Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Gramercy to Buy 115 Office Buildings in $485 Million Deal

Gramercy Capital Corp., a real estate investment trust that finances commercial property, agreed to buy 115 office buildings from an affiliate of KBS Real Estate Investment Trust Inc. in a deal valued at $485 million.

Gramercy, in a joint venture with Garrison Investment Group, will acquire the properties for $470 million in cash and 6 million of its shares, valued at $15 million, the New York-based REIT said today in a statement. Gramercy and Garrison each hold a 50 percent interest in the venture.

The portfolio comprises 5.6 million square feet (520,000 square meters) of office space, 81 percent of which is leased to to Bank of America Corp. through June 2023. The buildings were previously part of Gramercy’s realty division and were transferred to KBS in September as part of a deal to settle $549.7 million in mortgage debt.

“This agreement begins the implementation of our strategy to create durable, recurring cash flows through the ownership of long-term leased properties,” Gordon F. DuGan, Gramercy’s chief executive officer, said in the statement. He was named CEO in June after Gramercy decided to remain independent following a strategic review.

The office portfolio is about 88 percent occupied, and its projected operating income this year is about $41.5 million, Gramercy said. The deal is expected to be completed in the fourth quarter.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.