It's not comfortable for me to see two "of" in the sentence:
"The locations of the lobes of the lungs"
Could I say "lobes' lungs"?
It's not comfortable for me to see two "of" in the sentence:
"The locations of the lobes of the lungs"
Could I say "lobes' lungs"?
The lobes' lungs would be the lungs of the lobes. What you want is the other way round
the locations of the lungs' lobes
However, that does not strike me as any sort of improvement over the locations of the lobes of the lungs. And frankly, I find the doubly threefold alliteration of locations/lobes/lungs a lot more annoying than your two ofs.
Rewrite. If you've already mentioned the lungs, delete them here: presumably anyone who reads your piece will know that if you've got lungs, they've got lobes. Or use a different word:
the locations of the pulmonary lobes