WASHINGTON, DC—Aswe reported on Tuesday, Griffin Capital Essential AssetREIT and Signature Office REIT aremerging in a $3 billion stock-for-stock transaction. The office andindustrial REIT will have a combined portfolio of 15.6 millionsquare feet across 69 properties in 21 states. The deal is expectedto close in the first half of 2015.

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Of the 13 or so assets trading from Signature REIT to GriffinCapital, two are in the Washington DC area. One is SouthLake at Dulles Corner, a 268,200 square foot officelocated at 13820 Sunrise Valley Dr. in Herndon. It last traded in2012 for $91.1 million. The other property is theFranklin Center Building, a 209,769-square footoffice in Columbia, MD, located at 6841 Benjamin Franklin Dr. Itlast traded in 2011 for $65 million.

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Other properties in the portfolio are located in Georgia, Texas,Illinois, Florida and Ohio.

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"As we look forward to the next phase of our lifecycle, webelieve the additional scale, diversity and operating efficienciesthat our combined portfolios will garner is paramount in drivingadditional stockholder value in the future," says KevinShields, GCEAR's chairman and CEO. "Earlier this year wesold all of the remaining capital stock in our follow-on offering,and once we fully invest this equity, we expect our totalcapitalization to exceed $3 billion upon stabilization."

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Signature's portfolio, acquired between late 2010 and 2012, isseen as "highly complementary" to GCEAR's existing portfolio.Currently at 13 million square feet, the GCEAR portfolio isprimarily comprised of single-tenant net-leased office andindustrial real estate assets that serve as key operatingfacilities for a roster that includes American Express, Coca-Cola,JP Morgan Chase and United Technologies.

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