
<PAGE>   1
                                                                     Exhibit 5.2


                                 PIPER & MARBURY
                                     L.L.P.
                              CHARLES CENTER SOUTH                 WASHINGTON
                             36 SOUTH CHARLES STREET                NEW YORK
                         BALTIMORE, MARYLAND 21201-3018           PHILADELPHIA
                                  410-539-2530                       EASTON
                                FAX: 410-539-0489


                                                                   
                                                                         
                                                                       
                                                                          

                                  April 3, 1998




LEXINGTON CORPORATE PROPERTIES TRUST
355 Lexington Avenue
New York, New York 10017

                       Registration Statement on Form S-3
                       ----------------------------------

Gentlemen:

         We have acted as special Maryland counsel to Lexington Corporate
Properties Trust, a Maryland real estate investment trust (the "Trust"), in
connection with the registration under the Securities Act of 1933, as amended
(the "Act"), pursuant to a Registration Statement (the "Registration Statement")
on Form S-3 of the Trust to be filed with the Securities and Exchange Commission
(the "Commission"), for offering by the Trust from time to time of up to
$250,000,000 aggregate initial offering price of its (i) debt securities (the
"Debt Securities"), (ii) Preferred Shares, par value $.0001 per share (the
"Preferred Shares"), and (iii) Common Shares, par value $.0001 per share (the
"Common Shares"). The Debt Securities, the Preferred Shares, and the Common
Shares are collectively referred to as the "Securities." The Registration
Statement provides that the Securities may be offered separately or together, in
separate series, in amounts, at prices, and on terms to be set forth in one or
more supplements to the Prospectus (each a "Prospectus Supplement"). This
opinion is being provided at your request in connection with the filing of the
Registration Statement.

         In our capacity as special Maryland counsel, we have reviewed the
following:

         (a) The Registration Statement.

         (b) The Trust's Declaration of Trust, Bylaws, and Articles 
             Supplementary.

         (c) A short-form good standing certificate for the Trust, dated March
             9, 1998, issued by the Maryland State Department of Assessments 
             and Taxation.

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                                                                Piper & Marbury
                                                                    L.L.P.
                                                                   

LEXINGTON CORPORATE PROPERTIES TRUST
April 3, 1998
Page 2




         (d) An Officer's Certificate (the "Certificate") of the Trust, dated
             the date hereof, as to certain factual matters.

         (e) Such other documents as we have considered necessary to the
             rendering of the opinions expressed below.

         In our examination of the aforesaid documents, we have assumed, without
independent investigation, the genuineness of all signatures, the legal capacity
of all individuals who have executed any of the aforesaid documents, the
authenticity of all documents submitted to us as originals, and the conformity
with originals of all documents submitted to us as copies (and the authenticity
of the originals of such copies), and that all public records reviewed are
accurate and complete. In making our examination of documents executed by
parties other than the Trust, we have assumed that such parties had the power,
corporate or other, to enter into and perform all obligations thereunder, and we
have also assumed the due authorization by all requisite action, corporate or
other, and the valid execution and delivery by such parties of such documents
and the validity, binding effect, and enforceability thereof with respect to
such parties. As to any facts material to this opinion which we did not
independently establish or verify, we have relied solely upon the Certificate.

         We further assume that:

         (a) The issuance, sale, amount, and terms of the Securities to be
             offered from time to time by the Trust will be authorized and
             determined by proper action of the Board of Trustees of the Trust
             (each, a "Board Action") in accordance with the Trust's Declaration
             of Trust, Bylaws and Articles Supplementary and applicable Maryland
             law, in each case so as not to result in a default under or breach
             of any agreement or instrument binding upon the Trust and so as to
             comply with any requirement or restriction imposed by any court or
             governmental or regulatory body having jurisdiction over the Trust.

         (b) Any Debt Securities will be issued under a valid and legally
             binding indenture (an "Indenture") that conforms to the description
             thereof set forth in the Prospectus Supplement and will comply with
             the Declaration of Trust and Bylaws of the Trust and applicable
             Maryland law.

         (c) Appropriate debentures, notes, or other evidences of indebtedness
             evidencing the Debt Securities will be executed and authenticated
             in accordance with the Indenture, will be delivered upon the
             issuance and sale of the Debt Securities, and will comply with the
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                                                               Piper & Marbury
                                                                    L.L.P.
                                                                   

LEXINGTON CORPORATE PROPERTIES TRUST
April 3, 1998
Page 3

             Indenture of the Trust and applicable Maryland law.

         (d) Prior to the issuance of any of the Common Shares or the Preferred
             Shares, there will exist, under the Declaration of Trust of the
             Trust, the requisite number of authorized but unissued Common
             Shares or Preferred Shares (and securities of any class into which
             any Preferred Shares may be convertible), as the case may be, and
             that all actions necessary to the creation and designation of any
             such Preferred Shares (and securities of any class into which any
             Preferred Shares may be convertible), whether by amendment of the
             Declaration of Trust, or by classification or reclassification of
             existing capital stock and the filing of Articles Supplementary,
             will have been taken.

