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NEW YORK--([ BUSINESS WIRE ])--CapLease, Inc. (NYSE: LSE)today announced the expiration of the option of the holders of its outstanding 7.50% Convertible Senior Notes due 2027 (the aNotesa) to require the Company to purchase all or a portion of their Notes at par pursuant to the terms of the Notes and the indenture governing the Notes (the aPut Optiona). Under the terms of the Put Option, holders of the Notes had the opportunity to surrender the Notes for purchase prior to or at 12:00midnight, New York City time, on September27, 2012 (the aPut Datea).

As of the Put Date, approximately $15.8million aggregate principal amount of the Notes were validly surrendered and had not been validly withdrawn, and therefore all such Notes will be purchased by the Company pursuant to the Put Option. The remaining approximately $19.2million aggregate principal amount of the Notes will remain outstanding, and the terms and other provisions of the indenture governing such Notes will remain unchanged. The next put option repurchase date for holders of the Notes is October 1, 2017.

This press release shall not constitute an offer to purchase or a solicitation of an offer to sell any securities, including the Notes. The offer to purchase the Notes was made only pursuant to the Issuer Put Right Notice dated August30, 2012, as amended, and related documents which set forth the complete terms and conditions of the Put Option.

About CapLease:

CapLease, Inc. is a real estate investment trust, or REIT, that primarily owns and manages single tenant commercial real estate properties subject to long-term leases to high credit quality tenants.