NEW YORK CITY–Gramercy Capital Corp. and partner Garrison Investment Group closed on the purchase of a 5.6-million-square-foot portfolio. The price was $485 million on the asset, which is leased primarily to Bank of America. The seller is an affiliate of KBS Real Estate Investment Trust Inc.

The deal, announced in August, was funded on a 50/50-basis by the two New York City-based partners with a combined equity investment of $141 million. Gramercy reports it funded its equity contribution with $56 million in cash and the issuance of 6 million shares of common stock valued at $15 million to KBS.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.