Gramercy Property Trust Announces Acquisition of a $9.4 Million Office Building in Parsippany, NJ
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.
This press release contains forward-looking information based upon the Company’s current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include, but are not limited to, factors that are beyond the Company’s control, including the factors listed in the Company’s Annual Report on Form 10-K, in the Company’s Quarterly Reports on Form 10-Q and in the Company’s Current Reports on Form 8-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company’s filings with the SEC.
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