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Griffin Capital Essential Asset REIT Acquires United Technologies Corporation Aerospace Systems Headquarters for $39.18 million



Griffin Capital Essential Asset REIT Acquires United Technologies Corporation
Aerospace Systems Headquarters for $39.18 million

EL SEGUNDO, Calif., May 10, 2013 (GLOBE NEWSWIRE) -- Griffin Capital
Corporation, on behalf of Griffin Capital Essential Asset REIT, Inc. (the
"REIT"), announced today the acquisition of the UTC Aerospace Systems
Headquarters Building in Charlotte, North Carolina. The single-story, 198,898
square foot office building (the "Property"), which recently underwent a
significant, $5.9 million renovation, is fully leased to United Technologies
Corporation ("United Technologies"), which carries a stand-alone credit rating
of 'A' from Standard and Poor's, and is ranked #48 on the Fortune 500 list.
UTC Aerospace Systems, a division of United Technologies, is one of the
world's largest suppliers of technologically-advanced aerospace and defense
products, including components used in commercial aircraft, helicopters, and
international space programs.

The REIT purchased the Property for $39.18 million. The Property is situated
in the six building, 65-acre Coliseum Centre Office Development, only minutes
away from Charlotte-Douglas International Airport, I-77, I-85 and I-485.

"Given the superior credit quality of the tenant, long-dated lease with annual
rental rate increases, and strategic location in one of the fastest-growing
metropolitan areas in the United States, this acquisition is an excellent
addition to our REIT's institutional-quality portfolio," said Shawn Carstens,
Griffin Capital's Vice President of Acquisitions. Don Pescara, Griffin's
Managing Director of Acquisitions, added, "We are pleased to add this
essential operating asset, which serves as the divisional headquarters of an
S&P 100 component company, to our portfolio which has now reached the
half-billion dollar milestone and includes properties leased to entities owned
or controlled by AT&T, Westinghouse, GE, Travelers, Comcast, Chicago Bridge &
Iron, and Boeing—in fact, with this acquisition, over 75% of our rent is
coming from properties with investment grade tenants and/or guarantors with
investment grade credit ratings or tenants whose parent companies have
investment grade credit ratings."

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 18 office and industrial
distribution properties totaling approximately 4.0 million rentable square
feet and total capitalization of approximately $500 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 $14 billion of transaction value and more than 400
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 13.7
million square feet of space, located in 28 states and representing
approximately $2.4 billion in asset value. Additional information about
Griffin Capital is available at www.griffincapital.com.

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

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