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Wednesday, October 01, 2014 8:50:30 AM
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed the acquisition of an approximately 56,000 square foot office building located in Parsippany, New Jersey. The property is 100% leased through May 2021 to a leading provider of eligibility determination and other customer care services to government, telecommunication, broadband, utility and healthcare organizations. Year 1 net operating income is approximately $772,300 (8.2% initial cap rate; 8.9% annualized straight-line cap rate) with rental increases throughout the term. The property was acquired all-cash for a purchase price of approximately $9.4 million.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates a commercial real estate asset and property management business for third parties.
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.
http://www.businesswire.com/news/home/20141001005212/en/Gramercy-Property-Trust-Announces-Acquisition-9.4-Million#.VCv4a4l0yUk
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