Gramercy Property Trust Inc. (GPT)

[Enterprising Investor]

Gramercy Property Trust Announces Acquisition of Two Properties for $26.9 Million (4/06/15)

NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed on the acquisition of one industrial property and one office property totaling approximately 170,000 square feet. The properties are 100% leased with a weighted average lease term of approximately 10.6 years. For the two properties, Year 1 net operating income is anticipated to be approximately $1.9 million (7.2% initial cap rate; 8.2% annualized straight-line cap rate) with rent escalations throughout each lease term. The two properties were acquired in separate transactions all-cash for an aggregate purchase price of approximately $26.9 million.

The first property is an approximately 75,000 square foot manufacturing facility located in Oswego, Illinois (Chicago MSA), which is leased through May 2022 to a leading manufacturer of bonded and super abrasive grinding tools. The second property is an approximately 95,000 square foot post-production office building located in Burbank, California (Los Angeles MSA), which is leased through July 2026 to a global leader in end-to-end entertainment and media services for the entertainment industry.

About Gramercy Property Trust

Gramercy Property Trust Inc. is a leading global investor and asset manager of commercial real estate. Gramercy 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. We focus 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.

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