Gramercy to buy out partner in BofA portfolio

Alongside its capital raise, Gramercy Property Trust (GPT) agrees to purchase Garrison Investment's 50% interest in a JV holding 67 properties totaling 3.1M square feet across the country. The buildings are 96% leased to Bank of America. The deal values the JV assets at about $395M and it will now be 100% owned by Gramercy.

The cost to Gramercy will be $92.2M in cash. At closing, Gramercy intends to repay a $200M loan on the portfolio with a newly opened $400M unsecured credit facility. The deal is expected to close in Q2.

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