Gramercy Property Trust and TPG Real Estate Form Strategic Office Partners
New York, NY – September 12, 2016 – Gramercy Property Trust (NYSE: GPT) and TPG Real Estate announced today that they have partnered to form Strategic Office Partners, a platform that will aggregate a diverse portfolio of single-tenant office assets in high-growth metropolitan areas in the United States. The platform was seeded by the acquisition of six office assets, valued at $187.5 million, with a weighted average remaining lease term of 3.6 years at closing, weighted by square footage. Together, TPG and Gramercy committed $400 million and secured a $200 million non-recourse credit facility from Morgan Stanley. Strategic Office Partners will seek to acquire up to $1 billion in assets over a three-year period.
The portfolio is comprised of high-quality, single-tenant net lease office assets totaling approximately 1 million square feet in the Los Angeles MSA, San Francisco Bay Area, the San Diego MSA, Nashville and Minneapolis. These office assets, which provide tenants with better than market amenities, including cafeterias, gyms, and flexible parking, are occupied by deeply embedded corporate users. The buildings have an average tenant tenure of over 11 years, and half of the assets have been occupied by the original tenant since construction.
About Gramercy Property Trust
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 212-297-1000.
About TPG Real Estate
TPG Real Estate (“TPGRE”) is the real estate platform of TPG. TPGRE includes both TPG Real Estate Partners, its equity investment platform, and TPG Real Estate Finance Trust, its debt origination and acquisition platform. Collectively, the two platforms have in excess of $7 billion of assets under management. TPG Real Estate Partners has invested or committed to invest approximately $3.5 billion of equity in North America and Europe since 2009 and focuses primarily on investments in property-rich platforms and companies. TPG Real Estate Partners leverages the full resources of TPG in its value-added approach to investing to optimize property performance and enhance platform capabilities. TPG Real Estate Finance Trust manages an approximately $3.2 billion commercial real estate loan portfolio and originates and acquires senior and mezzanine real estate loans across a broad spectrum of asset classes in North America. For more information please visit www.tpg.com
Gramercy Property Trust