Griffin Capital Essential Asset REIT Acquires the Avnet Assembly Facility in Chandler, Arizona

Griffin Capital Essential Asset REIT Acquires the Avnet Assembly Facility in
Chandler, Arizona

EL SEGUNDO, Calif., June 4, 2013 (GLOBE NEWSWIRE) -- Griffin Capital
Corporation ("Griffin Capital") announced today, on behalf of Griffin Capital
Essential Asset REIT, Inc. (the "REIT"), the acquisition of a 231,400
square-foot, Class A, flex R&D facility (the "Property") located in Chandler,
Arizona for approximately $32.5 million which represents an estimated going-in
capitalization rate of 8.49%.^1 The Property is fully-leased to Avnet, Inc.
which has occupied the Property since its construction as a build-to-suit for
the tenant in 2008. Avnet operates the facility as its domestic Assembly
Facility.Avnet, founded in 1921, is Arizona's largest-publicly held business
with headquarters in Arizona, and one of the world's oldest and largest
distributors of electronic components and customized technology solutions.The
company is ranked #117 on the Fortune 500 List for 2013.

Ideally situated in Chandler, aptly referred to as the "High-Tech Oasis in the
Silicon Desert", this location allows Avnet to maintain operations within
proximity to its other domestic operating centers, including the company's
corporate headquarters in Phoenix and numerous other essential operating
locations situated throughout the Greater Phoenix Area.

The REIT acquired the asset from a group of 21 tenant-in-common investors who
purchased the property shortly after Avnet took occupancy in 2008.The TIC
group's investment was structured as a 5-year hold, with a matching 5-year
first mortgage loan; the REIT's acquisition retired that debt, and enabled a
majority of the investors to pursue a tax-deferred §721 exchange for limited
partnership units in the REIT's operating partnership—other investors were
free to cash out or pursue other options.The seller was represented by Team
Toci of Cushman & Wakefield of Arizona.

Commenting on the acquisition, Louis Sohn, Griffin Capital's Senior Vice
President of Acquisitions said, "Our reputation and experience investing
alongside TIC investors, and doing so in partnership with independent
financial advisors and their broker dealers, afforded us the opportunity to
present the merits of a §721 exchange directly to the investor group.At the
end of the day, the TIC investors will diversify their investment across 19
assets and receive a competitive current distribution rate on their adjusted

Michael Escalante, Griffin Capital's Chief Investment Officer added, "This
acquisition fulfills a number of key objectives for the REIT including: a
highly accretive investment yield relative to the REIT's current distribution
rate; our first acquisition in the Phoenix market; and the ability to acquire
a large, institutional-quality asset while still preserving cash for future
acquisitions.This transaction provides a classic 'win-win' scenario for all
parties involved and demonstrates the competitive advantage inherent in our
REIT's structure, whereby we can provide tax-efficient disposition options to
owners of real property."

^1 The estimated going-in capitalization rate is determined by dividing the
projected net operating income for the first fiscal year Griffin Capital
Essential Asset REIT, Inc. owns the property by the acquisition price
(exclusive of closing and offering costs). The net operating income is
calculated by totaling the sum of all the revenues from the tenants including
base rental revenue and expense reimbursement revenue then deducting the total
of all the property expenses including utilities, insurance, real estate
taxes, repairs and maintenance and all property operating expenses. The
projected net operating income includes assumptions that may not be indicative
of the actual future performance of a property, including the assumption that
the tenants will perform its obligations under its lease agreements during the
next 12 months.

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 19 office and industrial
distribution properties totaling approximately 4.2 million rentable square
feet and total capitalization in excess of $530 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

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

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

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