Griffin Capital Net Lease REIT Has Changed Its Name to: Griffin Capital Essential Asset REIT

Griffin Capital Net Lease REIT Has Changed Its Name to: Griffin Capital
Essential Asset REIT

EL SEGUNDO, Calif., Feb. 25, 2013 (GLOBE NEWSWIRE) -- Griffin Capital Net
Lease REIT, Inc., a publicly-registered, non-traded real estate investment
trust (REIT), sponsored by Los Angeles-based Griffin Capital Corporation, is
pleased to announce its new name: Griffin Capital Essential Asset REIT, Inc.
This change, disclosed in a Form 8-K filed earlier today, was made to more
accurately reflect the REIT's strategy of acquiring properties essential to
the tenant's ongoing business operations.

The Essential Asset REIT's President, David Rupert, said, "We believe we have
been categorized as simply a 'net lease' REIT and erroneously grouped with
other net lease-focused non-traded REITs, including REITs focused on
non-essential and therefore fungible retail properties." Rupert added, "A net
lease is a term of art that defines a lease structure, whereas 'essential
assets' more clearly and specifically defines what we buy in the REIT and what
our management has been buying since 1996."

Key elements of the Essential Asset REIT's strategic focus include:

1.100% leased office, industrial and manufacturing properties — the REIT
    does not buy 'small box' retail properties as do many of our competitors;
2.Assets that are absolutely essential to the ongoing business operations of
    the tenant – assets the tenant is compelled to occupy regardless of the
    prevailing economic environment – including global, national or regional
    headquarters properties, main distribution warehouses, and principal
    manufacturing facilities;
3.Properties leased to tenants with strong credit characteristics –
    approximately 72% of the REIT's rental revenue is generated or guaranteed
    by investment grade-rated corporations, including such iconic household
    names as AT&T, GE, Westinghouse, Traveler's Insurance, Northrop Grumman,
    Comcast and Boeing;
4.Long term leases (the REIT's current weighted average lease duration is
    approximately 8.5 years); and
5.Predominantly triple or absolute net leases in which the tenant pays
    operating, maintenance, insurance and tax expenses and, in certain
    instances, capital expenses.

Kevin A. Shields, the Essential Asset REIT's Chairman and Chief Executive
Officer, added, "In the nearly two decades our management has acquired
business essential assets, it is clear to us this specific asset class is
positioned to weather short term market volatility and deliver consistent and
stable income to the REIT." Shields continued, "When you combine the triple
net lease structure with an asset base in which the tenant has invested
substantial amounts of its own money in 'bolt-down' capital improvements, as
is the case in a number of the REIT's properties, the probability for both
lease renewal and rental rate growth is substantially enhanced – driving asset
appreciation in addition to a competitive risk adjusted return."Shields
concluded, "It is the essential asset strategy that defines and differentiates
us, hence, we changed our name to drive the point home." The REIT's name
change to Griffin Capital Essential Asset REIT, Inc. became effective on
February 25, 2013.

About Griffin Capital Essential Asset REIT and Griffin Capital Corporation

Griffin Capital Essential Asset REIT, Inc. is a publicly-registered non-traded
REIT with a portfolio that currently includes 16 office and industrial
distribution properties totaling approximately 3.5 million rentable square
feet and total capitalization in excess of $420 million. The REIT's sponsor is
Griffin Capital Corporation ("Griffin Capital"), a privately-owned real estate
company headquartered in Los Angeles. Led by senior executives each with more
than two decades of real estate experience collectively encompassing over $16
billion of transaction value and more than 650 transactions, Griffin Capital
and its affiliates have acquired or constructed over 17 million square feet of
space since 1996. Griffin Capital and its affiliates currently own and manage
a portfolio consisting of over 13.4 million square feet of space, located in
28 states and representing approximately $2.3 billion in asset
value.Additional information about Griffin Capital is available at
www.griffincapital.com.

The Griffin Capital logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=14268

This press release may contain certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Such forward-looking
statements can generally be identified by our use of forward-looking
terminology such as "may," "will," "expect," "intend," "anticipate,"
"estimate," "believe," "continue," or other similar words. Because such
statements include risks, uncertainties and contingencies, actual results may
differ materially from the expectations, intentions, beliefs, plans or
predictions of the future expressed or implied by such forward-looking
statements. These risks, uncertainties and contingencies include, but are not
limited to: uncertainties relating to changes in general economic and real
estate conditions; uncertainties relating to the implementation of our real
estate investment strategy; uncertainties relating to financing availability
and capital proceeds; uncertainties relating to the closing of property
acquisitions; uncertainties relating to the public offering of our common
stock; uncertainties related to the timing and availability of distributions;
and other risk factors as outlined in the REIT's prospectus, as amended from
time to time. This is neither an offer nor a solicitation to purchase
securities.

CONTACT: Jennifer Nahas
         Vice President, Marketing
         Griffin Capital Corporation
         jnahas@griffincapital.com
         Office Phone: 949-270-9332
         Cell Phone: 949-433-6860

Griffin Capital Logo
 
Press spacebar to pause and continue. Press esc to stop.