With the deal, Gramercy Property Trust (GPT) acquires Garrison Investment Group's 50% interest in the two's joint venture owning 67 properties (3.1M square feet), nearly all of which are leased to Bank of America.
The purchase price values the JV at $395M. The properties are expected to generate about $27.5M of NOI this year.
Gramercy also closes on its previously announced $400M unsecured credit facility, with $200M of that used to repay an existing mortgage on the JV.
Previously: Gramercy to buy out partner in BofA portfolio