NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that it closed on the disposition of Pacific Corporate Park, a four-building office campus located in Sterling, VA, for an aggregate gross sale price of $145.5 million, or $209 per square foot. The exit cap rate was 6.7% on in place 2016 cash NOI. Net proceeds to the Company were $142.1 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 $646.3 million of single and multi-tenant office assets at a weighted average 5.7% 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 an additional $70.0 million under contract and approximately $250.0 million of assets currently in the market, the majority of which are 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.