Gramercy Property Trust (GPT), TPG Enter Strategic Office Partnership
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Gramercy Property Trust and TPG Real Estate Form Strategic Office Partners
September 12, 2016 6:45 AM EDTNEW YORK--(BUSINESS WIRE)-- 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... More
