CapLease, Inc. (NYSE: LSE) announced today the commencement of an initial public offering of a new 7.25% Series C Preferred Stock. CapLease intends to apply to list the Series C Preferred Stock on the New York Stock Exchange under the symbol “LSEPrC.” MLV & Co. LLC and JMP Securities LLC are acting as underwriters to offer and sell the Series C Preferred Stock on a “best efforts” basis. CapLease intends to use the net proceeds of the offering for general corporate purposes, which are expected to primarily include repurchase or redemption of our Series A preferred stock. The shares will be issued pursuant to a registration statement that has been declared effective by the Securities and Exchange Commission. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares, nor shall there be any sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. MLV & Co. LLC is acting as sole book-runner for the offering, and JMP Securities LLC is acting as lead manager for the offering. The offering may be made only by means of a preliminary prospectus supplement and the accompanying prospectus. You may request copies of these documents by contacting MLV & Co. LLC, 1251 Avenue of the Americas, New York, NY 10020, Attn: Randy Billhardt, via email at email@example.com and via telephone at (212) 542-5882. This press release contains statements that are forward-looking. Such forward-looking statements involve risks and uncertainties and actual outcomes may differ materially from those projected. Factors that could cause actual results to differ materially from CapLease’s expectations include, but are not limited to, changes in capital markets and economic conditions, completion of the offering on the terms described in the registration statement, the prospectus supplement relating to the offering and the accompanying prospectus, and use of proceeds from the sale of the Series C Preferred Stock. For more information regarding these and other risks and uncertainties, review CapLease’s Annual Report on Form 10-K for the year ended December 31, 2011 and its other filings with the Securities and Exchange Commission.