Griffin Essential Asset REITs Complete $4.7B Merger

The combined company brings together two complementary portfolios, increasing the size, scale, and diversification of the new entity.

A Griffin Capital holding

EL SEGUNDO, CA—Griffin Capital Essential Asset REIT II (GCEAR II) and Griffin Capital Essential Asset REIT(GCEAR) have completed their previously-announced merger.

The transaction creates a $4.7 billion, self-managed REIT. Operating as GCEAR II, the combined company brings together two complementary portfolios, increasing the size, scale, and diversification of the new entity.

“We appreciate the confidence of our shareholders who voted overwhelmingly in favor of this merger, which will deliver immediate and significant value,” said Michael J. Escalante, CEO and President of GCEAR II.

The transaction was first announced on December 14, 2018. On March 13 and April 15, 2019, GCEAR II and GCEAR shareholders respectively voted to approve the transaction. Approximately 90% of the shares voted were in favor of the merger.

Griffin Capital Essential Asset REIT is focused on acquiring office, industrial and manufacturing assets that are 100% triple- or absolute- net leased to single, creditworthy tenants. Its portfolio, as of September 30, 2018, consisted of 76 office and industrial properties totaling 20.1 million rentable square feet, located in 20 states.

Griffin Capital Essential Asset REIT II’s current portfolio has a total capitalization of approximately $1.2 billion. As of September 30, 2018, its portfolio consisted of 27 properties encompassing approximately 7.3 million square feet of space in 17 states.