NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that it closed on the disposition of 70 Hudson Street (“70 Hudson”) and 90 Hudson Street (“90 Hudson”), located in Jersey City, New Jersey, for an aggregate gross sale price of $299 million, or $349 per square foot. Prior to closing, the Company prepaid the mortgage debt attributable to 70 Hudson and the buyer assumed the outstanding loan of $101 million on 90 Hudson. 70 Hudson was vacant at time of sale and the exit cap rate was 6.6% on stabilized 2016 cash NOI for 90 Hudson and taking into account a free rent credit. Net proceeds to the Company equate to $184.8 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 $500.8 million of single and multi-tenant office assets at a 5.4% 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 $145.5 million in additional gross asset sales under contract that are expected to close by the end of the first quarter 2016 and another approximately $285.8 million of assets currently in the market and expected to close in the first half of 2016.
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 purchased through sale-leaseback transactions or directly from property developers and owners. 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 212-297-1000.