock chart. LEX opens up direct and tax advantaged ownership in an asset class that has previously been inaccessible to most investors. For more information, please visit www.lex-markets.com.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction.
Contacts
Richard Laermer
RLM PR
+1 646-517-4340
LEX@rlmpr.com
