September 13, 2016
Gramercy Property Trust, headquartered in New York City, is joining forces with San Francisco-based TPG Real Estate to form Strategic Office Partners. The new partnership will build a portfolio of single-tenant, net-lease office assets in high-growth metro areas throughout the U.S.
The platform was seeded with a $187.5-million, six-office asset buy. The portfolio totals one million square feet, and consists of net-lease office assets in Los Angeles, San Francisco and San Diego, California, as well as in Nashville, Tennessee and Minneapolis, Minnesota. The properties have an average tenant tenure of more than 11 years.
Additionally, the partners committed to $400 million, and secured a $200-million credit facility from Morgan Stanley to help acquire up to $1 billion in assets over three years.
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