Griffin Capital Gains $521M Office Portfolio

EL SEGUNDO, CA-GlobeSt.com has learned exclusively that Griffin Capital Corp. has acquired an 18-asset, roughly 4-million-square-foot office portfolio from what the firm tells us is Columbia Property Trust for approximately $521.5 million on behalf of Griffin Capital Essential Asset REIT Inc. The predominantly single-tenant portfolio is triple-net-leased to many prominent Fortune 500 companies, and the transaction nearly doubles the size of the REIT, which now owns 41 properties, with a total capitalization in excess of $1.3 billion.

More than 80% of the portfolio’s operating income is generated from investment-grade tenants, or tenants whose parent companies have investment-grade ratings, such as Coca-Cola Refreshments USA, JPMorgan Chase, General Electric Co., Wells Fargo Bank, Aetna Life Insurance, IBM and United Healthcare Services. The portfolio spans across 12 major US markets in 11 states.