Gramercy Property Trust Announces $173 Million of Dispositions in Second Quarter to Date

NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that it has disposed of six office assets, two retail bank branches and one vacant industrial asset in the second quarter for aggregate gross proceeds of $173 million. These dispositions include two notable transactions: (i) the sale of five office assets from the Company’s Gramercy Woods campus in Jacksonville, FL at a 6.8% cap rate on next twelve months net operating income for aggregate gross proceeds of $115 million and (ii) the sale of one office asset in Coppell, TX for aggregate gross proceeds of $42 million. The weighted average remaining lease term by square footage for the occupied properties was 13.6 years at closing and the blended exit cap rate for the occupied properties was 5.1% on next twelve months NOI.