Gramercy extends management agreement; gets $12M bonus

|About: Gramercy Property Trust,... (GPT)|By:, SA News Editor

Gramercy Property Trust (GPT) extends its asset management services agreement with KBS Real Estate Investment Trust through the end of 2016, with KBS having the option to go one more year.

Along with the new agreement, KBS pays $12M to Gramercy to satisfy a profit-sharing agreement.