         (e) Appropriate certificates representing Common Shares or the
             Preferred Shares will be executed and delivered upon issuance and
             sale of any Common Shares or Preferred Shares, as the case may be,
             and will comply with the Trust's Declaration of Trust and Bylaws
             and applicable Maryland law.

         (f) The underwriting agreements for offerings of the Securities (each,
             an "Underwriting Agreement," and collectively, the "Underwriting
             Agreements") will be valid and legally binding contracts that
             conform to the description thereof set forth in the applicable
             Prospectus Supplement.

         (g) To the extent that the obligations of the Trust under any Debt
             Securities or related Indenture may be dependent upon such matters,
             the financial institution to be identified in such Indenture as
             Trustee (the "Trustee") will be duly organized, validly existing,
             and in good standing under the laws of its jurisdiction of
             organization; the Trustee will be duly qualified to engage in the
             activities contemplated by such Indenture; such Indenture will have
             been duly authorized, executed, and delivered by the Trustee and
             will constitute the legally valid and binding obligation of the
             Trustee enforceable against the Trustee in accordance with its
             terms; the Trustee will be in compliance, generally, with respect
             to acting as Trustee under such Indenture, with all applicable laws
             and regulations; and the Trustee will have the requisite
             organizational and legal power and authority to perform its
             obligations under such Indenture.
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                                                               Piper & Marbury
                                                                    L.L.P.
                                                                   

LEXINGTON CORPORATE PROPERTIES TRUST
April 3, 1998
Page 4

         Based upon and subject to the foregoing, we are of the opinion and
advise you that, as of the date hereof:

         1.  When a series of the Debt Securities has been duly authorized and
             established in accordance with the applicable Board Action, the
             terms of the Indenture, the Declaration of Trust and Bylaws of the
             Trust, and applicable law, and, upon execution, issuance, and
             delivery of debentures, notes, or other evidences of indebtedness
             for such series of the Debt Securities against payment therefor in
             accordance with the terms and provisions of such Board Action, the
             Indenture, the Registration Statement (as declared effective under
             the Act), or the applicable Prospectus Supplement and, if
             applicable, an Underwriting Agreement, the Debt Securities will
             constitute valid and legally binding obligations of the Trust.

         2.  Upon due authorization by Board Action of an issuance of Common
             Shares, and upon issuance and delivery of certificates for such
             Common Shares against payment therefor in accordance with the terms
             and provisions of such Board Action, the Registration Statement (as
             declared effective under the Act), or the applicable Prospectus
             Supplement and, if applicable, an Underwriting Agreement, or the
             conversion of one or more series of Preferred Shares convertible
             into Common Shares, the Common Shares represented by such
             certificates will be duly authorized, validly issued, fully paid,
             and nonassessable.

         3.  When a series of the Preferred Shares (and securities of any class
             into which any Preferred Shares may be convertible) has been duly
             authorized and established in accordance with the applicable Board
             Action, the terms of the Trust's Declaration of Trust and Bylaws,
             and applicable law, and, upon issuance and delivery of certificates
             for shares of such series of the Preferred Shares against payment
             therefor in accordance with the terms and provisions of such Board
             Action, the Registration Statement (as declared effective under the
             Act), or the applicable Prospectus Supplement and, if applicable,
             an Underwriting Agreement, or the conversion of one or more series
             of Preferred Shares convertible into another series of Preferred
             Shares, the shares of the Preferred Shares represented by such
             certificates will be duly authorized, validly issued, fully paid,
             and nonassessable.

         The opinion stated herein relating to the validity and binding nature
of obligations of the Trust is subject to (i) the effect of any applicable
bankruptcy, insolvency (including, without limitation, all laws relating to

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                                                               Piper & Marbury
                                                                    L.L.P.
                                                                   

LEXINGTON CORPORATE PROPERTIES TRUST
April 3, 1998
Page 5

fraudulent transfers), reorganization, moratorium, or similar laws affecting
creditors' rights generally and (ii) the effect of general principles of equity
(regardless of whether considered in a proceeding in equity or at law).

         The opinion expressed above is limited to the laws of the State of
Maryland, exclusive of the securities or "blue sky" laws of the State of
Maryland. The foregoing opinion is rendered as of the date hereof. We assume no
obligation to update such opinion to reflect any facts or circumstances which
may hereafter come to our attention or changes in the law which may hereafter
occur. To the extent that any documents referred to herein are governed by the
law of a jurisdiction other than Maryland, we have assumed that the laws of such
jurisdiction are the same as the laws of Maryland.

         We hereby consent to the filing of this opinion with the Commission as
Exhibit 5.2 to the Registration Statement and to the reference to our firm under
the heading "Legal Matters" in the Registration Statement. We further consent to
the reliance on this opinion by Paul, Hastings, Janofsky & Walker L.L.P. in
rendering their opinion to the Trust in connection with the filing of the
Registration Statement. The opinion expressed above is limited to the matters
set forth herein, and no other opinion should be inferred beyond the matters
expressly stated.


                                                    Very truly yours,

                                                    /s/ Piper & Marbury L.L.P.












