REIT's $96M Buy Pushes Total Above $320M

IRVINE, CA—Locally based Griffin Capital Corp.‘s acquisition, on behalf of Griffin Capital Essential Asset REIT Inc., of the 249,409-square-foot Wyndham Worldwide corporate headquarters facility in Parsippany, NJ, from an affiliate of Mack-Cali Realty Corp. for $96.6 million, marks the REIT’s first this year on the East Coast, but its fifth in total for the year. The acquistion brings the REIT’s total deals closed so far this year to more than $320 million.

The property, developed by the seller in 2009, won the Outstanding Building of the Year Award for the Mid-Atlantic region from the Building Owners and Managers Association for 2014. International hospitality company Wyndham Worldwide has a remaining lease term of more than 15 years, with annual base rental-rate increases of 1.75%. The tenant has been an occupant at the building since it was constructed as a build-to-suit.