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Gramercy JV Closes on $485M Portfolio Buy

NEW YORK CITY–Gramercy Capital Corp. and partner Garrison Investment Group closed on the purchase of a 5.6-million-square-foot portfolio. The seller is an affiliate of KBS.

By John Jordan | Updated on December 11, 2012

NEW YORK CITY–Gramercy Capital Corp. and partner Garrison Investment Group closed on the purchase of a 5.6-million-square-foot portfolio. The price was $485 million on the asset, which is leased primarily to Bank of America. The seller is an affiliate of KBS Real Estate Investment Trust Inc.

The deal, announced in August, was funded on a 50/50-basis by the two New York City-based partners with a combined equity investment of $141 million. Gramercy reports it funded its equity contribution with $56 million in cash and the issuance of 6 million shares of common stock valued at $15 million to KBS.

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