Gramercy Property Trust Announces Disposition of Two Office Assets Totaling $76.2 Million

NEW YORK--()--Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that it closed on the disposition of Comcast Office Campus, a three building portfolio located in Livermore, California, and Celebration Office Center III, located in Celebration, Florida, for aggregate gross sale proceeds of $76.2 million, or $238 per weighted average square foot. The weighted average remaining lease term for the two properties was 5.9 years. The blended exit cap rate was 8.9% on next twelve months NOI and net proceeds to the Company were $73.2 million.

The sale is part of the Company’s previously announced plan to dispose of select single and multi-tenant office assets. Since the plan was announced, the Company has disposed of approximately $722.5 million of single and multi-tenant office assets at a weighted average 6.1% exit cap rate. Total sale proceeds and weighted average cap rate reflect 100% of the sale and NOI value of the Weston Portfolio, in which the Company held an 80% joint venture interest. The Company has approximately $115.0 million under contract and approximately $625.0 million of assets currently in the market which includes a proposed sale of a 75% interest in a portfolio of office assets.

Company Profile

Gramercy Property Trust is a leading global investor and asset manager of commercial real estate. The Company specializes in acquiring and managing single-tenant, net-leased industrial and office properties. The Company focuses on income producing properties leased to high quality tenants in major markets in the United States and Europe.

To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 888-686-0112.

Contacts

Gramercy Property Trust
Brittany A. Sanders, 888-686-0112
Investor Relations

Contacts

Gramercy Property Trust
Brittany A. Sanders, 888-686-0112
Investor Relations