Gramercy Buys Out Duke Share of JV

DuGan said on Gramercy’s Q1 call that the REIT was getting “good prices” in its dispositions.

NEW YORK CITY—Gramercy Property Trust said Monday it had completed its buyout of a joint venture it held with Duke Realty Corp., a legacy of the 2015 merger between Gramercy and Chambers Street Properties. Separately, the company announced Friday that it had sold its interest in a European JV, keeping it on target to exceed its goal of selling up to $1.2 billion of US and European assets this year.

The New York City-based net lease REIT did not say how much it paid Duke Realty to acquire the remaining 20% interest in the JV, which was valued at $367.6 million as of March 31, according to an SEC filing. Eight of the properties were distributed to the JV partners this past Thursday, including seven which went to Gramercy.