EL SEGUNDO, CA—Concluding the latest in a series of net lease M&A deals, Griffin Capital Essential Asset REIT Inc. and Signature Office REIT have wrapped up their $3-billion merger. The union was originally announced in late November 2014, and creates a company with 70 properties across 20 states, comprising mainly single-tenant office and industrial assets.

The merger enlarges GCEAR’s portfolio from 13.3 million square feet to 15.9 million, adding a tenant base that includes State Farm Mutual Auto Insurance Co., GE Oil & Gas Inc., Time Warner Cable Southeast LLC, and NEC Corp. of America. It’s seen as highly complementary to the non-traded REIT’s existing portfolio.

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